Oklahoma 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 Oklahoma Restricted Stock Plan of Bandstand Corp. is an employee benefit program offered by Bandstand Corp., a company based in Oklahoma. This plan is designed to incentivize and reward employees by granting them shares of company stock that are subject to certain restrictions, typically referred to as "restricted stock." Under the Oklahoma Restricted Stock Plan, eligible employees are granted a specific number of shares of Bandstand Corp. stock, usually at no cost to the employee. However, these shares are typically subject to restrictions on their transferability and sale. The restrictions aim to encourage employees to remain with the company and contribute to its long-term growth, as they only receive the full benefits of the stock once the restrictions have been lifted. In some cases, the Oklahoma Restricted Stock Plan of Bandstand Corp. may include different types of restricted stock, such as time-based vesting and performance-based vesting. Time-based vesting means that the restrictions on the stock gradually lift over a predetermined period, such as three years, creating an incentive for employees to stay with the company. Performance-based vesting, on the other hand, ties the stock's restrictions to certain performance targets or goals set by the company. Employees may earn full ownership of the stock if these performance metrics are met. The Oklahoma Restricted Stock Plan of Bandstand Corp. is a valuable employee benefit program that aligns the interests of employees with the success of the company. By granting employees ownership in the form of restricted stock, Bandstand Corp. promotes a culture of long-term commitment and motivation among its workforce. This plan serves as a tool to attract and retain talented employees and incentivize their contributions to the company's growth and profitability. Overall, the Oklahoma Restricted Stock Plan of Bandstand Corp. is an effective mechanism to reward and retain employees, while also aligning their interests with the company's objectives. It is an essential component of Bandstand Corp.'s compensation and benefits package, reinforcing its commitment to employee engagement, retention, and long-term success.