First Financial Security, Inc. submitted restricted stock award agreements to 2023 qualifying Champions Club members this week. Those shareholders are set to receive new restricted stock awards on the March 15, 2024 grant date. This award comes less than a year after introducing the New Restricted Stock Plan.
The Restricted Stock Plan replaced the prior Equity Share Plan and took effect in April 2023. It was established to give top performers — those who work tirelessly to make FFS more profitable for everyone and take responsibility for the company as though it were their own — the opportunity to become actual owners of FFS.
Under the Restricted Stock Plan, independent contractors who earn $100,000 or more in a calendar year receive restricted stock awards. The restricted stock award will specify how many shares of restricted stock are granted and will also include a vesting schedule designating the amount of time that they must continue to work with FFS in order to own the shares.
The Restricted Stock Plan allows qualified independent contractors to experience increasing value as FFS grows and participates in the company's future gains. Since introducing the stock plan, the share price has increased nearly 65%. This, coupled with the record-breaking year FFS has had, is a clear indicator of the potential future success First Financial Security, Inc. and its shareholders will have.