Amendment to Finlay Enterprises, Inc. 1997 Long Term Incentive Plan
Finlay Enterprises, Inc. has amended its 1997 Long Term Incentive Plan to extend the plan's duration indefinitely, pending approval by the company's stockholders at the next annual meeting. If the stockholders do not approve this amendment or a successor plan, any awards granted under the plan after March 4, 2007, will be forfeited and cancelled. The amendment was executed by the company's Chairman and CEO on February 27, 2007.
EXHIBIT 10.5(d)
AMENDMENT TO THE
FINLAY ENTERPRISES, INC.
1997 LONG TERM INCENTIVE PLAN
WHEREAS, Finlay Enterprises, Inc. (the Corporation) maintains the Finlay Enterprises, Inc. 1997 Long Term Incentive Plan (the Plan); and
WHEREAS, pursuant to Section 9.5 of the Plan, the Corporation, through action of its Board of Directors, may amend the Plan at any time; and
WHEREAS, the Corporation desires to amend the Plan to extend the term of the Plan indefinitely subject to stockholder approval.
NOW, THEREFORE, the Plan is hereby amended, effective February 27, 2007, by adding the following new paragraph to the end of Section 9.15:
Notwithstanding any other provision herein, subject to the authority of the Board to terminate the Plan at any time under Section 9.5 hereto, the Plan shall not terminate on March 5, 2007 and shall instead be extended indefinitely, subject to approval at the next annual meeting of the Corporations stockholders at which a quorum is present, by the affirmative votes of a majority of the Corporations voting securities, present in person or represented by proxy and entitled to vote at the meeting, in accordance with applicable provisions of the Delaware General Corporation Law. In the event the Corporations stockholders fail to approve this Amendment or a successor plan, then any Awards granted under the Plan after March 4, 2007 shall be forfeited and cancelled.
IN WITNESS WHEREOF, this Amendment has been executed this 27th day of February, 2007.
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| FINLAY ENTERPRISES, INC. | |
| By |
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| Arthur E. Reiner |