Minnesota Stock Option Plan of Hayes Wheels International, Inc., which provides for grant of Incentive Stock Options and Nonqualified Stock Options

• Category: Corporations - Public - Stock Options
• State: Multi-State
• Control #: US-CC-18-345E
• Format: Word; Rich Text

Description

18-345E 18-345E . . . Stock Option Plan which provides for grant of Incentive Stock Options and Non-qualified Stock Options and (b) initial option grants to certain named officers, employees and consultants which contain specific Time Conditions and Performance Conditions as follows: number of shares underlying each option grant is divided into five equal portions which are designated Tranche A through Tranche E. Twenty percent of shares included in each of Tranches A through E shall satisfy Time Condition if optionee is employee or consultant on January 31, 1997 and on each January 31 thereafter. One hundred percent of shares included in each of Tranches A through E satisfy Performance Condition if average per share price of common stock for any consecutive twenty trading days on principal exchange on which common stock is traded equals or exceeds following prices: Tranche A - $16 per share, Tranche B - $32 per share, Tranche C - $48 per share, Tranche D - $64 per share, Tranche E - $80 per share. Notwithstanding above, Initial Grants become fully exercisable on ninth anniversary of date of grant The Minnesota Stock Option Plan of Hayes Wheels International, Inc. is a company-wide program established by the organization to offer employees the opportunity to acquire stock options. This plan comprises two main types of stock options: Incentive Stock Options (SOS) and Nonqualified Stock Options (SOS). These options are granted based on specific criteria and vesting periods. 1. Incentive Stock Options (SOS): These are stock options granted to employees that come with certain tax advantages. SOS are generally offered to key employees, executives, and other personnel with significant roles within the company. Employees who are granted SOS have the opportunity to purchase company stock at a predetermined exercise price. To avail of the tax benefits associated with SOS, employees must hold the granted options for a specific period, typically at least one year from the date of grant and two years from the date of the option's original grant. 2. Nonqualified Stock Options (SOS): SOS are stock options offered to employees that do not qualify for the tax advantages provided by SOS. SOS are generally available to a broader range of employees, including both key personnel and regular staff members. Similar to SOS, SOS allow employees to purchase company stock at a predetermined price, which is typically the fair market value at the time of grant. Unlike SOS, there are no specific holding period requirements or tax benefits associated with SOS. Hayes Wheels International, Inc. utilizes both Incentive Stock Options (SOS) and Nonqualified Stock Options (SOS) as part of its Minnesota Stock Option Plan. The plan is designed to incentivize employees and align their interests with the company's performance by offering them the opportunity to participate in the organization's growth through stock ownership. By granting both SOS and SOS, Hayes Wheels International can cater to the specific needs and roles of its employees, providing different levels of benefits and flexibility within the stock option program.

The Minnesota Stock Option Plan of Hayes Wheels International, Inc. is a company-wide program established by the organization to offer employees the opportunity to acquire stock options. This plan comprises two main types of stock options: Incentive Stock Options (SOS) and Nonqualified Stock Options (SOS). These options are granted based on specific criteria and vesting periods. 1. Incentive Stock Options (SOS): These are stock options granted to employees that come with certain tax advantages. SOS are generally offered to key employees, executives, and other personnel with significant roles within the company. Employees who are granted SOS have the opportunity to purchase company stock at a predetermined exercise price. To avail of the tax benefits associated with SOS, employees must hold the granted options for a specific period, typically at least one year from the date of grant and two years from the date of the option's original grant. 2. Nonqualified Stock Options (SOS): SOS are stock options offered to employees that do not qualify for the tax advantages provided by SOS. SOS are generally available to a broader range of employees, including both key personnel and regular staff members. Similar to SOS, SOS allow employees to purchase company stock at a predetermined price, which is typically the fair market value at the time of grant. Unlike SOS, there are no specific holding period requirements or tax benefits associated with SOS. Hayes Wheels International, Inc. utilizes both Incentive Stock Options (SOS) and Nonqualified Stock Options (SOS) as part of its Minnesota Stock Option Plan. The plan is designed to incentivize employees and align their interests with the company's performance by offering them the opportunity to participate in the organization's growth through stock ownership. By granting both SOS and SOS, Hayes Wheels International can cater to the specific needs and roles of its employees, providing different levels of benefits and flexibility within the stock option program.