First Amendment to Amerigon Incorporated 2006 Equity Incentive Plan
This amendment updates the Amerigon Incorporated 2006 Equity Incentive Plan. It clarifies that nonqualified stock options must have an exercise price at least equal to the fair market value of the stock on the grant date. It also sets minimum restricted periods for restricted stock awards: at least three years for non-performance-based awards and at least one year for performance-based awards. The amendment was adopted by the Board of Directors on August 30, 2006.
Exhibit 10.3.2
FIRST AMENDMENT TO THE 2006 EQUITY INCENTIVE PLAN
As adopted by the Board of Directors on August 30, 2006:
WHEREAS, the Amerigon Incorporated 2006 Equity Incentive Plan (the “Plan”) was duly adopted by the stockholders of this corporation on May 18, 2006;
WHEREAS, the Plan provides that it may be amended at any time by this Board of Directors, subject to certain exceptions that are not applicable to the matter at hand;
WHEREAS, this Board has determined it to be in the best interests of this Corporation and its stockholders that the Plan be amended as set forth in these resolutions;
NOW, THEREFORE, BE IT RESOLVED, that the Plan is hereby amended as follows:
(1) The third sentence of Section 10 is hereby restated in its entirety to read as follows:
“With respect to a Nonqualified Option, the option price shall not be less than 100% of the fair market value of the stock on the date such option is granted.”
(2) A new sentence is hereby added to the end of Section 18(a) to read in its entirety as follows:
“Notwithstanding the foregoing, the restricted period for non-performance-based restricted stock awards shall not be less than three years and the restricted period for performance-based restricted stock awards shall not be less than one year.”
