Chicago Illinois Restricted Stock Plan of Sundstrand Corp.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• City: Chicago
• 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 Chicago Illinois Restricted Stock Plan provided by Bandstand Corp. is a compensation program designed to attract, motivate, and retain talented employees by offering them restricted stock units. As an integral part of Bandstand Corp.'s overall employee benefit plan, this program allows eligible employees the opportunity to acquire company shares, subject to certain specified conditions. Under the Chicago Illinois Restricted Stock Plan, Bandstand Corp. awards restricted stock units to eligible employees as a form of incentive compensation. These units represent a promise to issue shares of the company's stock to the employee over a predetermined vesting period. However, until the vesting requirements are satisfied, the shares remain subject to certain restrictions and cannot be fully transferred or sold by the employee. The key objective of the plan is to align the interests of employees with the long-term success and performance of Bandstand Corp. Participants in the plan have the potential to benefit from increases in the company's stock price, encouraging them to work towards enhancing shareholder value. The Chicago Illinois Restricted Stock Plan establishes specific conditions for vesting, including the employee's continued employment with Bandstand Corp. over a defined period and meeting performance goals or other criteria set by the company. Upon achievement of the vesting conditions, participants receive full ownership of the granted shares and become entitled to exercise rights associated with them. The plan may have multiple types or variations depending on the specific requirements and design chosen by Bandstand Corp. These variations could include performance-based vesting, where additional shares are granted upon reaching certain performance targets, or time-based vesting, where shares are granted over a specified period of employment service. Other potential variations could include the use of different vesting schedules or special provisions for specific groups of employees. Employees who participate in the Chicago Illinois Restricted Stock Plan stand to benefit from the potential appreciation of Bandstand Corp.'s stock, thereby boosting their financial well-being and rewarding their contribution to the company's success. By incorporating stock ownership into their compensation structure, Bandstand Corp. aims to enhance employee loyalty, commitment, and alignment with the overall goals of the company.

The Chicago Illinois Restricted Stock Plan provided by Bandstand Corp. is a compensation program designed to attract, motivate, and retain talented employees by offering them restricted stock units. As an integral part of Bandstand Corp.'s overall employee benefit plan, this program allows eligible employees the opportunity to acquire company shares, subject to certain specified conditions. Under the Chicago Illinois Restricted Stock Plan, Bandstand Corp. awards restricted stock units to eligible employees as a form of incentive compensation. These units represent a promise to issue shares of the company's stock to the employee over a predetermined vesting period. However, until the vesting requirements are satisfied, the shares remain subject to certain restrictions and cannot be fully transferred or sold by the employee. The key objective of the plan is to align the interests of employees with the long-term success and performance of Bandstand Corp. Participants in the plan have the potential to benefit from increases in the company's stock price, encouraging them to work towards enhancing shareholder value. The Chicago Illinois Restricted Stock Plan establishes specific conditions for vesting, including the employee's continued employment with Bandstand Corp. over a defined period and meeting performance goals or other criteria set by the company. Upon achievement of the vesting conditions, participants receive full ownership of the granted shares and become entitled to exercise rights associated with them. The plan may have multiple types or variations depending on the specific requirements and design chosen by Bandstand Corp. These variations could include performance-based vesting, where additional shares are granted upon reaching certain performance targets, or time-based vesting, where shares are granted over a specified period of employment service. Other potential variations could include the use of different vesting schedules or special provisions for specific groups of employees. Employees who participate in the Chicago Illinois Restricted Stock Plan stand to benefit from the potential appreciation of Bandstand Corp.'s stock, thereby boosting their financial well-being and rewarding their contribution to the company's success. By incorporating stock ownership into their compensation structure, Bandstand Corp. aims to enhance employee loyalty, commitment, and alignment with the overall goals of the company.