Amendment No. 1 to Patriot Risk Management, Inc. 2006 Stock Option Plan

Contract Categories: Business Finance › Stock Agreements
Summary

This amendment updates the Patriot Risk Management, Inc. 2006 Stock Option Plan by increasing the number of shares available for awards to 106,000. It also states that once the company's 2008 Stock Incentive Plan is approved by shareholders, no further awards will be granted under the 2006 plan. The amendment clarifies the transition between the two stock incentive plans and sets clear limits on future awards.

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EX-10.59 18 c22948a5exv10w59.htm AMENDMENT NO. 1 TO THE 2006 STOCK OPTION PLAN exv10w59
Exhibit 10.59
AMENDMENT NO. 1
TO THE
PATRIOT RISK MANAGEMENT, INC. 2006 STOCK OPTION PLAN
     RESOLVED, that Section 4.01 [1] of the 2006 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 106,000.”; and further
     RESOLVED, that Section 9.08 of the 2006 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.”