San Jose California Restricted Stock Plan of Sundstrand Corp.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• City: San Jose
• 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 San Jose California Restricted Stock Plan of Bandstand Corp. is a comprehensive employee benefit program offered by Bandstand Corp. to its employees in San Jose, California. It aims to incentivize and reward employees for their dedication, commitment, and contribution to the company's growth and success. Under the San Jose California Restricted Stock Plan, employees are granted restricted stock units (RSS) as a form of equity compensation. This RSS represents a certain number of shares of Bandstand Corp.'s common stock, which are subject to certain restrictions and vesting periods. One of the key features of the plan is the vesting schedule, which determines when employees gain ownership rights to the RSS. Vesting typically occurs over a predetermined period of time or based on specific performance-based criteria. This incentivizes employees to stay with the company for the long term and aligns their interests with those of the company's shareholders. The San Jose California Restricted Stock Plan also includes various provisions regarding the transferability of RSS. Employees often cannot sell or transfer their RSS until they have fully vested, ensuring that their dedication and loyalty to the company are rewarded adequately. Additionally, the plan may offer employees the opportunity to receive dividend equivalents. This means that if Bandstand Corp. pays dividends on its common stock during the vesting period, employees may receive a cash equivalent payout based on the number of RSS they hold. It's worth noting that there may be different variations or types of the San Jose California Restricted Stock Plan within Bandstand Corp. These may be tailored to different employee groups or levels within the company, such as executives, managers, or specific departments. Each variation may have its own nuances, eligibility criteria, and vesting conditions. Overall, the San Jose California Restricted Stock Plan of Bandstand Corp. is a valuable benefit that provides employees with an opportunity to share in Bandstand Corp.'s success and aligns their interests with the company's long-term performance.

San Jose California Restricted Stock Plan of Bandstand Corp. is a comprehensive employee benefit program offered by Bandstand Corp. to its employees in San Jose, California. It aims to incentivize and reward employees for their dedication, commitment, and contribution to the company's growth and success. Under the San Jose California Restricted Stock Plan, employees are granted restricted stock units (RSS) as a form of equity compensation. This RSS represents a certain number of shares of Bandstand Corp.'s common stock, which are subject to certain restrictions and vesting periods. One of the key features of the plan is the vesting schedule, which determines when employees gain ownership rights to the RSS. Vesting typically occurs over a predetermined period of time or based on specific performance-based criteria. This incentivizes employees to stay with the company for the long term and aligns their interests with those of the company's shareholders. The San Jose California Restricted Stock Plan also includes various provisions regarding the transferability of RSS. Employees often cannot sell or transfer their RSS until they have fully vested, ensuring that their dedication and loyalty to the company are rewarded adequately. Additionally, the plan may offer employees the opportunity to receive dividend equivalents. This means that if Bandstand Corp. pays dividends on its common stock during the vesting period, employees may receive a cash equivalent payout based on the number of RSS they hold. It's worth noting that there may be different variations or types of the San Jose California Restricted Stock Plan within Bandstand Corp. These may be tailored to different employee groups or levels within the company, such as executives, managers, or specific departments. Each variation may have its own nuances, eligibility criteria, and vesting conditions. Overall, the San Jose California Restricted Stock Plan of Bandstand Corp. is a valuable benefit that provides employees with an opportunity to share in Bandstand Corp.'s success and aligns their interests with the company's long-term performance.