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VALMONT 1988 STOCK PLAN
NAME AND PURPOSE
1.1 NAME. The name of the Plan shall be the Valmont 1988 Stock Plan ("Plan").
1.2 PURPOSE. The purpose of the Plan is to enable employees to share in the growth and prosperity of the Company
by encouraging stock ownership by employees to assist the Company to hire and retain key management personnel. Incentive
Stock Options, Nonqualified Stock Options, restricted stock, bargain stock, stock appreciation rights, And other types of stock
awards may be granted under this Plan.
The terms used herein shall have the following meanings, unless a different meaning is clearly required by the context:
"Board" shall mean the Board of Directors of the Company.
"Code" shall mean the Internal Revenue Code of 1987, as amended.
"Committee" shall mean the Compensation Committee of the Board.
"Company" shall mean Valmont Industries, Inc., a Delaware corporation.
"Company Stock" shall mean shares of common stock issued by the Company.
"Employee" shall mean any person employed by the Employer or a Subsidiary during a Plan Year.
"Employer" shall mean the Company.
"Incentive Stock Option" means any option granted to a participant under this Plan, which the Board intends at the time
it is granted, to be an incentive stock option within the meaning of Section 422A of the Code.
"Nonqualified Stock Option" means any option granted to a Participant under this Plan, which is not an Incentive Stock
2.10 "Optionee" is any Employee who is granted options under the Plan.
2.11 "Participant" shall mean any Employee who meets the requirements for participation in the Plan as described in
2.12 "Subsidiary" shall mean a corporation which is a "subsidiary corporation" as defined in Section 425 of the Code.