North Dakota Incentive Stock Plan of Chaparral Resources, Inc.

• Category: Corporations - Public - Stock Options
• State: Multi-State
• Control #: US-CC-18-122
• Format: Word; Rich Text

Description

18-122 18-122 . . . Incentive Stock Plan under which (a) Compensation Committee can grant awards of common Stock to employees, consultants and directors, (b) each outside director will automatically receive an award of 10,000 shares of common stock if, on or before specified date, corporation is producing or has produced not less than 3,000 barrels of crude oil per day and obtained necessary financing to permit development of a named oil field, and (c) each outside director shall receive stock award of 250 shares of common stock for each meeting of Board of Directors that such director attends

The North Dakota Incentive Stock Plan (ND ISP) is a unique program offered by Chaparral Resources, Inc., a leading energy company operating in the region. This plan is designed to attract and retain top talent by providing employees with an opportunity to purchase company stock at a discounted price. Let's delve into the details of this program and its different types: 1. Basic Overview of ND ISP: The North Dakota Incentive Stock Plan aims to reward employees' hard work and dedication by granting them the ability to acquire company stock. This serves as an incentive to participate in the growth and success of Chaparral Resources, Inc. 2. Employee Eligibility: All eligible employees, including full-time and part-time members, are invited to participate in the ND ISP. Upon meeting certain criteria, employees can qualify for this enlightening opportunity. 3. Stock Purchase Options: Under this plan, employees have several options to purchase Chaparral Resources, Inc. stock. The most common methods include stock options and stock purchase plans. These mechanisms enable employees to exercise their right to buy company shares at a predetermined price, often at a discount. 4. Vesting Period: Like many stock plans, the ND ISP incorporates a vesting period during which employees must wait before they gain full ownership of the purchased shares. This time frame is typically designed to encourage loyalty and retention, ensuring employees' commitment to the long-term success of the company. 5. Tax Benefits: The North Dakota Incentive Stock Plan may offer tax advantages to participants. Employees are encouraged to consult with financial advisors or tax professionals to understand the tax implications of their stock purchases and potential benefits derived from this program. 6. Performance-based Incentives: Chaparral Resources, Inc. may introduce performance-based incentives within ND ISP, rewarding employees who achieve exceptional results or meet specific targets. These additional incentives serve as an extra motivation for employees to contribute to the company's growth. 7. Employee Stock Ownership Plan (ESOP): Alongside the Incentive Stock Plan, Chaparral Resources, Inc. may also offer an Employee Stock Ownership Plan (ESOP). In an ESOP, employee participants become beneficial owners of company stock through a retirement benefit account. This long-term oriented plan ensures that employees become active stakeholders in the company's overall success. The North Dakota Incentive Stock Plan of Chaparral Resources, Inc. serves as an integral part of the company's commitment to engaging talented individuals, recognizing their contributions, and aligning their interests with the organization's long-term goals. By providing employees with a chance for stock ownership, the company fosters a sense of shared purpose, teamwork, and a focus on driving sustainable growth.