Amendment to First Oak Brook Bancshares, Inc. 2001 Incentive Compensation Plan
Contract Categories:
Human Resources
›
Bonus & Incentive Agreements
Summary
This amendment updates the First Oak Brook Bancshares, Inc. 2001 Incentive Compensation Plan to ensure compliance with Section 409A of the Internal Revenue Code. It clarifies how Fair Market Value is determined and restricts the amendment of options after December 31, 2004, unless they comply with Section 409A. The changes were adopted on February 22, 2007, but are effective retroactively from January 1, 2005, or as otherwise required by law.
EX-10.21A 10 exhibit_10-21a.htm EXHIBIT 10.21A Exhibit 10.21A ..
EXHIBIT 10.21A
AMENDMENT TO THE FIRST OAK BROOK BANCSHARES, INC.
2001 INCENTIVE COMPENSATION PLAN
Paragraph 6(a) shall be amended to include the following at the end thereof:
“Notwithstanding anything herein to the contrary, effective January 1, 2005, the determination of Fair Market Value shall comply with Section 409A. “Section 409A” means Code Section 409A and any regulations and guidance of general applicability issued thereunder.”
Paragraph 9 shall be amended to include the following at the end thereof.
“No Option may be amended, modified, extended or renewed after December 31, 2004 in a manner that would subject the Option to Section 409A, unless such Option is intended to be subject to Section 409A and such amendment, modification, extension or renewal is made in accordance with Section 409A.”
The foregoing amendments were adopted on February 22, 2007 but effective as of January 1, 2005 unless Section 409A (as defined above) requires an earlier or later effective date, in which case such earlier or later date shall be the effective date.
