Amendment No. 1 to the Valmont 2002 Stock Plan
This amendment updates Section 5.2 of the Valmont 2002 Stock Plan, effective April 26, 2004. It clarifies how shares from cancelled, terminated, or forfeited awards can be reused for future awards under the plan. It also specifies how shares delivered or withheld for tax purposes affect the number of shares available for future awards, with a ten-year limit on reusing previously issued shares for these purposes. The amendment is intended to ensure proper administration and compliance with the plan's terms.
Exhibit 10.2
AMENDMENT NO. 1 TO THE
VALMONT 2002 STOCK PLAN
Effective April 26, 2004, Section 5.2 of the Valmont 2002 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 that an Award is exercised through the delivery of Stock or in the event that withholding tax liabilities arising from such Award are satisfied by the withholding of Stock by the Company, the number of shares available for Awards under the Plan shall be increased by the number of shares delivered or withheld. 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 or in connection with the tax withholding for an Award, more than ten years after the date of the most recent shareholder approval of the Plan.”
