Alaska Restricted Stock Plan of Sundstrand Corp.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• 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 Alaska Restricted Stock Plan of Bandstand Corp. is a financial program designed to offer earning opportunities and incentives to employees of the company operating in the state of Alaska. This plan allows eligible employees to receive company stocks as a form of compensation, subject to certain restrictions and limitations. Under the Alaska Restricted Stock Plan, employees are granted a specific number of shares of Bandstand Corp. stock, which may vary based on job performance, seniority, or other predetermined criteria. However, these shares cannot be transferred or sold until certain vesting requirements are met. Vesting refers to the time period an employee must remain with the company before gaining full ownership of the granted shares. The Alaska Restricted Stock Plan typically employs a vesting schedule, which means that employees gradually acquire ownership rights to their shares over a specified period. The length of this period is determined by the company and can vary from plan to plan. Once the vesting period is completed, the employee gains unrestricted ownership of the shares and becomes free to sell or transfer them at their discretion. This provides employees with an opportunity to earn additional income based on the appreciation or fluctuation of the stock's value over time. It's important to note that the Alaska Restricted Stock Plan of Bandstand Corp. may offer different variations or types to meet the needs of different categories of employees. Some potential types of plans within this program could include: 1. Senior Executive Restricted Stock Plan: This type of plan could be tailored exclusively for senior-level executives, offering more generous stock grants and less restrictive vesting schedules to attract and retain top talent. 2. Employee Stock Purchase Plan: This plan may allow employees to purchase Bandstand Corp. stock at a discounted price, either through regular payroll deductions or during specific offering periods. This encourages employee ownership and can provide potential financial gains if the stock price rises. 3. Performance-Based Restricted Stock Plan: In this plan, employees receive shares based on their performance or achievement of specific goals or metrics. It serves as an additional incentive for employees to excel in their respective roles and contribute to the company's growth. 4. Director's Stock Plan: This plan could be designed specifically for members of the board of directors of Bandstand Corp., offering them stock grants to align their interests with the company's success and further cement their commitment to its long-term goals. Overall, the Alaska Restricted Stock Plan of Bandstand Corp. serves as a valuable compensation tool for employees, offering them an opportunity to share in the company's success while promoting loyalty and dedication. It encourages long-term commitment, boosts morale, and aligns the interests of employees with those of shareholders, ultimately contributing to the company's growth and profitability.