The North Carolina Management Long Term Incentive Compensation Plan of Suncorp is an executive compensation program specifically designed for top-level management professionals operating within the state of North Carolina. This plan aims to provide attractive incentives and rewards to motivate and retain talented individuals, aligning their interests with the long-term success of Suncorp. The program comprises various types of compensation plans, each tailored to specific managerial roles within Suncorp. These plans include: 1. Performance-based Stock Options: This type of plan grants eligible managers the right to purchase Suncorp company stock at a predetermined price during a specified period. The number of stock options awarded is determined by the executive's performance and achievement of predetermined financial or operational targets. 2. Restricted Stock Units (RSS): With RSS, participating managers are granted a specified number of Suncorp company shares, subject to certain vesting conditions. These conditions typically include the passage of a predetermined period or the attainment of specific performance targets. 3. Cash Bonuses: Managers enrolled in this plan have the opportunity to earn annual cash bonuses based on key performance indicators (KPIs) or other predefined benchmarks. The bonus amount is usually determined by a combination of individual, team, and company-wide performance. 4. Performance Share Units (Plus): This type of plan awards managers with a specified number of share units that convert into actual shares upon the attainment of predetermined performance targets. These targets may include financial milestones, market share growth, or other strategic objectives. 5. Phantom Stock Units (Plus): In this plan, eligible managers receive notional units representing Suncorp company shares. The value of these units is tied to the future performance and stock price of the company. At a predetermined event, such as retirement or a change in control, managers receive a cash payment equivalent to the value of the accumulated units. The North Carolina Management Long Term Incentive Compensation Plan of Suncorp operates within the legal and regulatory frameworks applicable to executive compensation, ensuring compliance with state and federal laws. It is designed to attract, motivate, and retain top managerial talent, while also aligning their interests with the long-term success and shareholder value creation of the company.
North Carolina Management Long Term Incentive Compensation Plan of of SCEcorp
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term incentive plan (LTIP) incentivizes employees to take actions that will maximize shareholder value and promote longterm growth for the organization. In a standard LTIP, the employee, who is normally a senior executive, is required to meet a number of criteria to receive the incentive.
LTI Bonus Compensation means all amounts awarded to a Participant under the Company LTI (Long Term Incentive) Plan that the Company determines to be eligible as compensation for purposes of the Plan.
Payout Opportunity A Participant's payout target amount under the Plan is determined by pay grade as follows: The range of incentive opportunity for a Plan Participant is 0% to 200% of the Participant's total value target. This means the maximum payout that a Participant can receive from this Plan is 200%.
An incentive pay plan is a 'bonus' pay over and above their hourly wage that an associate can attain if they meet certain pre-set requirements or criteria. Incentive pay can be productivity based, quality based, safety based, etc.
For example, if a share is trading at $10, and the exercise price is $5, the grantee can purchase a share at $5 and sell at $10 in the open market, resulting in a $5 profit per unit. The window of time that a grantee can exercise the option is referred to as the term. Most companies grant options with 10-year terms.
Incentive compensation management is the strategic use of incentives to drive better business outcomes and more closely align sales rep behavior with the organization's goals. Incentives can be structured in multiple ways, including straight commissions, bonuses, prizes, ?spiffs,? awards, and recognition.
An annual incentive plan outlines compensation to be paid to employees when they achieve certain performance-related goals over 12 months. This compensation is in addition to their regular salary ? it may be an employee gift, cash incentive, or another type of bonus or reward.
Multiply total sales by total bonus percentage. For example, you make $10,000 in sales, and your company offers you a 5% commission. ... $10,000 x .05 = $500. One employee makes $50,000 per year, and the bonus percentage is 3%. ... $50,000 x .03 = $1,500.