THE VALMONT INDUSTRIES, INC.
STOCK OPTION PLAN
NAME AND PURPOSE
1.1 NAME. The name of the Plan shall be The Valmont Industries, Inc. Incentive Stock Option 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 and to assist the Company to obtain and retain key
The terms used herein shall have the following meanings, unless a different meaning is clearly required by the
2.1 "Board" shall mean the Board of Directors of the Company.
2.2 "Carryover Amount" equals one-half of the difference between $100,000 and the value of stock for which
the employee was granted options in any calendar year.
2.3 "Code" shall mean the Internal Revenue Code of 1954, as amended.
2.4 "Company" shall mean the Valmont Industries, Inc., a Delaware corporation.
2.5 "Company Stock" shall mean shares of any class of common stock, which are issued by the Company, with
dividend and voting rights no less favorable than the voting power and dividend rights of other common stock
issued by the Company.
2.6 "Employee" shall mean any person employed by the Employer or a subsidiary during a Plan Year.
2.7 "Employer" shall mean the Company.
2.8 "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.
2.9 "Optionee" is any Employee who is granted options under the Plan.
2.10 "Participant" shall mean any Employee who meets the requirements for participation in the Plan as described
in Article III.
2.11 "Subsidiary" shall mean a corporation which is a "subsidiary corporation" as defined in Section 425 of the
ELIGIBILITY AND PARTICIPATON
3.1 ELIGIBILITY. Every employee shall be eligible to become a Participant in the Plan.