Virginia Eligible Directors' Stock Option Plan of Wyle Electronics

• Category: Corporations - Public - Stock Options
• State: Multi-State
• Control #: US-CC-18-362C
• Format: Word; Rich Text

Description

18-362C 18-362C . . . Eligible Directors' Stock Option Plan under which (a) each outside director who was in office on October 1, 1996 was granted, subject to stockholder approval of Plan, option to purchase 4,000 shares of stock and each outside director who first takes office after October 1, 1996 will receive a one-time initial option to purchase 10,000 shares of stock, and (b) each outside director in office on October 1, 1996 will be granted an option on April 1 of each year commencing in 1997 to purchase 4,000 shares of stock provided he or she is in office on date of grant, and each outside director who takes office after October 1, 1996 will be granted an option on April 1 of each year to purchase 6,000 shares of stock provided he or she is in office on date of grant. Exercise price of all options is fair market value on date of grant. All options are exercisable six months after date of grant

The Virginia Eligible Directors' Stock Option Plan is a program offered by Kyle Electronics to provide eligible directors with stock options as a form of compensation and incentive. This plan is specifically designed for directors based in Virginia and aims to attract and retain top talent in the company's board of directors. Under the Virginia Eligible Directors' Stock Option Plan, directors are granted stock options, which allow them to purchase company shares at a predetermined price, known as the exercise price. These options typically have a vesting period, meaning directors cannot exercise their options immediately. Instead, they must wait for a specified period of time before they can exercise their options and acquire shares of Kyle Electronics. The specific terms and conditions of the Virginia Eligible Directors' Stock Option Plan may vary depending on the agreement between directors and the company. However, common features of such plans often include a maximum number of options available to each director, the exercise price, the vesting schedule, and the expiration date of the options. It's important to note that there may be multiple types or variations of the Virginia Eligible Directors' Stock Option Plan offered by Kyle Electronics. One such variation could be the Performance-based Stock Option Plan, where directors are granted stock options based on the achievement of certain performance targets or metrics set by the company. Another variation could be the Restricted Stock Unit (RSU) Plan, where directors are given the right to receive a certain number of company shares at a future date, subject to certain vesting conditions. RSS is different from traditional stock options as they do not require an exercise price and the shares are typically delivered directly to the directors upon vesting. Overall, the Virginia Eligible Directors' Stock Option Plan of Kyle Electronics is a compensation and incentive program designed to reward eligible directors with the opportunity to share in the company's success and align their interests with those of shareholders. By offering stock options, Kyle Electronics aims to motivate and retain talented directors, fostering long-term commitment and dedication to the company's growth and prosperity.