18-172 18-172 . . Director Stock Program which provides that, on first day of director's term, such director will be granted option to acquire 900 shares of common stock, and on first day of each subsequent year of director's term, he or she will be granted options to acquire 300 shares of common stock. Options are at fair market value on date of grant and are exercisable in full six months after date of grant. The Director Stock Program also provides that, on first day of director's term, he or she will be awarded right to purchase 450 shares of restricted stock, and on first day of the second and third year of such director's term, he or she will be awarded right to purchase 150 shares of restricted stock. Purchase price will be equal to par value of common stock
Massachusetts Director stock program
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Most states require a minimum of three directors, but there are a few states that require only two. However, regardless of the state requirements, it is generally advisable to have at least three directors on the board.
Laws ch. 156D § 8.40. Section 156D:8.40 - Required officers (a) A corporation shall have a president, a treasurer and a secretary and such other officers described in its bylaws or appointed by the board of directors in ance with the bylaws.
All corporations with a corporate purpose of rendering professional services and services ancillary thereto within a single profession in the commonwealth are subject to the following information.
The excess of the fair market value of the stock at the date the option was exercised over the amount paid for the stock is taxed as compensation at the time the stock is sold. Any additional profit is taxed as capital gain.
When your employer participates in WorkShare, it allows you to keep your job and continue to receive company benefits while working reduced hours. Instead of laying off workers, WorkShare allows your employer to reduce the number of hours worked by a specific group of employees.
Ing to the Massachusetts Tips Act, employers must distribute service charges to wait staff employees, service employees, and service bartenders in proportion to the services they provided. Generally, service charges cannot be retained by owners.
The following are the Massachusetts requirements for directors of corporations: Minimum number. Corporations must have no fewer than three directors, unless there are two or fewer shareholders. In such case, there may be one or two directors.
The Open Meeting Law defines a quorum as a simple majority of the members of a public body, unless otherwise provided in a general or special law, executive order, or other authorizing provision. G.L. c. 30A, § 18.