Wayne Michigan Restricted Stock Plan of Sundstrand Corp.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Wayne
• 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 Wayne Michigan Restricted Stock Plan of Bandstand Corp. is an employee benefit plan that provides employees with ownership in the company through the allocation of restricted stock. This plan is specifically available for employees based in Wayne, Michigan, who work for Bandstand Corp. Restricted stock refers to company shares that are granted to employees as a form of compensation. However, these shares have certain restrictions or conditions attached to them. Common restrictions include holding periods, vesting schedules, and performance goals that need to be met. Once these conditions are met, employees can fully own the restricted stock, giving them a sense of ownership and aligning their interests with the success of the company. The Wayne Michigan Restricted Stock Plan of Bandstand Corp. aims to incentivize employees, foster loyalty, and motivate them to contribute to the company's growth and profitability. By tying a portion of their compensation to the company's performance, employees are encouraged to work towards achieving the company's goals. The plan may have different types or variations based on the specific needs of Bandstand Corp. For example, there could be a graded vesting structure where the restricted stock becomes fully vested over a certain period of time. Another variation could involve performance-based restrictions, where the stock only fully vests if the company meets predetermined performance targets. Participation in the plan is typically available to employees at various levels within the company, such as executives, managers, and selected employees. The allocation of restricted stock is based on factors like an employee's role, performance, and years of service. The Wayne Michigan Restricted Stock Plan of Bandstand Corp., like other such plans, aims to provide a long-term incentive for employees, encourage loyalty, and align their interests with the company's success. It offers employees a unique opportunity to become owners in the company, fostering a sense of pride, commitment, and shared responsibility.

The Wayne Michigan Restricted Stock Plan of Bandstand Corp. is an employee benefit plan that provides employees with ownership in the company through the allocation of restricted stock. This plan is specifically available for employees based in Wayne, Michigan, who work for Bandstand Corp. Restricted stock refers to company shares that are granted to employees as a form of compensation. However, these shares have certain restrictions or conditions attached to them. Common restrictions include holding periods, vesting schedules, and performance goals that need to be met. Once these conditions are met, employees can fully own the restricted stock, giving them a sense of ownership and aligning their interests with the success of the company. The Wayne Michigan Restricted Stock Plan of Bandstand Corp. aims to incentivize employees, foster loyalty, and motivate them to contribute to the company's growth and profitability. By tying a portion of their compensation to the company's performance, employees are encouraged to work towards achieving the company's goals. The plan may have different types or variations based on the specific needs of Bandstand Corp. For example, there could be a graded vesting structure where the restricted stock becomes fully vested over a certain period of time. Another variation could involve performance-based restrictions, where the stock only fully vests if the company meets predetermined performance targets. Participation in the plan is typically available to employees at various levels within the company, such as executives, managers, and selected employees. The allocation of restricted stock is based on factors like an employee's role, performance, and years of service. The Wayne Michigan Restricted Stock Plan of Bandstand Corp., like other such plans, aims to provide a long-term incentive for employees, encourage loyalty, and align their interests with the company's success. It offers employees a unique opportunity to become owners in the company, fostering a sense of pride, commitment, and shared responsibility.