Amendment No. 1 to ITC Holdings Corp. Executive Group Special Bonus Plan
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Summary
This amendment, effective August 16, 2005, modifies the ITC Holdings Corp. Executive Group Special Bonus Plan. It grants Mr. Joseph Welch, the company's President and CEO at the time the plan was adopted, full and immediate vesting rights in his special bonus amounts related to option grants made before July 25, 2005. The amendment does not affect vested rights in other bonus amounts for Mr. Welch or other participants.
EX-10.33 2 k99274exv10w33.htm AMENDMENT TO EXECUTIVE GROUP SPECIAL BONUS PLAN exv10w33
Exhibit 10.33
ITC HOLDINGS CORP. EXECUTIVE GROUP
SPECIAL BONUS PLAN
SPECIAL BONUS PLAN
AMENDMENT NO. 1
Pursuant to Section 9.1 of the ITC Holdings Corp. Executive Group Special Bonus Plan (the “Plan”), the ITC Holdings Corp. Board of Directors, sitting as the compensation committee of the Board, hereby amends the Plan, effective as of August 16, 2005, as follows:
1. Section 6.1 is amended by adding the following sentence to the end of that section:
“Notwithstanding anything to the contrary in this section and
without affecting vested rights in other Special Bonus Amounts
credited to him, Mr. Joseph Welch, the President and Chief
Executive Officer of the Company on the date the Plan was adopted,
shall have a vested right in the portion of his Special Bonus
Amounts that are based on grants made to him under the Option Plan
before (and not including) July 25, 2005 as if he were 100% vested
in all such grants.”
without affecting vested rights in other Special Bonus Amounts
credited to him, Mr. Joseph Welch, the President and Chief
Executive Officer of the Company on the date the Plan was adopted,
shall have a vested right in the portion of his Special Bonus
Amounts that are based on grants made to him under the Option Plan
before (and not including) July 25, 2005 as if he were 100% vested
in all such grants.”
