The purpose of the non-employee director stock option plan is to attract and retain highly qualified people who are not employees of the company or any of its subsidiaries to serve as non-employee directors of the company, and to encourage non-employee directors to own shares of the company's common stock.
Virgin Islands Nonemployee Director Stock Option Plan
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How to fill out Nonemployee Director Stock Option Plan?
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If you exercise your options while your company is private and has no plan for a liquidity event, you may take on the risk of holding on to illiquid company shares. But, if the company begins the process to go public, exercising your pre-IPO options may be less risky.
If you're working for a public company that's going private, your underwater options could be cancelled without a payout. If you have vested stock options that are in-the-money (not underwater), the company will have to give you some consideration in exchange for your shares if they wish to cancel them.
Stock options at private companies are often issued with a low strike price. This allows you a chance to buy shares for a low cost, which requires less cash up front. This is a good thing when you consider how your cash flow will be impacted by an exercise ? but this is only one thing to consider.
This board member isn't a company employee, which means they don't engage in the day-to-day management of the organization. Rather, most non-executive directors act as independent advisors and are involved in policymaking and planning exercises.
?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.
You can only sell your private company shares if you exercise your stock options and purchase those shares first. Depending on the strike price, though, you may not have enough cash to exercise your options, especially if your company requires you to hold onto stock for a certain period of time before selling.
If you don't wait, and your company doesn't go public, your shares may become worth less than you paid ? or even worthless.
An employee director is a member of the team who is nominated, by the employees, to sit on the company board of directors to act as a focal point for the employees.
Directors of a corporation - members of the governing board - are defined by statute as non-employees.
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.