This bill requires a major corporation that receives federal aid related to COVID-19 (i.e., coronavirus disease 2019) to make an annual grant of equity to its employees until all such federal aid is repaid.
A major corporation is a corporation that, among other things, has its securities traded on a national securities exchange, has to register its securities with the Securities and Exchange Commission, and has an aggregate market value of $75 million.
The number of shares of stock such a corporation must grant to its employees shall be determined according to a specified formula. Such grant (1) shall be a grant of whole shares of stock; (2) may not be conditioned on the purchase of company stock or any employee performance evaluations; and (3) shall be equal, in terms of voting and dividend rights, to the class of securities otherwise issued by the corporation that carries the highest such rights.