Amendment to UST Inc. 2005 Long-Term Incentive Plan (Section 2(l) – Fair Market Value Definition)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This amendment updates the UST Inc. 2005 Long-Term Incentive Plan, effective August 2, 2007, by revising the definition of "Fair Market Value" for company stock. The new definition specifies that Fair Market Value is the closing sales price per share as reported on the New York Stock Exchange for the relevant date, or the previous trading day if the market was closed. For incentive stock options (ISOs), the value is determined by the Committee in line with IRS rules. The amendment clarifies how stock value is calculated for plan purposes.

Read More Arrow
EX-10.4 3 y37779exv10w4.htm EX-10.4: AMENDMENT TO THE UST INC. LONG-TERM INCENTIVE PLAN EX-10.4  

         
Exhibit 10.4
Amendment to the
UST Inc. 2005 Long-Term Incentive Plan
            The UST Inc. 2005 Long-Term Incentive Plan (the “Plan”) is amended effective August 2, 2007, by deleting section 2(l) of the Plan in its entirety and inserting the following in lieu thereof:
           (l)  “Fair Market Value” on any date means the closing sales price per share of Common Stock as reported on the New York Stock Exchange Composite Transactions Listing for such date, or the immediately preceding trading day if such date was not a trading day, and, in the case of an ISO, means fair market value as determined by the Committee in accordance with Section 422 of the Code.