Colorado 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 Colorado Restricted Stock Plan of Bandstand Corp. is a program designed to incentivize and reward employees of the company through the allocation of restricted stock units (RSS). This plan is specifically offered to employees who are located in the state of Colorado. The RSS granted to eligible employees represent a specific number of shares of the company's stock. The Colorado Restricted Stock Plan provides employees with the opportunity to earn equity in Bandstand Corp. as a means of aligning their interests with the company's long-term success. By granting restricted stock units, the company seeks to motivate and retain valuable employees who contribute to its growth and profitability. Under this plan, the restricted stock units are subject to vesting periods and other conditions as determined by Bandstand Corp. Vesting typically occurs over time and may be contingent upon the employee's continued employment with the company. Once the RSS have vested, employees have the right to convert their units into actual shares of the company's stock. It is important to note that the terms and conditions of the Colorado Restricted Stock Plan may vary depending on the specific grant agreements. Each grant agreement outlines the vesting schedule, restrictions, and any additional provisions that may apply to the RSS. Employees are encouraged to review their individual grant agreements to understand the details of their participation in the plan. Additionally, Bandstand Corp. may have different types of restricted stock plans apart from the Colorado Restricted Stock Plan. These plans could be separate programs aimed at employees in different locations or specific roles within the company. Some potential types of restricted stock plans could include the Global Restricted Stock Plan, Executive Restricted Stock Plan, or Division-specific Restricted Stock Plan. The specific names and details of these plans would be determined by Bandstand Corp. and communicated to eligible participants accordingly. In summary, the Colorado Restricted Stock Plan of Bandstand Corp. is an employee incentive program that grants restricted stock units to eligible employees in Colorado. The program aims to align employee interests with the company's success and motivate long-term commitment. The vesting, conversion, and other terms are determined by individual grant agreements. Bandstand Corp. may have other types of restricted stock plans targeted at employees in different locations or specific roles within the company.