Ohio 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

Chaparral Resources, Inc. is an energy company based in Ohio, offering various incentive stock plans for its employees. These plans are designed to provide additional benefits and incentives to motivate and retain talented individuals within the organization. Here, we will discuss the different types of Ohio Incentive Stock Plans offered by Chaparral Resources, Inc. and explain their key features. 1. Ohio Incentive Stock Plan (Option Plan): The Ohio Incentive Stock Option Plan is a stock-based compensation program that allows eligible employees of Chaparral Resources, Inc. to purchase company stock at a predetermined price within a specified timeframe. This plan aims to align the interests of employees with those of the company, as stock prices typically rise with improved performance. Eligible employees are granted options to buy company shares, providing them with an opportunity to profit from the stock's appreciation over time. 2. Ohio Incentive Stock Plan (Restricted Stock Units): The Ohio Incentive Stock Plan of Chaparral Resources, Inc. also includes a Restricted Stock Unit (RSU) program. RSS are awarded to eligible employees, providing them with an ownership interest in the company. Unlike stock options, RSS have no exercise price and are granted as shares outright. However, they are subject to certain vesting restrictions, which employees must meet over a predetermined period before gaining full ownership. RSS serve as a long-term incentive, encouraging employees to contribute to the company's growth and success. 3. Ohio Incentive Stock Plan (Performance Share Units): Chaparral Resources, Inc. also offers a Performance Share Unit (PSU) plan as part of its Ohio Incentive Stock Plan. Performance-Based Shares are awarded to employees based on certain performance criteria or goals set by the company. These shares are subject to a vesting period, during which employees work to achieve the performance objectives. Once the conditions are met, employees earn ownership rights to the shares. Plus are designed to align employee efforts towards specific organizational targets, encouraging productivity, and promoting long-term value creation. 4. Ohio Incentive Stock Plan (Employee Stock Purchase Plan): Another type of incentive stock plan offered by Chaparral Resources, Inc. is the Employee Stock Purchase Plan (ESPN). This plan allows employees to purchase company stock at a discounted price. An ESPN typically offers a payroll deduction system, where employees can contribute a portion of their salary towards the purchase of company shares. The discounted price makes the stock more affordable, fostering employee stock ownership and encouraging a sense of ownership and loyalty among the workforce. In summary, Chaparral Resources, Inc. provides several types of Ohio Incentive Stock Plans to enhance employee compensation and incentivize long-term commitment. These plans include stock options, restricted stock units, performance share units, and an employee stock purchase plan. Through these programs, the company aims to reward employees for their contributions, strengthen their ties to the organization, and align their interests with the company's overall growth and success.