New Jersey 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 New Jersey Stock Option Plan of Hayes Wheels International, Inc. is a comprehensive equity compensation program designed to provide employees with the opportunity to acquire shares of company stock through the grant of Incentive Stock Options (SOS) and Nonqualified Stock Options (Nests). These options serve as a valuable tool to attract, retain, and incentivize talented individuals within the organization. 1. Incentive Stock Options (SOS): SOS are a type of stock option granted to employees that offer certain tax advantages. Under this plan, eligible employees have the right to purchase company stock at a predetermined exercise price, which is typically set at the fair market value of the stock on the grant date. SOS can only be granted to employees and must meet specific requirements outlined in the Internal Revenue Code. 2. Nonqualified Stock Options (Nests): Nests, also known as non-statutory stock options, provide employees with the opportunity to purchase company stock at a predetermined exercise price. Unlike SOS, Nests do not have to comply with strict tax qualification criteria set forth by the Internal Revenue Code. Nests can be granted to employees, directors, consultants, and other service providers. Hayes Wheels International, Inc. offers both SOS and Nests as part of its broader New Jersey Stock Option Plan. This allows the company to cater to the diverse needs and preferences of its employees and other eligible participants. The New Jersey Stock Option Plan promotes employee ownership and aligns the interests of employees with those of the company's shareholders. By granting stock options, Hayes Wheels International, Inc. aims to create a sense of ownership and motivation among employees, as they have the potential to benefit from the company's growth and performance. It is important to note that the specific details and provisions of the New Jersey Stock Option Plan of Hayes Wheels International, Inc. may vary. Employees and participants should refer to the official plan documents, including the plan agreement and relevant policies, for accurate and up-to-date information.

The New Jersey Stock Option Plan of Hayes Wheels International, Inc. is a comprehensive equity compensation program designed to provide employees with the opportunity to acquire shares of company stock through the grant of Incentive Stock Options (SOS) and Nonqualified Stock Options (Nests). These options serve as a valuable tool to attract, retain, and incentivize talented individuals within the organization. 1. Incentive Stock Options (SOS): SOS are a type of stock option granted to employees that offer certain tax advantages. Under this plan, eligible employees have the right to purchase company stock at a predetermined exercise price, which is typically set at the fair market value of the stock on the grant date. SOS can only be granted to employees and must meet specific requirements outlined in the Internal Revenue Code. 2. Nonqualified Stock Options (Nests): Nests, also known as non-statutory stock options, provide employees with the opportunity to purchase company stock at a predetermined exercise price. Unlike SOS, Nests do not have to comply with strict tax qualification criteria set forth by the Internal Revenue Code. Nests can be granted to employees, directors, consultants, and other service providers. Hayes Wheels International, Inc. offers both SOS and Nests as part of its broader New Jersey Stock Option Plan. This allows the company to cater to the diverse needs and preferences of its employees and other eligible participants. The New Jersey Stock Option Plan promotes employee ownership and aligns the interests of employees with those of the company's shareholders. By granting stock options, Hayes Wheels International, Inc. aims to create a sense of ownership and motivation among employees, as they have the potential to benefit from the company's growth and performance. It is important to note that the specific details and provisions of the New Jersey Stock Option Plan of Hayes Wheels International, Inc. may vary. Employees and participants should refer to the official plan documents, including the plan agreement and relevant policies, for accurate and up-to-date information.