Maine 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: Maine Senior Executive Management Incentive Plan at The Leon Co. Keywords: Maine Senior Executive Management Incentive Plan, The Leon Co., attachments, types. Description: The Maine Senior Executive Management Incentive Plan offered by The Leon Co. aims to attract and retain top-level executives by providing them with a comprehensive framework for performance-based incentives. This plan offers a range of benefits and rewards to senior executives, encouraging achievement of strategic goals, increased profitability, and sustainable long-term growth of the company. Attachments: 1. Overview Document: This attachment provides a detailed summary of the Maine Senior Executive Management Incentive Plan, highlighting key features, eligibility criteria, performance measurement metrics, and payout structures. It outlines the purpose, objectives, and benefits of the plan for senior executives at The Leon Co. 2. Performance Criteria Guidelines: This attachment outlines the specific performance criteria and targets that senior executives must meet in order to qualify for incentive rewards. It includes clear metrics related to financial performance, market share growth, operational efficiency, innovation, and other strategic objectives, ensuring alignment with the company's overall strategic direction. 3. Bonus Calculation Worksheet: This attachment provides a worksheet utilizing a formula-driven approach for calculating incentive rewards based on the performance achieved against predetermined metrics. It facilitates transparency and allows senior executives to calculate their potential bonus amounts based on their individual and team performance. 4. Long-Term Incentive Plan Overview: If applicable, this attachment introduces the long-term incentive plan that works in conjunction with the Maine Senior Executive Management Incentive Plan. It provides an overview of the equity-based incentives or performance share units granted to senior executives, highlighting vesting periods, eligibility criteria, and share valuation methodologies. 5. FAQs and Glossary of Terms: This attachment aims to address common questions related to the Maine Senior Executive Management Incentive Plan at The Leon Co. It includes a glossary to clarify any technical terms or concepts used within the documents, enabling senior executives to have a clear understanding of the plan's mechanics. Alternate Types of Maine Senior Executive Management Incentive Plans: 1. Short-Term Cash Bonus Plan: This type of incentive plan focuses solely on cash-based bonuses aligned with the achievement of short-term goals and objectives of The Leon Co. It provides immediate rewards to senior executives based on their individual performance and the company's overall financial performance within a specific fiscal year. 2. Performance-Based Stock Option Plan: This incentive plan offers senior executives stock options as a long-term incentive, granting them the right to purchase company stock at a predetermined price over a specific period. It links executives' personal wealth to the company's financial success in the long run, promoting loyalty, and alignment with the Leon Co.'s shareholders. 3. Profit-Sharing Plan: This type of incentive plan shares a portion of the profits generated by The Leon Co. with senior executives based on predetermined formulas. It encourages executives to focus on profitability while fostering a sense of ownership and motivation to drive company-wide success. Note: The specific types of incentive plans may vary depending on The Leon Co.'s industry, organizational structure, and strategic goals.

Title: Maine Senior Executive Management Incentive Plan at The Leon Co. Keywords: Maine Senior Executive Management Incentive Plan, The Leon Co., attachments, types. Description: The Maine Senior Executive Management Incentive Plan offered by The Leon Co. aims to attract and retain top-level executives by providing them with a comprehensive framework for performance-based incentives. This plan offers a range of benefits and rewards to senior executives, encouraging achievement of strategic goals, increased profitability, and sustainable long-term growth of the company. Attachments: 1. Overview Document: This attachment provides a detailed summary of the Maine Senior Executive Management Incentive Plan, highlighting key features, eligibility criteria, performance measurement metrics, and payout structures. It outlines the purpose, objectives, and benefits of the plan for senior executives at The Leon Co. 2. Performance Criteria Guidelines: This attachment outlines the specific performance criteria and targets that senior executives must meet in order to qualify for incentive rewards. It includes clear metrics related to financial performance, market share growth, operational efficiency, innovation, and other strategic objectives, ensuring alignment with the company's overall strategic direction. 3. Bonus Calculation Worksheet: This attachment provides a worksheet utilizing a formula-driven approach for calculating incentive rewards based on the performance achieved against predetermined metrics. It facilitates transparency and allows senior executives to calculate their potential bonus amounts based on their individual and team performance. 4. Long-Term Incentive Plan Overview: If applicable, this attachment introduces the long-term incentive plan that works in conjunction with the Maine Senior Executive Management Incentive Plan. It provides an overview of the equity-based incentives or performance share units granted to senior executives, highlighting vesting periods, eligibility criteria, and share valuation methodologies. 5. FAQs and Glossary of Terms: This attachment aims to address common questions related to the Maine Senior Executive Management Incentive Plan at The Leon Co. It includes a glossary to clarify any technical terms or concepts used within the documents, enabling senior executives to have a clear understanding of the plan's mechanics. Alternate Types of Maine Senior Executive Management Incentive Plans: 1. Short-Term Cash Bonus Plan: This type of incentive plan focuses solely on cash-based bonuses aligned with the achievement of short-term goals and objectives of The Leon Co. It provides immediate rewards to senior executives based on their individual performance and the company's overall financial performance within a specific fiscal year. 2. Performance-Based Stock Option Plan: This incentive plan offers senior executives stock options as a long-term incentive, granting them the right to purchase company stock at a predetermined price over a specific period. It links executives' personal wealth to the company's financial success in the long run, promoting loyalty, and alignment with the Leon Co.'s shareholders. 3. Profit-Sharing Plan: This type of incentive plan shares a portion of the profits generated by The Leon Co. with senior executives based on predetermined formulas. It encourages executives to focus on profitability while fostering a sense of ownership and motivation to drive company-wide success. Note: The specific types of incentive plans may vary depending on The Leon Co.'s industry, organizational structure, and strategic goals.