Philadelphia Pennsylvania Restricted Stock Plan of Sundstrand Corp.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Philadelphia
• 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

Philadelphia Pennsylvania Restricted Stock Plan of Bandstand Corp. is a comprehensive employee benefit program offered by Bandstand Corp., a prominent company based in Philadelphia, Pennsylvania. This plan is designed to reward and incentivize employees by granting them ownership in the company through restricted stock units (RSS). Under the Philadelphia Pennsylvania Restricted Stock Plan, employees receive a certain number of RSS as part of their compensation package. This RSS represents a specific number of shares of Bandstand Corp.'s stock, which are granted to the employees but remain restricted until certain conditions are fulfilled. These conditions typically include a specific vesting period, where the employee must stay with the company for a predetermined period before the RSS fully vest and become unrestricted. Once the RSS vest, the employees have the opportunity to convert them into actual shares of Bandstand Corp.'s common stock. This provides employees with a direct ownership stake in the company, aligning their interests with that of the shareholders. This ownership can also result in financial benefits if the company performs well and the stock value appreciates over time. The Philadelphia Pennsylvania Restricted Stock Plan has several variations to cater to different employee groups within Bandstand Corp. These variations may include the Executive Restricted Stock Plan, the Employee Stock Purchase Plan, and the Non-Qualified Restricted Stock Plan, among others. Each of these plans may have specific eligibility criteria and terms, which are tailored to meet the needs of the respective employee groups. The Executive Restricted Stock Plan is typically offered to top-level executives, providing them with a more significant number of RSS compared to other employees. This plan aims to attract and retain high-caliber executives, encouraging their long-term commitment and rewarding their performance. The Employee Stock Purchase Plan may allow eligible employees to purchase Bandstand Corp.'s common stock at a discounted price, further promoting employee ownership. This plan typically includes specific periods during which employees can enroll and contribute a portion of their salary towards purchasing the company's stock. The Non-Qualified Restricted Stock Plan is designed for select employees who may not meet the criteria for other restricted stock plans. This plan offers similar features and benefits but usually has more flexible requirements. Overall, the Philadelphia Pennsylvania Restricted Stock Plan of Bandstand Corp. stands as a valuable employee benefit program, motivating employees by offering an opportunity to become owners and providing potential financial rewards. It serves as a means to foster loyalty, improve retention rates, and align the interests of employees with the long-term success of the company.