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EXHIBIT 10.26
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Amendment
to
Super-Performance Stock Option Plan Agreement
AMENDMENT, agreed to as of this 24th day of July, 2001 between AMN Healthcare
Services, Inc., a Delaware corporation (the "Company"), and the person whose
name appears on the signature page hereto (the "Optionee").
WHEREAS, the Company has previously entered in a nonqualified stock option
agreement under the Company's Performance Stock Option Plan, dated November 20,
2000 (the "Agreement");
WHEREAS, the Company desires to amend the Agreement to change the accounting
treatment of the options granted under the Agreement;
WHEREAS, the Optionee desires to amend the Agreement to secure the benefits of
the Amendment;
NOW, THEREFORE, the Company and the Optionee agree as follows:
The following amendments to the Agreement shall be effective as
of the close of the sale of no less than $100 million of the Company's Common
Stock in an underwritten public offering of such Common Stock that is
consummated on or before December 31, 2001 (the "IPO").
1. Section 2 of the Agreement is amended to read in its entirety as
follows:
"Section 2. Vesting and Exercisability
(a) Vesting. Following the 2000 Fiscal Year of the Company,
there shall be no performance targets for the vesting of
the option and, subject to the provisions of Section 10,
the remaining unvested and unexercisable portion of the
option shall become fully vested solely upon
consummation of the IPO. Notwithstanding the vesting of
the option in accordance with this Section 2(a), the
option shall not become exercisable other than in
accordance with the provisions of Section 2(b) and 2(c)
hereof.
(b) Exercisability. Upon the occurrence of the IPO, the
option shall become exercisable in accordance with the
following schedule:
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390.5 shares upon the expiration of the
underwriters' lock-up period following the IPO
(the "Lock-Up Period");
390.5 shares on December 31, 2001, or if later,
upon expiration of the Lock-Up Period;
390.5 shares on December 31, 2002;
390.5 shares on December 31, 2003;
Each of the foregoing dates shall hereinafter be referred to as
an "Exercisability Date".
(c) Change of Control Acceleration. Notwithstanding any
provision to the contrary, the option shall become fully
vested and exercisable on the date on which HWH Capital
Partners, L.P. and its affiliates (collectively, "HWP")
have disposed of 75% or more of its ownership position.
(d) Expiration of Option. The option shall terminate and
cease to be exercisable on December 31, 2009.
2. Section 4 of the Agreement is amended to read in its entirety
as follows:
"Section 4. Termination of Employment
(a) Exercisability. If a grantee's employment with the
Company terminates for any reason, other than by reason
of the grantee's death or disability, the Exercisability
Dates under Section 2(b) shall be of no further force or
effect and the then-vested and non-exercisable portion
of the option shall instead become exercisable at a rate
of 25% for four years following the expiration of such
grantee's "Hiatus Lock-Up Period", beginning on the
first anniversary of the expiration of such period, and
ending on the fourth anniversary of such period;
provided, however, that the option shall become fully
exercisable by December 1, 2009. Upon termination of a
grantee's employment by reason of death or disability,
the provisions of this Section 4(a) shall be
inapplicable, and such grantee's option shall continue
to become exercisable in accordance with the provisions
of Section 2(b).
For purposes of this Section 4(a), "Hiatus Lock-Up Period" shall
mean, in the case of an employee terminating employment more than one year after
the IPO, the two-year period immediately following his termination, and, in the
case of an employee
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terminating employment within one year after the IPO, the three-year period
immediately following his termination.
(b) Right of Discharge Reserved. Nothing in the Plan or
this Stock Option Agreement shall confer upon the
grantee or any other person the right to continue
in the employment of the Company or any of its
subsidiaries or affect any right which the Company
or any of its subsidiaries may have to terminate
the employment of the grantee or any other person."
AMN HEALTHCARE SERVICES, INC.
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By: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, President & CEO
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/s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
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By:
