EXHIBIT 10.12
FIRST AMENDMENT TO
SNAP2 CORPORATION STOCK OPTION PLAN
(F/K/A WHITE ROCK ENTERPRISES, LTD. STOCK OPTION PLAN)
1. Purpose of the First Amendment.
This First Amendment has been adopted by SNAP2 Corporation in order to amend the
"White Rock Enterprises, Ltd. Stock Option Plan" previously adopted by the
Company. Pursuant to this First Amendment, the Plan is hereby amended as
follows:
a. The name of the plan is the "SNAP2 Corporation Stock Option Plan."
b. Paragraph 1 of the Plan is hereby amended by deleting the existing
paragraph 1 in its entirety and inserting in lieu thereof the following:
1. Purpose of the Plan.
This Plan shall be known as the SNAP2 Corporation Stock Option Plan and is
hereinafter referred to as the "Plan." The purpose of the Plan is to aid in
maintaining and developing individuals capable of assuring the future success of
SNAP2 Corporation (a Nevada corporation) (the "Company"), to offer such
individuals additional incentives to put forth maximum efforts for the success
of the Company, and to afford them an opportunity to acquire a proprietary
interest in the Company through stock options as provided herein. Options
granted under this Plan may be either incentive stock options ("Incentive Stock
Options") within the meaning of Section 422 of the Internal Revenue Code of
1986, as amended (the "Code"), or options which do not qualify as Incentive
Stock Options ("Non-statutory Stock Options").
2. Effect of First Amendment.
Except as specifically set forth herein regarding the change of the name of the
Plan and the amendments to paragraph 1 of the Plan as set forth in Section 1
above, the Plan as previously adopted shall remain in full force and effect and
shall not be further amended except pursuant to further action by the Board of
Directors and, if necessary, the shareholders of the Company.
