Third Amendment to Stericycle, Inc. 1997 Stock Option Plan
This amendment updates the Stericycle, Inc. 1997 Stock Option Plan, specifically revising the rules on how stock options can be transferred. Under the new terms, options generally cannot be transferred, assigned, or pledged except as allowed by the option agreement, the plan administrator (for non-statutory options), or by inheritance laws. This change clarifies and restricts how options may be passed on or used by participants.
Exhibit 10.16
Third Amendment to
Stericycle, Inc. 1997 Stock Option Plan
Paragraph 8.4 (“Transferability”) of the Stericycle, Inc. 1997 Stock Option Plan is amended to read as follows:
8.4 Transferability
Except as provided in the Option Agreement or as permitted by the Plan Administrator in the case of NSOs, no Option or Installment may be transferred, assigned or pledged (whether by operation of law or otherwise), except as provided by will or the applicable laws of intestacy, and no Option shall be subject to execution, attachment or similar process.
