Amendment No. 1 to Patriot Risk Management, Inc. 2005 Stock Option Plan

Contract Categories: Business Finance › Warrant Agreements
Summary

This amendment updates the Patriot Risk Management, Inc. 2005 Stock Option Plan by increasing the number of shares available for awards to 62,500. It also states that once the company's 2008 Stock Incentive Plan is approved by shareholders, no further awards will be granted under the 2005 plan. The amendment clarifies the terms for issuing stock options to employees or other eligible participants.

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EX-10.57 16 c22948a5exv10w57.htm AMENDMENT NO. 1 TO THE 2005 STOCK OPTION PLAN exv10w57
Exhibit 10.57
AMENDMENT NO. 1
TO THE
PATRIOT RISK MANAGEMENT, INC. 2005 STOCK OPTION PLAN
     RESOLVED, that Section 4.01 [1] of the 2005 Stock Option Plan is hereby amended to read as follows:
     “4.01 Number of Shares.
[1] Subject to Section 4.03, the number of shares of stock subject to awards under the Plan is 62,500.”; and further
     RESOLVED, that Section 9.08 of the 2005 Stock Option Plan is hereby amended by adding the following sentence to the end thereof:
“Upon approval by the Company’s stockholders of the Company’s 2008 Stock Incentive Plan, no further awards shall be made under this Plan.”