Amendment to Omnibus Stock Plan of Varian Semiconductor Equipment Associates, Inc.

Contract Categories: Business Finance › Modification Agreements
Summary

This amendment updates the Omnibus Stock Plan of Varian Semiconductor Equipment Associates, Inc. by removing provisions related to Stock Appreciation Rights, Restricted Stock, and Performance Units/Shares. It also changes certain plan terms, setting a seven-year expiration period for specific stock options and awards, including those related to retirement and director service. The changes take effect upon approval by the company's Board of Directors, which occurred on November 8, 2002.

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EX-10.13 4 dex1013.htm AMENDMENT TO OMNIBUS STOCK PLAN AMENDMENT TO OMNIBUS STOCK PLAN
 
EXHIBIT 10.13
 
AMENDMENT TO OMNIBUS STOCK PLAN
OF
VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC.
 
The Omnibus Stock Plan (the “Plan”) of Varian Semiconductor Equipment Associates, Inc. is hereby amended as follows:
 
1.    Section 6 (“Stock Appreciation Rights”), Section 7 (“Restricted Stock”) and Section 8 (“Performance Units and Performance Shares”) are deleted from the Plan.
 
2.    Section 5.4.1(a) of the Plan is amended to read in its entirety as follows:
 
“(a) The expiration of seven (7) years from the Grant Date; or”
 
3.    Section 5.4.1(d) of the Plan is amended to read in its entirety as follows:
 
“The expiration of seven (7) years from the Grant Date in the case of the Participant’s Retirement (subject to Section 5.8.2 regarding Incentive Stock Options); or”
 
4.    Section 9.2.4(a) of the Plan is amended to read in its entirety as follows:
 
“(a) The expiration of seven (7) years from the Grant Date; or”
 
5.    Section 9.2.4(c) of the Plan is amended to read in its entirety as follows:
 
“The expiration of seven (7) years from the Grant Date in the case of the Non-employee Director’s Termination of Service by reason of completion of the Participant’s term as a Director, disability, Retirement or death; or”
 
6.    The amendments contained in Sections 1 through 5 above shall become effective upon approval by the Board of Directors.
 
Approved by the Board of Directors on November 8, 2002