Oregon 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 Oregon Restricted Stock Plan of Bandstand Corp. is an employee benefit program that offers restricted stock awards to eligible employees of Bandstand Corp. in the state of Oregon. This plan is designed to incentivize and reward employees for their contributions to the company's growth and success. Under this plan, eligible employees are granted restricted stock awards, which are company shares that are subject to certain restrictions and conditions. These restrictions typically include a vesting period during which the stock cannot be sold or transferred. Once the vesting period is complete, employees are granted full ownership of the stock and have the freedom to sell, transfer or retain it as they choose. The Oregon Restricted Stock Plan of Bandstand Corp. offers various types of awards to its participants. These may include: 1. Time-Based Vesting: This type of award becomes fully vested over a specified period of time. For example, an employee could receive 100 shares of restricted stock that vest over a four-year period, with 25% vesting each year. This encourages employees to stay with the company and aligns their interests with long-term success. 2. Performance-Based Vesting: In this case, the vesting of the restricted stock depends on the achievement of specific performance goals or targets. For instance, an employee may be granted 200 shares of restricted stock that vest only if the company meets or exceeds certain financial targets. This type of award aims to motivate employees to actively contribute to the company's growth and performance. 3. Restricted Stock Units (RSS): Rather than receiving actual shares of stock, employees are granted RSS, which represent a notional number of shares. These units typically vest over a certain period, after which the employee will receive equivalent shares of company stock. RSS provide employees with the potential benefits of stock ownership without the immediate transfer of actual shares. It's important to note that Bandstand Corp.'s Oregon Restricted Stock Plan is subject to specific regulations and guidelines set forth by the state of Oregon. Compliance with these regulations ensures that the plan operates within legal boundaries and provides eligible employees with the necessary benefits and protections. Overall, the Oregon Restricted Stock Plan of Bandstand Corp. serves as an instrumental tool for attracting, retaining, and motivating talented employees in the state of Oregon. It not only aligns the interests of the employees with the company's long-term success but also rewards their dedication and contribution to Bandstand Corp.'s growth.