Illinois Senior Executive Management Incentive Plan with attachments for The Geon Co.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• Control #: US-CC-20-234
• Format: Word; Rich Text

Description

20-234 20-234 . . . Senior Executive Management Incentive Plan which is similar to corporation's existing annual bonus program except for changes necessary to cause incentive compensation to qualify as performance-based compensation under Section 162(m) of Internal Revenue Code. Under Plan, (a) key executives who have potential to influence significantly and positively the performance of corporation are selected by Committee, (b) participants are assigned to an incentive category based on organizational level and potential impact on corporation results, (c) participant categories define level of incentive opportunity, stated as a percentage (up to maximum of 200%) of base salary, that will be available to participant (Incentive Percentage), and (d) Committee uses measures of corporation performance to determine performance goal target levels. Performance measures include one or more of following: (i) return to stockholders, (ii) cash flow, (iii) return on equity, (iv) corporation created income, (v) sales growth, (vi) earnings and earnings growth, (vii) return on assets, (viii) stock price, (ix) earnings per share, (x) market share, (xi) customer satisfaction, and (xii) safety and/or environmental performance. Selected performance measures are weighted by Committee each year to reflect their relative importance to corporation in that Plan Year. A portion of each participant's award, as determined by Committee, is paid in form of restricted stock. Participants can elect additional optional deferrals so that they may receive up to 100% of their award as restricted stock. Any award paid as restricted stock is enhanced with a 25% premium; i.e., for every $100 deferred, participant will receive $125 in restricted stock Title: Illinois Senior Executive Management Incentive Plan for The Leon Co. Description: The Illinois Senior Executive Management Incentive Plan is a comprehensive reward program designed by The Leon Co. to motivate and retain its top-level executives based in Illinois. This plan aims to align the interests of the senior executives with the strategic goals of the company, driving performance and fostering long-term growth. Attachments: 1. Illinois Senior Executive Management Incentive Plan Guidelines: This document outlines the key components, eligibility criteria, performance metrics, and payout structure of the incentive plan. It provides a detailed breakdown of how senior executive compensation is linked to individual and corporate performance goals. 2. Illinois Senior Executive Management Incentive Plan Agreement: This legally binding agreement between The Leon Co. and the participating Illinois senior executives defines the terms and conditions of their participation in the incentive plan. It covers important aspects such as performance evaluation, target incentives, and bonus calculations. 3. Performance Metrics and Goals: This attachment details the specific performance metrics and goals that senior executives must achieve to qualify for the incentive plan. It outlines measurable objectives related to financial performance, market share growth, customer satisfaction, innovation, and other relevant key performance indicators (KPIs). 4. Performance Evaluation Process: This attachment provides a comprehensive description of the performance evaluation process for the senior executives. It explains how performance results will be measured, assessed, and weighted to determine the payout percentage of their target incentives. 5. Incentive Plan Payout Structure: This attachment elucidates the payout structure of the incentive plan, illustrating the formula used to calculate bonus payouts based on individual and company performance. It includes a clear breakdown of the potential rewards at different achievement levels and the maximum bonus cap. 6. Key Benefits and Retention Provisions: This attachment highlights additional benefits, perks, or retention provisions available to senior executives participating in the incentive plan. It addresses long-term incentives, stock options, deferred compensation, and other elements aimed at enhancing talent retention and succession planning. Types of Illinois Senior Executive Management Incentive Plans for The Leon Co.: 1. Performance-Based Incentive Plan: This type emphasizes achieving specific performance targets, including financial goals, market share, customer satisfaction, and innovation. The rewards are directly tied to measured performance metrics. 2. Long-Term Incentive Plan: This plan focuses on rewarding senior executives for their long-term contributions to The Leon Co. It often includes equity-based compensation, stock options, or deferred compensation packages that vest over an extended period. 3. Retention Incentive Plan: The retention plan aims to retain valuable senior executives by providing additional incentives beyond regular compensation. It may include loyalty bonuses, contractual commitments, or unique benefits tailored to individual executive roles. The Leon Co. recognizes the significance of properly motivating and incentivizing senior executives in Illinois, ensuring their commitment toward driving the company's success. The Illinois Senior Executive Management Incentive Plan, along with its attachments, establishes a transparent framework that aligns the goals of senior executives with the strategic direction of the organization, fostering growth, and positioning the company for long-term success.

Title: Illinois Senior Executive Management Incentive Plan for The Leon Co. Description: The Illinois Senior Executive Management Incentive Plan is a comprehensive reward program designed by The Leon Co. to motivate and retain its top-level executives based in Illinois. This plan aims to align the interests of the senior executives with the strategic goals of the company, driving performance and fostering long-term growth. Attachments: 1. Illinois Senior Executive Management Incentive Plan Guidelines: This document outlines the key components, eligibility criteria, performance metrics, and payout structure of the incentive plan. It provides a detailed breakdown of how senior executive compensation is linked to individual and corporate performance goals. 2. Illinois Senior Executive Management Incentive Plan Agreement: This legally binding agreement between The Leon Co. and the participating Illinois senior executives defines the terms and conditions of their participation in the incentive plan. It covers important aspects such as performance evaluation, target incentives, and bonus calculations. 3. Performance Metrics and Goals: This attachment details the specific performance metrics and goals that senior executives must achieve to qualify for the incentive plan. It outlines measurable objectives related to financial performance, market share growth, customer satisfaction, innovation, and other relevant key performance indicators (KPIs). 4. Performance Evaluation Process: This attachment provides a comprehensive description of the performance evaluation process for the senior executives. It explains how performance results will be measured, assessed, and weighted to determine the payout percentage of their target incentives. 5. Incentive Plan Payout Structure: This attachment elucidates the payout structure of the incentive plan, illustrating the formula used to calculate bonus payouts based on individual and company performance. It includes a clear breakdown of the potential rewards at different achievement levels and the maximum bonus cap. 6. Key Benefits and Retention Provisions: This attachment highlights additional benefits, perks, or retention provisions available to senior executives participating in the incentive plan. It addresses long-term incentives, stock options, deferred compensation, and other elements aimed at enhancing talent retention and succession planning. Types of Illinois Senior Executive Management Incentive Plans for The Leon Co.: 1. Performance-Based Incentive Plan: This type emphasizes achieving specific performance targets, including financial goals, market share, customer satisfaction, and innovation. The rewards are directly tied to measured performance metrics. 2. Long-Term Incentive Plan: This plan focuses on rewarding senior executives for their long-term contributions to The Leon Co. It often includes equity-based compensation, stock options, or deferred compensation packages that vest over an extended period. 3. Retention Incentive Plan: The retention plan aims to retain valuable senior executives by providing additional incentives beyond regular compensation. It may include loyalty bonuses, contractual commitments, or unique benefits tailored to individual executive roles. The Leon Co. recognizes the significance of properly motivating and incentivizing senior executives in Illinois, ensuring their commitment toward driving the company's success. The Illinois Senior Executive Management Incentive Plan, along with its attachments, establishes a transparent framework that aligns the goals of senior executives with the strategic direction of the organization, fostering growth, and positioning the company for long-term success.