Extension Agreement for Stock Option Exercise Period between Global Power Equipment Group Inc. and Edgar G. Hotard

Summary

This agreement is between Global Power Equipment Group Inc. and Edgar G. Hotard, who is retiring as a director. It extends the period during which Mr. Hotard can exercise his vested stock options under the company's 2000 and 2001 stock option plans to one year after his retirement date. The agreement also amends all related non-qualified stock option agreements to reflect this extension. No other terms are changed.

EX-10.1 2 dex101.htm EXTENSION AGREEMENT Extension Agreement

Exhibit 10.1

EXTENSION AGREEMENT

THIS EXTENSION AGREEMENT (this “Agreement”) is made and entered into as of the 9^th day of June, 2005, by and between GLOBAL POWER EQUIPMENT GROUP INC., a Delaware corporation (“Company”), and EDGAR G. HOTARD, an individual (“Director”).

WHEREAS, Director is retiring from his position as director with the Company effective June 9, 2005 (the “Retirement Date”).

Director and the Company hereby agree as follows effective as of the Retirement Date: (a) the expiration date of the exercise period for all outstanding stock options granted to Director under the 2000 Plan and 2001 Plan, that have vested as of the Retirement Date, shall be extended to the first anniversary of the Retirement Date and (b) all Non-Qualified Stock Option Agreement(s) with respect to all such outstanding stock options granted to Director under the 2000 Plan and 2001 Plan shall be deemed to have been amended accordingly.

IN WITNESS WHEREOF, Director and the Company have executed this Extension Agreement as of June 9, 2005.


GLOBAL POWER EQUIPMENT GROUP INC.

By:		/s/ Candice L. Cheeseman
		Candice L. Cheeseman, Secretary

		/s/ Edgar G. Hotard
		Edgar G. Hotard