Amendment to Definition of Fair Market Value under Equity Incentive Plan by Human Resources Committee

Contract Categories: Business Finance › Equity Distribution Agreements
Summary

The Human Resources Committee has amended the definition of 'Fair Market Value' in the company's equity incentive plan. The new definition specifies how the fair market value of shares is determined for both cashless and non-cashless exercises of Nonqualified Stock Options, based on specific trading prices on the principal securities exchange. This amendment clarifies how compensation amounts are calculated for participants when they exercise stock options under the plan.

Read More Arrow
EX-10.08 3 a2135714zex-10_08.htm EX-10.08
QuickLinks -- Click here to rapidly navigate through this document


Exhibit 10.08

        RESOLVED, that pursuant to Section 15.1 of the Plan, the Human Resources Committee ("Committee") adopts the following amended [the change noted by underlined text] and restated definition of Fair Market Value for Section 2.16 of the Plan:

 
    
    
    "Fair Market Value" shall be determined on the basis of the opening sale price on the principal securities exchange on which the Shares are traded or, if there is no such sale on the relevant date, then on the last previous day on which a sale was reported, except that as to the "cashless" exercise of Nonqualified Stock Options pursuant to Section 6.6 of the Plan, the "Fair Market Value" of Shares for determining the Compensation amount recognized by the Participant shall be the actual trade price on the principal securities exchange of Shares sold to provide cash to the Participant. , and further except that as to the "non-cashless" exercise of Nonqualified Stock Options pursuant to Section 6.6 of the Plan, the "Fair Market Value" of Shares shall be the closing price on the principal securities exchange on which the Shares are traded for that trading date coinciding with the exercise date prospectively indicated by the Participant in his/her "Notice of Intention to Exercise" letter, or if no sales of Shares occur on said date, then for the next subsequent trading date on which such sales occur.    


QuickLinks

    Exhibit 10.08