Hawaii Restricted Stock Plan of RPM, Inc.

• Category: Corporations - Public - Stock Options
• State: Multi-State
• Control #: US-CC-18-200A
• Format: Word; Rich Text

Description

18-200A 18-200A . . . Restricted Stock Plan under which (a) Compensation Committee determines those employees of corporation and subsidiaries who are eligible to receive awards of Restricted Shares, (b) Restricted Shares are forfeitable and nontransferable for specified period of time, (c) transfer restrictions remain in place until earliest of (i) later of either employee's termination of employment or lapse of forfeiture restrictions, (ii) change in control with respect to corporation, or (iii) termination of Plan. Restricted Shares are subject to compete forfeiture until earliest to occur of (i) later of either employee's attainment of age 55 or fifth anniversary of May 31st immediately preceding date on which Restricted Shares were awarded, (ii) retirement of employee on or after attainment of age 65, or (iii) change in control with respect to corporation

The Hawaii Restricted Stock Plan of RPM, Inc. is a comprehensive employee stock benefit program offered by RPM, Inc., a prominent company operating in Hawaii. Designed to incentivize and reward employees, this plan provides certain restrictions and conditions on the stock holdings granted to participants. Under the Hawaii Restricted Stock Plan, employees are granted restricted stock units (RSS) as a form of compensation. This RSS represents a specific number of company shares that are subject to restrictions during a predetermined vesting period. Participants receive this RSS as a grant or purchase, with the aim of motivating and aligning employee interests with the overall success of RPM, Inc. To ensure the employees' commitment and dedication, the Hawaii Restricted Stock Plan typically imposes restrictions on the RSS. These restrictions may include time-based vesting, performance-based vesting, or a combination of both. Time-based vesting means that the RSS become fully transferable to employees after a certain period of continuous service, often referred to as the vesting period. Performance-based vesting, on the other hand, requires the attainment of specific performance goals or targets outlined by the company. The Hawaii Restricted Stock Plan also offers participants the opportunity to experience capital appreciation of the company's stock. As the stock price of RPM, Inc. fluctuates on the market, individuals holding restricted stock units have the potential to benefit from any increase in the stock's value during the vesting period. Furthermore, the plan may allow for dividend equivalent rights, enabling participants to receive cash or additional RSS equal to the dividends paid to shareholders during the vesting period. This feature ensures that recipients of restricted stock units do not miss out on any potential dividends while their shares are still subject to restrictions. It's important to note that while the general framework of the Hawaii Restricted Stock Plan remains consistent, there might be different variations or types offered to employees based on their respective roles, hierarchy, or performance levels within RPM, Inc. These could include Executive Restricted Stock Plan, Management Restricted Stock Plan, or Employee Restricted Stock Plan, among others. Each type of plan may have distinct eligibility criteria, vesting schedules, and restrictions tailored to the specific group of participants. In summary, the Hawaii Restricted Stock Plan of RPM, Inc. is a valuable employee stock benefit program offering RSS to employees with various restrictions and conditions. By implementing this plan, RPM, Inc. aims to incentivize and reward employees while aligning their interests with the overall success of the company.