First Amendment to Tanox, Inc. 1997 Stock Plan

Contract Categories: Business Finance › Stock Agreements
Summary

This amendment, effective September 20, 2000, modifies the Tanox, Inc. 1997 Stock Plan. It allows the Board of Directors to delegate certain responsibilities, such as granting stock options and awards, to a committee of company officers for non-officer employees and consultants. It also updates the rules regarding the use of company stock to pay for option exercises. The amendment was approved by the Board and signed by the company's President and CEO.

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EX-10.1 2 0002.txt 1ST AMNDMNT TO TANOX 1997 STOCK PLAN EXHIBIT 10.1 FIRST AMENDMENT TO THE TANOX, INC. 1997 STOCK PLAN THIS AMENDMENT by Tanox, Inc. (the "Company"), WITNESSETH: WHEREAS, the Company maintains the Tanox, Inc. 1997 Stock Plan (the "Plan"); and WHEREAS, the Company retained the right in Section 14 of the Plan for the Board of Directors to amend the Plan from time to time; and WHEREAS, the Board of Directors of the Company approved resolutions on September 20, 2000, amending the Plan as set forth below; NOW, THEREFORE, the Company agrees that, effective September 20, 2000: 1. Section 2.1 of the Plan is hereby amended by adding the following sentences to the end of the provision: "The Board of Directors may delegate to a committee of officers of the Company the ability to grant Options, Stock Awards, SARs and Stock Purchases to non-officer employees and consultants of the Company, and other related duties of the Committee under the Plan, subject in each case to rules and regulations established by the Committee from time to time." 2. Clause (ii) of Section 6.1(b) of the Plan is hereby amended to read as follows in its entirety: "(ii) shares of Common Stock of the Company owned by the Participant for at least six months and having a fair market value equal in amount to the exercise price of the Option being exercised" IN WITNESS WHEREOF, the Company has executed this Amendment this 20th day of September, 2000. TANOX, INC. By: Nancy T. Chang ------------------------------ Name: Nancy T. Chang Title: President and CEO