Amendment to Stock Options and Stock Appreciation Rights under Genworth Financial, Inc. Omnibus Incentive Plans
Genworth Financial, Inc. amended its 2004 and 2012 Omnibus Incentive Plans to change the rules for employees who voluntarily leave the company. Now, if an employee leaves voluntarily after at least one year from the grant date, any vested stock options or stock appreciation rights can be exercised for up to 90 days after leaving, instead of expiring immediately. Unvested awards still expire right away. This amendment was approved by the company's Management Development and Compensation Committee and is effective July 1, 2013.
Exhibit 10.7
AMENDMENT TO STOCK OPTIONS AND STOCK APPRECIATION RIGHTS UNDER THE GENWORTH FINANCIAL, INC. OMNIBUS INCENTIVE PLANS
Effective as of July 1, 2013, the Management Development and Compensation Committee of the Board of Directors of Genworth Financial, Inc. (the “Company”) approved an amendment to all outstanding stock options and stock appreciation rights granted under the 2004 Genworth Financial, Inc. Omnibus Incentive Plan and the 2012 Genworth Financial, Inc. Omnibus Incentive Plan to provide that upon a voluntary termination under certain circumstances, any vested portion of such awards would remain outstanding and exercisable for up to 90 days following such termination, rather than expiring immediately upon such termination.
Accordingly, if, on or after the first anniversary of the grant date of such awards, a holder’s employment with the Company terminates as a result of the holder’s voluntary termination and such awards would otherwise have immediately expired upon such termination, any unvested portion of such awards shall expire immediately upon such termination, and any vested and unexercised portion of such awards shall expire on the earlier of (i) 90 days after the date of such voluntary termination or (ii) the regular expiration date of such awards.
