Minnesota Employee Stock Option Plan of Vivigen, Inc.

• Category: Corporations - Public - Stock Options
• State: Multi-State
• Control #: US-CC-18-148
• Format: Word; Rich Text

Description

18-148 18-148 . . . Employee Stock Option Plan which recognizes eight levels of responsibility within corporation and which provides that each eligible employee shall receive stock option to purchase that number of shares of corporation common stock that is equal to number derived by dividing option value corresponding to his or her level of responsibility by initial grant price (fair market value on date of grant) according to schedule which ranges from technical and administrative personnel levels one through four with option values from $1,250 through $5,000 to Chief Executive Officer level eight with option value of $100,000. Options are exercisable for up to (a) 50% of shares covered by option at any time after corporation's gross revenues meet or exceed a 30% increase for each of two consecutive calendar years ending following grant of option and (b) 100% of shares covered by option at any time after corporation's gross revenues meet or exceed a 40% increase for each of two consecutive calendar years following grant of stock option

The Minnesota Employee Stock Option Plan (ESOP) of Vivien, Inc. is a comprehensive and attractive employee benefit program designed to reward and motivate employees while aligning their interests with the company's long-term growth and success. This plan provides employees with the opportunity to purchase company stock at a predetermined price, usually at a discount, which allows them to acquire ownership stake in Vivien, Inc. and benefit from its future financial performance. By offering stock options, Vivien, Inc. aims to attract and retain talented employees, encourage loyalty, and foster a sense of ownership among its workforce. The ESOP serves as an effective tool to incentivize and retain key personnel, promote employee engagement, and drive a strong performance-oriented culture within the organization. There are several types of Minnesota Employee Stock Option Plans offered by Vivien, Inc., each tailored to meet the diverse needs and preferences of its employees. These include: 1. Non-qualified Stock Options: These options offer employees the flexibility to purchase company stock at a discounted price, typically below the fair market value, within a specified time frame. Non-qualified stock options are subject to taxation upon exercise, providing employees with potential tax advantages. 2. Incentive Stock Options (SOS): Vivien, Inc. may also provide SOS, which offer special tax advantages over non-qualified stock options. SOS are granted only to employees and can potentially provide preferential tax treatment when certain holding period and exercise requirements are met. 3. Restricted Stock Units (RSS): In addition to stock options, Vivien, Inc. may grant RSS as part of its ESOP. RSS represents a promise to deliver company stock at a future date or upon meeting certain performance goals. Unlike stock options, RSS do not require employees to purchase shares, but instead, they receive shares of the company as compensation, subject to vesting conditions. 4. Employee Stock Purchase Plan (ESPN): This plan allows employees to purchase company stock through payroll deductions. ESPN typically offer employees the opportunity to buy shares at a discounted price, often calculated based on the lowest of the stock's beginning or ending market value during a specific offering period. Overall, the Minnesota Employee Stock Option Plan of Vivien, Inc. provides employees with various ways to participate in the company's growth and success. It serves as a valuable instrument for attracting, motivating, and retaining talented individuals while fostering a sense of ownership and shared commitment towards Vivien, Inc.'s future.