North Carolina Restricted Stock Plan and Trust Agreement of Home Federal Savings and Loan Assoc.

• Category: Corporations - Shareholders and Stock
• State: Multi-State
• Control #: US-CC-18-202D
• Format: Word; Rich Text

Description

18-202D 18-202D . . . Restricted Stock Plan and Trust Agreement for federal savings and loan association ("corporation") under which (a) corporation will contribute funds to Restricted Stock Plan ("Plan") and Plan will (i) purchase common stock in open market or (ii) purchase authorized but unissued shares of common stock from corporation, and (b) committee of Board of Directors can grant Restricted Stock Awards to directors, officers and key employees, Twenty percent of such Awards are earned and become non-forfeitable on one-year anniversary of date of grant and an additional 20% are earned and become non-forfeitable annually thereafter; provided that recipient of Award remains an employee or director of corporation during such period. Dividends paid on Restricted Stock Awards are held in arrears and distributed on date such applicable Restricted Stock Awards are earned The North Carolina Restricted Stock Plan and Trust Agreement of Home Federal Savings and Loan Association is a legal document that outlines the terms and conditions of a stock-based compensation plan offered by Home Federal Savings and Loan Association in North Carolina. This plan provides employees with the opportunity to receive shares of restricted stock as part of their overall compensation package. Under this agreement, employees are granted a specific number of restricted stock units (RSS) that represent a certain number of shares in Home Federal Savings and Loan Association. This RSS is subject to certain restrictions and vesting requirements that must be met before the employee can fully benefit from their ownership. The North Carolina Restricted Stock Plan and Trust Agreement sets forth the rules regarding the vesting schedule, which typically spans over a predetermined period, such as three to five years. Once the RSS have vested, employees gain full ownership of the shares, enabling them to exercise voting rights and receive dividends, if applicable. The trust aspect of the agreement refers to the establishment of a trust fund that holds the shares of restricted stock on behalf of the employees. The trust ensures the proper administration and distribution of the shares, as well as compliance with legal and regulatory requirements. The North Carolina Restricted Stock Plan and Trust Agreement of Home Federal Savings and Loan Association may have several variations or types, tailored to specific employee groups or levels within the organization. These variations may include Executive Restricted Stock Plan, Employee Stock Ownership Plan (ESOP), or Key Employee Incentive Plan. Each type may have unique eligibility criteria, vesting schedules, and conditions for participation. In summary, the North Carolina Restricted Stock Plan and Trust Agreement of Home Federal Savings and Loan Association is a comprehensive legal document outlining the terms and conditions of a stock-based compensation plan offered to employees. It details the restrictions, vesting schedules, and establishment of a trust to facilitate the distribution and administration of the restricted stock units.

The North Carolina Restricted Stock Plan and Trust Agreement of Home Federal Savings and Loan Association is a legal document that outlines the terms and conditions of a stock-based compensation plan offered by Home Federal Savings and Loan Association in North Carolina. This plan provides employees with the opportunity to receive shares of restricted stock as part of their overall compensation package. Under this agreement, employees are granted a specific number of restricted stock units (RSS) that represent a certain number of shares in Home Federal Savings and Loan Association. This RSS is subject to certain restrictions and vesting requirements that must be met before the employee can fully benefit from their ownership. The North Carolina Restricted Stock Plan and Trust Agreement sets forth the rules regarding the vesting schedule, which typically spans over a predetermined period, such as three to five years. Once the RSS have vested, employees gain full ownership of the shares, enabling them to exercise voting rights and receive dividends, if applicable. The trust aspect of the agreement refers to the establishment of a trust fund that holds the shares of restricted stock on behalf of the employees. The trust ensures the proper administration and distribution of the shares, as well as compliance with legal and regulatory requirements. The North Carolina Restricted Stock Plan and Trust Agreement of Home Federal Savings and Loan Association may have several variations or types, tailored to specific employee groups or levels within the organization. These variations may include Executive Restricted Stock Plan, Employee Stock Ownership Plan (ESOP), or Key Employee Incentive Plan. Each type may have unique eligibility criteria, vesting schedules, and conditions for participation. In summary, the North Carolina Restricted Stock Plan and Trust Agreement of Home Federal Savings and Loan Association is a comprehensive legal document outlining the terms and conditions of a stock-based compensation plan offered to employees. It details the restrictions, vesting schedules, and establishment of a trust to facilitate the distribution and administration of the restricted stock units.