Mississippi Amended and Restated Stock Option Plan of Continental Materials Corp.

• Category: Corporations - Public - Stock Options
• State: Multi-State
• Control #: US-CC-18-208H
• Format: Word; Rich Text

Description

18-208H 18-208H . . . Non-qualified Stock Option Plan under which committee can award reload stock options (Non-qualified Stock Options which (i) are awarded automatically upon exercise of stock option granted under Plan where option price is paid by optionee's delivery of previously owned shares of common stock, and (ii) entitle such optionee to purchase number of shares so delivered for option price equal to fair market value of a share of common stock on date original option was exercised). Plan provides that if optionee or any other person who acquires options by bequest or inheritance or by reason of his or her death proposes to sell, transfer, or otherwise dispose of shares acquired upon exercise, corporation shall have prior right to purchase all or any part of such shares at market price

The Mississippi Amended and Restated Stock Option Plan of Continental Materials Corp. is an employee benefit program offered by the company headquartered in Mississippi. This plan allows employees to purchase company stock at a predetermined price within a specific timeframe. The stock options are granted as additional compensation to motivate and retain employees. The Mississippi Amended and Restated Stock Option Plan is designed to provide employees with an opportunity to share in the company's success and align their interests with the long-term growth of Continental Materials Corp. The plan helps foster a sense of ownership, as employees become stakeholders in the company's financial performance. Under this plan, employees are granted the right, but not the obligation, to purchase a specific number of company shares at a specified price, known as the exercise price or strike price. The exercise period typically spans several years to allow employees ample time to exercise their options. These stock options can be of different types, including Non-Qualified Stock Options (Nests) and Incentive Stock Options (SOS). Nests offer more flexibility to employees as they can be granted to both executives and non-executives. On the other hand, SOS are generally reserved for top-level executives and have specific tax advantages as per the Internal Revenue Code. The Mississippi Amended and Restated Stock Option Plan also outlines the vesting schedule, which is the timeline within which employees can gradually gain the right to exercise their options. Vesting may occur based on a specific time frame or a performance-based condition, such as the achievement of certain company targets. This stock option plan is subject to certain rules and regulations, including any amendments made to ensure compliance with applicable laws. The plan beneficiaries must comply with any internal policies and procedures set forth by Continental Materials Corp., as well as relevant state and federal laws. In summary, the Mississippi Amended and Restated Stock Option Plan of Continental Materials Corp. is a comprehensive employee benefit program that allows employees to acquire company stock at a predetermined price. The plan includes various types of stock options, such as Nests and SOS, tailored to different employee groups. This plan enables employees to become stakeholders in the company's financial performance and incentivizes long-term commitment and loyalty.