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
New Jersey Restricted Stock Plan of Sundstrand Corp.
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FAQ
If you're laid off and have RSUs, your options are similarly straightforward. If your RSUs have not yet vested, you lose them (or if a percentage has not yet vested, then you lose that percentage). You retain all vested RSUs; from there, you're free to sell right away or hold onto them and see what happens.
There are two different types of taxes you may need to pay on RSUs, but RSUs are not subject to double taxation. The shares are taxed at the ordinary income rate when they vest and you own them. If you hold onto them, then you may also need to pay capital gains tax on any gain when you sell them.
Resigning before your RSUs have vested is a tough pill to swallow. Usually, you'll lose all the RSUs that have not yet vested at the time of your resignation. They'll be forfeited back to the company, and you'll walk away with nothing for those unvested units.
With restricted stock and RSUs, you almost always forfeit whatever stock has not vested at the time of your termination, unless your grant specifies another treatment or the company decides to continue or accelerate vesting.
Once the Restricted Stock Units vest, the employee receives shares of the company stock in a brokerage account. If the company is publicly traded, selling the shares can be as simple as placing a trade order. Note that blackout periods may apply.
RSUs will be forfeited in the event of Termination of Service prior to the vesting date, except in certain earlier terminations involving Retirement, Involuntary Termination, Disability, Change-in- Control Termination or Death (see ?Termination of Service? below).
RSUs are a type of equity compensation that grants employees a specific number of company shares subject to a vesting schedule and potentially other stipulations. The vesting schedule dictates when ownership rights are activated, typically upon completing a certain number of service years.
At the time of your departure, you are generally allowed to exercise the vested portion of your stock option awards, and you will forfeit the unvested portion. If you are planning on leaving your job, you should review the details of your vesting schedule.