Texas 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 Texas Restricted Stock Plan is a compensation program offered by Bandstand Corp., a leading corporation based in Texas. This plan is designed to provide incentives to employees by granting them stock in the company. Restricted stock plans are common among companies seeking to attract and retain talented individuals. Under the Texas Restricted Stock Plan of Bandstand Corp., eligible employees are awarded a specific number of company shares. However, unlike regular stock options, these shares are subject to certain restrictions and conditions, which are put in place to ensure the long-term growth and success of the company. One of the most common restrictions associated with this plan is the vesting period. Employees are required to remain with the company for a certain period of time, usually several years, before they gain full ownership and control of their awarded shares. During this vesting period, they may only have limited rights to the stock, such as voting rights or the ability to receive dividends. Additionally, the Texas Restricted Stock Plan may impose performance-based requirements on employees. This means that employees must achieve certain pre-determined goals or objectives, such as meeting financial targets or driving innovation, to fully realize their stock benefits. Performance-based vesting ensures that employees are motivated to contribute to the company's growth and success. The Texas Restricted Stock Plan of Bandstand Corp. may also have different variations or sub-plans tailored to specific employee groups or roles within the organization. For instance, there might be separate plans for executives, managers, or other key personnel. These variations could offer different vesting schedules, performance metrics, or additional benefits to address the unique needs and responsibilities of each employee segment. In summary, the Texas Restricted Stock Plan of Bandstand Corp. is a compensation program aimed at rewarding and retaining talented employees by granting them stock in the company. Its distinctive feature of restricted stock, subject to vesting conditions and performance metrics, ensures that employees are aligned with the long-term goals and success of the organization.

The Texas Restricted Stock Plan is a compensation program offered by Bandstand Corp., a leading corporation based in Texas. This plan is designed to provide incentives to employees by granting them stock in the company. Restricted stock plans are common among companies seeking to attract and retain talented individuals. Under the Texas Restricted Stock Plan of Bandstand Corp., eligible employees are awarded a specific number of company shares. However, unlike regular stock options, these shares are subject to certain restrictions and conditions, which are put in place to ensure the long-term growth and success of the company. One of the most common restrictions associated with this plan is the vesting period. Employees are required to remain with the company for a certain period of time, usually several years, before they gain full ownership and control of their awarded shares. During this vesting period, they may only have limited rights to the stock, such as voting rights or the ability to receive dividends. Additionally, the Texas Restricted Stock Plan may impose performance-based requirements on employees. This means that employees must achieve certain pre-determined goals or objectives, such as meeting financial targets or driving innovation, to fully realize their stock benefits. Performance-based vesting ensures that employees are motivated to contribute to the company's growth and success. The Texas Restricted Stock Plan of Bandstand Corp. may also have different variations or sub-plans tailored to specific employee groups or roles within the organization. For instance, there might be separate plans for executives, managers, or other key personnel. These variations could offer different vesting schedules, performance metrics, or additional benefits to address the unique needs and responsibilities of each employee segment. In summary, the Texas Restricted Stock Plan of Bandstand Corp. is a compensation program aimed at rewarding and retaining talented employees by granting them stock in the company. Its distinctive feature of restricted stock, subject to vesting conditions and performance metrics, ensures that employees are aligned with the long-term goals and success of the organization.