The Virginia Amended and Restated Stock Option Plan of L. Luria and Son, Inc. is a comprehensive compensation program designed to provide additional benefits to employees and key individuals within the company. This plan allows eligible participants to purchase company stock at a predetermined price, known as the exercise price, within a specified time frame. With its various types and key features, the plan aims to incentivize and reward employees for their contributions to the company's growth and success. The first type of the Virginia Amended and Restated Stock Option Plan is the "Employee Stock Option Plan." This type is specifically tailored for regular employees of L. Luria and Son, Inc. It offers them the opportunity to purchase company stock as part of their compensation package, aligning their interests with the company's long-term performance. The second type is the "Key Employee Stock Option Plan." This plan is designed to attract and retain key individuals crucial for driving the company's success. Key employees, such as executives or managers, are granted stock options that provide them with greater potential rewards, reflecting their significant impact on the organization's growth strategy. The Virginia Amended and Restated Stock Option Plan provides numerous advantages for participants. Firstly, it offers an opportunity for employees to become shareholders of the company, fostering a sense of ownership and encouraging them to work towards the company's success. Secondly, it provides a financial incentive by granting stock options at a predetermined, usually discounted, exercise price. If the company's stock price rises, participants can potentially profit from the increase. Moreover, the plan is flexible, offering participants various vesting schedules and exercising options. For eligibility, participants must meet specific criteria determined by L. Luria and Son, Inc. This typically includes employment tenure, job position, and performance evaluations. The plan also establishes rules for the exercise and sale of stock options, ensuring participants adhere to relevant tax regulations and corporate governance guidelines. Overall, the Virginia Amended and Restated Stock Option Plan of L. Luria and Son, Inc. is a valuable compensation program designed to motivate and reward employees and key individuals within the company. By aligning their interests with the company's success, participants have the opportunity to benefit financially while contributing to the long-term growth and prosperity of L. Luria and Son, Inc.
Virginia Amended and Restated Stock Option Plan of L. Luria and Son, Inc.
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