North Carolina Compensation Program for Officers and Certain Key Management Personnel with attachments

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• Control #: US-CC-20-297D
• Format: Word; Rich Text

Description

20-297D 20-297D . . . Compensation Program for Officers and Certain Key Management Personnel which is administered by Chief Executive Officer with approval of Compensation Committee. Participants receive variable compensation tied directly to achievement of key corporate-wide objectives. Participants fall within either Band A, Band B, or Band C depending on nature of their positions and their impact on corporation. Opportunities for variable compensation awards vary depending upon which "Band" participant falls into. Awards can range from 12.5% to 75% of base salaries. Plan provides that awards will not be paid unless earnings, after subtracting variable compensation, are greater than dividends paid in year for which variable compensation is to be awarded. Awards are paid in cash, stock grants and restricted stock (no transferability during first five years after grant and forfeiture of stock upon termination of employment, except for retirement, death or disability, during first years after grant) The North Carolina Compensation Program for Officers and Certain Key Management Personnel is a comprehensive system designed to ensure fair and competitive compensation for high-ranking individuals within the state's organizations. This program recognizes the significant responsibilities, expertise, and contributions of officers and key management personnel, and serves as a tool to attract and retain top talent. The program encompasses various compensation types and structures, tailored to meet the needs of different entities. Here are some key types of compensation programs under the North Carolina Compensation Program for Officers and Certain Key Management Personnel: 1. Salary and Base Compensation: This form of compensation includes the fixed monetary amount paid to officers and key management personnel for their services. The salary is determined based on factors such as job responsibilities, seniority, and market competitiveness. 2. Performance-Based Pay: To incentivize exceptional performance, the program may include performance-based pay components. These can take the form of bonuses, incentives, or merit pay, and are awarded based on measurable achievements, goals met, or milestones reached. 3. Long-Term Incentives: Certain programs may offer long-term incentives to officers and key management personnel. These could be in the form of stock options, restricted stock units, or other equity-based compensation, allowing eligible individuals to participate in the organization's long-term success. 4. Benefits Package: The North Carolina Compensation Program ensures that officers and key management personnel receive a comprehensive benefits package, including health insurance, retirement plans, life insurance, disability coverage, and other perks designed to enhance their overall compensation and well-being. 5. Supplemental Compensation: In some cases, officers and key management personnel may be entitled to additional compensation beyond their base salary. This could include allowances, expense reimbursements, performance-related rewards, or other supplemental benefits. To provide a comprehensive understanding of the program, attachments could be included in the description. These attachments might consist of official documentation such as policies, guidelines, and legal frameworks that outline the program's objectives, eligibility criteria, compensation structures, performance evaluation processes, and any relevant contractual agreements. The North Carolina Compensation Program for Officers and Certain Key Management Personnel aims to establish a transparent and fair compensation system that aligns the interests of these individuals with organizational goals. It ensures that officers and key management personnel are appropriately motivated, recognized, and rewarded for their valuable contributions towards the success and growth of their respective entities.

The North Carolina Compensation Program for Officers and Certain Key Management Personnel is a comprehensive system designed to ensure fair and competitive compensation for high-ranking individuals within the state's organizations. This program recognizes the significant responsibilities, expertise, and contributions of officers and key management personnel, and serves as a tool to attract and retain top talent. The program encompasses various compensation types and structures, tailored to meet the needs of different entities. Here are some key types of compensation programs under the North Carolina Compensation Program for Officers and Certain Key Management Personnel: 1. Salary and Base Compensation: This form of compensation includes the fixed monetary amount paid to officers and key management personnel for their services. The salary is determined based on factors such as job responsibilities, seniority, and market competitiveness. 2. Performance-Based Pay: To incentivize exceptional performance, the program may include performance-based pay components. These can take the form of bonuses, incentives, or merit pay, and are awarded based on measurable achievements, goals met, or milestones reached. 3. Long-Term Incentives: Certain programs may offer long-term incentives to officers and key management personnel. These could be in the form of stock options, restricted stock units, or other equity-based compensation, allowing eligible individuals to participate in the organization's long-term success. 4. Benefits Package: The North Carolina Compensation Program ensures that officers and key management personnel receive a comprehensive benefits package, including health insurance, retirement plans, life insurance, disability coverage, and other perks designed to enhance their overall compensation and well-being. 5. Supplemental Compensation: In some cases, officers and key management personnel may be entitled to additional compensation beyond their base salary. This could include allowances, expense reimbursements, performance-related rewards, or other supplemental benefits. To provide a comprehensive understanding of the program, attachments could be included in the description. These attachments might consist of official documentation such as policies, guidelines, and legal frameworks that outline the program's objectives, eligibility criteria, compensation structures, performance evaluation processes, and any relevant contractual agreements. The North Carolina Compensation Program for Officers and Certain Key Management Personnel aims to establish a transparent and fair compensation system that aligns the interests of these individuals with organizational goals. It ensures that officers and key management personnel are appropriately motivated, recognized, and rewarded for their valuable contributions towards the success and growth of their respective entities.