Cook Illinois Nonemployee Directors Stock Option Plan of National Surgery Centers, Inc.

• Category: Corporations - Public - Stock Options
• State: Multi-State
• County: Cook
• Control #: US-CC-18-185C
• Format: Word; Rich Text

Description

18-185C 18-185C . . . Non-employee Directors Stock Option Plan under which Class II Non-employee directors receive options for 5,000 shares, all fully vested; Class II Non-employee directors receive options for 7,500 shares, of which 5,000 are fully vested and 2,500 vest on date of 1997 annual stockholders meeting; and Class I Non-employee directors receive options for 10,000 shares, of which 5,000 are fully vested, 2,500 vest on date of 1997 annual stockholders meeting, and 2,500 vest on date of 1998 annual stockholders meeting. Thereafter, each Non-employee director automatically receives an option on his or her election or re-election as director. Each such option is for 7,500 shares if director is elected to full three year term, of which 2,500 is vested, 2,500 vests on first anniversary of grant, and 2,500 vests on second anniversary of grant. If director is elected to fill term of less than three years, number of shares is equal to 2,500 for each full year of his or her term

The Cook Illinois Nonemployee Directors Stock Option Plan is a comprehensive compensation program formulated specifically for the nonemployee board members of National Surgery Centers, Inc. It offers these directors the opportunity to acquire stock options as part of their overall remuneration package. This particular stock option plan is tailored to incentivize and reward nonemployee directors for their contributions and commitment to the company's growth and success. Under this plan, nonemployee directors of National Surgery Centers, Inc. are granted the option to purchase company stock at a predetermined price, known as the exercise or strike price. The price is typically set at fair market value on the date of the stock option grant. The purpose of these stock options is to align the interests of the directors with those of the company's shareholders, as the value of the options will increase if the company's stock price appreciates over time. There may be different variations or types of Cook Illinois Nonemployee Directors Stock Option Plan available within National Surgery Centers, Inc., which could include: 1. Standard Stock Option Plan: This is the traditional form of stock option grant offered to nonemployee directors of the company. It provides them the right to purchase a specific number of company shares at a predetermined price within a defined timeframe, typically known as the vesting period. 2. Incentive Stock Option Plan: This type of stock option plan may be available exclusively for nonemployee board members and provides potential tax advantages. It meets specific requirements outlined by the Internal Revenue Code and allows the option holder to receive favorable tax treatment upon exercising the options. 3. Restricted Stock Unit (RSU) Plan: In addition to traditional stock options, National Surgery Centers, Inc. may also have an RSU plan in place for its nonemployee directors. RSS represents a promise to deliver company shares or their cash equivalent to the directors at a future date, subject to certain restrictions or milestones. It is important to note that the specific terms, conditions, and types of stock option plans under Cook Illinois Nonemployee Directors Stock Option Plan may differ from company to company. National Surgery Centers, Inc. has tailored this plan to suit the unique requirements and objectives of their nonemployee board members, promoting mutual long-term alignment and fostering a sense of ownership in the company's success.