Amendment No. 1 to Mission Resources Corporation 1996 Stock Incentive Plan
This amendment updates the Mission Resources Corporation 1996 Stock Incentive Plan to clarify how the number of shares available under the plan will be adjusted in the event of changes to the company's common stock, such as stock splits, mergers, or similar events. The amendment gives the Plan Administrator authority to make proportional adjustments as needed. The amendment is effective as of November 7, 2006, and is executed by Petrohawk Energy Corporation.
Exhibit 10.45
AMENDMENT NO. 1 TO THE MISSION RESOURCES CORPORATION 1996 STOCK INCENTIVE PLAN
Section 6.10. of the Mission Resources Corporation 1996 Stock Incentive Plan (the “Plan”) is hereby deleted in its entirety and replaced with the following language:
“In the event of any change in the outstanding Common Stock by reason of a stock dividend or distribution, recapitalization, merger, consolidation, split-up, combination, exchange of shares or the like, the Plan Administrator shall proportionately adjust the number of shares of Common Stock which may be issued under the Plan, the number of shares of Common Stock subject to options or Performance Shares theretofore granted under the Plan, and any and all other matters deemed appropriate by the Plan Administrator.”
This Amendment No. 1 to the Plan is effective this 7th day of November, 2006.
| Petrohawk Energy Corporation | ||
| By: | /s/ Floyd C. Wilson | |
| Name: | Floyd C. Wilson | |
| Title: | President and Chief Executive Officer | |
