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COMPOSITE TECHNOLOGY
CORPORATION
STOCK OPTION NOTICE OF MODIFICATION
AND REISSUANCE
2002 NON-QUALIFIED STOCK
COMPENSATION PLAN
Between October
15, 2008 and January 20, 2009 the Board of Directors of Composite
Technology Corporation (“Board”), approved one
modification of the Composite Technology Corporation
(“Company”) 2002 Non-Qualified Stock Compensation Plan
(“2002 Plan”) and agreed to reduce the exercise price
for certain options granted under the 2002 Plan Option Agreement(s)
(“Option Agreement”) previously entered into between
the Optionee listed below and the Company. The changes
affect the terms of the original Option Agreements, consisting of
modification of sections 2, Purchase Price; and Section 4, Effect
of Termination of Optionee Relationship. Other
Option Agreements may also have had modifications made to vesting
schedules that may be different from the original Option
Agreement. This Notice of Modification and Reissuance
(“Notice”) and the revised 2002 Master Option Agreement
(“Master Option Agreement”) serve to supersede the
original Stock Option Grant Notice and Option Agreement between the
parties. Capitalized terms used but not defined herein shall have
the meanings ascribed thereto in the Master Option
Agreement.
The intent of
this Notice is to supersede and modify the original Option
Agreement as follows:
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To change the
Exercise Price of the Option to $0.35 per share for all vested but
unexercised shares as of January 20, 2009 and all unvested shares
outstanding as of January 20, 2009; and
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