Second Amendment to First State Bancorporation 2003 Equity Incentive Plan
This amendment, executed by First State Bancorporation, updates the company's 2003 Equity Incentive Plan. The key change prohibits any reduction in the exercise price (repricing) of previously granted stock options, stock appreciation rights, or similar awards. All other terms of the original plan remain unchanged. The amendment is effective as of the original plan's effective date and is signed by the company's President and CEO.
Exhibit 10.10
FIRST STATE BANCORPORATION 2003 EQUITY INCENTIVE PLAN
1. Recitals. Pursuant to its authority under Section 13.1 of the First State Bancorporation 2003 Equity Incentive Plan (the “Plan”), First State Bancorporation wishes to revise certain provisions of the Plan.
2. Amendment of Plan. The following amendment to the Plan is adopted, effective as provided in Paragraph 3 below:
| A. | Section 5.6 is amended in its entirety to read as follows: |
NO REPRICING OF AWARDS. No modifications to reduce the exercise price (repricing) of previously fixed stock options, stock appreciation rights or any other Award, including an Award granted pursuant to Section 10 herein, may be made pursuant to the Plan.
3. Effective Date. This Second Amendment shall be effective as of the Effective Date of the Plan.
4. Terms and Conditions of Plan. Except for the amendment in paragraph 2, all terms and conditions of the Plan are unamended and shall remain in full force and effect.
[Next page is execution page.]
Second Amendment to 2003 Equity Incentive Plan
IN WITNESS WHEREOF, First State Bancorporation has caused this Second Amendment to be executed by its duly authorized officer as of the date set forth below.
| FIRST STATE BANCORPORATION | ||
| By: | /s/ Michael R. Stanford | |
| Michael R. Stanford | ||
| Title: | President and Chief Executive Officer | |
| Date: April 19, 2006 | ||
Second Amendment to 2003 Equity Incentive Plan
