SEC Contract Filing

Filing Date: 2021-02-22

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ex_228229.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<p style="margin-bottom: 0; text-align: right; margin-top: 0; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.3</b></font></p>

<p style="margin-bottom: 0; text-align: left; margin-top: 0; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>FIRST AMENDMENT TO RUSH ENTERPRISES, INC.</b><br>
<u><b>AMENDED AND RESTATED 2004 EMPLOYEE STOCK PURCHASE PLAN</b></u></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">This First Amendment (the &#8220;<b>Amendment</b>&#8221;) to the Rush Enterprises, Inc. (the &#8220;<b>Company</b>&#8221;) Amended and Restated 2004 Employee Stock Purchase Plan (the &#8220;<b>2004 ESPP</b>&#8221;) is made as of February 16, 2021 (the &#8220;<b>Amendment Effective Date</b>&#8221;), by the Board of Directors (the &#8220;<b>Board</b>&#8221;) of the Company&#8217;s shareholders. This Amendment will be effective for all awards granted under the 2007 LTIP.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u>RECITALS</u></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">WHEREAS, on May 12, 2020, the Company&#8217;s shareholders approved the 2004 ESPP;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">WHEREAS, the Board desires to amend the 2004 ESPP to reflect the Company&#8217;s three-for-two stock split with respect to both the Company&#8217;s Class A and Class B common stock, which became effective October 12, 2020; and</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">WHEREAS, pursuant to Section 17 of the 2004 ESPP, the Board may make these amendments to the Plan without seeking shareholder approval.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">NOW, THEREFORE, the 2004 ESPP is hereby amended as follows:</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u>AMENDMENT</u></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">1.&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp; <u>Amendment to Section 8.2(c)</u>. Section 8.2(c) of the 2004 ESPP is amended effective as of the Amendment Effective Date by replacing it with the following:</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 63pt; text-align: justify;">&#8220;no Participant may purchase more than 15,000 shares of Common Stock under the Plan in any given Offering Period.&#8221;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">2.&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp; <u>Amendment to Section 11.1</u>. Section 11.1 of the 2004 ESPP is amended effective as of the Amendment Effective Date by replacing it with the following:</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 63pt; text-align: justify;">&#8220;The maximum number of shares of Common Stock that shall be reserved for sale under the Plan shall be 2,700,000 shares, subject to adjustment as provided in Sections 11.2 and 11.3. The shares to be sold to Participants under the Plan may be, at the election of the Company, either treasury shares or shares authorized but unissued. If the total number of shares of Common Stock that would otherwise be subject to options granted pursuant to Section 8 on any Ending Date exceeds the number of shares then available under the Plan (after deduction of all shares for which options have been exercised or are then outstanding), the Com