Amendment to 1985 Long-Term Incentive Plan of Lone Star Technologies, Inc. (May 13, 2003)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This amendment updates the 1985 Long-Term Incentive Plan of Lone Star Technologies, Inc. It increases the total number of shares available under the plan to 6,700,000 and sets a limit of 300,000 shares per individual for options and stock appreciation rights in any calendar year. It also clarifies that non-executive directors may only receive options, with a maximum of 1,650,000 shares issued to them under such options. These changes were adopted on May 13, 2003.

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EX-10.1G 3 a04-3233_1ex10d1g.htm EX-10.1G

Exhibit 10.1(g)

 

AMENDMENTS TO THE
1985 LONG-TERM INCENTIVE PLAN OF
LONE STAR TECHNOLOGIES, INC.
ADOPTED ON MAY 13, 2003

 

Section 3 of the Plan is amended by amending the first sentence of said Section to read as follows (the new language is in bold type):  “The aggregate number of shares of stock which may be issued under the Plan shall not exceed six million seven hundred thousand (6,700,000) shares of Common Stock.”

 

Section 5 of the Plan is amended by amending the second sentence of said Section to read as follows (the new language is in bold type):  “The aggregate number of shares with respect to which Options and stock appreciation rights can be granted under Sections 5 and 9 of the Plan to any one individual during any calendar year shall not exceed 300,000 subject to adjustment pursuant to Section 14 hereof.”

 

Section 8 of the Plan is amended by amending the first three sentences of said Section to read as follows (the new language is in bold type):

 

“Non-executive directors shall not be eligible to participate in the Plan beyond the granting of Options; further, not more than 1,650,000 shares of Common Stock may be issued under Options awarded to non-executive directors.  Only shares of Common Stock issued upon exercise of Options which, when granted, were granted to individuals who were at the time non-executive directors shall be deemed ‘issued under Options awarded to non-executive directors.’  Shares issued to non-executive directors under Options granted when they were participants shall not count towards the 1,650,000 share limitation provided in this Section.”