South Carolina Performance Stock Option Award Agreement of Special Devices, Inc.

• Category: Corporations - Public - Stock Options
• State: Multi-State
• Control #: US-CC-18-392G
• Format: Word; Rich Text

Description

18-392G 18-392G . . . Performance Stock Option Award Agreement that is exercisable eight years after date of grant only if, during first year following date of grant, corporation's earnings per share is equal to or exceeds a target level established by Board of Directors for the initial period and during second year after date of grant, corporation's earnings per share is equal to or exceeds a target level to be established by Board of Directors for such subsequent period South Carolina Performance Stock Option Award Agreement of Special Devices, Inc. is a legal document that outlines the terms and conditions for granting performance-based stock options to employees or directors of Special Devices, Inc. in South Carolina. This agreement is designed to provide incentives to the recipients based on the company's performance, encouraging them to contribute towards its success while aligning their interests with shareholders. The Performance Stock Option Award Agreement typically includes various key provisions such as: 1. Grant of Options: This section specifies the number of stock options being granted to the employee or director, along with the exercise price and vesting schedule. It also mentions any conditions or restrictions that may apply to the options. 2. Performance Criteria: The agreement defines the specific performance metrics or goals that must be achieved by the company within a specified period for the stock options to become exercisable. This can include financial targets like revenue, earnings per share, or market share, as well as operational objectives or milestones. 3. Exercise Period: It outlines the timeframe during which the stock options may be exercised by the recipient, typically after the performance criteria have been met. The agreement may specify a specific duration or set dates for exercise, depending on the circumstances. 4. Termination and Forfeiture: This section outlines the conditions under which the stock options may be terminated or forfeited, such as resignation, retirement, termination for cause, or change of control events. It also mentions the impact of death or disability on the options. 5. Change in Control: This provision addresses what happens to the stock options in the event of a merger, acquisition, or other change in control of the company. It typically includes provisions for acceleration of vesting or change in the performance criteria to protect the interests of the recipients. It's important to note that South Carolina Performance Stock Option Award Agreement of Special Devices, Inc. may have multiple variants or types based on the specific terms and conditions applicable to different recipients or situations. These variants could include: 1. Employee Performance Stock Option Award Agreement: This agreement is specifically designed for employees of Special Devices, Inc. in South Carolina and outlines the terms and conditions specific to their employment relationship. 2. Director Performance Stock Option Award Agreement: This agreement is tailored for directors of Special Devices, Inc., who may have different roles, responsibilities, and expectations compared to employees. It may include additional provisions relating to fiduciary duties and governance. The exact terms, conditions, and provisions of the Performance Stock Option Award Agreement may differ based on the specific requirements and objectives of Special Devices, Inc. in South Carolina. It's crucial for both the company and the recipients of the stock options to thoroughly review and understand the agreement before signing, seeking legal or financial advice if necessary.

South Carolina Performance Stock Option Award Agreement of Special Devices, Inc. is a legal document that outlines the terms and conditions for granting performance-based stock options to employees or directors of Special Devices, Inc. in South Carolina. This agreement is designed to provide incentives to the recipients based on the company's performance, encouraging them to contribute towards its success while aligning their interests with shareholders. The Performance Stock Option Award Agreement typically includes various key provisions such as: 1. Grant of Options: This section specifies the number of stock options being granted to the employee or director, along with the exercise price and vesting schedule. It also mentions any conditions or restrictions that may apply to the options. 2. Performance Criteria: The agreement defines the specific performance metrics or goals that must be achieved by the company within a specified period for the stock options to become exercisable. This can include financial targets like revenue, earnings per share, or market share, as well as operational objectives or milestones. 3. Exercise Period: It outlines the timeframe during which the stock options may be exercised by the recipient, typically after the performance criteria have been met. The agreement may specify a specific duration or set dates for exercise, depending on the circumstances. 4. Termination and Forfeiture: This section outlines the conditions under which the stock options may be terminated or forfeited, such as resignation, retirement, termination for cause, or change of control events. It also mentions the impact of death or disability on the options. 5. Change in Control: This provision addresses what happens to the stock options in the event of a merger, acquisition, or other change in control of the company. It typically includes provisions for acceleration of vesting or change in the performance criteria to protect the interests of the recipients. It's important to note that South Carolina Performance Stock Option Award Agreement of Special Devices, Inc. may have multiple variants or types based on the specific terms and conditions applicable to different recipients or situations. These variants could include: 1. Employee Performance Stock Option Award Agreement: This agreement is specifically designed for employees of Special Devices, Inc. in South Carolina and outlines the terms and conditions specific to their employment relationship. 2. Director Performance Stock Option Award Agreement: This agreement is tailored for directors of Special Devices, Inc., who may have different roles, responsibilities, and expectations compared to employees. It may include additional provisions relating to fiduciary duties and governance. The exact terms, conditions, and provisions of the Performance Stock Option Award Agreement may differ based on the specific requirements and objectives of Special Devices, Inc. in South Carolina. It's crucial for both the company and the recipients of the stock options to thoroughly review and understand the agreement before signing, seeking legal or financial advice if necessary.