Amendment No. 1 to Western Refining Long-Term Incentive Plan
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Summary
This amendment, adopted by the Board of Directors of Western Refining, Inc., updates the definition of "Fair Market Value" in the company's Long-Term Incentive Plan. The new definition clarifies how the fair market value of company shares is determined, depending on whether the shares are publicly traded or not. All other terms of the plan remain unchanged. The amendment is effective as of December 4, 2007.
EX-10.19.1 6 d66460exv10w19w1.htm EX-10.19.1 exv10w19w1
EXHIBIT 10.19.1
WESTERN REFINING, INC.
AMENDMENT NO. 1 TO
WESTERN REFINING
LONG-TERM INCENTIVE PLAN
WESTERN REFINING
LONG-TERM INCENTIVE PLAN
This Amendment No. 1 (the Amendment) to the Western Refining Long-Term Incentive Plan (the Plan) is adopted by the Board of Directors (the Board) pursuant to the authority granted to the Board in Section 1.08 of the Plan. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan. The Plan is hereby amended as follows:
1. | The definition of Fair Market Value or FMV Per Share contained in Section 1.02 of the Plan is amended in its entirety to read as follows: |
Fair Market Value or FMV Per Share means, with respect to shares of Common Stock if traded on a securities exchange the closing sales price of a share of Common Stock on the applicable date as reported in The Wall Street Journal (or other reporting service approved by the Committee), or if a grant is made effective as of the initial public offering of Common Stock of the Company, at the initial public offering price. If such shares are not publicly traded at the time a determination of its fair market value is required to be made hereunder, the determination of fair market value shall be made in good faith by the Committee using any fair and reasonable means selected in Committees discretion.
2. | Except as expressly modified by this Amendment, the terms and conditions of the Plan remain in full force and effect. | ||
3. | The effective date of this Amendment shall be December 4, 2007. |