Option Plan With Lyric

• Category: Corporations - Public - Stock Options
• State: Multi-State
• Control #: US-CC-18-219B
• Format: Word; Rich Text

Description

The Options Plan with Lyric for Borders Group, Inc. is created to attract and retain key employees by enhancing their ownership opportunities in the company. This plan is overseen by the Board of Directors until an initial public offering occurs, after which a dedicated Compensation Committee administers it. Key features of the plan include the maximum number of shares available for grant, which is subject to shareholder approval and other conditions. Options can be classified as either incentive or non-qualified, affecting tax treatment and limits on the fair market value of shares exercised annually. The administrator has discretion in option awards, considering employee contributions and other relevant factors. The plan incorporates mechanisms for equity exchanges and requires specific terms for different types of options. Filling and editing instructions emphasize that all provisions enforce compliance with applicable laws, ensuring that options granted are valuable and not a burden. Attorneys, partners, owners, associates, paralegals, and legal assistants can utilize this document for creating agreements, advising employees on equity compensation, and ensuring compliance with corporate regulations.