Mr Cooper Group Inc (COOP)

[ReikoBlack]

About Restricted Stock Awards

A Restricted Stock Award Share 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. Once the vesting requirements are met, an employee owns the shares outright and may treat them as she would any other share of stock in her account.

How do Restricted Stock Award Plans work?

Once an employee is granted a Restricted Stock Award, the employee must decide whether to accept or decline the grant. If the employee accepts the grant, he may be required to pay the employer a purchase price for the grant.

After accepting a grant and providing payment (if applicable) the employee must wait until the grant vests. Vesting periods for Restricted Stock Awards may be time-based (a stated period from the grant date), or performance-based (often tied to achievement of corporate goals.)

When a Restricted Stock Award vests, the employee receives the shares of company stock or the cash equivalent (depending on the company’s plan rules) without restriction.

http://personal.fidelity.com/products/stockoptions/rstockawards.shtml

Hmm. I was under the impression that they were awarded as 'Stock Awards' at the price of $1.20 but still he needs to Pay for them to ACQUIRE them. I thought they work the same way as Stock Options where the awardee needs to acquire them at the specified Strike price. Please correct me if I am wrong...