Tennessee Executive Incentive Plan

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• Control #: US-CC-20-270
• Format: Word; Rich Text

Description

20-270 20-270 . . . Executive Incentive Plan under which corporation can award restricted stock and units. Restricted stock consists of common stock of corporation which contains restrictions on transfer and forfeiture in event of termination of employment prior to expiration of time period specified in grant. units are equivalent of corporation's book value per share and are issued and credited on corporation's books to employees on condition that said units must be resold to corporation. Corporation must purchase units at end of 5 year incentive period or upon termination of employment (whichever comes first) for amount equivalent to book value at that time plus dividends declared during incentive period and less book value on date of grant The Tennessee Executive Incentive Plan (TRIP) is a program established by the Tennessee Department of Economic and Community Development (TNE CD) to attract and retain executive-level talent in the state. The TRIP offers various incentives and benefits designed to encourage businesses to locate or expand their executive operations in Tennessee. The TRIP aims to provide companies with a competitive advantage by offering financial assistance and support in terms of job creation, capital investment, and executive development. Through this program, businesses can receive incentives and grants to offset the costs associated with establishing or expanding their executive presence in Tennessee. One type of Tennessee Executive Incentive Plan is the Job Creation and Capital Investment Grant (CCI). This grant offers financial assistance to companies that create new full-time jobs and make substantial capital investments in the state. The CCI rewards businesses based on the number of quality jobs created and capital investments made over a specified period. Another type of incentive under the Tennessee Executive Incentive Plan is the Fastback Infrastructure Program. This program provides grants to enhance a company's infrastructure necessary for expanding executive operations. The grants can be used to cover costs associated with site preparation, building renovations, and utility upgrades required to accommodate the executive workforce. Additionally, the TRIP includes the Fastback Job Training Assistance Program. This program offers training grants to companies that are creating new jobs or making significant investments in Tennessee. The grants can be used to cover eligible expenses related to employee training and development, ensuring that the executive workforce has the necessary skills to drive growth and success. In summary, the Tennessee Executive Incentive Plan is a comprehensive program aimed at attracting and retaining executive-level talent in Tennessee. Through various grants and incentives, it provides financial assistance to businesses for job creation, capital investment, infrastructure development, and training. The TRIP aims to bolster Tennessee's economy by encouraging the growth of executive operations and the overall success of businesses in the state.

The Tennessee Executive Incentive Plan (TRIP) is a program established by the Tennessee Department of Economic and Community Development (TNE CD) to attract and retain executive-level talent in the state. The TRIP offers various incentives and benefits designed to encourage businesses to locate or expand their executive operations in Tennessee. The TRIP aims to provide companies with a competitive advantage by offering financial assistance and support in terms of job creation, capital investment, and executive development. Through this program, businesses can receive incentives and grants to offset the costs associated with establishing or expanding their executive presence in Tennessee. One type of Tennessee Executive Incentive Plan is the Job Creation and Capital Investment Grant (CCI). This grant offers financial assistance to companies that create new full-time jobs and make substantial capital investments in the state. The CCI rewards businesses based on the number of quality jobs created and capital investments made over a specified period. Another type of incentive under the Tennessee Executive Incentive Plan is the Fastback Infrastructure Program. This program provides grants to enhance a company's infrastructure necessary for expanding executive operations. The grants can be used to cover costs associated with site preparation, building renovations, and utility upgrades required to accommodate the executive workforce. Additionally, the TRIP includes the Fastback Job Training Assistance Program. This program offers training grants to companies that are creating new jobs or making significant investments in Tennessee. The grants can be used to cover eligible expenses related to employee training and development, ensuring that the executive workforce has the necessary skills to drive growth and success. In summary, the Tennessee Executive Incentive Plan is a comprehensive program aimed at attracting and retaining executive-level talent in Tennessee. Through various grants and incentives, it provides financial assistance to businesses for job creation, capital investment, infrastructure development, and training. The TRIP aims to bolster Tennessee's economy by encouraging the growth of executive operations and the overall success of businesses in the state.