A restricted stock award is a grant of company stock where the right of the recipient in the stock is restricted till there is lapse in restriction. A restricted stock award agreement is a document drafted when the company and its employee enter into an agreement after the employee accepts the grant.
After the employee accepts the grant he has to wait for the grant to vest. The agreement states the terms and conditions that both the company and the employee needs to follow after accepting the grant.
The details mentioned in the agreement are as follows:
- The number of shares or the amount of stock that the employee will be granted.
- The purchase price of the grant awarded to the employee that the employee has to pay.
- The restrictions that the employee has if he intends to transfer the shares.
- The tax benefits that the employee may receive.
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