UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 24, 2016
F.N.B. CORPORATION
(Exact name of registrant as specified in its charter)
Florida
(State or other jurisdiction of incorporation)
001-31940 | 25-1255406 | |
(Commission File Number) |
(IRS Employer Identification No.) |
One North Shore Center, 12 Federal Street Pittsburgh, Pennsylvania |
15212 | |
(Address of Principal Executive Offices) | (Zip Code) |
(800) 555-5455
(Registrants telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 | Other Events. |
On February 24, 2016, F.N.B. Corporation filed with the Securities and Exchange Commission two prospectus supplements to the base prospectus contained in its effective shelf registration statement (File No. 333-204274), which relate to shares of its common stock, par value $0.01 per share, that may be offered pursuant to equity awards held by certain former employees and former non-employee directors, directors emeritus, advisory directors and consultants of Metro Bancorp, Inc. This report is being filed to present certain exhibits that will be incorporated by reference into the prospectus for each offering and the registration statement.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits |
5.1 | Opinion of James G. Orie as to the validity of the securities being registered | |
23.1 | Consent of James G. Orie (included in Exhibit 5.1 hereto) | |
99.1 | Metro Bancorp, Inc. Amended and Restated 2006 Employee Stock Option and Restricted Stock Plan (incorporated by reference to Exhibit 99.1 of Post-Effective Amendment No. 1 on Form S-8 to the Registrants Registration Statement on Form S-4 (Registration No. 333-207334)) | |
99.2 | Metro Bancorp, Inc. 2011 Directors Stock Option Plan | |
99.3 | Metro Bancorp, Inc. Amended 2001 Directors Stock Option Plan |
SIGNATURES
Pursuant to the requirements of the Securities Exchange act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
F.N.B. CORPORATION | ||
By: |
/s/ James G. Orie |
|
James G. Orie, | ||
Chief Legal Officer |
Date: February 24, 2016
EXHIBIT INDEX
Exhibit
|
Description |
|
5.1 | Opinion of James G. Orie as to the validity of the securities being registered | |
23.1 | Consent of James G. Orie (included in Exhibit 5.1 hereto) | |
99.1 | Metro Bancorp, Inc. Amended and Restated 2006 Employee Stock Option and Restricted Stock Plan (incorporated by reference to Exhibit 99.1 of Post-Effective Amendment No. 1 on Form S-8 to the Registrants Registration Statement on Form S-4 (Registration No. 333-207334)) | |
99.2 | Metro Bancorp, Inc. 2011 Directors Stock Option Plan | |
99.3 | Metro Bancorp, Inc. Amended 2001 Directors Stock Option Plan |
Exhibit 5.1
[F.N.B. Corporation Letterhead]
February 24, 2016
Board of Directors
F.N.B. Corporation
12 Federal Street
One North Shore Center
Pittsburgh, PA 15212
Ladies and Gentlemen:
I am the Chief Legal Officer of F.N.B. Corporation (the Company), and I am familiar with the proceedings taken by the Company in connection with the preparation and filing of the two prospectus supplements (collectively, the Prospectus Supplements) to the Registration Statement on Form S-3 of the Company, Registration No. 333-204274 (the Registration Statement), that are being filed on the date hereof with the Securities and Exchange Commission pursuant to Rule 424(b)(5) promulgated under the Securities Act of 1933, as amended, with respect to (1) the proposed issuance by the Company of 1,078,191 shares of the common stock of the Company, $0.01 par value per share (the Company Common Stock), pursuant to outstanding equity awards of Metro Bancorp, Inc. (Metro) which are held by former employees, including officers, of Metro, and (2) the proposed issuance by the Company of 498,788 shares of Company Common Stock pursuant to outstanding equity awards of Metro which are held by former non-employee directors, directors emeritus, advisory directors and consultants of Metro. Such awards were converted into equity awards relating to Company Common Stock upon completion of the merger of Metro with and into the Company on February 13, 2016, and in accordance with the terms of the Agreement and Plan of Merger between the Company and Metro, dated as of August 4, 2015. The shares of Company Common Stock to which the Prospectus Supplements to the Registration Statement relate, as further described in the Prospectus Supplements to the Registration Statement, are referred to herein as the Registered Common Stock.
As counsel to the Company, I have participated in all corporate proceedings in connection with the preparation and filing of each Prospectus Supplement to the Registration Statement. I have also examined the Companys Articles of Incorporation and By-Laws, as amended to date, the corporate minutes and other proceedings and the records relating to authorization and offering of the Registered Common Stock, and such other documents and matters of law as I have deemed necessary or appropriate in order to render this opinion. In rendering this opinion, I have, with your consent, assumed the genuineness of all signatures or instruments relied upon by me, and the conformity of certified copies submitted to me with the original documents to which such certified copies relate.
Based upon the foregoing, it is my opinion that the Registered Common Stock, when issued by the Company as described in the applicable Prospectus Supplement to the Registration Statement, will be duly authorized, legally and validly issued and outstanding, fully paid and nonassessable.
I hereby consent to the filing of this opinion as an Exhibit to the Registration Statement. By providing such consent, I do not admit that I come within the categories of persons whose consent is required under Section 7 of the Securities Act of 1933 or the rules and regulations of the Securities and Exchange Commission promulgated thereunder.
Respectfully,
/s/ James G. Orie, Esquire
James G. Orie, Esquire
Chief Legal Officer
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Exhibit 99.2
2011 DIRECTORS STOCK OPTION PLAN
METRO BANCORP, INC.
1. | Purpose of Plan |
The purpose of this Plan is to enable Metro Bancorp, Inc. (hereinafter referred to as the Company) to continue to attract and retain the services of non-employee Directors, directors emeritus, advisory directors, consultants and others with outstanding abilities by making it possible for them to purchase shares of the Companys Common Stock on terms which will give them a direct and continuing interest in the future success of the Companys business.
2. | Definitions |
Company means Metro Bancorp, Inc., a Pennsylvania business corporation.
Committee of the Board means a committee established by the Board consisting of three or more members of the Board. The Compensation Committee may be this committee.
Director for purposes of this Plan means a director of the Company who is not regularly employed on a salary basis by the Company or its subsidiary, Metro Bank.
Eligible Participant for purposes of this Plan means a Director, advisory director, director emeritus, consultant, or other individual the Board deems beneficial to the Company who is not regularly employed on a salary basis by the Company or its subsidiary, Metro Bank.
Shares means shares of Common Stock of the Company.
Board means the Board of Directors of the Company.
Optionee means a person to whom an option has been granted under this Plan which has not expired or been fully exercised or surrendered.
3. | Limits on Options |
The total number of shares for which options may be granted under this Plan shall not exceed in the aggregate 200,000 shares. This number shall be appropriately adjusted if the number of issued shares shall be increased or reduced by change in par value, combination, or split-up, reclassification, distribution of a dividend payable in stock, or the like. The number of shares previously optioned and not theretofore delivered and the option prices therefor shall likewise be appropriately adjusted whenever the number of issued shares shall be increased or reduced by any such procedure after the date or dates on which such shares were optioned. Shares covered by options which have expired or which have been surrendered may again be optioned under this Plan.
4. | Adjustment of Options |
The number of shares optioned from time to time to individual Optionees under the Plan, and the option prices therefor, shall be appropriately adjusted to reflect any changes in par value, combination, split-up, reclassification, distribution of dividend payable in stock, or the like.
5. | Granting of Options |
The Board, or if the Board so determines, a Committee of the Board, is authorized to grant options to Eligible Participants pursuant to this Plan during the calendar year 2011 and in any calendar year thereafter to December 31, 2020, but not thereafter. The number of shares, if any, optioned in each year, the Optionees to whom options are granted, and the number of shares optioned to each Optionee selected shall be wholly within the discretion of the Board or the Committee of the Board. If the Board acts, however, it shall do so only upon the advice and recommendation of the Committee of the Board upon all matters relating to the granting of options and the administration of this Plan, including determination of the rights and obligations of the Optionees. Any options granted in a given year shall be granted in February of that year.
6. | Terms of Stock Options |
The terms of stock options granted under this Plan shall be as follows:
(a) | The option price shall be fixed by the Board or the Committee of the Board but shall in no event be less than 100% of the fair market value of the shares subject to the option on the date the option is granted. The fair market value of the shares shall be the average of the high and low sale prices of the Common Stock as reported on the NASDAQ Global Select Market System on the trading day immediately preceding the date of grant or the closest preceding date if there are no high and low sale prices available on that date. |
(b) | Options shall not be transferable otherwise than by will or by the laws of descent and distribution. No option shall be subject, in whole or in part, to attachment, execution or levy of any kind. |
(c) | Each option shall expire and all rights thereunder shall end ten (10) years after the date on which it was granted, subject in all cases to earlier expiration as provided in paragraphs (d), (e) and (f) of this Section 6 in the event an Optionee ceases to serve in the capacity to which he has been appointed or dies. |
(d) | During the lifetime of an Optionee, his/her options shall be exercisable only by him/her and (i) while serving in that capacity to which he/she has been appointed; (ii) following retirement from the Board of Directors; or (iii) subject to paragraph (f) of this Section 6, within three months after he/she has otherwise ceased to serve in the capacity to which he/she has been appointed (but in any event not later than the end of the period specified in paragraph (c) of this Section 6). |
(e) | If an Optionee dies within a period during which he/she could have exercised an option, his/her option may be exercised within three months after his/her death (but not later than the end of the period specified in paragraph (c) of this Section 6) by those entitled under his/her will or the laws of descent and distribution, but only if and to the extent the option was exercisable by him/her immediately prior to his/her death. |
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(f) | If an Optionee is removed as a Director for any of the reasons specified in Section 1726(b) of the Pennsylvania Business Corporation Law of 1988, as amended (BCL), or from any other position to which he has been appointed for reasons similar to the reasons specified in Section 1726(b) of the BCL, all options theretofore granted to the Optionee preceding such removal shall be forfeited by the Optionee and rendered unexercisable. |
(g) | Subject to the foregoing terms and to such additional or different terms regarding the exercise of the options as the Board or the Committee of the Board may fix at the time of grant, options may be exercised in whole or in part from time to time. |
7. | Vesting of Options |
Upon retirement of a Director, all options granted to such Director that have not yet vested shall become immediately vested. Except as provided herein with respect to retirement of a Director, (i) no option granted under this Plan may be exercised within one year from the date of the grant of the option and (ii) options held more than one year may be exercised based upon the option holding period, pursuant to the following schedule:
Option Holding Period |
Percent Vested | |||
Less than 1 year |
| % | ||
More than 1 year and less than 2 years |
25 | |||
More than 2 years and less than 3 years |
50 | |||
More than 3 years and less than 4 years |
75 | |||
More than 4 years |
100 |
8. | Exercise of Options |
No option granted under this Plan may be exercised before the first to occur of (i) retirement of a Director; (ii) one year from the date of option grant; or (iii) a Change in Control of the Company. Thereafter, options may be exercised in whole, or from time to time in part, for up to the total number of shares then subject to the option, less the number of shares previously purchased by exercise of the option.
9. | Change in Control |
For the purposes of this Plan, a Change in Control with respect to any Optionee shall be deemed to have occurred when any of the following events shall have occurred:
(a) | Any person or group acquires ownership of stock of Metro that, together with stock already held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of Metro. |
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(b) | Any person or group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or group) ownership of stock possessing 30 percent or more of the total voting power of the stock of Metro. |
(c) | A majority of members of Metros Board of Directors is replaced during any 24-month period by directors whose appointment or election is not approved by a majority of the members of Metros Board before the date of the appointment or election of any of the replacement directors. |
(d) | Any person or group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or group) of assets from Metro that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of Metro immediately before such acquisition(s). For purposes of this Section, group is defined or determined pursuant to Treasury Regulation §1.409A-3 paragraph (i)(5)(v)(B). |
10. | Reorganization of the Company |
In the event that the Company is succeeded by another corporation or company in a reorganization, merger, consolidation, acquisition of property or stock, separation or liquidation, the successor corporation or company shall assume the outstanding options granted under this Plan or shall substitute new options for them.
11. | Delivery of Shares |
No shares shall be delivered upon the exercise of an option until the option price has been paid in full in cash or, at the discretion of the Board or the Committee of the Board, in whole or in part in the Companys Common Stock owned by the Optionee valued at fair market value on the date of exercise. If required by the Board, no shares will be delivered upon the exercise of an option until the Optionee has given the Company a satisfactory written statement that he/she is purchasing the shares for investment and not with a view to the sale or distribution of any such shares.
12. | Administration |
The Board or the Committee of the Board may make such rules and regulations and establish such procedures, as it deems appropriate for the administration of this Plan. In the event of a disagreement as to the interpretation of this Plan or any amendment thereto or any rule, regulation or procedure thereunder or as to any right or obligation arising from or related to this Plan, the decision of the Board or the Committee of the Board (excluding, however, any Optionee(s) affected by such dispute or disagreement) shall be final and binding upon all persons in interest, including the Company and its shareholders.
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13. | Reservation of Shares |
Shares delivered upon the exercise of an option shall, in the discretion of the Board or the Committee of the Board, be either shares heretofore or hereafter authorized and then unissued, or previously issued shares heretofore or hereafter acquired through purchase in the open market or otherwise, or some of each. The Company shall be under no obligation to reserve or to retain in its treasury any particular number of shares at any time, and no particular shares, whether unissued or held as treasury shares, shall be identified as those optioned under this Plan.
14. | Amendment of Plan |
The Board may amend this Plan from time to time as it deems desirable, however, no amendment shall (i) reduce the option price below 100% of the fair market value of the shares subject to the option on the date the option is granted; (ii) extend the option exercise period beyond the period set forth in paragraph (c) of Section 6; or (iii) otherwise materially amend the Plan.
15. | Termination of the Plan |
The Board may, in its discretion, terminate this Plan at any time prior to December 31, 2020, but no such termination shall deprive Optionees of their rights under their options.
16. | Effective Date |
This Plan shall become effective on January 1, 2011, and options hereunder may be granted at any time on or after that date until the earlier of December 31, 2020 or termination of the Plan.
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Exhibit 99.3
AMENDED 2001 DIRECTORS STOCK OPTION PLAN
METRO BANCORP, INC.
1. | Purpose of Plan |
The purpose of this Plan is to enable Metro Bancorp, Inc. (hereinafter referred to as the Company) to continue to attract and retain the services of non-employee directors, directors emeritus, advisory directors, consultants and others with outstanding abilities by making it possible for them to purchase shares of the Companys Common Stock on terms which will give them a direct and continuing interest in the future success of the Companys business.
2. | Definitions |
Company means Metro Bancorp, Inc., a Pennsylvania business corporation.
Committee of the Board means a committee established by the Board consisting of three or more members of the Board. The Compensation Committee may be this committee.
Director for purposes of this Plan means a director of the Company who is not regularly employed on a salary basis by the Company or its subsidiary, Metro Bank.
Eligible Participant for purposes of this Plan means a Director, advisory director, director emeritus, consultant, or other individual the Board deems beneficial to the Company who is not regularly employed on a salary basis by the Company or its subsidiary, Metro Bank.
Shares means shares of Common Stock of the Company.
Board means the Board of Directors of the Company.
Optionee means a person to whom an option has been granted under this Plan which has not expired or been fully exercised or surrendered.
3. | Limits on Options |
The total number of shares for which options may be granted under this Plan shall not exceed in the aggregate 100,000 shares. This number shall be appropriately adjusted if the number of issued shares shall be increased or reduced by change in par value, combination, or split-up, reclassification, distribution of a dividend payable in stock, or the like. The number of shares previously optioned and not theretofore delivered and the option prices therefor shall likewise be appropriately adjusted whenever the number of issued shares shall be increased or reduced by any such procedure after the date or dates on which such shares were optioned. Shares covered by options which have expired or which have been surrendered may again be optioned under this Plan.
4. | Adjustment of Options |
The number of shares optioned from time to time to individual Optionees under the Plan, and the option prices therefor, shall be appropriately adjusted to reflect any changes in par value, combination, split-up, reclassification, distribution of dividend payable in stock, or the like.
5. | Granting of Options |
The Board, or if the Board so determines, the Committee of the Board, is authorized to grant options to Eligible Participants pursuant to this Plan during the calendar year 2001 and in any calendar year thereafter to December 31, 2010, but not thereafter. The number of shares, if any, optioned in each year, the Optionees to whom options are granted, and the number of shares optioned to each Optionee selected shall be wholly within the discretion of the Board or the Committee of the Board. If the Board acts, however, it shall do so only upon the advice and recommendation of the Committee of the Board upon all matters relating to the granting of options and the administration of this Plan, including determination of the rights and obligations of the Optionees. Any options granted in a given year shall be granted in February of that year.
6. | Terms of Stock Options |
The terms of stock options granted under this Plan shall be as follows:
(a) The option price shall be fixed by the Board or the Committee of the Board but shall in no event be less than 100% of the fair market value of the shares subject to the option on the date the option is granted. The fair market value of the shares shall be the average of the high and low sale prices of the Common Stock as reported on the NASDAQ Global Select Market System on the trading day immediately preceding the date of grant or the closest preceding date if there are no high and low sale prices available on that date.
(b) Options shall not be transferable otherwise than by will or by the laws of descent and distribution. No option shall be subject, in whole or in part, to attachment, execution or levy of any kind.
(c) Each option shall expire and all rights thereunder shall end ten (10) years after the date on which it was granted, subject in all cases to earlier expiration as provided in paragraphs (d), (e) and (f) of this Section 6 in the event an Optionee ceases to serve in the capacity to which he has been appointed or dies.
(d) During the lifetime of an Optionee, his/her option shall be exercisable only by him/her and (i) while serving in that capacity to which he/she has been appointed; (ii) following retirement from the Board of Directors; or (iii) subject to paragraph (f) of this Section 6, within three months after he/she has otherwise ceased to serve in the capacity to which he/she has been appointed (but in any event not later than the end of the period specified in paragraph (c) of this Section 6).
(e) If an Optionee dies within a period during which his/her option could have been exercised by him, his/her option may be exercised within three months after his/her death (but not later than the end of the period specified in paragraph (c) of this Section 6) by those entitled under his/her will or the laws of descent and distribution, but only if and to the extent the option was exercisable by him/her immediately prior to his/her death.
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(f) If an Optionee is removed as a Director for any of the reasons specified in Section 1726(b) of the Pennsylvania Business Corporation Law of 1988 (BCL), or from any other position to which he has been appointed for reasons similar to the reasons specified in Section 1726(b) of the BCL, all options theretofore granted to the Optionee preceding such removal shall be forfeited by Optionee and rendered unexercisable.
(g) Subject to the foregoing terms and to such additional or different terms regarding the exercise of the options as the Board or the Committee of the Board may fix at the time of grant, options may be exercised in whole or in part from time to time.
7. | Vesting of Options |
Upon retirement of a Director, all options granted to such Director that have not yet vested shall become immediately vested. Except as provided herein with respect to retirement of a Director, (i) no option granted under this Plan after January 1, 2005 may be exercised within one year from the date of the grant of the option and options held more than one year may be exercised based upon the option holding period, pursuant to the following schedule:
Option Holding Period |
Percent Vested | |||
Less than 1 year |
| % | ||
More than 1 year and less than 2 years |
25 | |||
More than 2 years and less than 3 years |
50 | |||
More than 3 years and less than 4 years |
75 | |||
More than 4 years |
100 |
8. | Exercise of Options |
No option granted under this Plan may be exercised before the first to occur of (i) retirement of a Director; (ii) one year from the date of option grant, or (iii) a Change in Control of the Company. Thereafter, options may be exercised in whole, or from time to time in part, for up to the total number of shares then subject to the option, less the number of shares previously purchased by exercise of the option.
9. | Change in Control |
For the purposes of this Agreement, a Change in Control with respect to any Optionee shall be deemed to have occurred when any of the following events shall have occurred without the prior written consent of such Optionee:
(a) A change in identity of at least four (4) members of the Board of Directors or the addition of four (4) or more new members to the Board of Directors, or any combination of the foregoing, within any two (2) consecutive calendar year periods.
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(b) A person or group acting in concert as described in Section 13(d)(2) of the Securities Exchange Act of 1934, as amended (the Exchange Act) proposes to hold or acquire beneficial ownership within the meaning of Rule 13(d)(3) promulgated under the Exchange Act of a number of voting shares of the Company which constitutes either more than 50%, of the shares which voted in the election of Directors of the Company at the Shareholders Meeting immediately preceding such determination, or (ii) more than 50% of the Companys outstanding voting shares. The term proposes to hold or acquire shall mean the right of a person or group to acquire or merge (whether such right is exercisable immediately or only after the passage of time, or upon the receipt of such regulatory approvals as are required by applicable law) pursuant to an agreement, arrangement or understanding (whether or not in writing) or upon the exercise or conversion of rights, exchange rights, warrants or options, or otherwise.
(c) A person or group acting in concert as described in Section 13(d)(2) of the Exchange Act has commenced a tender or exchange offer with respect to the voting shares of the Company or securities convertible or exchangeable into voting shares of the Company.
(d) A person or group acting in concert as described in Section 13(d)(2) of the Exchange Act has the right to vote shares of the Company pursuant to any agreement, arrangement or understanding (whether or not in writing), either (i) more than 50% of the shares which voted in the election of Directors of the Company at the Shareholders Meeting immediately preceding such determination, or (ii) more than 50% of the Companys outstanding voting shares; provided, however, that such person or group acting in concert, shall not be deemed to have acquired such shares if the agreement, arrangement or understanding to vote such securities rises solely from a revocable proxy given in response to a Proxy Solicitation by management of the Company in connection with the Annual Meeting of the Shareholders of the Company.
10. | Reorganization of the Company |
In the event that the Company is succeeded by another corporation or company in a reorganization, merger, consolidation, acquisition of property or stock, separation or liquidation, the successor corporation or company shall assume the outstanding options granted under this Plan or shall substitute new options for them.
11. | Delivery of Shares |
No shares shall be delivered upon the exercise of an option until the option price has been paid in full in cash or, at the discretion of the Board or the Committee of the Board, in whole or in part in the Companys Common Stock owned by the Optionee valued at fair market value on the date of exercise. If required by the Board, no shares will be delivered upon the exercise of an option until the Optionee has given the Company a satisfactory written statement that he/she is purchasing the shares for investment and not with a view to the sale or distribution of any such shares.
12. | Administration |
The Board or the Committee of the Board may make such rules and regulations and establish such procedures, as it deems appropriate for the administration of this Plan. In the event of a disagreement as to the interpretation of this Plan or any amendment thereto or any rule,
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regulation or procedure thereunder or as to any right or obligation arising from or related to this Plan, the decision of the Board or the Committee of the Board (excluding, however, any Optionee(s) affected by such dispute or disagreement) shall be final and binding upon all persons in interest, including the Company and its shareholders.
13. | Reservation of Shares |
Shares delivered upon the exercise of an option shall, in the discretion of the Board or the Committee of the Board, be either shares heretofore or hereafter authorized and then unissued, or previously issued shares heretofore or hereafter acquired through purchase in the open market or otherwise, or some of each. The Company shall be under no obligation to reserve or to retain in its treasury any particular number of shares at any time, and no particular shares, whether unissued or held as treasury shares, shall be identified as those optioned under this Plan.
14. | Amendment of Plan |
The Board may amend this Plan from time to time as it deems desirable, however, no amendment shall (i) reduce the option price below 100% of the fair market value of the shares subject to the option on the date the option is granted or (ii) extend the option exercise period beyond the period set forth in paragraph (c) of Section 6.
15. | Termination of the Plan |
The Board may, in its discretion, terminate this Plan at any time prior to December 31, 2010, but no such termination shall deprive Optionees of their rights under their options.
16. | Effective Date |
This Plan shall become effective on January 1, 2001, and options hereunder may be granted at any time on or after that date.
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