New York 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 New York Restricted Stock Plan and Trust Agreement of Home Federal Savings and Loan Association is a legal document that outlines the terms and conditions of an employee stock ownership plan (ESOP) implemented by Home Federal Savings and Loan Association in the state of New York. This agreement is designed to provide certain employees of the association with the opportunity to acquire and hold restricted stock of the company. The New York Restricted Stock Plan and Trust Agreement is an essential tool for fostering employee ownership and incentivizing long-term commitment, performance, and loyalty within the organization. It outlines the specific rules and regulations governing the allocation, granting, vesting, and transfer of restricted stock to eligible employees. Additionally, it establishes a trust to hold the restricted stock on behalf of the participants until certain conditions are met. Under this agreement, there may be different types of restricted stock plans offered to employees, each with its own set of conditions and restrictions. Some potential variations could include: 1. Standard Restricted Stock Plan: This plan grants eligible employees a specific number of shares of restricted stock, subject to certain conditions, such as a vesting period and performance milestones. 2. Performance-Based Restricted Stock Plan: This type of restricted stock plan is linked to the achievement of predetermined performance targets, such as meeting financial goals, increasing market share, or surpassing industry benchmarks. Employees receive restricted stock only if these goals are met. 3. Time-Based Restricted Stock Plan: With this plan, employees become eligible to receive restricted stock based on their tenure with the company. The number of shares awarded may increase with each year of service, and certain milestones may need to be reached for the restricted stock to fully vest. 4. Performance and Time-Based Restricted Stock Plan: This type of plan combines both performance-based and time-based criteria. Employees must meet certain performance targets within a predetermined period to become eligible for restricted stock grants. Continued employment over a specified period is also typically required for full vesting. It is important to note that the specific details, conditions, and variations of the New York Restricted Stock Plan and Trust Agreement of Home Federal Savings and Loan Association may vary. Employees and participants should refer to the agreement itself and consult legal and financial professionals for accurate information tailored to their specific situation.

The New York Restricted Stock Plan and Trust Agreement of Home Federal Savings and Loan Association is a legal document that outlines the terms and conditions of an employee stock ownership plan (ESOP) implemented by Home Federal Savings and Loan Association in the state of New York. This agreement is designed to provide certain employees of the association with the opportunity to acquire and hold restricted stock of the company. The New York Restricted Stock Plan and Trust Agreement is an essential tool for fostering employee ownership and incentivizing long-term commitment, performance, and loyalty within the organization. It outlines the specific rules and regulations governing the allocation, granting, vesting, and transfer of restricted stock to eligible employees. Additionally, it establishes a trust to hold the restricted stock on behalf of the participants until certain conditions are met. Under this agreement, there may be different types of restricted stock plans offered to employees, each with its own set of conditions and restrictions. Some potential variations could include: 1. Standard Restricted Stock Plan: This plan grants eligible employees a specific number of shares of restricted stock, subject to certain conditions, such as a vesting period and performance milestones. 2. Performance-Based Restricted Stock Plan: This type of restricted stock plan is linked to the achievement of predetermined performance targets, such as meeting financial goals, increasing market share, or surpassing industry benchmarks. Employees receive restricted stock only if these goals are met. 3. Time-Based Restricted Stock Plan: With this plan, employees become eligible to receive restricted stock based on their tenure with the company. The number of shares awarded may increase with each year of service, and certain milestones may need to be reached for the restricted stock to fully vest. 4. Performance and Time-Based Restricted Stock Plan: This type of plan combines both performance-based and time-based criteria. Employees must meet certain performance targets within a predetermined period to become eligible for restricted stock grants. Continued employment over a specified period is also typically required for full vesting. It is important to note that the specific details, conditions, and variations of the New York Restricted Stock Plan and Trust Agreement of Home Federal Savings and Loan Association may vary. Employees and participants should refer to the agreement itself and consult legal and financial professionals for accurate information tailored to their specific situation.