Amendment to 1996 Stock Option and Appreciation Rights Plan

Contract Categories: Business Finance Stock Agreements
Summary

This amendment, approved by the Board of Directors on December 15, 2008, modifies the 1996 Stock Option and Appreciation Rights Plan. It clarifies that no stock option or appreciation right under the plan may be changed, extended, or renewed if doing so would violate Section 409A of the Internal Revenue Code. The amendment aims to ensure compliance with tax regulations and protect both the corporation and plan participants from potential tax penalties.

EX-10.8 9 d75650_ex10-8.htm AMENDMENT TO 1996 STOCK OPTION AND APPRECIATION RIGHTS PLAN

 

 

Exhibit 10.8

Amendment to 1996 Stock Option and Appreciation Rights Plan

AMENDMENT TO 1996 STOCK OPTION AND
APPRECIATION RIGHTS PLAN (THE “PLAN”)

          On December 15, 2008, the Board of Directors of the Corporation approved the following amendment to The Plan:

          The last sentence of Section 13 was amended by the insertion of “(i)” prior to the words “no modification” and by the addition of the following at the end of such sentence: “and (ii) no Option or Appreciation Right shall be modified, extended or renewed if such modification, extension or renewal would result in a violation of Section 409A of the Code.”

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