North Carolina Restricted Stock Plan of RPM, Inc.

• Category: Corporations - Public - Stock Options
• State: Multi-State
• Control #: US-CC-18-200A
• Format: Word; Rich Text

Description

18-200A 18-200A . . . Restricted Stock Plan under which (a) Compensation Committee determines those employees of corporation and subsidiaries who are eligible to receive awards of Restricted Shares, (b) Restricted Shares are forfeitable and nontransferable for specified period of time, (c) transfer restrictions remain in place until earliest of (i) later of either employee's termination of employment or lapse of forfeiture restrictions, (ii) change in control with respect to corporation, or (iii) termination of Plan. Restricted Shares are subject to compete forfeiture until earliest to occur of (i) later of either employee's attainment of age 55 or fifth anniversary of May 31st immediately preceding date on which Restricted Shares were awarded, (ii) retirement of employee on or after attainment of age 65, or (iii) change in control with respect to corporation

The North Carolina Restricted Stock Plan of RPM, Inc. is a comprehensive and structured program that offers employees of RPM, Inc. in the state of North Carolina the opportunity to acquire company stock. This plan is designed to foster long-term commitment and incentivize employees to contribute to the growth and success of RPM, Inc. The program operates under strict guidelines and local regulations, ensuring fairness and transparency. Key Features: 1. Restricted Stock Units (RSS): RPM, Inc. grants restricted stock units to eligible employees, which represent ownership in the company. These units come with certain restrictions on their transferability and are subject to vesting criteria. 2. Vesting Schedule: The plan outlines a specific vesting schedule for RSS, determining when employees gain ownership rights. Typically, RSS vest over a predetermined period, rewarding employees for their continued service and dedication. 3. Performance Criteria: The North Carolina Restricted Stock Plan may incorporate performance-based criteria in determining the value or number of RSS granted to employees. These criteria can include individual performance, team goals, or company-wide achievements. 4. Tax Considerations: Employees need to be aware of the tax implications associated with the vested RSS. It is essential to consult a tax professional to understand the tax obligations based on the specific circumstances, including when RSS are granted and when they vest. Types of North Carolina Restricted Stock Plans: 1. Employee Stock Ownership Plan (ESOP): RPM, Inc. may have an ESOP as part of its North Carolina Restricted Stock Plan. An ESOP allows employees to acquire stock ownership as an additional employee benefit, often providing a retirement savings vehicle. 2. Equity Incentive Plan: RPM, Inc. might choose to implement an equity incentive plan within their North Carolina Restricted Stock Plan. This plan offers employees various equity-based incentives, such as stock options or restricted stock grants, to motivate and reward them for achieving specific goals. 3. Stock Purchase Plan: RPM, Inc. may also have a stock purchase plan as part of their North Carolina Restricted Stock Plan. This plan allows employees to purchase company stock at a discounted price, either through regular contributions or a one-time purchase. It is crucial for employees to carefully review the details of the specific North Carolina Restricted Stock Plan offered by RPM, Inc., as the terms and features may vary based on the company's policies, objectives, and local legal requirements. Employees should refer to the official plan documents and consult with their HR department or financial advisor for comprehensive information and guidance.