New York Proposal to approve restricted stock plan
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How to fill out Proposal To Approve Restricted Stock Plan?
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FAQ
Inducement Grants means options to purchase up to 700,000 shares of Common Stock (as adjusted for any recapitalization, stock split or similar event) issued or issuable to certain employees of the Target Companies as inducement grants in connection with the Acquisition.
Inducement awards must have their own respective share pools, and a separate Form S-8, and be incorporated into employment agreements. Inducement awards are used by companies to attract and retain employees. Organizations often offer them with other types of equity awards, such as restricted stock units.
Inducement awards are one of a handful of exceptions allowing for the grant of equity awards without shareholder approval, including exceptions for shares issued under tax-qualified non-discriminatory employee benefit plans and plans or arrangement relating to a merger or acquisition.
A company is required to disclose the material terms of the inducement grant, including the recipient(s) of the grant and the number of shares involved. If the disclosure relates to an award to executive officers, or the award was individually negotiated, then the disclosure must include the identity of the recipient.
NYSE Listing Requirements Distribution Standards Rule 102.01A-BIPOs, Spin-offs, Carve-outsTransfer or QuotationPublicly held shares1.1 million1.1 millionMarket Value of Publicly Held Shares$40 million$100 millionMinimum Share Price$4.00$4.00Average Monthly Trading Volume (Shares)100,0001 more row
Inducement awards are one of a handful of exceptions allowing for the grant of equity awards without shareholder approval, including exceptions for shares issued under tax-qualified non-discriminatory employee benefit plans and plans or arrangement relating to a merger or acquisition.
Under the NYSE rule, an "equity compensation plan" is a plan or other arrangement that provides for the delivery of equity securities (either newly issued or treasury shares) of the listed company to any employee, director or other service provider (e.g., consultants) as compensation for services.
The option plan must be approved by the stockholders within 12 months before or after the plan is adopted (see also Explanation: §423, Shareholder Approval Requirement) (IRC § 422(b)(1); Reg. §1.422-3).