Cuyahoga Ohio Restricted Stock Plan of Sundstrand Corp.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Cuyahoga
• 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 Cuyahoga Ohio Restricted Stock Plan of Bandstand Corp. is a corporate stock compensation plan that encompasses various types of restricted stock options for employees based in Cuyahoga County, Ohio. This plan is designed to incentivize and reward employees by granting them ownership in the company through shares of restricted stock. Employees who participate in this plan receive shares of the company's stock as a form of additional compensation, subject to certain restrictions and conditions. The primary purpose of the Cuyahoga Ohio Restricted Stock Plan is to align the interests of employees with those of the corporation and its shareholders. By granting restricted stock, Bandstand Corp. aims to create a sense of ownership and motivation among its employees, fostering a stronger commitment to the company's success. There may be different types of restricted stock plans within this overarching program, including: 1. Time-Based Restricted Stock: Under this type of plan, employees are granted restricted stock that vests over a specified period, meaning they receive ownership of the shares gradually over time. Typically, the shares become fully unrestricted and transferable to the employee after a predetermined vesting period. 2. Performance-Based Restricted Stock: This type of plan ties the vesting of restricted stock to certain performance goals or key metrics set by the company. Employees will only receive full ownership of the shares if specific performance criteria are met within a defined time frame. 3. Restricted Stock Units (RSS): Instead of actual shares, RSS represent the right to receive shares of the company's stock at a future date. These units are subject to vesting restrictions and typically convert into actual shares upon vesting, at which point the employee can sell or hold them. 4. Phantom Stock: A phantom stock plan provides employees with benefits that mirror the economic value of actual company shares. Employees receive notional units or credits that track the performance of the company's stock but don't grant actual ownership. Once vested, employees may receive a cash payment equivalent to the value of the phantom stock. It's essential to note that the specific details and terms of the Cuyahoga Ohio Restricted Stock Plan of Bandstand Corp., including the types of plans offered and the vesting schedules, may vary. Employees are typically provided with full documentation outlining the plan, including the eligibility criteria, vesting requirements, and any additional conditions or restrictions that apply to their specific grants.

The Cuyahoga Ohio Restricted Stock Plan of Bandstand Corp. is a corporate stock compensation plan that encompasses various types of restricted stock options for employees based in Cuyahoga County, Ohio. This plan is designed to incentivize and reward employees by granting them ownership in the company through shares of restricted stock. Employees who participate in this plan receive shares of the company's stock as a form of additional compensation, subject to certain restrictions and conditions. The primary purpose of the Cuyahoga Ohio Restricted Stock Plan is to align the interests of employees with those of the corporation and its shareholders. By granting restricted stock, Bandstand Corp. aims to create a sense of ownership and motivation among its employees, fostering a stronger commitment to the company's success. There may be different types of restricted stock plans within this overarching program, including: 1. Time-Based Restricted Stock: Under this type of plan, employees are granted restricted stock that vests over a specified period, meaning they receive ownership of the shares gradually over time. Typically, the shares become fully unrestricted and transferable to the employee after a predetermined vesting period. 2. Performance-Based Restricted Stock: This type of plan ties the vesting of restricted stock to certain performance goals or key metrics set by the company. Employees will only receive full ownership of the shares if specific performance criteria are met within a defined time frame. 3. Restricted Stock Units (RSS): Instead of actual shares, RSS represent the right to receive shares of the company's stock at a future date. These units are subject to vesting restrictions and typically convert into actual shares upon vesting, at which point the employee can sell or hold them. 4. Phantom Stock: A phantom stock plan provides employees with benefits that mirror the economic value of actual company shares. Employees receive notional units or credits that track the performance of the company's stock but don't grant actual ownership. Once vested, employees may receive a cash payment equivalent to the value of the phantom stock. It's essential to note that the specific details and terms of the Cuyahoga Ohio Restricted Stock Plan of Bandstand Corp., including the types of plans offered and the vesting schedules, may vary. Employees are typically provided with full documentation outlining the plan, including the eligibility criteria, vesting requirements, and any additional conditions or restrictions that apply to their specific grants.