Kings New York Restricted Stock Plan of Sundstrand Corp.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Kings
• 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 Kings New York Restricted Stock Plan of Bandstand Corp., also known as the Kings NY RSP, is a comprehensive employee compensation program offered by Bandstand Corp. It provides eligible employees with an opportunity to acquire company shares at a reduced price or as part of their compensation package. Under the Kings NY RSP, eligible employees are granted restricted stock units (RSS) or stock options as a means of incentivizing their performance and aligning their interests with the company's long-term success. The RSS or stock options are subject to certain vesting conditions, usually tied to the employee's tenure or achievement of specific performance targets. The Kings NY RSP offers various types of restricted stock plans based on the employee's level within the organization and their role. Some different types of plans include: 1. Executive Restricted Stock Plan: This plan is designed specifically for high-ranking executives within Bandstand Corp. It provides them with a significant number of RSS or stock options, often as part of their executive compensation package. Executives usually have a longer vesting period and may have additional performance criteria tied to their RSS or stock options. 2. Employee Stock Purchase Plan (ESPN): This plan allows eligible employees to purchase company stock at a discounted price, usually through payroll deductions. The ESPN encourages broader employee ownership and aligns the interests of employees with the company's performance. 3. Performance-Based Restricted Stock Plan: This type of plan is focused on rewarding employees based on their individual or team performance. It may have additional vesting conditions tied to specific performance metrics, such as revenue growth, profitability, or achieving key strategic goals. 4. Equity Incentive Plan: The Equity Incentive Plan aims to attract and retain top talent by offering them RSS or stock options as a form of additional compensation. It may provide grants to employees at different levels within the organization, including mid-level managers and key individual contributors. The Kings NY RSP aims to foster a culture of ownership and teamwork within Bandstand Corp. By offering eligible employees the opportunity to become shareholders and benefit from the company's growth, it aligns their interests with the long-term success of the organization. The specific details, terms, and eligibility criteria of the various plans may vary and are subject to the company's policies and the individual's employment agreement.