Who is eligible to receive incentive stock options?

ISOs can only be granted to employees. So independent contractors and members of the board of directors who aren't otherwise employees can't receive ISOs. Only the first $100,000 that becomes exercisable during any 12 month period can qualify for ISO treatment.

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Proposal to Approve Adoption of Employees' Stock Option Plan

Clark Nevada Proposal to Approve Adoption of Employees' Stock Option Plan

Name: Clark Nevada Proposal to Approve Adoption of Employees' Stock Option Plan
Brand: US Legal Forms
Rating: 4.63 (376 reviews)

Category:

Corporations - Public - Stock Options

State:

Multi-State

County:

Clark

Control #:

US-CC-18-146-NE

Format:

Instant download

Description

This is a multi-state form covering the subject matter of the title.

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FAQ

At its core, an equity-based incentive plan is used to attract, retain, and incentivize employees. Companies often reward employees, partners, directors, contractors, or others by granting them shares or units (these terms are used interchangeably herein) in an equity plan.

Shareholder approval will only be required for issuances to a related party, and will not be required for issuances to 1) a subsidiary, affiliate, or other closely related person of a related party, or 2) any company or entity in which a related party has a substantial direct or indirect interest.

The three main types of employee stock plans are: stock bonus plans, stock purchase plans, and stock option plans.

On June 30, the SEC approved rules requiring shareholder approval of equity compensation plans, including stock option plans. The new rules will also require approval for repricings and material plan changes.

The core elements of an Employee Stock Option Plan include: Definitions, Option Commitment Certificate, Grant of Options, Conditions of Options, Vesting, and Exercise of Option, Termination of Participation, Payment.

Essentially, this is an agreement which grants the employee eligibility to purchase a limited amount of stock at a predetermined price. The resulting shares that are granted are typically restricted stock. There is no obligation for the employee to exercise the option, in which case the option will lapse.

ESOPs encourage employees to do what's best for shareholders since the employees themselves own stock. ESOPs provide companies with tax benefits, thus incentivizing owners to offer them to employees. Companies typically tie distributions from the plan to vesting.

Under both the NYSE and NASDAQ listing standards, a public company must obtain shareholder approval before it can issue shares under an equity incentive plan or make material revisions to an equity incentive plan.

Because there is a change in the stock available for purchase or grant under the plan, under paragraph (b)(2)(iii) of this section, the stockholders of S must approve the plan within 12 months before or after the change to the plan to meet the stockholder approval requirements of paragraph (b) of this section.

ISOs can only be granted to employees. So independent contractors and members of the board of directors who aren't otherwise employees can't receive ISOs. Only the first $100,000 that becomes exercisable during any 12 month period can qualify for ISO treatment.

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Clark Nevada Proposal to Approve Adoption of Employees' Stock Option Plan

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