New York 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 New York Restricted Stock Plan of Bandstand Corp. is a comprehensive program designed to incentivize and reward employees of the company based in the state of New York. This plan is specifically tailored to comply with the regulations and requirements set forth by the state of New York. Under this plan, eligible employees are granted restricted stock units (RSS) as a form of compensation. RSS represents a promised number of company shares that will be delivered to the employee at a later date, subject to certain vesting conditions. These conditions typically include the employee's continued employment with the company for a specified period of time or the achievement of performance targets. The New York Restricted Stock Plan of Bandstand Corp. aims to align the interests of employees with the long-term success of the company. By receiving RSS, employees become shareholders and have a stake in the company's performance, encouraging them to contribute to its growth and profitability. One of the notable features of this plan is the restriction imposed on the transferability of the RSS. Employees are generally prohibited from selling, pledging, or otherwise transferring their RSS until they have fully vested. This restriction helps to promote employee retention and commitment to the company. The New York Restricted Stock Plan of Bandstand Corp. offers different types of RSS, which may include performance-based RSS or time-based RSS. Performance-based RSS are typically granted based on the achievement of specific performance targets, such as revenue growth, market share, or profitability. Time-based RSS, on the other hand, vest over a predetermined period of time, which may be subject to the employee's continued employment. Participation in this plan is voluntary and may be subject to certain eligibility criteria, such as job position or length of employment. Employees are provided with detailed information and guidelines regarding the plan, including the number of RSS granted, vesting schedules, and taxation treatment. Overall, the New York Restricted Stock Plan of Bandstand Corp. serves as a valuable tool for attracting, retaining, and rewarding talented employees within the state of New York. It aligns the interests of employees with the company's long-term success, fostering a sense of ownership and motivation among its workforce.

The New York Restricted Stock Plan of Bandstand Corp. is a comprehensive program designed to incentivize and reward employees of the company based in the state of New York. This plan is specifically tailored to comply with the regulations and requirements set forth by the state of New York. Under this plan, eligible employees are granted restricted stock units (RSS) as a form of compensation. RSS represents a promised number of company shares that will be delivered to the employee at a later date, subject to certain vesting conditions. These conditions typically include the employee's continued employment with the company for a specified period of time or the achievement of performance targets. The New York Restricted Stock Plan of Bandstand Corp. aims to align the interests of employees with the long-term success of the company. By receiving RSS, employees become shareholders and have a stake in the company's performance, encouraging them to contribute to its growth and profitability. One of the notable features of this plan is the restriction imposed on the transferability of the RSS. Employees are generally prohibited from selling, pledging, or otherwise transferring their RSS until they have fully vested. This restriction helps to promote employee retention and commitment to the company. The New York Restricted Stock Plan of Bandstand Corp. offers different types of RSS, which may include performance-based RSS or time-based RSS. Performance-based RSS are typically granted based on the achievement of specific performance targets, such as revenue growth, market share, or profitability. Time-based RSS, on the other hand, vest over a predetermined period of time, which may be subject to the employee's continued employment. Participation in this plan is voluntary and may be subject to certain eligibility criteria, such as job position or length of employment. Employees are provided with detailed information and guidelines regarding the plan, including the number of RSS granted, vesting schedules, and taxation treatment. Overall, the New York Restricted Stock Plan of Bandstand Corp. serves as a valuable tool for attracting, retaining, and rewarding talented employees within the state of New York. It aligns the interests of employees with the company's long-term success, fostering a sense of ownership and motivation among its workforce.