Kansas Amended and Restated Stock Option Plan of Continental Materials Corp.

• Category: Corporations - Public - Stock Options
• State: Multi-State
• Control #: US-CC-18-208H
• Format: Word; Rich Text

Description

18-208H 18-208H . . . Non-qualified Stock Option Plan under which committee can award reload stock options (Non-qualified Stock Options which (i) are awarded automatically upon exercise of stock option granted under Plan where option price is paid by optionee's delivery of previously owned shares of common stock, and (ii) entitle such optionee to purchase number of shares so delivered for option price equal to fair market value of a share of common stock on date original option was exercised). Plan provides that if optionee or any other person who acquires options by bequest or inheritance or by reason of his or her death proposes to sell, transfer, or otherwise dispose of shares acquired upon exercise, corporation shall have prior right to purchase all or any part of such shares at market price

The Kansas Amended and Restated Stock Option Plan of Continental Materials Corp. is a comprehensive stock option program designed to incentivize and reward employees, directors, and consultants for their contributions to the company's success. This plan offers participants the opportunity to purchase company stock at a predetermined price, known as the exercise price, within a specified period. Under the Kansas Amended and Restated Stock Option Plan, there are several types of stock options available to eligible participants: 1. Non-Qualified Stock Options (NO): Non-qualified stock options grant participants the right to buy company shares at a predetermined price, usually the fair market value on the date of grant. These options may be exercised at any time during the predetermined exercise period. 2. Incentive Stock Options (ISO): Incentive stock options are granted exclusively to employees and offer certain tax advantages. Participants can exercise these options after meeting specific criteria, such as staying with the company for a certain length of time. SOS can provide favorable tax treatment if certain holding periods and other requirements are met. 3. Restricted Stock Units (RSS): RSS represent a promise to deliver company stock to participants at a future date, subject to vesting conditions. Unlike stock options, RSS do not require participants to make a purchase; instead, they are awarded directly as fully vested shares after meeting specific performance or time-based conditions. Participants in the Kansas Amended and Restated Stock Option Plan may receive stock options at the discretion of the board of directors or a designated committee. The number of options granted and the exercise price are determined within the guidelines of the plan. The plan also outlines the terms, conditions, and restrictions applicable to exercising stock options and any potential stock repurchase rights the company may hold. The primary goal of the Kansas Amended and Restated Stock Option Plan is to align the interests of participants with the long-term success of Continental Materials Corp. by encouraging them to contribute to the company's growth and profitability. It aims to attract and retain talented individuals while providing them with an opportunity to share in the company's financial achievements. Overall, the Kansas Amended and Restated Stock Option Plan of Continental Materials Corp. offers diverse stock option types and serves as a significant tool in attracting and motivating individuals to contribute to the company's continued success.