Cook Illinois Restricted Stock Plan of Sundstrand Corp.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Cook
• 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 Cook Illinois Restricted Stock Plan is an employee benefit program offered by Bandstand Corp. It is designed to provide eligible employees with an opportunity to purchase the company's restricted stock at a discounted rate or as a performance-based incentive. The plan aims to align the interests of employees with the long-term success of the company while offering potential financial rewards. Under the Cook Illinois Restricted Stock Plan, employees are granted restricted stock units (RSS) based on certain criteria such as job performance, tenure, or achieving specific business goals. RSS represents a promise to deliver shares of the company's stock to employees at a future date. However, these shares are subject to certain restrictions and are typically not immediately transferable or sellable. One of the key features of the Cook Illinois Restricted Stock Plan is the vesting period. When employees receive RSS, they cannot sell or transfer them until they become vested. The vesting period can vary, but common timeframes range from three to five years. Once the RSS are vested, employees have the opportunity to cash in the shares, either by selling them on the open market or holding onto them for potential future gains. It's important to note that the Cook Illinois Restricted Stock Plan of Bandstand Corp. may have different variations or sub-plans tailored for specific employee groups. For instance, there might be executive-level restricted stock plans that offer more substantial stock grants or additional performance-based bonuses tied to the company's financial performance. These variations aim to address the unique needs and goals of different segments within the organization while retaining the overall objective of aligning employee interests with the company's success. In summary, the Cook Illinois Restricted Stock Plan is a comprehensive employee benefit program offered by Bandstand Corp. It offers employees the opportunity to purchase restricted stock at a discounted rate or receive RSS as performance-based incentives. The plan encourages long-term commitment and aligns employee interests with the company's success, ultimately fostering a sense of ownership and motivation among the workforce.

The Cook Illinois Restricted Stock Plan is an employee benefit program offered by Bandstand Corp. It is designed to provide eligible employees with an opportunity to purchase the company's restricted stock at a discounted rate or as a performance-based incentive. The plan aims to align the interests of employees with the long-term success of the company while offering potential financial rewards. Under the Cook Illinois Restricted Stock Plan, employees are granted restricted stock units (RSS) based on certain criteria such as job performance, tenure, or achieving specific business goals. RSS represents a promise to deliver shares of the company's stock to employees at a future date. However, these shares are subject to certain restrictions and are typically not immediately transferable or sellable. One of the key features of the Cook Illinois Restricted Stock Plan is the vesting period. When employees receive RSS, they cannot sell or transfer them until they become vested. The vesting period can vary, but common timeframes range from three to five years. Once the RSS are vested, employees have the opportunity to cash in the shares, either by selling them on the open market or holding onto them for potential future gains. It's important to note that the Cook Illinois Restricted Stock Plan of Bandstand Corp. may have different variations or sub-plans tailored for specific employee groups. For instance, there might be executive-level restricted stock plans that offer more substantial stock grants or additional performance-based bonuses tied to the company's financial performance. These variations aim to address the unique needs and goals of different segments within the organization while retaining the overall objective of aligning employee interests with the company's success. In summary, the Cook Illinois Restricted Stock Plan is a comprehensive employee benefit program offered by Bandstand Corp. It offers employees the opportunity to purchase restricted stock at a discounted rate or receive RSS as performance-based incentives. The plan encourages long-term commitment and aligns employee interests with the company's success, ultimately fostering a sense of ownership and motivation among the workforce.