This non-employee director option agreement grants the optionee (the non-employee director) a non-qualified stock option under the company's non-employee director stock option plan. The option allows optionee to purchase shares of the company's common stock up to the number of shares listed in the agreement.
New York Non Employee Director Stock Option Agreement
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US-TC0913
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How to fill out Non Employee Director Stock Option Agreement?
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FAQ
An option gives you the right to buy your company's stock at a set price, called the exercise price or strike price. When you exercise your options, you pay the strike price (the cost of exercising your options) to the company in exchange for stock.
If you're working for a public company that's going private, your underwater options could be cancelled without a payout. If you have vested stock options that are in-the-money (not underwater), the company will have to give you some consideration in exchange for your shares if they wish to cancel them.
Since your company is private there often is no good way to convert that stock or option into cash until there is a liquidity event (usually a recapitalization, a sale of the company, or going public). However, that doesn't mean that there's nothing you can do to maximize the value of your stock-based compensation.
A stock option is the right to buy a specific number of shares of company stock at a pre-set price, known as the ?exercise? or ?strike price.? You take actual ownership of granted options over a fixed period of time called the ?vesting period.? When options vest, it means you've ?earned? them, though you still need to ...
If you exercise your options while your company is private and has no plan for a liquidity event, you may take on the risk of holding on to illiquid company shares. But, if the company begins the process to go public, exercising your pre-IPO options may be less risky.
Share option plans have become a popular form of employee compensation in the corporate world. These plans provide employees and directors with the opportunity to purchase company shares at a predetermined price within a specified timeframe.
Qualified stock options, also known as incentive stock options, can only be granted to employees. Non-qualified stock options can be granted to employees, directors, contractors and others. This gives you greater flexibility to recognize the contributions of non-employees.
The stock options plan is drafted by the company's board of directors and contains details of the grantee's rights. The options agreement will provide the key details of your option grant such as the vesting schedule, how the ESOs will vest, shares represented by the grant, and the strike price.