Amendment No. 1 to Landa Management Systems Corporation 1998 Equity Incentive Plan

Summary

This amendment updates Section 6(c) of the Landa Management Systems Corporation 1998 Equity Incentive Plan. It specifies how the exercise price for Nonstatutory Stock Options is determined, requiring it to be at least the fair market value of the stock on the grant date for options granted before the company's listing date. For options granted after the listing date, the Board or its Committee will set the price. Exceptions are allowed for options assumed or substituted under certain tax code provisions.

EX-10.13 3 g72797ex10-13.txt AMENDMENT TO THE 1998 EQUITY INCENTIVE PLAN EXHIBIT 10.13 AMENDMENT NUMBER 1 TO LANDA MANAGEMENT SYSTEMS CORPORATION 1998 EQUITY INCENTIVE PLAN Section 6(c) is hereby amended and replaced in its entirety as follows: (c) EXERCISE PRICE OF A NONSTATUTORY STOCK OPTION. Subject to the provisions of subsection 5(b) regarding Ten Percent Shareholders, the exercise price of each Nonstatutory Stock Option granted prior to the Listing Date shall be not less than one hundred percent (100%) of the Fair Market Value of the stock subject to the Option on the date the Option is granted. The exercise price of each Nonstatutory Stock Option granted on or after the Listing date shall be determined by the Board or its Committee. Notwithstanding the foregoing, a Nonstatutory Stock Option may be granted with an exercise price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 424(a) of the Code.