Amendment No. 1 to the Valmont 1999 Stock Plan
This amendment, effective April 26, 2004, modifies Section 5.2 of the Valmont 1999 Stock Plan. It clarifies how shares from cancelled, terminated, or forfeited awards can be reused for future awards under the plan. It also specifies how shares used to pay for option exercises are counted and sets a ten-year limit for reusing previously issued shares surrendered in connection with award exercises. The amendment aims to manage the availability of shares for future stock awards to plan participants.
Exhibit 10.1
AMENDMENT NO. 1 TO THE
VALMONT 1999 STOCK PLAN
Effective April 26, 2004, Section 5.2 of the Valmont 1999 Stock Plan is amended and restated in its entirety to read as follows:
“5.2 Cancelled, Terminated or Forfeited Awards. Any shares of Stock subject to an Award which for any reason are cancelled, terminated or otherwise settled without the issuance of any Stock shall again be available for Awards under the Plan. In the event a Participant pays the exercise price of an Option pursuant to Section 6.4 by transferring or having withheld shares of stock, only the net number of Shares shall be considered utilized under the Plan and the balance shall again be available for Award under the Plan. Notwithstanding the immediately preceding sentence, the number of shares available for Awards under the Plan shall not be increased by the number of any previously issued shares surrendered in connection with the exercise of an Award, more than ten years after the date of the most recent shareholder approval of the Plan.”
