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

• Category: Corporations - Public - Stock Options
• State: Multi-State
• 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 Illinois Nonemployee Directors Stock Option Plan of National Surgery Centers, Inc. is a comprehensive and advantageous program designed to attract and retain top-tier talent for board positions within the company. This stock option plan grants nonemployee directors the opportunity to purchase company stock at a predetermined price, allowing them to invest in the company's success while aligning their interests with those of the shareholders. Key features of the Illinois Nonemployee Directors Stock Option Plan include: 1. Stock option grants: Nonemployee directors of National Surgery Centers, Inc. are eligible to receive stock option grants as part of their compensation package. These grants provide the directors with the right to purchase a specified number of company shares at a predetermined exercise price. 2. Competitive exercise price: The exercise price of the stock options offered under this plan is set at a fair market value, ensuring that the directors can benefit from potential stock price appreciation over time. This encourages long-term commitment and engagement in the company's growth. 3. Vesting schedule: The stock options granted to nonemployee directors are subject to a vesting period, which ensures that the directors remain with the company for an extended period. This incentivizes their active participation and continued contribution towards the organization's success. 4. Flexibility: The Illinois Nonemployee Directors Stock Option Plan allows directors to exercise their stock options at a time that suits their individual financial needs. This flexibility enables them to optimize the value of their options based on market conditions or personal circumstances. 5. Additional benefits: Along with stock options, National Surgery Centers, Inc. may offer additional benefits to nonemployee directors, such as dividend equivalents and dividends on invested shares. These benefits further enhance the attractiveness of the plan and reward directors for their service and dedication. Different types of Illinois Nonemployee Directors Stock Option Plans within National Surgery Centers, Inc. may include: 1. Standard Nonemployee Directors Stock Option Plan: This is the basic plan offered to all nonemployee directors, providing them with the opportunity to purchase company stock through stock option grants. 2. Performance-based Nonemployee Directors Stock Option Plan: This plan may be awarded to nonemployee directors who fulfill certain performance criteria, such as achievement of corporate goals or milestones. It aims to align their compensation with the company's overall performance and encourage exceptional contributions. 3. Long-term Nonemployee Directors Stock Option Plan: This plan extends the vesting period of the stock options granted to nonemployee directors, further promoting their long-term commitment and loyalty to National Surgery Centers, Inc. In conclusion, the Illinois Nonemployee Directors Stock Option Plan of National Surgery Centers, Inc. is a comprehensive and flexible compensation program that aims to attract and retain highly qualified board members. Through stock option grants, competitive exercise prices, vesting schedules, and additional benefits, this plan provides nonemployee directors with financial incentives and aligns their interests with the company's success.