Scott Posted January 9, 2001 Posted January 9, 2001 A stock option plan for a publicly-traded company provides that 5,000,000 shares are reserved for options, and that no more than 1,000,000 shares can be granted to any employee during the 10-year term of the plan. In order to comply with Section 162(m), the plan was approved by the shareholders shortly after it was adopted. The company wants to amend the plan to increase the number of shares reserved to 10,000,000. The maximum number of shares than can be granted to any employee will stay the same. Is shareholder approval of the amendment required under Section 162(m)?
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