Exhibit 10.24
AMENDMENT TO READING & XXXXX CORPORATION
STOCK OPTION AGREEMENT
This Amendment to the Stock Option Agreement between Reading & Xxxxx
Corporation ("Company") and Xxxx X. Xxxx, Xx. ("Optionee") is made as of
December 3, 1996.
WITNESSETH:
WHEREAS, the Compensation Committee which administers the Reading &
Xxxxx Corporation 1992 Long Term Incentive Plan ("Plan") has determined
that it is in the best interests of the Company to amend the Stock Option
Agreement executed on March 22, 1996, effective as of December 5, 1995, in
the manner set out below, and Optionee has agreed to same;
NOW THEREFORE, for and in consideration of these premises, it is
hereby agreed as follows:
Paragraph 3 of the Agreement is amended, effective as of the date of
this Amendment, to read as follows:
"3. This Option shall not be exercisable, except upon the
death or disability of the Optionee, until after six months
immediately following the date this Option is granted, and
thereafter shall be exercisable for common stock as follows:
After one year following the effective date of grant,
this Option shall be exercised for any number of shares
up to and including 100% of the aggregate number of
shares subject to this Option;
provided the number of shares as to which this Option becomes
exercisable shall, in each case, be reduced by the number of
shares theretofore purchased pursuant to the terms hereof."
IN WITNESS WHEREOF, this Amendment is executed this day of
, 1997, effective as of the 3rd day of December, 1996.
READING & XXXXX CORPORATION
By: __________________________
X. X. Xxxxx
Executive Vice President,
Finance and Administration
OPTIONEE
__________________________
Xxxx X. Xxxx, Xx.
