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SECOND AMENDMENT TO
ALON ASSETS, INC.
INCENTIVE STOCK OPTION AGREEMENT
This Amendment is
entered into as of November 4, 2008, by and between Alon
Assets, Inc., a Delaware corporation (the
“Corporation”), and Jeff D. Morris (the
“Participant”). Terms not defined in this Amendment
will have the meaning set forth in the Incentive Stock Option
Agreement described below.
WHEREAS, the
Corporation and the Participant entered into an Incentive Stock
Option Agreement dated as of July 31, 2000 (the
“Agreement”), pursuant to which the Corporation granted
to the Participant an option intended to qualify as an incentive
stock option within the meaning of Section 422 of the Code to
purchase 8,077.6 shares of Common Stock; and
WHEREAS, the
Corporation and the Participant wish to amend the Agreement to
assure that the Option does not constitute a deferral of
compensation subject to Section 409A of the Code.
NOW, THEREFORE,
the parties agree as follows:
1. The
Corporation and the Participant acknowledge that (i) a portion
of the Option became vested and exercisable in March 2007 when
the Company deliver
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