Florida Restricted Stock Plan of Sundstrand Corp.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• Control #: US-CC-20-171D
• Format: Word; Rich Text

Description

20-171D 20-171D . . . Restricted Stock Plan under which a committee of Board of Directors sells shares of common stock to certain officers and senior employees at a price substantially below current market price. The shares are subject to following restrictions: (a) prohibition against any sale or other transfer and (b) obligation that participant (at corporation's option) must resell shares to corporation at price he paid for them if he ceases to be employed by corporation prior to expiration of from five to nine years after shares were sold to him, for reasons other than normal retirement, death, total disability or early retirement with consent of Board or committee. Except as otherwise provided, restrictions lapse as to 1/5 of aggregate number of participant's shares at expiration or each of fifth through ninth years after his purchase of such shares The Florida Restricted Stock Plan of Bandstand Corp. is an incentive compensation program designed to reward employees of the company with restricted stock grants. This plan is specifically applicable to employees located in the state of Florida. The Florida Restricted Stock Plan allows eligible employees to receive shares of Bandstand Corp. stock as a form of compensation. These shares are subject to certain restrictions and conditions, which are outlined in the plan. The purpose of these restrictions is to ensure that employees have a vested interest in the long-term success of the company and to align their interests with those of the shareholders. Under the Florida Restricted Stock Plan, the grants of restricted stock are typically subject to a vesting period. This means that employees must fulfill certain requirements, such as remaining employed with the company for a specified period of time or achieving specific performance goals, before they can fully own the shares. Once the vesting period is complete, the restrictions are lifted, and the employee becomes the unrestricted owner of the shares. The plan may offer different types of restricted stock grants based on various factors, such as the employee's position within the company or their performance. These types may include: 1. Performance-Based Restricted Stock: This type of grant is tied to the achievement of performance targets or milestones set by the company. Employees must meet or exceed these goals to earn the full allocation of shares. 2. Time-Based Restricted Stock: This grant type typically requires employees to satisfy a specified service period before the shares fully vest. This may be based on the number of years employed or a specific timeframe determined by the company. 3. Restricted Stock Units (RSS): Instead of actual shares, RSS represent the right to receive a certain number of shares in the future. Similar to restricted stock, RSS often have vesting conditions that must be met before the shares are granted to the employee. 4. Employee Stock Purchase Plan (ESPN): While not strictly a form of restricted stock, an ESPN allows employees to purchase company stock at a discounted price. The discount and terms may be established under the Florida Restricted Stock Plan, providing additional opportunities for employees to become shareholders. Employees participating in the Florida Restricted Stock Plan have an opportunity to benefit from the potential appreciation in the value of the company's stock over time. It also helps to retain and motivate talented individuals, fostering a sense of ownership and loyalty among employees. However, it is essential for employees to carefully review the plan's terms and understand the tax implications associated with receiving and transacting restricted stock.

The Florida Restricted Stock Plan of Bandstand Corp. is an incentive compensation program designed to reward employees of the company with restricted stock grants. This plan is specifically applicable to employees located in the state of Florida. The Florida Restricted Stock Plan allows eligible employees to receive shares of Bandstand Corp. stock as a form of compensation. These shares are subject to certain restrictions and conditions, which are outlined in the plan. The purpose of these restrictions is to ensure that employees have a vested interest in the long-term success of the company and to align their interests with those of the shareholders. Under the Florida Restricted Stock Plan, the grants of restricted stock are typically subject to a vesting period. This means that employees must fulfill certain requirements, such as remaining employed with the company for a specified period of time or achieving specific performance goals, before they can fully own the shares. Once the vesting period is complete, the restrictions are lifted, and the employee becomes the unrestricted owner of the shares. The plan may offer different types of restricted stock grants based on various factors, such as the employee's position within the company or their performance. These types may include: 1. Performance-Based Restricted Stock: This type of grant is tied to the achievement of performance targets or milestones set by the company. Employees must meet or exceed these goals to earn the full allocation of shares. 2. Time-Based Restricted Stock: This grant type typically requires employees to satisfy a specified service period before the shares fully vest. This may be based on the number of years employed or a specific timeframe determined by the company. 3. Restricted Stock Units (RSS): Instead of actual shares, RSS represent the right to receive a certain number of shares in the future. Similar to restricted stock, RSS often have vesting conditions that must be met before the shares are granted to the employee. 4. Employee Stock Purchase Plan (ESPN): While not strictly a form of restricted stock, an ESPN allows employees to purchase company stock at a discounted price. The discount and terms may be established under the Florida Restricted Stock Plan, providing additional opportunities for employees to become shareholders. Employees participating in the Florida Restricted Stock Plan have an opportunity to benefit from the potential appreciation in the value of the company's stock over time. It also helps to retain and motivate talented individuals, fostering a sense of ownership and loyalty among employees. However, it is essential for employees to carefully review the plan's terms and understand the tax implications associated with receiving and transacting restricted stock.