North Carolina 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 North Carolina Amended and Restated Stock Option Plan of Continental Materials Corp. is an employee benefit plan that provides eligible participants with the opportunity to purchase company stock at a predetermined price. This plan is designed to incentivize and reward employees for their contributions to the company's growth and success. Under this stock option plan, employees are granted the right to purchase a specified number of company shares at a predetermined exercise price within a certain time period. The option to purchase stock is often granted as a reward or to attract and retain top talent within the company. The North Carolina Amended and Restated Stock Option Plan offers various types of stock options to participants. These options may include: 1. Non-Qualified Stock Options: These stock options do not have additional tax benefits and are subject to taxes upon exercise. Employees may choose to exercise these options at their discretion but will incur tax liabilities. 2. Incentive Stock Options: This type of stock option is intended to provide tax advantages to eligible employees. Participants in the plan who hold these stock options may benefit from potentially favorable tax treatment upon exercise and sale of the stock. 3. Restricted Stock Units (RSS): RSS are another type of stock option offered under the North Carolina Amended and Restated Stock Option Plan. RSS represents a promise to deliver company stock at a specified future date or upon the occurrence of certain conditions. 4. Performance Shares: These stock options are linked to specific performance targets set by the company. Eligible participants may receive stock awards if predefined performance goals are achieved within a certain timeframe. It is essential for employees to thoroughly understand the terms and conditions of the North Carolina Amended and Restated Stock Option Plan, as well as the specific type of stock options granted. Each type of stock option has different tax implications, exercise periods, and conditions that need to be met for the options to be exercised. By implementing the North Carolina Amended and Restated Stock Option Plan, Continental Materials Corp. aims to align the interests of its employees with the company's long-term success. This plan provides employees with a valuable opportunity to participate in the company's growth, while also serving as a retention tool for attracting and motivating top talent.