Salt Lake Utah 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: Salt Lake
• 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 Salt Lake Utah Stock Option Plan is a comprehensive program designed to incentivize executive officers through the grant of both Incentive Stock Options (SOS) and Nonqualified Stock Options (SOS). This plan is specific to the state of Utah and the city of Salt Lake. Incentive Stock Options (SOS) are a type of stock option that offers certain tax benefits to employees, providing opportunities to purchase company stock at a predetermined price within a specified timeframe. SOS are typically granted to key executive officers as a reward for achieving specific performance goals or milestones. These options are subject to various rules and regulations set by the Internal Revenue Service (IRS) and aim to encourage long-term shareholder value creation. Nonqualified Stock Options (SOS), on the other hand, are a more versatile type of stock option available to executive officers. Unlike SOS, SOS do not offer the same tax advantages. However, SOS provide greater flexibility in terms of granting options to a broader range of employees, including executive officers. SOS can be offered at a discount or at the market price and typically have shorter vesting periods. The Salt Lake Utah Stock Option Plan is designed to accommodate both SOS and SOS, allowing companies to tailor their compensation packages to meet the specific needs and objectives of their executive officers. By offering a combination of both types of stock options, companies can attract and retain highly skilled professionals, aligning their interests with the long-term success of the organization. It's important to note that while the description above outlines the general principles and characteristics of Incentive Stock Options and Nonqualified Stock Options, each specific Salt Lake Utah Stock Option Plan may have its own unique terms and conditions. These plans can have variations in terms of vesting schedules, exercise prices, and other specific provisions that need to be considered before implementation.

The Salt Lake Utah Stock Option Plan is a comprehensive program designed to incentivize executive officers through the grant of both Incentive Stock Options (SOS) and Nonqualified Stock Options (SOS). This plan is specific to the state of Utah and the city of Salt Lake. Incentive Stock Options (SOS) are a type of stock option that offers certain tax benefits to employees, providing opportunities to purchase company stock at a predetermined price within a specified timeframe. SOS are typically granted to key executive officers as a reward for achieving specific performance goals or milestones. These options are subject to various rules and regulations set by the Internal Revenue Service (IRS) and aim to encourage long-term shareholder value creation. Nonqualified Stock Options (SOS), on the other hand, are a more versatile type of stock option available to executive officers. Unlike SOS, SOS do not offer the same tax advantages. However, SOS provide greater flexibility in terms of granting options to a broader range of employees, including executive officers. SOS can be offered at a discount or at the market price and typically have shorter vesting periods. The Salt Lake Utah Stock Option Plan is designed to accommodate both SOS and SOS, allowing companies to tailor their compensation packages to meet the specific needs and objectives of their executive officers. By offering a combination of both types of stock options, companies can attract and retain highly skilled professionals, aligning their interests with the long-term success of the organization. It's important to note that while the description above outlines the general principles and characteristics of Incentive Stock Options and Nonqualified Stock Options, each specific Salt Lake Utah Stock Option Plan may have its own unique terms and conditions. These plans can have variations in terms of vesting schedules, exercise prices, and other specific provisions that need to be considered before implementation.