Kentucky 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

The Kentucky Senior Executive Management Incentive Plan is an integral part of The Leon Co.'s overall compensation package for its senior executive team. This plan aims to incentivize and reward senior executives for their exceptional performance, strategic leadership, and achieving the company's objectives. By providing attractive incentives and rewards, the incentive plan serves as a key tool for talent retention and ensuring the organization's long-term success. In the Kentucky Senior Executive Management Incentive Plan, there are several types of incentives and rewards, tailored to motivate and recognize different aspects of performance and growth: 1. Performance-based Bonuses: This component of the plan is designed to reward executives based on their individual and/or team performance. It includes key performance indicators (KPIs) such as revenue growth, profitability targets, market share expansion, successful completion of strategic projects, and other metrics relevant to The Leon Co.'s business goals. 2. Long-term Incentive Awards: The plan may include long-term incentives, such as stock options, restricted stock units, or performance shares, that provide executives with an opportunity to build ownership in The Leon Co. and align their interests with shareholders. These awards are usually subject to vesting schedules to promote long-term commitment and sustained performance. 3. Retention Bonuses: The Leon Co. acknowledges the importance of retaining top talent and may offer retention bonuses as part of the plan. These bonuses serve as additional financial incentives to encourage executives to remain with the company for a specified period, typically during times of significant transition, acquisitions, or other critical circumstances. 4. Additional Benefits and Perquisites: The plan may include various additional benefits and perquisites tailored to senior executives, such as executive pension plans, healthcare coverage, executive life insurance policies, executive retirement plans, or specialized retirement vehicles designed to provide for the executives' long-term financial security. Attachments to the Kentucky Senior Executive Management Incentive Plan often include detailed terms and conditions, eligibility criteria, performance goals, payout formulas, and vesting schedules. These attachments provide a comprehensive overview of the plan, ensuring transparency, and enabling executives to understand how their performance will be measured and rewarded. The Leon Co.'s dedication to its senior executive team is evident through the multiple types of Kentucky Senior Executive Management Incentive Plans it offers. Through these plans, the company creates a mutually beneficial framework where executives are incentivized to drive the company's success, while also ensuring their own professional growth and financial well-being.