Cook Illinois Stock Option Plan which provides for grant of Incentive Stock Options and Nonqualified Stock Options to executive officers

• Category: Corporations - Public - Stock Options
• State: Multi-State
• County: Cook
• Control #: US-CC-18-210C
• Format: Word; Rich Text

Description

18-210C 18-210C . . . Stock Option Plan which provides for grant of Incentive Stock Options and Non-qualified Stock Options to executive officers of corporation and (b) Non-qualified Stock Options to outside directors on following basis: an initial grant of option to purchase 10,000 shares of the stock plus annual grants of options to purchase 5,000 shares, provided outside director continues to serve as outside director. Each outside director also receives annual option grant of 2,000 shares for each committee on which he or she serves. Outside directors' options are not exercisable during first 12 months of their term. After 12 months they become exercisable as to 24% plus 2% for each complete month of continuous service in excess of 12 months until fully vested. Options may also be granted to executive officers residing in foreign jurisdictions. Board of Directors may adopt such supplements to Plan as may be necessary to comply with applicable laws of such foreign jurisdictions and to afford participants favorable treatment under such laws The Cook Illinois Stock Option Plan is a comprehensive equity compensation program designed specifically for executive officers within the company. This plan offers two types of stock options: Incentive Stock Options (SOS) and Nonqualified Stock Options (Nests). Each option has its own unique characteristics and benefits for the executive officers. 1. Incentive Stock Options (SOS): The SOS offered under the Cook Illinois Stock Option Plan are a type of stock option that provides certain tax advantages to the recipients. These options are usually granted at a specific exercise price, which is typically lower than the current market price of the company's stock. SOS have certain eligibility requirements, including a limit on the number of shares that can be granted, a minimum holding period before selling the shares, and exclusivity for employees only. 2. Nonqualified Stock Options (Nests): The Nests provided under the Cook Illinois Stock Option Plan are alternative stock options that do not qualify for the same tax benefits as SOS. Unlike SOS, Nests can be granted to executive officers and non-employee directors. They don't have the same restrictions on exercise price or holding period as SOS, providing more flexibility in terms of timing and potential profit realization. Both SOS and Nests under the Cook Illinois Stock Option Plan aim to incentivize and reward executive officers for their contributions and performance. These stock options can provide a valuable form of compensation, aligning the interests of the executives with those of the company's shareholders. By granting stock options, Cook Illinois aims to motivate their executive team to drive the company's growth, enhance shareholder value, and be rewarded accordingly. It's important to note that the specifics of the Cook Illinois Stock Option Plan may vary based on company policies, legal requirements, and individual executive agreements. The plan may outline additional terms and conditions, such as vesting schedules, exercise periods, and other provisions that protect the interests of both the company and the executive officers.

The Cook Illinois Stock Option Plan is a comprehensive equity compensation program designed specifically for executive officers within the company. This plan offers two types of stock options: Incentive Stock Options (SOS) and Nonqualified Stock Options (Nests). Each option has its own unique characteristics and benefits for the executive officers. 1. Incentive Stock Options (SOS): The SOS offered under the Cook Illinois Stock Option Plan are a type of stock option that provides certain tax advantages to the recipients. These options are usually granted at a specific exercise price, which is typically lower than the current market price of the company's stock. SOS have certain eligibility requirements, including a limit on the number of shares that can be granted, a minimum holding period before selling the shares, and exclusivity for employees only. 2. Nonqualified Stock Options (Nests): The Nests provided under the Cook Illinois Stock Option Plan are alternative stock options that do not qualify for the same tax benefits as SOS. Unlike SOS, Nests can be granted to executive officers and non-employee directors. They don't have the same restrictions on exercise price or holding period as SOS, providing more flexibility in terms of timing and potential profit realization. Both SOS and Nests under the Cook Illinois Stock Option Plan aim to incentivize and reward executive officers for their contributions and performance. These stock options can provide a valuable form of compensation, aligning the interests of the executives with those of the company's shareholders. By granting stock options, Cook Illinois aims to motivate their executive team to drive the company's growth, enhance shareholder value, and be rewarded accordingly. It's important to note that the specifics of the Cook Illinois Stock Option Plan may vary based on company policies, legal requirements, and individual executive agreements. The plan may outline additional terms and conditions, such as vesting schedules, exercise periods, and other provisions that protect the interests of both the company and the executive officers.