Kansas 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 Kansas Restricted Stock Plan of Bandstand Corp. is a comprehensive employee benefit program offered by Bandstand Corp., a renowned company based in Kansas. This plan aims to provide employees with an opportunity to acquire company stock and participate in its long-term growth. By offering restricted stock, Bandstand Corp. seeks to align the interests of its employees with the success and performance of the company. Under the Kansas Restricted Stock Plan, eligible employees are granted shares of restricted stock. These shares are subject to certain restrictions and conditions, typically involving a vesting period. During this vesting period, employees cannot sell or transfer the shares, ensuring their continued commitment and dedication to the company. Once the vesting period is complete, employees gain full ownership and control over their restricted stock, allowing them to realize the potential gains based on the stock's performance in the market. The specifics of the Kansas Restricted Stock Plan may vary depending on the employee's position, length of service, and other qualifying factors. Bandstand Corp. offers different types of restricted stock awards, including time-vested awards and performance-based awards. Time-vested awards are granted based on an employee's tenure with the company. As employees accumulate more years of service, they become eligible for additional shares of restricted stock. This type of award allows employees to earn shares of company stock passively, solely based on their continued employment. Performance-based awards, on the other hand, are granted based on the achievement of predefined performance goals or targets. These goals are typically set by the company and may be tied to various metrics such as financial performance, strategic milestones, or individual performance reviews. Employees who meet or exceed these goals are rewarded with additional shares of restricted stock, providing a strong incentive for exceptional performance. Participating in the Kansas Restricted Stock Plan can be highly beneficial for employees. It not only allows them to become shareholders in the company but also fosters a sense of ownership, motivation, and alignment with the organization's long-term success. As the stock price appreciates over time, employees can benefit from potential capital gains and dividends. In summary, the Kansas Restricted Stock Plan of Bandstand Corp. is a valuable employee benefit program that enables eligible employees to acquire shares of restricted stock. Through this plan, Bandstand Corp. aims to incentivize and reward employees for their efforts while aligning their interests with the growth and success of the company. The plan encompasses various types of awards, including time-vested and performance-based, ensuring a comprehensive and well-structured approach to employee stock ownership.