Amendments No. 1 and No. 2 to Verdant Brands, Inc. 1996 Incentive Stock Option Plan

Summary

Verdant Brands, Inc. amended its 1996 Incentive Stock Option Plan to change the total number of shares available for issuance under the plan. The first amendment increased the number of shares from 500,000 to 1,250,000, while the second amendment, following a one-for-five reverse stock split, adjusted the number of shares to 750,000. Both amendments were approved by the company's board of directors and shareholders. These changes affect the amount of company stock that can be granted to employees as part of their compensation.

EX-10.4 2 ex10-4.txt AMENDMENT TO COMPANY'S 1996 EMPLOYEE STOCK PLAN 1 EXHIBIT 10.4 Page 1 of 2 AMENDMENT NO. 1 TO THE VERDANT BRANDS, INC. 1996 INCENTIVE STOCK OPTION PLAN The 1996 Incentive Stock Option Plan of Verdant Brands, Inc. (the "Plan"), is hereby amended as follows: Section 4(a). Shares Available. The first sentence of section 4 (a), as previously amended, reading: "Subject to adjustment as provided in Section 4(c), the aggregate number of Shares which may be issued under all Awards under the Plan shall be 500,000", is amended to read "Subject to adjustment as provided in Section 4(c), the aggregate number of Shares which may be issued under all Awards under the Plan shall be 1,250,000" Adopted this 25th day of May, 1999 as authorized by the board of directors and approved by a vote of the shareholders of Verdant Brands, Inc. on May 25, 1999. 2 EXHIBIT 10.4 Page 2 of 2 AMENDMENT NO. 2 TO THE VERDANT BRANDS, INC. 1996 INCENTIVE STOCK OPTION PLAN The 1996 Incentive Stock Option Plan of Verdant Brands, Inc. as previously amended (the "Plan"), is hereby amended as follows: Section 4(a). Shares Available. The first sentence of section 4 (a), as previously amended, reading: "Subject to adjustment as provided in Section 4(c), the aggregate number of Shares which may be issued under all Awards under the Plan shall be 1,250,000", is restated to reflect the Company's one-for-five reverse stock split as provided by Section 4(c) and to reflect the increased number of authorized Shares Available and is amended to read: "Subject to adjustment as provided in Section 4(c), the aggregate number of Shares which may be issued under all Awards under the Plan shall be 750,000" Adopted this 25th day of May, 2000 as authorized by the board of directors and approved by a vote of the shareholders of Verdant Brands, Inc. on May 25, 2000.