Illinois Proposal to approve restricted stock plan

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Multi-State
Control #:
US-CC-20-168-NE
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Word; 
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This sample form, a detailed Proposal to Approve Restricted Stock Plan document, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats.
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FAQ

Only a transfer agent can complete the task of removing a restrictive stock legend. The transfer agent will require an opinion letter from the issuer's counsel or from his or her own lawyer plus 144 papers completed by a broker?stating that the restricted legend can be removed.

Stock options may be more suitable for employees and employers at startups or early-stage companies that are not yet profitable and have significant growth potential. Whereas RSUs can benefit both at larger, more established companies that are financially stable and have a predictable stock performance.

A Restricted Stock Award is a grant of company stock in which the recipient's rights in the stock are restricted until the shares vest (or lapse in restrictions). The restricted period is called a vesting period. Vesting periods can be met by the passage of time, or by company or individual performance.

The option plan must be approved by the stockholders within 12 months before or after the plan is adopted (see also Explanation: §423, Shareholder Approval Requirement) (IRC § 422(b)(1); Reg. §1.422-3).

You may not sell, assign, pledge, encumber, or otherwise transfer any interest in the Restricted Shares until the dates set forth in the Vesting Schedule set forth below, at which point the Restricted Shares will be referred to as ?Vested.? A Restricted Share shall not be subject to execution, attachment or similar ...

SEC Rule 144 covers restricted securities. Restricted securities are typically sold in a private placement and cannot be freely traded on stock exchanges. These shares are subject to resale and transfer restrictions which may include filing a registration statement with the SEC.

month holding period is required for ?restricted securities? of an issuer that has been a reporting company for at least 90 days. A oneyear holding period is required for ?restricted securities? of a nonreporting company.

Rule 144 contains ?tacking? provisions in specified situations that allow holders to count other holding periods?either of prior owners of the securities or of different securities owned by the holders?to satisfy their holding period requirement.

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Illinois Proposal to approve restricted stock plan