Amendment No. 1 to Huttig Building Products, Inc. 1999 Stock Incentive Plan

Summary

This amendment updates the Huttig Building Products, Inc. 1999 Stock Incentive Plan. It changes the rules for how and when employees can exercise stock options after their employment ends, except in cases of death, disability, retirement, or a change in control. Employees now have 90 days after leaving the company to exercise vested options, but cannot exercise them after the option's expiration date. The amendment was approved by the Board of Directors and is effective as of March 5, 2003.

EX-10.1 3 dex101.txt 1999 STOCK INCENTIVE PLAN, AS AMENDED. EXHIBIT INDEX 10.1 AMENDMENT NO. 1 TO HUTTIG BUILDING PRODUCTS, INC. 1999 STOCK INCENTIVE PLAN This Amendment No. 1 to the Huttig Building Products, Inc. 1999 Stock Incentive Plan (the "Plan") was approved by the Board of Directors on April 28, 2003. The Plan is amended as follows: 1. Clause (c) of Section 7 of the Plan is amended and restated to read in its entirety as follows: "(c) Except as otherwise permitted by the Committee or as otherwise provided in an Award Agreement, if a Participant's employment is terminated for any reason other than death, disability or retirement or after a Change in Control, such Participant may exercise any Option in whole or in part, at any time within 90 days after such termination of employment, but only to the extent such Option is exercisable at the date of termination in accordance with Section 6(b). In no event may any Option be exercised after the expiration of the term of the Option." 2. Effective Date: This amendment shall be effective as of March 5, 2003.