Utah Amended and Restated Stock Option Plan of Continental Materials Corp.

• Category: Corporations - Public - Stock Options
• State: Multi-State
• Control #: US-CC-18-208H
• Format: Word; Rich Text

Description

18-208H 18-208H . . . Non-qualified Stock Option Plan under which committee can award reload stock options (Non-qualified Stock Options which (i) are awarded automatically upon exercise of stock option granted under Plan where option price is paid by optionee's delivery of previously owned shares of common stock, and (ii) entitle such optionee to purchase number of shares so delivered for option price equal to fair market value of a share of common stock on date original option was exercised). Plan provides that if optionee or any other person who acquires options by bequest or inheritance or by reason of his or her death proposes to sell, transfer, or otherwise dispose of shares acquired upon exercise, corporation shall have prior right to purchase all or any part of such shares at market price

The Utah Amended and Restated Stock Option Plan is a comprehensive and carefully structured employee benefit program implemented by Continental Materials Corp. This plan aims to provide eligible employees with stock options, allowing them to purchase company stocks at predetermined prices. The plan offers several benefits to participants, including the potential for financial growth and an opportunity to align their interests with the company's overall success. By granting stock options, Continental Materials Corp. incentivizes and rewards its employees while fostering a sense of ownership and motivation within the workforce. The Utah Amended and Restated Stock Option Plan accommodates various types of stock options to cater to different employee needs. These include: 1. Non-Qualified Stock Options (SOS): These are stock options granted to employees, directors, and consultants. The exercise price is typically set at the current fair market value of the company's stock, and these options are subject to taxation upon exercise. 2. Incentive Stock Options (SOS): Reserved for employees only, SOS offer potential tax advantages. To qualify, employees must meet specific requirements, such as remaining employed by the company for a specified period. The exercise price is set at or above the market value of the stock on the grant date. 3. Restricted Stock Units (RSS): These are units that represent the right to receive a specific number of company shares upon satisfying certain conditions, such as continued employment for a predefined period. RSS offers a straightforward approach as no exercise price is required. 4. Performance Stock Options: These options are granted based on predetermined performance metrics or goals set by the company. Employees can exercise their options once these performance criteria are met. The Utah Amended and Restated Stock Option Plan of Continental Materials Corp. is designed to attract and retain talented employees, align interests, and contribute to the company's overall growth. By offering a variety of stock options, employees can choose the approach that best suits their financial goals and risk tolerance. This plan showcases Continental Materials Corp.'s commitment to its workforce and drives a sense of unity and shared success among its employees.