Amendment to Selective Insurance Stock Option Plan II (July 26, 2006)

Contract Categories: Business Finance › Modification Agreements
Summary

Selective Insurance has amended its Stock Option Plan II, effective July 26, 2006, to clarify the definition of "fair market value" for its common stock. The fair market value will now be determined by the closing selling price on the NASDAQ Global Select Market or other relevant exchange on the applicable date, or the most recent prior trading day if the date is not a trading day. All other terms of the Stock Option Plan II remain unchanged.

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EX-10.4 5 y23915exv10w4.htm EX-10.4: AMENDMENT TO THE STOCK OPTION PLAN II EX-10.4  

Exhibit 10.4
Amendment to the
Selective Insurance Stock Option Plan II
The Selective Insurance Stock Option Plan II (“Stock Option Plan II”) is amended, effective as of July 26, 2006, as follows:
1.   A new Section V(g) shall be inserted as follows:
  (g)   “Fair market value” as used in the Plan, shall mean the closing selling price for the Company’s Common Stock reported on the NASDAQ Global Select Market (or on the NASDAQ Global Market or NASDAQ Capital Market or on a national securities exchange if the Company’s Common Stock subsequently trades on such an exchange) on the applicable date, or if the applicable date is not a trading day, on the most recent trading date immediately prior to the applicable date.
2.   Except as set forth in this Amendment to the Selective Insurance Stock Option Plan II, Stock Option Plan II shall remain in full force and effect.