First Amendment to MIVA, Inc. 2004 Stock Incentive Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

MIVA, Inc. has amended its 2004 Stock Incentive Plan to comply with new U.S. Treasury regulations related to Internal Revenue Code Section 409A. The amendment ensures that the plan and its awards are either exempt from or compliant with Section 409A, which governs the tax treatment of deferred compensation. All other terms of the plan remain unchanged. This amendment is effective as of January 1, 2009, and was executed by the company's authorized officer.

Read More Arrow
EX-10.7 8 a08-31027_1ex10d7.htm EX-10.7

Exhibit 10.7

 

FIRST AMENDMENT

TO THE

MIVA, Inc. (fka FINDWHAT.COM, INC.)

2004 STOCK INCENTIVE PLAN

 

Background Information

 

A.                                   Miva, Inc. (the “Company”) maintains the MIVA, Inc. (fka FindWhat.com, Inc.) 2004 Stock Incentive Plan (the “Plan”).
 
B.                                     The United States Treasury Department issued final regulations that mandate Plan amendments with respect to Internal Revenue Code Section 409A.
 
C.                                     The Company has the power to amend and modify the Plan pursuant to Section 15 thereof.
 
D.                                    The Company desires to amend the Plan to bring the Plan into compliance with Internal Revenue Code Section 409A.

 

Plan Amendment

 

The amendments set forth below shall be effective January 1, 2009.

 

1.                                       The following clause is added after the last sentence of Section 13:

 

                                                “and provided that the adjustments will be made in such a manner so as to avoid (1) making awards previously exempt from Section 409A of the Code subject to Section 409A of the Code and (2) making awards previously compliant with Section 409A of the Code violate Section 409A of the Code.”

 

2.                                       The following Section 16(x) is added to the Plan:

 

“This plan will be administered in such a manner so that awards are either exempt from, or compliant with, Section 409A of the Code.”

 

3.                                       The remainder of the Plan shall remain unchanged.

 

[SIGNATURE BLOCK FOLLOWS ON NEXT PAGE]

 

1


 

The Company has caused this First Amendment to the FindWhat.com, Inc. 2004 Stock Incentive Plan to be executed on its behalf, by its officer duly authorized, this 18th day of December, 2008.

 

 

 

Miva, Inc.

 

 

 

By:

 

/s/ John B. Pisaris

 

 

 

Its:

 

General Counsel & Secretary

 

2