Michigan 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 Michigan Amended and Restated Stock Option Plan of Continental Materials Corp. is a comprehensive program designed to regulate the granting and exercise of stock options within the company. This plan has been specifically tailored to comply with the laws and regulations governing corporations in the state of Michigan. It outlines the terms, conditions, and procedures by which stock options may be issued to employees, officers, directors, and other eligible individuals. Under this plan, there are several types of stock options that can be granted to eligible participants, each with its own unique features and limitations. These include: 1. Non-Qualified Stock Options (SOS): SOS are stock options that do not qualify for special tax treatment under the Internal Revenue Code. They can be issued to any eligible participant and typically have a strike price equal to the fair market value of the underlying stock on the grant date. 2. Incentive Stock Options (SOS): SOS are stock options that meet the criteria specified by the Internal Revenue Code for preferential tax treatment. They can only be granted to employees of the company and generally have a lower strike price than SOS. 3. Restricted Stock Units (RSS): RSS represent a promise to deliver stock at a future date upon the satisfaction of certain conditions. Unlike stock options, RSS do not need to be exercised, but rather vest over a specified period of time or upon the achievement of predetermined goals. 4. Performance Stock Units (Plus): Plus are stock-based awards that are contingent upon the achievement of performance goals set by the company. The performance criteria may be related to financial metrics, operational targets, or other predefined benchmarks. The Michigan Amended and Restated Stock Option Plan of Continental Materials Corp. also specifies the vesting schedule for stock options, which is the period of time an employee must wait before being able to exercise their options. Typically, vesting occurs over a certain number of years from the grant date, encouraging participants to remain with the company for a longer duration. This plan outlines the procedures for exercising stock options, including the timeframe within which options must be exercised after termination of employment or other qualifying events. It also addresses other important aspects, such as the company's ability to repurchase or transfer issued shares, the adjustment of options in the event of stock splits or mergers, and the limits on the number of options that can be granted to individual participants. Overall, the Michigan Amended and Restated Stock Option Plan of Continental Materials Corp. serves as a comprehensive framework for the fair and efficient administration of stock options within the company, ensuring compliance with Michigan state laws and providing eligible participants with the opportunity to share in the company's success.

The Michigan Amended and Restated Stock Option Plan of Continental Materials Corp. is a comprehensive program designed to regulate the granting and exercise of stock options within the company. This plan has been specifically tailored to comply with the laws and regulations governing corporations in the state of Michigan. It outlines the terms, conditions, and procedures by which stock options may be issued to employees, officers, directors, and other eligible individuals. Under this plan, there are several types of stock options that can be granted to eligible participants, each with its own unique features and limitations. These include: 1. Non-Qualified Stock Options (SOS): SOS are stock options that do not qualify for special tax treatment under the Internal Revenue Code. They can be issued to any eligible participant and typically have a strike price equal to the fair market value of the underlying stock on the grant date. 2. Incentive Stock Options (SOS): SOS are stock options that meet the criteria specified by the Internal Revenue Code for preferential tax treatment. They can only be granted to employees of the company and generally have a lower strike price than SOS. 3. Restricted Stock Units (RSS): RSS represent a promise to deliver stock at a future date upon the satisfaction of certain conditions. Unlike stock options, RSS do not need to be exercised, but rather vest over a specified period of time or upon the achievement of predetermined goals. 4. Performance Stock Units (Plus): Plus are stock-based awards that are contingent upon the achievement of performance goals set by the company. The performance criteria may be related to financial metrics, operational targets, or other predefined benchmarks. The Michigan Amended and Restated Stock Option Plan of Continental Materials Corp. also specifies the vesting schedule for stock options, which is the period of time an employee must wait before being able to exercise their options. Typically, vesting occurs over a certain number of years from the grant date, encouraging participants to remain with the company for a longer duration. This plan outlines the procedures for exercising stock options, including the timeframe within which options must be exercised after termination of employment or other qualifying events. It also addresses other important aspects, such as the company's ability to repurchase or transfer issued shares, the adjustment of options in the event of stock splits or mergers, and the limits on the number of options that can be granted to individual participants. Overall, the Michigan Amended and Restated Stock Option Plan of Continental Materials Corp. serves as a comprehensive framework for the fair and efficient administration of stock options within the company, ensuring compliance with Michigan state laws and providing eligible participants with the opportunity to share in the company's success.