North Dakota Approval of Stock Retainer Plan for Nonemployee Directors with copy of plan

State:
Multi-State
Control #:
US-CC-14-176C
Format:
Word; 
Rich Text
Instant download

Description

This is an Approval of a Stock Retainer Plan for Nonemployee Directors, to be used across the United States. This form allows all Nonemployee Directors to buy into a stock retainer plan if they wish. All of the specifics should be completed to fit your own personal needs.
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  • Preview Approval of Stock Retainer Plan for Nonemployee Directors with copy of plan
  • Preview Approval of Stock Retainer Plan for Nonemployee Directors with copy of plan
  • Preview Approval of Stock Retainer Plan for Nonemployee Directors with copy of plan
  • Preview Approval of Stock Retainer Plan for Nonemployee Directors with copy of plan
  • Preview Approval of Stock Retainer Plan for Nonemployee Directors with copy of plan
  • Preview Approval of Stock Retainer Plan for Nonemployee Directors with copy of plan

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FAQ

?NON-EMPLOYEE DIRECTOR? means a member of the Board who is not an employee of the Company or any of its Subsidiaries. ?OPTION? means an option to purchase Shares awarded to a Non-Employee Director under the Plan.

Board members are not considered employees of the organizations. Usually, board members are outside experts who are leaders in their respective areas. Some board members serve on more than one board at a time.

A managing director occupies the dual capacity of being a director as well as employee of the company. Thus for example, the Supreme Court observed that he can be regarded as a principal employer for the purposes of the ESI Act, 1948.

In general, directors who have a service agreement, or employment contract, will be classed as employees. But Non-Executive Directors or NEDs ? who often act in more of an advisory or mentorship role ? may not intend to have any employment relationship with the company.

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North Dakota Approval of Stock Retainer Plan for Nonemployee Directors with copy of plan