SECOND AMENDMENT TO ALON ASSETS, INC. INCENTIVE STOCK OPTION AGREEMENT
Exhibit 10.15
This Amendment is entered into as of November 4, 2008, by and between Alon Assets, Inc., a
Delaware corporation (the “Corporation”), and Xxxx X. Xxxxxx (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 delivered to the Participant a Vesting Notice
pursuant to Section 2 of the Agreement and (ii) the portion of the Option that became so vested and
that did not qualify as an incentive stock option because it exceeded the $100,000 limit of Section
422(d) of the Code was exercised by the Participant in June 2007 and therefore satisfied the
short-term deferral exception set forth in Section 1.409A-1(b)(4)(i) of the Treasury Regulations.
2. With respect to any portion of the Option that vests and becomes exercisable in a calendar
year after 2007, the Participant must exercise that portion of the Option (including any portion
that exceeds the $100,000 limit of Section 422(d) of the Code) by the earlier of the maximum
exercise period set forth in Section 2 or Section 5 of the Agreement, whichever applies, or March
15 of the calendar year immediately following the calendar year in which such portion of the Option
vested. To the extent not exercised within the time period set forth in the preceding sentence,
the portion of the Option that was exercisable will expire.
3. Notwithstanding any provision of the Agreement to the contrary, in light of the uncertainty
with respect to the proper application of Section 409A, the Company reserves the right to make
amendments to the Agreement as the Company deems necessary or desirable solely to avoid the
imposition of taxes or penalties under Section 409A.
4. The provisions of this Amendment supersede and replace in their entirety any conflicting
provision set forth in the Agreement, including Exhibit A to the Agreement.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written
above.
| ALON ASSETS, INC. | PARTICIPANT | |||||
By:
|
/s/ Xxxxx Xxxxxxxx | /s/ Xxxx X. Xxxxxx | ||||
| Name: Xxxxx Xxxxxxxx | Xxxx X. Xxxxxx | |||||
| Title: Executive Chairman | ||||||
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