Amendment to Non-Employee Director Stock Incentive Plan Regarding Option Exercise Period
This amendment updates the Non-Employee Director Stock Plan to allow directors who leave the board up to one year from their termination date to exercise any stock options they were entitled to at the time they left. The change applies only to unexercised stock options that the director was already eligible to exercise when their service ended.
Exhibit 10.5
Paragraph 4 of Article VI of the Non-Employee Director Stock Plan is deleted in its entirety and replaced with the following:
“4. If a Participant ceases to be a Director while holding unexercised Stock Options, such Director shall have up to one (1) year from the date of his or her termination of service in which to exercise any unexercised Stock Option(s), to the extent that the Director was entitled to exercise such Stock Option(s) at the date of his or her termination of service.”
