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Elgin Illinois Form 3921: What You Should Know
As such Members believe the best way to accomplish this objective is to ensure that each year school districts, schools & the teacher workforce are provided with a significant number of participants and/or non-participant “buy-in” units; AND WHEREAS, the principal purpose of an incentive stock option is to incentivize the exercise of stock rights by employees of the company, or an affiliate of the company for the purpose of generating an increased share price and a corresponding increase in the value of company stock; AND WHEREAS, the intent of each participant with such a stock option is to enter into the exercise of the stock option for an agreed upon consideration, and not for any other purpose. Therefore, the Board of Directors of the Elgin Community Services District desires to request your help in helping the ELGIN contract administrator (CAD) develop a detailed, concise statement of each participant's right to vote with respect to each option exercise or the total number of stock rights vested in the option exercise which can be relied upon by the company in determining whether participants' exercise of the right to vote was for any other purpose than the company's stockholders' best interests; and WHEREAS, the CSA and Elgin Township (G) agreed to a two-years agreement with the company with respect to the exercise of the option, and upon the terms specified in the agreement, the company intends to exercise the options for an aggregate of five years and is seeking proposals from the Elgin district to help facilitate such assistance to the district or the city (Galveston Township) who wishes to exercise the option; NOW THEREFORE BE IT RESOLVED that the Elgin Community Services District desires to: (a) solicit participation in the development and preparation of the Option Exercise Statement/Form 3921. (b) provide the CAD with complete information regarding each option exercise transaction including the participant's right to vote, number of shares to be acquired, and the total number of shares that may be exercised. (c) encourage the preparation of a revised copy of (a) and (b) in which the CSA and Elgin Township agree to a new one-year option to the CSA or Elgin Township respectively.
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