Document:

2006 Director Equity Incentive Plan

    Exhibit
      10.1

    

    M/I
      HOMES, INC.

    2006
      DIRECTOR EQUITY INCENTIVE PLAN

     

    1.00 PURPOSE
      AND EFFECTIVE DATE

     

    1.01 Purpose.
      This
      Plan
      is intended to foster and promote the long-term financial success of the Company
      and to increase shareholder value by [1] providing
      Directors an opportunity to acquire an ownership interest in the Company and
      [2] enabling
      the Company to attract and retain the services of outstanding Directors upon
      whose judgment, interest and special efforts the successful conduct of the
      Company’s business is dependent.

     

    1.02 Effective
      Date.
      The Plan
      will be effective upon its approval by the affirmative vote of the Company’s
      shareholders (the “Effective Date”). Subject to Section 11.00, the Plan
      will continue until the tenth anniversary of the Effective Date. 

     

    2.00 DEFINITIONS

     

    When
      used
      in this Plan, the following words, terms and phrases have the meanings given
      to
      them in this section unless another meaning is expressly provided elsewhere
      in
      this document or clearly required by the context. When applying these
      definitions and any other word, term or phrase used in this Plan, the form
      of
      any word, term or phrase will include any and all of its other
      forms.

     

    Act.
      The
      Securities Exchange Act of 1934, as amended. References to any provision of
      the
      Act or rule thereunder shall include any successor provisions and
      rules.

     

    Annual
      Meeting.
      The
      annual meeting of the Company’s shareholders.

     

    Award.
      Any
      Option, Restricted Stock, Whole Share and Stock Unit granted under the
      Plan.

     

    Award
      Agreement. The
      written or electronic agreement between the Company and each Participant that
      describes the terms and conditions of each Award and the manner in which it
      will
      or may be settled if earned. If there is a conflict between the terms of this
      Plan and the terms of the Award Agreement, the terms of this Plan will
      govern.

     

    Beneficiary.
      The
      person a Participant designates to receive (or to exercise) any Plan benefit
      (or
      right) that is unpaid (or unexercised) when the Participant dies. A Beneficiary
      may be designated only by following the procedures described in Section 12.03;
      neither the Company nor the Committee is required to infer a Beneficiary from
      any other source.

     

    Board.
      The
      Company’s board of directors.

     

    Change
      in Control.
      As
      defined under Code §409A.

     

    Code.
      The
      Internal Revenue Code of 1986, as amended or superseded after the Effective
      Date
      and any applicable rulings or regulations issued under the Code.

     

    Committee.
      The
      Board’s Compensation Committee which, will be comprised of at least three
      persons, each of whom is a “non-employee” director within the meaning of Rule
      16b-3 under the Act.

     

    Company.
      M/I
      Homes, Inc., an Ohio corporation, and any and all successors to it.

     

    Director.
      A
      person
      who, on an applicable Grant Date [1] is
      an
      elected member of the Board (or has been appointed to the Board to fill an
      unexpired term and will continue to serve at the expiration of that term only
      if
      elected by the shareholders) and [2] is
      not an
      Employee. For purposes of applying this definition, a Director’s status will be
      determined as of the Grant Date applicable to each affected Award.

     

    Disabled.
      As
      defined under Code §409A.

     

    Employee.
      Any
      person who, on any applicable date, is a common law employee of the Company
      or
      any Related Entity. A worker who is classified as other than a common law
      employee but who is subsequently reclassified as a common law employee of the
      Company or a Related Entity for any reason and on any basis will be treated
      as a
      common law employee only from the date that reclassification occurs and will
      not
      retroactively be reclassified as an Employee for any purpose of this
      Plan.

     

    Exercise
      Price.
      The
      amount, if any, a Participant must pay to exercise an Award.

     

    Fair
      Market Value. The
      value
      of one share of Stock on any relevant date, determined under the following
      rules:

     

    [1] If
      the
      Stock is traded on an exchange, the reported “closing price” on the relevant
      date, if it is a trading day, otherwise on the next trading day;

     

    [2] If
      the
      Stock is traded over-the-counter with no reported closing price, the mean
      between the lowest bid and the highest asked prices on that quotation system
      on
      the relevant date if it is a trading day, otherwise on the next trading day;
      or

     

    [3]  If
      neither [1]
      nor
[2]
      applies,
      the fair market value as determined by the Committee in good faith.

     

    Full-Value
      Award.
      Restricted Stock, Whole-Share and Stock Unit Awards that, by the terms of the
      Award Agreement through which they are issued, are to be settled in shares
      of
      Stock.

     

    Grant
      Date.
      The date
      an Award is granted.

     

    Option.
      The
      right granted under Section 6.00 to a Participant to purchase a share of
      Stock at a stated price for a specified period of time. 

     

    Participant.
      Any
      Director to whom an Award has been granted and which is still
      outstanding.

     

    Plan.
      The M/I
      Homes, Inc. 2006 Director Equity Incentive Plan.

     

    Plan
      Year.
      The
      Company’s fiscal year.

     

    Related
      Entity.
      Any
      entity that is or becomes related to the Company through common ownership as
      determined under Code §414(b) or (c) but modified as permitted under Prop.
      Treas. Reg. §1.409A-1(b)(5)(iii)(D) and any successor to those proposed
      regulations.

     

    Restricted
      Stock.
      A share
      of Stock issued to a Participant contingent upon satisfaction of conditions
      described in Section 8.00.

     

    Restriction
      Period.
      The
      period over which the Committee will determine if a Participant has met
      conditions placed on Restricted Stock.

     

    Stock.
      The
      common shares, $.01 par value, issued by the Company or any security issued
      by
      the Company in substitution, exchange or in place of these shares.

     

    Stock
      Unit. A
      right
      to receive payment of a share of Stock as provided in Section 9.00.

     

    Whole-Share.
      A share
      of Stock issued under Section 7.00.

     

    3.00 PARTICIPATION

    3.01 Awards
      to Directors.

     

    [1] Consistent
      with the terms of the Plan and subject to Section 3.02, the Board
      will [a] decide
      which Directors will be granted Awards and [b] specify
      the type of Award to be granted to Directors and the terms upon which those
      Awards will be granted and may be earned.

     

    [2] The
      Board
      may establish different terms and conditions [a]
      for each
      type of Award granted to a Director, [b] for
      each
      Director receiving the same type of Award and [c] for
      the
      same Director for each Award the Director receives, whether or not those Awards
      are granted at different times. 

     

    3.02 Conditions
      of Participation.
      By
      accepting an Award, each Director agrees:

     

    [1] To
      be
      bound by the terms of the Award Agreement and the Plan and to comply with all
      administrative rules and regulations imposed by the Committee; and

     

    [2] That
      the
      Board may amend the Plan and the Committee may amend the Award Agreements
      without any additional consideration to the extent necessary to avoid penalties
      arising under Code §409A, even if those amendments adversely affect rights
      granted under the Plan or Award Agreement (or both) before those
      amendments.

     

    4.00 ADMINISTRATION

     

    4.01 Duties.
      The
      Committee is responsible for administering the Plan and has all powers
      appropriate and necessary to that purpose. Consistent with the Plan’s
      objectives, the Committee may adopt, amend and rescind rules and regulations
      relating to the Plan and has complete discretion to make all other decisions
      necessary or advisable for the administration and interpretation of the Plan.
      Any action by the Committee will be final, binding and conclusive for all
      purposes and upon all persons. 

     

    4.02 Delegation
      of Duties.
      In its
      sole discretion, the Committee may delegate any ministerial duties associated
      with the Plan to any person (including Employees) that it deems appropriate.
      

     

    4.03 Award
      Agreement. As
      soon
      as reasonably practicable after the Grant Date, the Committee will prepare
      and
      deliver an Award Agreement to each affected Participant. The Award Agreement
      will describe the terms of the Award, including [1] the
      type
      of Award and when and how it may be exercised or earned, [2] any
      Exercise Price associated with that Award, [3] how
      the
      Award will or may be settled, and [4]
      any
      other applicable terms and conditions affecting the Award.

     

    4.04 Restriction
      on Repricing.
      Regardless of any other provision of this Plan, none of the Board, the Company
      or the Committee may “reprice” (as defined under rules issued by the exchange on
      which the Stock is then traded or, if the Stock is not then traded on an
      exchange, as defined under rules issued by the New York Stock Exchange) any
      Award without the prior approval of the shareholders.

     

    5.00 LIMITS
      ON STOCK
      SUBJECT TO AWARDS

     

    5.01 Number
      of Authorized Shares of Stock.
      Subject
      to Section 5.03, the number of shares of Stock issued under the terms of
      this Plan may not exceed 200,000. The shares of Stock to be delivered under
      the
      Plan may consist, in whole or in part, of shares of treasury Stock or authorized
      but unissued shares of Stock not reserved for any other purpose.

     

    5.02 Share
      Accounting.
      As
      appropriate, the limit imposed under Section 5.01:

     

    [1] Will
      be
      conditionally reduced by the number of shares of Stock subject to any
      outstanding Award; and

     

    [2] Will
      be
      absolutely reduced by [a] the
      number of shares of
      Stock
      issued pursuant to the exercise of an Option and [b] the
      number of shares of Stock issued because the terms of a Full-Value Award
      Agreement have been met; but

     

    [3] Will
      be
      increased by the number of shares of Stock subject to any Award that, for any
      reason, is forfeited, cancelled, terminated, relinquished, exchanged or
      otherwise settled without the issuance of shares of Stock.

     

    5.03 Adjustment
      in Capitalization.
      If,
      after the Effective Date, there is a Stock dividend or Stock split,
      recapitalization (including payment of an extraordinary dividend), merger,
      consolidation, combination, spin-off, distribution of assets to shareholders,
      exchange of shares or other similar corporate change affecting the Stock, the
      Committee will appropriately adjust [1]  the
      aggregate number of shares of Stock available for Awards under Section 5.01
      or
      subject to outstanding Awards (as well as any share-based limits imposed under
      this Plan), [2] the
      respective Exercise Price applicable to outstanding Awards and [3] any
      other
      terms, conditions or restrictions affecting any outstanding Awards.

     

    6.00 OPTIONS

     

    6.01 Grant
      of Options.
      Subject
      to the terms, restrictions and conditions specified in the Plan and the
      associated Award Agreement, the Board may grant Options to Directors at any
      time
      during the term of this Plan. 

     

    6.02 Exercise
      Price.
      Each
      Option will bear an Exercise Price at least equal to Fair Market Value on the
      Grant Date. 

     

    6.03 Exercise
      of Options.
      Options
      will be exercisable at the time (or times) specified in the Award Agreement,
      provided that no Option will be exercisable more than ten years after it is
      granted.

     

    6.04 Exercise
      Procedures and Payment for Options.
      The
      Exercise Price associated with each Option must be paid under procedures
      described in the Award Agreement. These procedures may include payment in cash
      (or a cash equivalent), a cashless exercise (including by withholding shares
      of
      Stock deliverable upon exercise and through a broker assisted arrangement to
      the
      extent permitted by applicable law) and allowing a Participant to tender shares
      of Stock he or she already has owned for at least six months before the exercise
      date, either by actual delivery of the previously owned shares of Stock or
      by
      attestation, valued at their Fair Market Value on the exercise date, as partial
      or full payment of the Exercise Price or any combination of those procedures.
      A
      Participant may exercise an Option only by sending to the Committee (or its
      designee) a completed exercise notice (in the form prescribed by the Committee)
      along with payment (or designation of an approved payment procedure) of the
      Exercise Price. As soon as reasonably practicable after those steps are taken,
      the Committee will cause the appropriate share certificates to be
      issued.

     

    6.05 Rights
      Associated With Options. 

     

    [1] A
      Participant to whom an unexercised Option has been granted will have no voting
      or dividend rights with respect to the shares of Stock underlying that
      unexercised Option and the Option will be transferable only to the extent
      provided in Section 12.02.

     

    [2] Unless
      otherwise specified in the Award Agreement or provided in the Plan, shares
      of
      Stock acquired through the exercise of an Option [a] will
      bear
      all dividend and voting rights associated with the Stock and [b] will
      be
      transferable, subject to applicable federal securities laws, the requirements
      of
      any exchange, market or other quotation system on or through which shares of
      Stock are then traded or any blue sky or state securities laws.

     

    7.00 WHOLE-SHARES

     

    Subject
      to the terms, restrictions and conditions specified in the Plan and the
      associated Award Agreement, the Board may grant Whole-Shares to Directors at
      any
      time during the term of this Plan.

     

    8.00 RESTRICTED
      STOCK

     

    8.01 Grant
      of Restricted Stock.
      Subject
      to the terms, restrictions and conditions specified in the Plan and the
      associated Award Agreement, the Board may grant shares of Restricted Stock
      to
      Directors at any time during the term of this Plan. 

     

    8.02 Earning
      Restricted Stock.
      Subject
      to the terms, restrictions and conditions specified in the Plan and the
      associated Award Agreement:

     

    [1] Terms,
      restrictions and conditions imposed on shares of Restricted Stock granted to
      Directors will lapse as described in the Award Agreement, provided, however,
      that notwithstanding anything to the contrary in the Plan or the Award
      Agreement, no terms, restrictions or conditions imposed on such shares of
      Restricted Stock will lapse sooner than three years after the Grant
      Date.

     

    [2] During
      the Restriction Period, the certificates evidencing the shares of Restricted
      Stock will be held by the Company as escrow agent. After the end of the
      Restriction Period, the shares of Restricted Stock will be:

     

    [a] Forfeited,
      if all terms, restrictions and conditions described in the Award Agreement
      have
      not been met; or

     

    [b] Released
      from escrow and distributed to the Participant as soon as reasonably practicable
      after the last day of the Restriction Period, if all terms, restrictions and
      conditions specified in the Award Agreement have been met.

     

    [3] Any
      Restricted Stock Award relating to a fractional share of Stock will be rounded
      to the next whole share when settled.

     

    8.03 Rights
      Associated With Restricted Stock.
      During
      the Restriction Period and unless the associated Award Agreement specifies
      otherwise:

     

    [1] Shares
      of
      Restricted Stock may not be sold, transferred, pledged, assigned or otherwise
      alienated or hypothecated; but

     

    [2] Each
      Participant to whom shares of Restricted Stock have been issued:

     

    [a] May
      exercise full voting rights associated with those shares of Restricted Stock;
      and

     

    [b] Will
      be
      entitled to receive all dividends and other distributions paid during the
      Restriction Period with respect to the shares of Restricted Stock, provided,
      however, that if any dividends or other distributions are paid in shares of
      Stock, those shares will be subject to the same terms, restrictions and
      conditions, including without limitation, the transferability and
      forfeitability, as the shares of Restricted Stock with respect to which they
      were issued.

     

    9.00 STOCK
      UNITS

     

    9.01 Granting
      Stock Units.
      Subject
      to the terms, restrictions and conditions specified in the Plan and the
      associated Award Agreement, the Board may grant Stock Units to Directors at
      any
      time during the term of this Plan. 

     

    9.02 Settling
      Stock Units. 

     

    [1] All
      Stock
      Units will be settled as of the date of the Director’s separation from service
      (as defined in Code §409A) from the Company. 

     

    [2] All
      Stock
      Units to be settled under Section 9.02[1] will
      be
      settled in shares of Stock. The number of shares of Stock distributed will
      equal
      the whole number of Stock Units to be settled in shares of Stock, with the
      Fair
      Market Value of any fractional share of Stock distributed in cash.

     

    [3] If
      a
      Participant dies before his or her Stock Units have been settled, those Stock
      Units that have not been settled will be settled in shares of Stock and paid
      to
      the Participant’s Beneficiary in the manner described in Section
      9.02[2].

     

    9.03 Dividends.
      Any
      dividends and other distributions paid after the Grant Date of Stock Units
      with
      respect to shares of Stock will accrue and be added to the Participant’s Stock
      Units. Such dividends and other distributions will be settled under the
      provisions of Section 9.02.

     

    10.00 TERMINATION/BUY
      OUT

     

    10.01 Death
      or Disability.
      Unless
      specified otherwise in the Award Agreement or this Plan:

     

    [1] All
      Options then held by a Participant who dies or becomes Disabled (whether or
      not
      then exercisable) will be fully exercisable when the Participant dies or becomes
      Disabled and may be exercised at any time before the earlier of [a] the
      expiration date specified in the Award Agreement or [b] five
      years after the date of death or Disability. 

     

    [2] All
      restrictions applicable to Restricted Stock and Stock Units granted to a
      Participant will lapse when the Participant dies or becomes
      Disabled.

     

    [3] All
      restrictions applicable to Whole-Share Awards will lapse when the Participant
      dies or becomes Disabled.

     

    10.02 Termination
      for any Other Reason.
      Unless
      specified otherwise in the Award Agreement or this Plan (but only to the extent
      permitted under Code §409A), any Awards that are outstanding when a
      Participant terminates his or her service on the Board for any reason not
      described in Section 10.01 will be forfeited. 

     

    10.03 Buy
      Out of Awards.
      At any
      time, the Board, in its sole discretion and without the consent of the
      Participant, may cancel any or all outstanding Awards held by that Participant
      by providing to that Participant written notice (“Buy Out Notice”) of its
      intention to exercise the rights reserved in this section. If a Buy Out Notice
      is given, the Company also will pay to each affected Participant the difference
      between [1]
      the Fair
      Market Value of each Award (or portion of an Award) to be cancelled and
[2]
      the
      Exercise Price associated with each cancelled Award. However, unless otherwise
      specified in the Award Agreement, no payment will be made with respect to any
      Awards that are not exercisable when cancelled under this section. The Company
      will complete any buy out made under this section as soon as reasonably
      practicable after the date of the Buy Out Notice. Payment of the buy out amount
      will be made in whole shares of Stock. The number of whole shares of Stock
      included in the buy out amount will be determined by dividing the amount of
      the
      payment to be made in shares of Stock by the Fair Market Value as of the date
      determined by the Board. In the event that the calculation described in the
      preceding sentence results in a fractional share of Stock, the buy out amount
      will be rounded to the next whole share when settled. 

     

    11.00 AMENDMENT,
      MODIFICATION AND TERMINATION OF PLAN

     

    The
      Board
      may terminate, suspend or amend the Plan at any time without shareholder
      approval except to the extent that shareholder approval is required to satisfy
      applicable requirements imposed by [1] Rule
      16b-3 under the Act, or any successor rule or regulation, [2] applicable
      requirements of the Code or [3] any
      exchange, market or other quotation system on or through which the Company’s
      securities are then traded. Also, no Plan amendment may [4] cause
      the
      Plan to fail to meet requirements imposed by Rule 16b-3 or [5] without
      the consent of the affected Participant (and except as specifically provided
      otherwise in this Plan or the Award Agreement), adversely affect any Award
      granted before the amendment, modification or termination. However, nothing
      in
      this section will restrict the Board’s right to amend the Plan and the
      Committee’s right to amend any Award Agreements without any additional
      consideration to affected Participants to the extent necessary to avoid
      penalties arising under Code §409A, even if those amendments adversely
      affect rights granted under the Plan or Award Agreement (or both) before those
      amendments.

     

    12.00 MISCELLANEOUS

     

    12.01 Change
      in Control.
      Upon a
      Change in Control, all of a Participant’s Awards will be fully exercisable and
      all restrictions will lapse.

     

    12.02 Assignability.
      Except
      as described in this section or as provided in Section 12.03, an Award may
      not be transferred except by will or the laws of descent and distribution and,
      during the Participant’s lifetime, may be exercised only by the Participant or
      the Participant’s guardian or legal representative. However, with the permission
      of the Committee, a Participant may transfer Awards to a revocable intervivos
      trust of which the Participant is the settlor, or may transfer Awards to any
      member of the Participant’s immediate family, any trust, whether revocable or
      irrevocable, established solely for the benefit of the Participant’s immediate
      family, any partnership or limited liability company whose only partners or
      members are members of the Participant’s immediate family or an organization
      described in Code §501(c)(3) (“Permissible Transferees”). Any Award
      transferred to a Permissible Transferee will continue to be subject to all
      of
      the terms and conditions that applied to the Award before the transfer and
      to
      any other rules prescribed by the Committee. A Permissible Transferee may not
      retransfer an Award except by will or the laws of descent and distribution
      and
      then only to another Permissible Transferee.

     

    12.03 Beneficiary
      Designation.
      Subject
      to the terms, restrictions and conditions specified in the Plan and the
      associated Award Agreement, each Participant may name a Beneficiary or
      Beneficiaries (who may be named contingently or successively) to receive or
      to
      exercise any Award that is unpaid or unexercised at the Participant’s death.
      Unless otherwise provided in the Beneficiary designation, each designation
      made
      will revoke all prior designations made by the same Participant, must be made
      on
      a form prescribed by the Committee and will be effective only when filed in
      writing with the Committee. If a Participant has not made an effective
      Beneficiary designation, the deceased Participant’s Beneficiary will be his or
      her surviving spouse or, if none, the deceased Participant’s estate. The
      identity of a Participant’s designated Beneficiary will be based only on the
      information included in the latest Beneficiary designation form completed by
      the
      Participant and will not be inferred from any other evidence.

     

    12.04 No
      Guarantee of Continuing Services.
      Except
      as specifically provided elsewhere in the Plan, nothing in the Plan may be
      construed as:

     

    [1] Conferring
      on any Participant any right to continue as a director of the Company or any
      Related Entity;

     

    [2] Guaranteeing
      that any Director will be selected to be a Participant; or

     

    [3] Guaranteeing
      that any Participant will receive any Awards.

     

    12.05 No
      Limitation on Compensation.
      Nothing
      in the Plan is to be construed to limit the right of the Company to establish
      other plans or to pay compensation to its Directors, in cash or property, in
      a
      manner not expressly authorized under the Plan.

     

    12.06 Requirements
      of Law.
      The
      grant of Awards and the issuance of shares of Stock will be subject to all
      applicable laws, rules and regulations and to all required approvals of any
      governmental agency or exchange, market or other quotation system on or through
      which the Company’s securities are then traded. Also, no shares of Stock will be
      issued under the Plan unless the Company is satisfied that the issuance of
      those
      shares of Stock will comply with applicable federal and state securities laws.
      Certificates for shares of Stock delivered under the Plan may be subject to
      any
      stock transfer orders and other restrictions that the Committee believes to
      be
      advisable under the rules, regulations and other requirements of the Securities
      and Exchange Commission, any exchange, market or other quotation system on
      or
      through which the Company’s securities are then traded, or any other applicable
      federal or state securities law. The Committee may cause a legend or legends
      to
      be placed on any certificates issued under the Plan to make appropriate
      reference to restrictions within the scope of this section.

     

    12.07 Governing
      Law.
      The
      Plan, and all agreements hereunder, will be construed in accordance with and
      governed by the laws (other than laws governing conflicts of laws) of the State
      of Ohio.First Amendment to the 2006 Director Equity Incentive Plan

    Exhibit
      10.2

    

    FIRST
      AMENDMENT

    TO

    M/I
      HOMES, INC.

    2006
      DIRECTOR EQUITY INCENTIVE PLAN

    

    

    WHEREAS,
      M/I Homes, Inc. (the “Company”) adopted the M/I Homes, Inc. 2006 Director Equity
      Incentive Plan (the “Plan”) to provide its non-employee directors with an
      opportunity to acquire an ownership interest in the Company;

    

    WHEREAS,
      Section 11.00 of the Plan provides that the Company may amend the Plan from
      time
      to time; and

    

    WHEREAS,
      the Company desires to make certain amendments to the Plan;

    

    NOW,
      THEREFORE, effective as of the Plan’s Effective Date (as defined in Section 1.02
      of the Plan), the Plan is amended as shown below:

    

    1. Section
      3.01 is amended to read, in its entirety, as follows:

    

    3.01 Awards
      to Directors.

     

    [1] Consistent
      with the terms of the Plan and subject to Section 3.02, the Committee
      will [a] decide
      which Directors will be granted Awards and [b] specify
      the type of Award to be granted to Directors and the terms upon which those
      Awards will be granted and may be earned.

     

    [2] The
      Committee may establish different terms and conditions [a]
      for each
      type of Award granted to a Director, [b] for
      each
      Director receiving the same type of Award and [c] for
      the
      same Director for each Award the Director receives, whether or not those Awards
      are granted at different times. 

     

    2. Section
      6.01 is amended to read, in its entirety, as follows:

    

    6.01 Grant
      of Options.
      Subject
      to the terms, restrictions and conditions specified in the Plan and the
      associated Award Agreement, the Committee may grant Options to Directors at
      any
      time during the term of this Plan. 

     

    3. Section
      7.00 is amended to read, in its entirety, as follows:

    

    7.00 WHOLE-SHARES

    

    7.01 Grant
      of Whole-Shares.
      Subject
      to the terms, restrictions and conditions specified in the Plan and the
      associated Award Agreement, the Committee may grant Whole-Shares to Directors
      at
      any time during the term of this Plan.

    

    7.02 Limits
      on Awards.
      Subject
      to adjustment under Section 5.03, the grant of Whole-Share Awards under this
      Plan will not exceed five percent (5%) of the number of shares of Stock
      authorized under Section 5.01.

    

    4. Section
      8.01 is amended to read, in its entirety, as follows:

    

    8.01 Grant
      of Restricted Stock.
      Subject
      to the terms, restrictions and conditions specified in the Plan and the
      associated Award Agreement, the Committee may grant shares of Restricted Stock
      to Directors at any time during the term of this Plan. 

    

    5. Section
      9.01 is amended to read, in its entirety, as follows:

    

    9.01 Granting
      Stock Units.
      Subject
      to the terms, restrictions and conditions specified in the Plan and the
      associated Award Agreement, the Committee may grant Stock Units to Directors
      at
      any time during the term of this Plan. 

     

    6. Section
      11.00 is amended to read, in its entirety, as follows:

    

    11.00 AMENDMENT,
      MODIFICATION AND TERMINATION OF PLAN

     

    The
      Board
      may terminate, suspend or amend the Plan at any time without shareholder
      approval except to the extent that [1]
      the
      amendment materially increases the benefits accruing to Participants under
      the
      Plan, [2]
      the
      amendment materially increases the aggregate number of shares of Stock that
      may
      be issued under the Plan (excluding an increase in the number of shares of
      Stock
      that may be issued under the Plan as a result of Section 5.03), [3]
      the
      amendment materially modifies the requirements as to eligibility for
      participation in the Plan, or [4]
      shareholder
      approval is required to satisfy applicable requirements imposed by [a] Rule
      16b-3 under the Act, or any successor rule or regulation, [b] applicable
      requirements of the Code or [c] any
      exchange, market or other quotation system on or through which the Company’s
      securities are then traded. Also, no Plan amendment may [5] cause
      the
      Plan to fail to meet requirements imposed by Rule 16b-3 or [6] without
      the consent of the affected Participant (and except as specifically provided
      otherwise in this Plan or the Award Agreement), adversely affect any Award
      granted before the termination, suspension or amendment. However, nothing in
      this section will restrict the Board’s right to amend the Plan and the
      Committee’s right to amend any Award Agreements without any additional
      consideration to affected Participants to the extent necessary to avoid
      penalties arising under Code §409A, even if those amendments adversely
      affect rights granted under the Plan or Award Agreement (or both) before those
      amendments.

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