Exhibit 10.16
JANUARY 25, 1998
AMENDMENTS TO THE
LOWE'S COMPANIES, INC. 1997 INCENTIVE PLAN
On January 25, 1998, the Lowe's Companies, Inc. 1997 Incentive Plan (the
"Plan") was amended as follows:
a. Section 8.06 was amended to read as follows:
Shareholder Rights. Prior to their forfeiture in accordance
with the terms of the applicable Agreement and while the shares
of Common Stock granted pursuant to the Stock Award may be
forfeited, a Participant will have all rights of a shareholder
with respect to a Stock Award, including the right to receive
dividends and vote the shares; provided, however, that during
such period (i) except as provided in Section 8.07, a
Participant may not sell, transfer, pledge, exchange,
hypothecate, or otherwise dispose of shares of Common Stock
granted pursuant to a Stock Award, (ii) the Company shall
retain custody of the certificates evidencing the shares of
Common Stock granted pursuant to a Stock Award, and (iii) the
Participant will deliver to the Company a stock power, endorsed
in blank, with respect to each Stock Award. The limitations
set forth in the preceding sentence shall not apply after the
shares Common Stock granted under the Stock Award are
transferable and are no longer forfeitable.
b. A new section 8.07 was added to the Plan and reads as follows:
Transferable Stock Awards. Section 8.06 to the contrary
notwithstanding, if the Agreement provides, a Stock Award that
maybe forfeited may be transferred by a Participant to the
Participant's children, grandchildren, spouse, one or more
trusts for the benefit of such family members or a partnership
in which such family members are the only partners, on such
terms and conditions as maybe permitted under Securities
Exchange Commission Rule 16b-3 as in effect from time to time.
The holder of a Stock Award transferred pursuant to this
section shall be bound by the same terms and conditions that
governed the Stock Award during the period that it was held by
the Participant; provided, however, that such transferee may
not transfer the Stock Award except by will or the laws of
descent and distribution.
JANUARY 25, 1998
AMENDMENTS TO THE
LOWE'S COMPANIES, INC. 1997 INCENTIVE PLAN
On January 25, 1998, the Lowe's Companies, Inc. 1997 Incentive Plan (the
"Plan") was amended as follows:
a. Section 8.06 was amended to read as follows:
Shareholder Rights. Prior to their forfeiture in accordance
with the terms of the applicable Agreement and while the shares
of Common Stock granted pursuant to the Stock Award may be
forfeited, a Participant will have all rights of a shareholder
with respect to a Stock Award, including the right to receive
dividends and vote the shares; provided, however, that during
such period (i) except as provided in Section 8.07, a
Participant may not sell, transfer, pledge, exchange,
hypothecate, or otherwise dispose of shares of Common Stock
granted pursuant to a Stock Award, (ii) the Company shall
retain custody of the certificates evidencing the shares of
Common Stock granted pursuant to a Stock Award, and (iii) the
Participant will deliver to the Company a stock power, endorsed
in blank, with respect to each Stock Award. The limitations
set forth in the preceding sentence shall not apply after the
shares Common Stock granted under the Stock Award are
transferable and are no longer forfeitable.
b. A new section 8.07 was added to the Plan and reads as follows:
Transferable Stock Awards. Section 8.06 to the contrary
notwithstanding, if the Agreement provides, a Stock Award that
maybe forfeited may be transferred by a Participant to the
Participant's children, grandchildren, spouse, one or more
trusts for the benefit of such family members or a partnership
in which such family members are the only partners, on such
terms and conditions as maybe permitted under Securities
Exchange Commission Rule 16b-3 as in effect from time to time.
The holder of a Stock Award transferred pursuant to this
section shall be bound by the same terms and conditions that
governed the Stock Award during the period that it was held by
the Participant; provided, however, that such transferee may
not transfer the Stock Award except by will or the laws of
descent and distribution.