18-172 18-172 . . Director Stock Program which provides that, on first day of director's term, such director will be granted option to acquire 900 shares of common stock, and on first day of each subsequent year of director's term, he or she will be granted options to acquire 300 shares of common stock. Options are at fair market value on date of grant and are exercisable in full six months after date of grant. The Director Stock Program also provides that, on first day of director's term, he or she will be awarded right to purchase 450 shares of restricted stock, and on first day of the second and third year of such director's term, he or she will be awarded right to purchase 150 shares of restricted stock. Purchase price will be equal to par value of common stock
Puerto Rico Director stock program
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US-CC-18-172
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For employees who at termination of employment have between 5 and 15 years of service with the employer, the Act 80 amount equals 3 months' salary plus 2 weeks' salary per each full year of service.
? PUBLIC LAW 87 AUTHORIZATION TO RECRUIT AND TRANSPORT ? It is unlawful for any person, any organization, or the agent of a person or organization, to recruit or transport laborers for employment outside Puerto Rico without authorization by the labor secretary.
Tax Free First Year: Puerto Rico offers a tax deduction of 100% on real estate and personal property taxes during the first-year of operations. One Shareholder: A minimum of only one shareholder is allowed for Puerto Rico corporations. No Authorized Capital: There is no authorized minimum capital requirement.
Because Puerto Ricans are U.S. citizens, they have an advantage in competitive labor markets over foreign workers who require a visa in order to be employed in the U.S.A. U.S. companies need skilled tradespeople as well as entry-level workers who receive training on the job.
The Puerto Rico Equal Pay Act prohibits pay discrimination based on sex.
Act 80 (the Unjust Dismissal Act) regulates employment termination of employees hired for an indefinite term. Puerto Rico is not an 'employment at will' jurisdiction.
Puerto Rico does not have a local WARN statute, but the US federal WARN Act applies in Puerto Rico for mass layoffs, which may include pay in lieu of notice in certain situations.
The statutory severance formula for employees hired on or after January 26, 2017, regardless of years of service, changes to three months of salary plus two weeks for each completed year of service. The statutory severance is capped at nine months.