New York 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 New York Amended and Restated Stock Option Plan is a program developed by Continental Materials Corp. (CMC) to provide stock options to its employees. This plan aims to incentivize and reward employees for their contributions to the company's success. By offering stock options, employees have the opportunity to buy shares of CMC's stock at a specified price, enabling them to potentially benefit from its future growth. This plan allows CMC to grant stock options to its employees, which can be exercised over a specific period of time. The stock options can be exercised at a predetermined price, known as the exercise price or strike price. The employees who are granted stock options become shareholders of CMC, which aligns their interests with that of the company's shareholders. The New York Amended and Restated Stock Option Plan is designed to attract, retain, and motivate talented individuals to join or stay with CMC. It serves as an additional form of compensation, giving employees the opportunity to participate in the company's financial success. This plan also helps create a sense of ownership and encourages employees to actively contribute to the company's growth and profitability. Under the New York Amended and Restated Stock Option Plan, there may be different types of stock options granted to employees, including: 1. Incentive Stock Options (SOS): These stock options carry potential tax advantages for employees. If certain requirements are met, employees may be eligible for favorable tax treatment when exercising SOS. 2. Non-Qualified Stock Options (SOS): Unlike SOS, SOS do not offer any specific tax benefits; however, they provide flexibility in terms of granting options to a broader range of employees. 3. Restricted Stock Units (RSS): Rather than providing stock options, RSS grant employees the right to receive shares of CMC's stock in the future. Unlike stock options, RSS have a vesting period and are settled by issuing actual shares of stock. 4. Performance Stock Options: These options are linked to the achievement of predetermined performance goals or milestones. Employees are rewarded with stock options if the company exceeds the set targets, serving as an additional motivator to drive performance. The New York Amended and Restated Stock Option Plan of Continental Materials Corporation outlines the specifics, terms, and conditions for each type of stock option granted. It is essential for employees to understand the details of the plan, including vesting schedules, exercise periods, and any associated tax implications. This plan is subject to applicable laws and regulations, ensuring compliance with New York state requirements for stock option plans. In conclusion, the New York Amended and Restated Stock Option Plan of Continental Materials Corporation provides an enticing opportunity for employees to participate in the company's growth and financial success through stock options. It serves as a means to attract, retain, and motivate talented individuals while aligning their interests with that of the shareholders.