Mecklenburg North Carolina 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: Mecklenburg
• 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 Mecklenburg North Carolina Stock Option Plan is a comprehensive program designed to provide executive officers with the opportunity to acquire company stock through the grant of Incentive Stock Options (SOS) and Nonqualified Stock Options (SOS). This plan is specially tailored for executives in the Mecklenburg County area of North Carolina and aims to attract and retain top talent in the region. Incentive Stock Options (SOS) are a type of option that offers certain tax advantages to the recipient. These options typically have specific eligibility criteria, such as being granted to employees within a certain timeframe and subject to holding requirements. SOS can only be granted to executive officers who meet the criteria set forth in the plan. Nonqualified Stock Options (SOS), on the other hand, are options that do not receive the same tax advantages as SOS. They offer more flexibility in terms of who can receive them, as they are not subject to the same strict eligibility requirements. SOS can be granted to a broader range of executives, including those who may not meet the criteria for SOS. The Mecklenburg North Carolina Stock Option Plan includes detailed provisions regarding the exercise price, vesting schedule, and expiration date of the options. It also outlines the conditions under which options may be accelerated or forfeited, ensuring alignment with the company's performance and goals. This plan demonstrates the company's commitment to incentivizing and rewarding its executive officers, encouraging them to contribute to the company's growth and success. By offering both Incentive Stock Options and Nonqualified Stock Options, it provides executives with a flexible and competitive compensation package tailored to their individual circumstances. Keywords: Mecklenburg North Carolina, Stock Option Plan, Incentive Stock Options, Nonqualified Stock Options, executive officers, eligibility criteria, tax advantages, exercise price, vesting schedule, expiration date, accelerated or forfeited, company growth, compensation package.

The Mecklenburg North Carolina Stock Option Plan is a comprehensive program designed to provide executive officers with the opportunity to acquire company stock through the grant of Incentive Stock Options (SOS) and Nonqualified Stock Options (SOS). This plan is specially tailored for executives in the Mecklenburg County area of North Carolina and aims to attract and retain top talent in the region. Incentive Stock Options (SOS) are a type of option that offers certain tax advantages to the recipient. These options typically have specific eligibility criteria, such as being granted to employees within a certain timeframe and subject to holding requirements. SOS can only be granted to executive officers who meet the criteria set forth in the plan. Nonqualified Stock Options (SOS), on the other hand, are options that do not receive the same tax advantages as SOS. They offer more flexibility in terms of who can receive them, as they are not subject to the same strict eligibility requirements. SOS can be granted to a broader range of executives, including those who may not meet the criteria for SOS. The Mecklenburg North Carolina Stock Option Plan includes detailed provisions regarding the exercise price, vesting schedule, and expiration date of the options. It also outlines the conditions under which options may be accelerated or forfeited, ensuring alignment with the company's performance and goals. This plan demonstrates the company's commitment to incentivizing and rewarding its executive officers, encouraging them to contribute to the company's growth and success. By offering both Incentive Stock Options and Nonqualified Stock Options, it provides executives with a flexible and competitive compensation package tailored to their individual circumstances. Keywords: Mecklenburg North Carolina, Stock Option Plan, Incentive Stock Options, Nonqualified Stock Options, executive officers, eligibility criteria, tax advantages, exercise price, vesting schedule, expiration date, accelerated or forfeited, company growth, compensation package.