Document:

Exhibit 10.1 - First Amendment to Barmore stock option agreement

    
      

    

    Exhibit
      10.1

    

    Summary
      Information

    Director:
      Gregory
      T. Barmore

    Date
      of
      Grant: November 18, 2005

    Stock
      Option Plan: 1993 Non-Employee Director Plan

    Exercise
      Price: $2.40/Share (FMV on date of grant)

    Expiration:
      November 18, 2012, 12:00 a.m.

    Total
      #
      Shares subject to grant: 40,000

    

    Conditions:
      Grant is subject to and conditioned upon shareholder approval of the First
      Amendment to the Third Amended and Restated 1993 Stock Option Plan for
      Non-Employee Directors of ICO, Inc. within one year after the Date of
      Grant.

    

    Vesting
      (provided that above Conditions are satisfied):

    *
      20,000
      Shares vest on December 15, 2006 (provided that Barmore continues to serve
      as
      Chairman of the Board on September 30, 2006 and all of the conditions for
      vesting described in Exhibit A are satisfied. In the event that only a portion
      of the conditions described in Exhibit A are satisfied, a corresponding portion
      of the 20,000 Shares will vest in accordance with Exhibit A.)

    *
      20,000
      Shares vest on December 15, 2007 (provided that Barmore continues to serve
      as
      Chairman of the Board on September 30, 2007 and all of the conditions for
      vesting described in Exhibit B are satisfied. In the event that only a portion
      of the conditions described in Exhibit B are satisfied, a corresponding portion
      of the 20,000 Shares will vest in accordance with Exhibit B.)

    

    

    FIRST
      AMENDMENT TO 

    STOCK
      OPTION AGREEMENT

     

    WHEREAS,
      on November 18, 2005, ICO, Inc., a Texas corporation (the “Company”), and
      Gregory T. Barmore (“Director”), Chairman of the Company’s Board of Directors,
      entered in to a Stock Option Agreement pursuant to which Director was granted
      Options to purchase Shares of Common Stock of the Company (the “Stock Option
      Agreement”).

     

    WHEREAS,
      the parties desire to amend the Stock Option Agreement as set forth
      herein.

     

    NOW,
      THEREFORE, the parties agree as follows:

     

    1.     All
      capitalized terms used herein and not otherwise defined herein have the meaning
      ascribed to such terms in the Stock Option Agreement.

     

    2.     Exhibit
      B
      to the Stock Option Agreement, entitled “Matrix for Vesting of 2007 Stock
      Options”, is amended as follows:

     

    
      	 	
              a.

            	
              ICO,
                Inc. consolidated Operating Income: (i) FY ‘07 Minimum shall be
                [redacted]; and (ii) FY ’07 Target shall be
                [redacted].

            

    

     

    
      	 	
              b.

            	
              ICO,
                Inc. consolidated ROE: (i) FY ’07 Minimum shall be [redacted];
                and (ii) FY ’07 Target shall be
                [redacted].

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              3.

            	
              There
                are no amendments to the Stock Option Agreement or Exhibit B, except
                as
                described above. Exhibit B, amended and restated to reflect the amendments
                described above, is attached
                hereto.

            

    

     

    IN
      WITNESS WHEREOF,
      the
      Company has caused this Agreement to be duly executed by its officer thereunto
      and duly authorized, and Director has executed this Agreement, to be effective
      as of the Date of Grant set forth above.

     

    

    
      	 	
              ICO,
                INC. 

            
	 	 
	 	
              By:

            	
              /s/
                A. John Knapp, Jr.

            
	 	 	
              A.
                John Knapp, Jr.

            
	 	 	
              President
                and Chief Executive Officer

            

    

    

    

    

    
      	 	
              DIRECTOR

            
	 	 
	 	
              /s/
                Gregory T. Barmore

            
	 	
              Gregory
                T. Barmore

            

    

    

     

     

    
      
        
        

      

      
        First
          Amendment to Stock Option Agreement / Page 2 of 3

        
          

        

      

      
        
        

      

    

    

    

      Exhibit
        B to Stock Option Agreement [portions redacted]

       

      Matrix
        for Vesting of FY 2007 Options

      

      
        	
                Measurement

              	
                Weighting

              	
                FY
                  '07 Minimum

              	
                FY
                  '07 Target

              	
                CEO
                  pay-out at target

              
	
                ICO,
                  Inc. consolidated Operating Income

              	 	 	 	 
	
                ICO,
                  Inc. consolidated Investment turnover

              	 	 	 	 
	
                ICO,
                  Inc. consolidated ROE

              	 	 	 	 
	
                Vesting
                  over time

              	 	 	 	 
	
                Total

              	
                100%

              	 	 	
                Vesting
                  of 20,000 options

              

      

      

          See
        Exhibit C
        for explanation of measurement definitions, vesting calculation information,
        and
        additional provisions regarding vesting.

      
 

       

       

       

       

       

      First
        Amendment to Stock Option Agreement /
        Page 3 of 3Exhibit 10.2 - First Amendment to Knapp stock option agreement

    
      

    

    Exhibit
      10.2

    Summary
      Information

    Employee:
      A.
      John Knapp, Jr.

    Location:
      Corporate

    Date
      of
      Grant: November 18, 2005

    ESOP:
      1998

    Exercise
      Price: $2.40/Share

    Expiration:
      November 18, 2012, 12:00 a.m.

    Total
      #
      Shares subject to grant: 240,000

    Vesting:
      

    *
      120,000
      Shares vest on December 15, 2006 (provided that Knapp is employed on September
      30, 2006 and all of the conditions for vesting described in Exhibit A are
      satisfied. In the event that only a portion of the conditions described in
      Exhibit A are satisfied, a corresponding portion of the 120,000 Shares will
      vest
      in accordance with Exhibit A.)

    *
      120,000
      Shares vest on December 15, 2007 (provided that Knapp is employed on September
      30, 2007 and all of the conditions for vesting described in Exhibit B are
      satisfied. In the event that only a portion of the conditions described in
      Exhibit B are satisfied, a corresponding portion of the 120,000 Shares will
      vest
      in accordance with Exhibit B.)

     

    

    FIRST
      AMENDMENT TO 

    STOCK
      OPTION AGREEMENT

     

    WHEREAS,
      on November 18, 2005, ICO, Inc., a Texas corporation (the “Company”), and A.
      John Knapp, Jr. (“Employee”), an employee of the Company or one of its
      subsidiaries entered in to a Stock Option Agreement pursuant to which the
      Employee was granted 240,000 Options to purchase Shares of Common Stock of
      the
      Company (the “Stock Option Agreement”).

     

    WHEREAS,
      the parties desire to amend the Stock Option Agreement as set forth
      herein.

     

    NOW,
      THEREFORE, the parties agree as follows:

     

    1.     All
      capitalized terms used herein and not otherwise defined herein have the meaning
      ascribed to such terms in the Stock Option Agreement.

     

    2.     Exhibit
      B
      to the Stock Option Agreement, entitled “Matrix for Vesting of 2007 Stock
      Options”, is amended as follows:

     

    
      	 	
              a.

            	
              ICO,
                Inc. consolidated Operating Income: (i) FY ‘07 Minimum shall be
                [redacted]; and (ii) FY ’07 Target shall be
                [redacted].

            

    

     

    
      	 	
              b.

            	
              ICO,
                Inc. consolidated ROE: (i) FY ’07 Minimum shall be [redacted];
                and (ii) FY ’07 Target shall be
                [redacted].

            

    

     

    3.     There
      are
      no amendments to the Stock Option Agreement or Exhibit B, except as described
      above. Exhibit B, amended and restated to reflect the amendments described
      above, is attached hereto.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Company has caused this First Amendment to Stock Option
      Agreement to be duly executed by its officer thereunto and duly authorized,
      and
      the Employee has executed this Agreement, to be effective on January 25,
      2007.

     

    

    

    

    
      	 	
              ICO,
                INC.

            
	 	 
	 	
              By:

            	
              /s/
                Jon C. Biro

            
	 	 	
              Jon
                C. Biro

            
	 	 	
              Chief
                Financial Officer

            

    

    

    

    

    
      	 	
              EMPLOYEE

            
	 	 
	 	
              /s/
                A. John Knapp, Jr.

            
	 	
              A.
                John Knapp, Jr.

            

    

     

     

     

    
 

     

    
      
        First
          Amendment to Stock Option Agreement / Page 2 of 3

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      B to Stock Option Agreement [portions redacted]

     

    Matrix
      for Vesting of FY 2007 Options

    

    
      	
              Measurement

            	
              Weighting

            	
              FY
                '07 

              Minimum

            	
              FY
                '07 Target

            	
              CEO
                pay-out 

              at
                target

            
	
              ICO,
                Inc. consolidated Operating Income

            	 	 	 	 
	
              ICO,
                Inc. consolidated Investment turnover

            	 	 	 	 
	
              ICO,
                Inc. 

              consolidated
                ROE

            	 	 	 	 
	
              Vesting
                over time

               

            	 	 	 	 
	
              Total

            	
              100%

            	 	 	
              Vesting
                of 120,000 options

            

    

    

            See
      Exhibit C for
      explanation of measurement definitions, vesting calculation information, and
      additional provisions regarding vesting.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]