Amendment No. 1 to Optio Software, Inc. Outside Directors' Stock Option Plan

Contract Categories: Business Finance › Stock Agreements
Summary

This amendment updates the Optio Software, Inc. Outside Directors' Stock Option Plan. It changes Section 6.2(b) to grant each eligible outside director an option to purchase 10,000 shares at the end of each completed year of service, subject to the plan's other terms. The amendment clarifies the ongoing stock option benefits for directors serving on the board.

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EX-10.4 3 dex104.htm AMENDMENT NO. 1 TO OUTSIDE DIRECTORS' STOCK OPTION PLAN Amendment No. 1 to Outside Directors' Stock Option Plan

Exhibit 10.4

 

AMENDMENT NO. 1 TO

OPTIO SOFTWARE, INC.

OUTSIDE DIRECTORS’ STOCK OPTION PLAN

 

Section 6.2(b) of the plan is amended and restated in its entirety to read as follows:

 

“(b) OPTIONS AFTER EACH YEAR OF SERVICE. As of the end of each completed year of service as an Eligible Director after the effective date, an individual shall be granted an option to purchase 10,000 shares, with such option subject to the provisions of Section 7 below.”