18-181A 18-181A . . . Insurance Agents Stock Option Plan under which Compensation Committee may grant Non-qualified Stock Options to any insurance agent who signs agreement which commits agent to produce at least $300,000 of premiums during specific three-year period ("Qualification Period"). Number of shares covered by option is equal to agent's premium commitment divided by $100, and options become exercisable only to extent agent satisfies his or her minimum commitment for premiums during Qualification Period, and only to extent loss ratios for insurance business written meet or exceed certain performance criteria
Florida Insurance Agents Stock Option Plan is a specialized compensation program designed for insurance agents in the state of Florida. This plan provides agents with the opportunity to acquire company stock at a predetermined price within a specified time frame, incentivizing their loyalty, productivity, and long-term commitment to the company. The Florida Insurance Agents Stock Option Plan offers several distinct types of options, tailored to meet the unique needs of agents: 1. Non-Qualified Stock Options (Nests): This type of option allows agents to purchase company stock at a specific price (known as the strike price) within a predetermined period. The option is not eligible for special tax treatment, and the agent must pay ordinary income tax on the difference between the strike price and the stock's fair market value at exercise. 2. Incentive Stock Options (SOS): SOS are designed to provide tax advantages to agents. They allow agents to buy company stock at a predetermined price, usually lower than the fair market value, within a specified time frame. If certain holding period and other requirements are met, the agent may qualify for favorable tax treatment, with potential capital gains tax rates upon sale. 3. Restricted Stock Units (RSS): RSS represent a grant of company stock to agents, subject to vesting conditions. Upon vesting, the agent receives shares of stock, usually at no cost or a minimal price. RSS typically have a vesting period, during which the agent cannot sell or transfer the stock. Once vested, agents have ownership rights and can freely sell or transfer the stock. 4. Employee Stock Purchase Plans (ESPN): ESPN allow agents to purchase company stock at a discounted price, often through payroll deductions. The plan usually operates on a predetermined enrollment period, and agents accumulate shares over time. ESPN provides a convenient and cost-effective way for agents to become shareholders and benefit from potential stock price appreciation. Florida Insurance Agents Stock Option Plan enables agents to align their financial interests with those of the company, fostering loyalty and motivation towards achieving shared success. It also promotes a sense of ownership, encouraging agents to go beyond their regular duties and actively contribute to the company's growth. By offering different types of stock options, the plan accommodates agents' diverse needs and preferences. Whether agents seek immediate financial gains, tax advantages, or long-term wealth accumulation, the Florida Insurance Agents Stock Option Plan provides flexible options tailored to their individual goals and circumstances. In conclusion, the Florida Insurance Agents Stock Option Plan is a comprehensive compensation program that grants agents the opportunity to acquire company stock at predetermined prices, fostering their loyalty and long-term commitment. Through different types of options like Nests, SOS, RSS, and ESPN, agents can choose the plan that aligns with their financial objectives, maximizing their potential benefits while contributing to the company's growth and success.
Florida Insurance Agents Stock Option Plan is a specialized compensation program designed for insurance agents in the state of Florida. This plan provides agents with the opportunity to acquire company stock at a predetermined price within a specified time frame, incentivizing their loyalty, productivity, and long-term commitment to the company. The Florida Insurance Agents Stock Option Plan offers several distinct types of options, tailored to meet the unique needs of agents: 1. Non-Qualified Stock Options (Nests): This type of option allows agents to purchase company stock at a specific price (known as the strike price) within a predetermined period. The option is not eligible for special tax treatment, and the agent must pay ordinary income tax on the difference between the strike price and the stock's fair market value at exercise. 2. Incentive Stock Options (SOS): SOS are designed to provide tax advantages to agents. They allow agents to buy company stock at a predetermined price, usually lower than the fair market value, within a specified time frame. If certain holding period and other requirements are met, the agent may qualify for favorable tax treatment, with potential capital gains tax rates upon sale. 3. Restricted Stock Units (RSS): RSS represent a grant of company stock to agents, subject to vesting conditions. Upon vesting, the agent receives shares of stock, usually at no cost or a minimal price. RSS typically have a vesting period, during which the agent cannot sell or transfer the stock. Once vested, agents have ownership rights and can freely sell or transfer the stock. 4. Employee Stock Purchase Plans (ESPN): ESPN allow agents to purchase company stock at a discounted price, often through payroll deductions. The plan usually operates on a predetermined enrollment period, and agents accumulate shares over time. ESPN provides a convenient and cost-effective way for agents to become shareholders and benefit from potential stock price appreciation. Florida Insurance Agents Stock Option Plan enables agents to align their financial interests with those of the company, fostering loyalty and motivation towards achieving shared success. It also promotes a sense of ownership, encouraging agents to go beyond their regular duties and actively contribute to the company's growth. By offering different types of stock options, the plan accommodates agents' diverse needs and preferences. Whether agents seek immediate financial gains, tax advantages, or long-term wealth accumulation, the Florida Insurance Agents Stock Option Plan provides flexible options tailored to their individual goals and circumstances. In conclusion, the Florida Insurance Agents Stock Option Plan is a comprehensive compensation program that grants agents the opportunity to acquire company stock at predetermined prices, fostering their loyalty and long-term commitment. Through different types of options like Nests, SOS, RSS, and ESPN, agents can choose the plan that aligns with their financial objectives, maximizing their potential benefits while contributing to the company's growth and success.