Amendment No. 1 to 2001 Stock Option Plan

Contract Categories: Business Finance › Stock Agreements
Summary

This amendment updates the company's 2001 Stock Option Plan by increasing the number of shares of common stock available for issuance from 2,000,000 to 3,500,000. The change was approved by the Board of Directors on April 16, 2002, and subsequently ratified by shareholders at the 2002 Annual Meeting. The amendment allows the company to grant more stock options to employees or other eligible participants under the plan.

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EX-10.11 3 ex103to10k01805_12312002.htm sec document 
 Exhibit 10.11 AMENDMENT NO. 1 TO 2001 STOCK OPTION PLAN The 2001 Stock Option Plan (the "Plan") was approved at the 2001 Annual Meeting of Shareholders. On April 16, 2002, at a regular meeting of the Board of Directors, the Board unanimously voted to increase the number of shares reserved for issuance under Section 4 of the Plan to 3,500,000 shares of common stock. This increase in the number of shares available under the Plan, from 2,000,000 shares, was approved at the 2002 Annual Meeting of Shareholders held on June 10, 2002.