Idaho Restricted Stock Plan and Trust Agreement of Home Federal Savings and Loan Assoc.

• Category: Corporations - Shareholders and Stock
• State: Multi-State
• Control #: US-CC-18-202D
• Format: Word; Rich Text

Description

18-202D 18-202D . . . Restricted Stock Plan and Trust Agreement for federal savings and loan association ("corporation") under which (a) corporation will contribute funds to Restricted Stock Plan ("Plan") and Plan will (i) purchase common stock in open market or (ii) purchase authorized but unissued shares of common stock from corporation, and (b) committee of Board of Directors can grant Restricted Stock Awards to directors, officers and key employees, Twenty percent of such Awards are earned and become non-forfeitable on one-year anniversary of date of grant and an additional 20% are earned and become non-forfeitable annually thereafter; provided that recipient of Award remains an employee or director of corporation during such period. Dividends paid on Restricted Stock Awards are held in arrears and distributed on date such applicable Restricted Stock Awards are earned

The Idaho Restricted Stock Plan and Trust Agreement of Home Federal Savings and Loan Assoc. (hereafter referred to as the "Plan") is a comprehensive program designed to incentivize and reward employees of Home Federal Savings and Loan Assoc. Through the issuance of restricted stock. This agreement outlines the terms and conditions governing the implementation, management, and administration of the Plan. The Plan serves as a valuable tool for aligning the interests of Home Federal Savings and Loan Assoc.'s employees with the long-term growth and success of the organization. By offering restricted stock as a form of compensation, employees are motivated to contribute to the company's performance, profitability, and overall shareholder value. Under the Idaho Restricted Stock Plan, eligible employees receive a certain number of restricted stock units (RSS), which represent a right to receive shares of Home Federal Savings and Loan Assoc.'s common stock at a predetermined future date. This RSS is subject to various restrictions and conditions, which may include vesting schedules, performance criteria, or specific milestones. The purpose of these restrictions is to incentivize employees to remain with the company for a defined period, motivate performance excellence, and create a sense of ownership. Prior to the specified vesting date, employees typically cannot sell, transfer, or pledge their restricted stock units. This provision helps ensure that employees remain committed to contributing to the growth and success of Home Federal Savings and Loan Assoc. Upon the vesting of the restricted stock units, employees are entitled to receive the underlying shares of common stock. At this point, employees may choose to retain the shares as long-term investments or sell them on the open market, subject to applicable legal and regulatory restrictions. Different types of Idaho Restricted Stock Plans and Trust Agreements may exist within Home Federal Savings and Loan Assoc., tailored to meet the specific needs and objectives of different employee groups or levels. For example, there may be executive-level restricted stock plans that offer additional benefits or variations in terms compared to the general employee plan. These plans aim to attract and retain top talent, providing distinctive incentives and rewards aligned with executive roles and responsibilities. In conclusion, the Idaho Restricted Stock Plan and Trust Agreement of Home Federal Savings and Loan Assoc. Is a robust program designed to motivate and reward employees through the issuance of restricted stock units. By aligning employee interests with the company's long-term goals, this plan fosters a sense of ownership and drives performance excellence throughout the organization. Various types of restricted stock plans may exist, catering to different employee groups and levels within Home Federal Savings and Loan Assoc.