Puerto Rico Stock Option Plan of Stewart Information Services Corp. for Region Managers

• Category: Corporations - Public - Stock Options
• State: Multi-State
• Control #: US-CC-18-365B
• Format: Word; Rich Text

Description

18-365B 18-365B . . . Stock Option Plan for Region Managers under which Compensation Committee may grant Incentive and Non-qualified Stock Options to full-time key employees who are employed at time of grant as Region Managers or equivalent position. In determining number of shares subject to an option granted in any given year to a particular Region Manager, Committee shall consider whether (a) pretax profits in Region Manager's territory have increased over prior year, (b) cash received by corporation from Region Manager's territory has increased over prior year, (c) percentage of claim dollars to revenues in Region Manager's territory has decreased over prior year, (d) delinquencies have decreased or maintained at zero level from prior year, (e) market share has increased in Region Manager's territory over prior year, (f) Region Manager has made efforts to expand territory through expansion of markets and/or sale of new products, (g) Region Manager's territory complies with corporation policy relating to agency visits, audits, automation, training, and benefit participation, and (h) Region Manager incorporates corporation's goals and strategies into goals for his territory

The Puerto Rico Stock Option Plan of Stewart Information Services Corp. for Region Managers is a comprehensive employee benefit program designed specifically for the region managers of the company based in Puerto Rico. This plan offers various types of stock options to eligible region managers, providing them with the opportunity to acquire shares or units of Stewart Information Services Corp. based on certain conditions and eligibility criteria. One type of stock option plan available under the Puerto Rico Stock Option Plan for Region Managers is the Incentive Stock Option (ISO). This type of option allows region managers to purchase company stocks at a predetermined price, known as the exercise price, within a specified period of time. These options are often subject to certain vesting conditions, where the manager must fulfill specific criteria such as attaining a certain level of performance or remaining with the company for a specific duration before exercising their options. Another type of stock option plan available for region managers is the Non-Qualified Stock Option (NO). Nests differ from SOS in terms of taxation, as they are subject to ordinary income tax rates upon exercising, while SOS offer potential tax advantages. Nests also offer flexibility in terms of granting options, as they can be offered to region managers regardless of their level of performance or tenure within the company. Under the Puerto Rico Stock Option Plan for Region Managers, the company may also offer Restricted Stock Units (RSS). RSS are rights to receive shares of Stewart Information Services Corp. stock at a future date, usually upon vesting conditions being met. RSS typically grant region managers the right to acquire shares without the need for any upfront purchase or payment. It's important to note that the specific details and terms of the Puerto Rico Stock Option Plan for Region Managers may vary depending on the individual's employment agreement, position, level of responsibility, and performance within Stewart Information Services Corp. The plan is subject to the rules and regulations of Puerto Rico and may be subject to changes or amendments as determined by the company. Overall, the Puerto Rico Stock Option Plan of Stewart Information Services Corp. for Region Managers aims to provide additional financial incentives and rewards to region managers, aligning their interests with those of the company and fostering a culture of performance and loyalty among the employees.