Idaho 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 Idaho Restricted Stock Plan of Bandstand Corp is a comprehensive employee benefit program offered by Bandstand Corp, a leading company in the manufacturing and aerospace industry. This stock plan is designed to incentivize and reward employees by providing them with restricted stock units (RSS) as a form of compensation, promoting loyalty, and aligning their interests with the company's long-term success. Under the Idaho Restricted Stock Plan, eligible employees are granted RSS, which represent a right to receive shares of Bandstand Corp's common stock at a future date. This RSS is "restricted" because certain conditions must be met before the shares can be fully owned by the employees. These conditions often include a vesting period, which establishes a specific time frame during which the RSS gradually become fully owned by the employees. By linking the vesting of RSS to a certain period of continuous service or the accomplishment of specific performance goals, the plan ensures that employees stay committed to Bandstand Corp and contribute to its growth and profitability. This alignment of interests motivates employees to work towards company objectives and fosters a team-oriented mindset. Bandstand Corp recognizes that different employees may have varying roles and job levels, thus making it necessary to have different types of restricted stock plans. Some different Idaho Restricted Stock Plans offered by Bandstand Corp may include: 1. Management Restricted Stock Plan: Tailored to executives and high-level managers, this plan offers RSS with more significant grants and potentially shorter vesting periods. It aims to attract and retain top talent in leadership positions. 2. Employee Restricted Stock Plan: Meant for regular full-time employees, this plan offers RSS designed to reward loyalty and foster a long-term commitment to the company. Vesting periods may be longer but lead to greater overall benefits. 3. Performance-based Restricted Stock Plan: This plan combines RSS with performance metrics tied to the company's financial results or individual achievement. It encourages employees to meet specific goals, driving both personal and organizational growth. 4. Long-Term Incentive Restricted Stock Plan: Geared towards retaining key employees, this plan provides RSS that vest over an extended period. Its purpose is to encourage employee retention and continuity, particularly in critical roles. The Idaho Restricted Stock Plan of Bandstand Corp not only serves as a powerful tool for attracting and retaining talent but also aligns the interests of employees with the company's objectives. It fosters a sense of ownership, dedication, and mutual growth, ultimately benefiting both Bandstand Corp and its committed workforce.