Effectiveness of the Plan. Following adoption by the Board, the Plan shall take effect on the date approved by the stockholders of the Company. Notwithstanding any provision to the contrary, all Options and Restricted Stock shall be without force or effect unless the Plan shall have been approved by the stockholders of the Company. Any Plan amendments which require stockholder approval pursuant to Section 14 are subject to approval by vote of the stockholders of the Company within 12 months after their adoption by the Board. Subject to such approval, any such amendments shall be effective on the date on which they are adopted by the Board. Options and Restricted Stock which are dependent upon stockholder approval of a Plan amendment may be granted prior to such approval, but shall be subject to such approval. The date on which any Option or Restricted Stock grant dependent upon stockholder approval of a Plan amendment is effective shall be the Date of Grant for all purposes as if the Option or Restricted Stock grant had not been subject to such approval; however, no Option or Restricted Stock granted may be exercised prior to such stockholder approval.
Appears in 3 contracts
Sources: 1992 Stock Incentive Plan (Union Planters Corp), 1992 Stock Incentive Plan (Union Planters Corp), 1992 Stock Incentive Plan (Union Planters Corp)