First Amendment to Marlin Business Services Corp. 2019 Equity Compensation Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This amendment updates the Marlin Business Services Corp. 2019 Equity Compensation Plan, effective June 2, 2021, pending shareholder approval. It increases the maximum number of company shares available for grants under the plan to 867,331 and clarifies that this limit also applies to incentive stock options. All other terms of the original plan remain unchanged.

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EX-10.1 5 mrln101.htm EX 10.1 mrln101
 
 
 
 
FIRST AMENDMENT TO
MARLIN BUSINESS SERVICES CORP.
2019 EQUITY COMPENSATION PLAN
 
This First Amendment
 
(this “
Amendment
”) to the
 
Marlin Business Services
 
Corp. 2019 Equity
 
Compensation Plan (as
 
in
effect from time
 
to time, the
 
“
Plan
”), shall be
 
effective on June
 
2, 2021, subject
 
to approval by
 
the Company’s shareholders.
 
Capitalized terms used herein, but not otherwise defined
 
herein, have the respective meanings ascribed
 
to them in the Plan.
WHEREAS,
 
pursuant
 
to
 
Section 19
 
of
 
the
 
Plan,
 
the
 
Board
 
desires
 
to
 
amend
 
Section 3(a)
 
of
 
the
 
Plan
 
to
 
increase
 
the
maximum number of shares of Company Stock that may be issued pursuant
 
to Grants under the Plan.
NOW THEREFORE, it is hereby acknowledged and agreed that:
1.
 
Shares
 
Authorized
.
 
The
 
first
 
sentence
 
of
 
Section
 
3(a) of
 
the
 
Plan
 
is
 
hereby
 
amended and
 
restated
 
in
 
its
 
entirety
 
as
follows:
Subject
 
to
 
adjustment
 
as
 
described
 
below,
 
a
 
total
 
of
 
867,331
 
shares
 
of
 
common stock
 
of
 
the
 
Company (“Company
Stock”) shall be authorized for Grants under the Plan, less one (1) share for every one (1) share granted under the Plan
after April 1, 2021 and prior to June 2, 2021 (the “Plan Limit”).
2.
 
Limits on Incentive Stock
 
Options.
The last sentence of
 
Section 5(h) of the
 
Plan is hereby
 
amended and restated in
 
its
entirety as follows:
The aggregate
 
number of
 
shares of
 
Company Stock
 
that may
 
be issued
 
under the
 
Plan as
 
Incentive Stock
 
Options is
867,331 shares, and all shares issued under the Plan as Incentive Stock Options
 
shall count against the Plan Limit.
3.
 
Reference
 
to and
 
Effect on
 
the Plan
. Except
 
as specifically
 
amended hereby,
 
the Plan
 
shall remain
 
in full
 
force and
effect and otherwise unmodified. All references in the Plan to the “Plan” shall mean
 
the Plan as amended hereby.