Oklahoma Approval of Stock Option Plan

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Multi-State
Control #:
US-CC-18-211B-NE
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This sample form, a detailed Approval of Stock Option Plan, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats.
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FAQ

Once you have a plan in place, you can simply make amendments to increase the number of shares in the option pool on an as-needed basis. The initial plan and any expansions must be approved by your board of directors and then by shareholders.

Corporate actions include stock splits, dividends, mergers and acquisitions, rights issues and spin-offs. All of these are major decisions that typically need to be approved by the company's board of directors and authorized by its shareholders.

The US federal tax laws do not generally address the level of approval required for equity awards, but the tax rules that govern the qualification of so-called incentive stock options require that the options be granted under a shareholder-approved plan.

Stock options allow employees to buy a piece of your company at a discount in exchange for their dedication and commitment. As a small business, you can consider offering stock options as a great way to compensate employees and help build a hardworking and innovative staff.

A stock option plan must be adopted by the company's directors and, in some cases, approved by the company's shareholders.

Employee stock options are offered by companies to their employees as equity compensation plans. These grants come in the form of regular call options and give an employee the right to buy the company's stock at a specified price for a finite period of time.

The most notable difference between an ESOP vs ESPP is in how the employee receives the stock and when they can sell the stock. ESOPs provide the stock or shares at no cost to employees. ESPPs require participants to contribute funds to purchase shares of stock, though at a discounted rate.

Failure to get board approval Let's start with an obvious one that founders routinely miss in the early days: Stock option grants must be approved by the board. If the board doesn't approve (either at a board meeting or by unanimous written consent), the stock options haven't actually been granted.

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Oklahoma Approval of Stock Option Plan