Amendment to Directors Stock Compensation and Deferral Plan Reflecting Two-for-One Stock Split

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This amendment updates the Directors Stock Compensation and Deferral Plan to account for a two-for-one stock split of the company's common stock, effective August 4, 2006. The amendment increases the maximum number of shares available under the plan to 1,600,000, reflecting the stock split. It also clarifies that shares from cancelled or expired options, or those used to pay exercise prices, can be reissued under the plan without affecting the overall share limit.

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EX-10.(D) 5 f24614exv10wxdy.htm EXHIBIT 10.(D) exv10wxdy  

Exhibit 10(d)
Amendment to Directors Stock Compensation and Deferral Plan (the “Plan”)
Effective August 4, 2006, to reflect the two-for-one stock split in the form of a 100 percent stock dividend on the Company’s common stock distributed August 11, 2006, to holders of record on August 4, 2006, the first sentence of Article III of the Plan was amended to read:
“Subject to Article VII, no more than 1,600,000 shares of Common Stock (as adjusted to reflect the August 11, 2006 two-for-one stock split) shall be awarded or made subject to stock options awarded under the Plan; provided, however, that shares subject to options granted hereunder (or assumed hereby) that are cancelled or expire without being fully exercised and shares used to pay the exercise price for options granted hereunder (or assumed hereby) may again be made subject to options granted under this Plan with no effect on the foregoing limit.”