Exhibit 10.1
AMENDMENT TO STOCK OPTION
AGREEMENT
This AMENDMENT TO STOCK OPTION
AGREEMENT (this “ Amendment ”), dated as of
May , 2007,
is entered into by and between AMERICAN LAND LEASE, INC. , a
Delaware corporation (the “ Company ”), and
(“ Employee ”), and amends the Incentive Stock
Option Agreement, dated as of
, entered into by the Company and Employee (the “ Stock
Option Agreement ”). Capitalized terms used but not
otherwise defined in this Amendment shall have the respective
meanings set forth in the Stock Option Agreement or, if not defined
therein, the Company’s 1998 Stock Incentive Plan, as amended
(the “ Plan ”).
Background
A. On
, the Company and Employee entered into the Stock Option
Agreement.
B. Company and Employee wish to amend the terms of
the Stock Option Agreement in the manner set forth
herein.
C. Pursuant to the Option Agreement and the Plan,
such amendment must be set forth in a written agreement among the
Company and Employee.
Operative Terms
The Company and employee hereby
agree as follows:
1. Amendments of Stock Option
Agreement .
(a) Section 3(a)(i) of the Stock Option
Agreement is hereby deleted and replaced in its entirety with the
following:
“(i) if the Employee’s
termination of employment is due to his or her death or Disability
(as defined below), the vesting of the Option shall accelerate, the
Option shall be immediately exercisable for 100% of the Option
Shares covered hereby and th
