Cook Illinois Insurance Agents Stock option plan

• Category: Corporations - Public - Stock Options
• State: Multi-State
• County: Cook
• Control #: US-CC-18-181A
• Format: Word; Rich Text

Description

18-181A 18-181A . . . Insurance Agents Stock Option Plan under which Compensation Committee may grant Non-qualified Stock Options to any insurance agent who signs agreement which commits agent to produce at least $300,000 of premiums during specific three-year period ("Qualification Period"). Number of shares covered by option is equal to agent's premium commitment divided by $100, and options become exercisable only to extent agent satisfies his or her minimum commitment for premiums during Qualification Period, and only to extent loss ratios for insurance business written meet or exceed certain performance criteria Cook Illinois Insurance Agents offers a comprehensive stock option plan for its employees, serving to incentivize and reward their dedication and commitment. The stock option plan is designed to provide qualifying employees with the opportunity to purchase company stock at a predetermined price within a specified period. The Cook Illinois Insurance Agents Stock option plan offers various types of stock options to accommodate different employee needs. These options include: 1. Non-Qualified Stock Options: These options grant employees the right to purchase company stock at a predetermined price, usually lower than the current market value. Non-qualified stock options offer flexibility for employees and can be exercised at any time within a specific timeframe, typically after a certain vesting period. 2. Incentive Stock Options: Specifically intended for key employees, incentive stock options provide favorable tax treatment. These options may be subject to certain limitations, such as a maximum ceiling on the number of shares that can be granted, and must adhere to specific IRS rules. 3. Restricted Stock Units (RSS): RSS are another form of stock-based compensation offered by Cook Illinois Insurance Agents. RSS represents an agreement to receive company stock at a predetermined date or upon meeting certain performance or time-based conditions. Once RSS vest, employees are entitled to receive the corresponding company stock. 4. Employee Stock Purchase Plan (ESPN): Cook Illinois Insurance Agents may also offer an ESPN, allowing employees to purchase company stock at a discounted price. ESPN typically have a specific enrollment period during which employees can elect to participate, often with a portion of their salary deducted to fund the stock purchase. It's important to note that specific details of the Cook Illinois Insurance Agents Stock option plan may vary depending on factors like employee tenure, job level, performance, and terms agreed upon by the company. Employees should consult the official plan documentation for precise information regarding eligibility criteria, vesting schedules, exercise periods, and any other pertinent details. Overall, Cook Illinois Insurance Agents' Stock option plan serves as a valuable tool to attract and retain talented individuals by providing them with an opportunity to become shareholders in the company they serve.

Cook Illinois Insurance Agents offers a comprehensive stock option plan for its employees, serving to incentivize and reward their dedication and commitment. The stock option plan is designed to provide qualifying employees with the opportunity to purchase company stock at a predetermined price within a specified period. The Cook Illinois Insurance Agents Stock option plan offers various types of stock options to accommodate different employee needs. These options include: 1. Non-Qualified Stock Options: These options grant employees the right to purchase company stock at a predetermined price, usually lower than the current market value. Non-qualified stock options offer flexibility for employees and can be exercised at any time within a specific timeframe, typically after a certain vesting period. 2. Incentive Stock Options: Specifically intended for key employees, incentive stock options provide favorable tax treatment. These options may be subject to certain limitations, such as a maximum ceiling on the number of shares that can be granted, and must adhere to specific IRS rules. 3. Restricted Stock Units (RSS): RSS are another form of stock-based compensation offered by Cook Illinois Insurance Agents. RSS represents an agreement to receive company stock at a predetermined date or upon meeting certain performance or time-based conditions. Once RSS vest, employees are entitled to receive the corresponding company stock. 4. Employee Stock Purchase Plan (ESPN): Cook Illinois Insurance Agents may also offer an ESPN, allowing employees to purchase company stock at a discounted price. ESPN typically have a specific enrollment period during which employees can elect to participate, often with a portion of their salary deducted to fund the stock purchase. It's important to note that specific details of the Cook Illinois Insurance Agents Stock option plan may vary depending on factors like employee tenure, job level, performance, and terms agreed upon by the company. Employees should consult the official plan documentation for precise information regarding eligibility criteria, vesting schedules, exercise periods, and any other pertinent details. Overall, Cook Illinois Insurance Agents' Stock option plan serves as a valuable tool to attract and retain talented individuals by providing them with an opportunity to become shareholders in the company they serve.