Exhibit 10.16
AMENDMENT NO. 1 TO
THE
HF FINANCIAL CORP.
2002 STOCK OPTION AND INCENTIVE
PLAN
Effective July 11, 2006
Pursuant to Section 19 of the HF Financial
Corp. 2002 Stock Option and Incentive Plan (the “ Plan
”), this Amendment No. 1 (this “ Amendment
”) amends the Plan as indicated herein. Capitalized
terms used but not defined herein shall have the meanings set forth
in the Plan.
1.
Section 6 of the Plan is hereby amended by deleting such
Section 6 in its entirety and replacing it with the
following:
6.
General Terms and Conditions of Options and Rights .
The Committee shall have full and complete authority and
discretion, except as expressly limited by the Plan, to grant
Options and/or Rights and to provide the terms and conditions
(which need not be identical among Participants) thereof. In
particular, the Committee shall prescribe the following terms and
conditions: (i) the Exercise Price of any Option or Right,
which shall not be less than the Market Value per Share at the date
of grant of such Option or Right, (ii) the number of Shares
subject to, and the expiration date of, any Option or Right, which
expiration date shall not exceed ten years from the date of grant,
(iii) the manner, time and rate (cumulative or otherwise and
including acceleration upon certain events specified by the
Committee) of exercise of such Option or Right, and (iv) the
restrictions, if any, to be placed upon such Option or Right or
upon Shares which may be issued upon exercise of such Option or
Right. The Committee may, as a condition of granting any
Option or Right, require that a Participant agree not to thereafter
exercise one or more Options or Rights previously granted to such
Participant. No person will be eligible to receive grants of
Options or Rights covering more than Fifty Thousand (50,000) Shares
in any calendar year under this Plan pursuant to the grant of
Options or Rights hereunder.
2.
Section 7(d) of the Plan is hereby amended by deleting
such Section 7(d) in its entirety and replacing it with
the following:
(d)
In the event of the death of a Participant while in the Continuous
Service of the Corporation or an Affiliate or within the three
month period referred to in paragraph (c)
