Franklin Ohio Insurance Agents Stock option plan

• Category: Corporations - Public - Stock Options
• State: Multi-State
• County: Franklin
• 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 Franklin Ohio Insurance Agents Stock Option Plan is a comprehensive program offered to insurance agents in the region. This plan allows insurance agents in Franklin, Ohio to purchase company stock options at a predetermined price within a specified time frame. It serves as an additional benefit aimed at retaining and incentivizing top-performing agents, while also aligning their interests with the company's success. The stock option plan provides agents with the opportunity to share in Franklin Ohio Insurance Agency's growth and profitability. By granting agents the right to purchase company stock, the plan aims to motivate and reward their efforts while fostering a sense of ownership and commitment. Agents can exercise these options after a predetermined vesting period, usually linked to their tenure or performance milestones. Within the Franklin Ohio Insurance Agents Stock Option Plan, different types of stock options may be available: 1. Non-Qualified Stock Options (NO): This type of stock option does not qualify for special tax treatment. Nests allow agents to purchase company shares at a predetermined price, known as the grant price or exercise price, usually equal to the market price at the option grant date. 2. Incentive Stock Options (ISO): SOS are stock options that meet specific criteria outlined by the Internal Revenue Service (IRS). These options offer potential tax advantages, subject to certain holding periods and other qualifying conditions. SOS are typically granted to top performers and can be a valuable component of their long-term compensation. 3. Restricted Stock Units (RSS): While not technically options, RSS are another form of equity-based compensation that may be part of the plan. RSS represents a promise to deliver company shares at a later date or upon meeting specific conditions, such as achieving performance targets or remaining with the company for a certain period. RSS may have vesting schedules and provide agents with ownership rights in the company. The Franklin Ohio Insurance Agents Stock Option Plan aims to empower and motivate agents, promoting their sense of ownership and loyalty to the company. It aligns the agents' financial interests with those of the company, encouraging their long-term commitment and enhancing the overall success of the organization.

Franklin Ohio Insurance Agents Stock Option Plan is a comprehensive program offered to insurance agents in the region. This plan allows insurance agents in Franklin, Ohio to purchase company stock options at a predetermined price within a specified time frame. It serves as an additional benefit aimed at retaining and incentivizing top-performing agents, while also aligning their interests with the company's success. The stock option plan provides agents with the opportunity to share in Franklin Ohio Insurance Agency's growth and profitability. By granting agents the right to purchase company stock, the plan aims to motivate and reward their efforts while fostering a sense of ownership and commitment. Agents can exercise these options after a predetermined vesting period, usually linked to their tenure or performance milestones. Within the Franklin Ohio Insurance Agents Stock Option Plan, different types of stock options may be available: 1. Non-Qualified Stock Options (NO): This type of stock option does not qualify for special tax treatment. Nests allow agents to purchase company shares at a predetermined price, known as the grant price or exercise price, usually equal to the market price at the option grant date. 2. Incentive Stock Options (ISO): SOS are stock options that meet specific criteria outlined by the Internal Revenue Service (IRS). These options offer potential tax advantages, subject to certain holding periods and other qualifying conditions. SOS are typically granted to top performers and can be a valuable component of their long-term compensation. 3. Restricted Stock Units (RSS): While not technically options, RSS are another form of equity-based compensation that may be part of the plan. RSS represents a promise to deliver company shares at a later date or upon meeting specific conditions, such as achieving performance targets or remaining with the company for a certain period. RSS may have vesting schedules and provide agents with ownership rights in the company. The Franklin Ohio Insurance Agents Stock Option Plan aims to empower and motivate agents, promoting their sense of ownership and loyalty to the company. It aligns the agents' financial interests with those of the company, encouraging their long-term commitment and enhancing the overall success of the organization.