North Dakota 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 North Dakota Senior Executive Management Incentive Plan is a comprehensive program developed by The Leon Co. to motivate and reward senior executives for their exceptional performance and commitment towards achieving organizational goals. This plan aims to align executive compensation with the long-term success of the company while promoting growth and profitability. The plan consists of various attachments designed to provide a detailed structure and guidelines for implementing and administering the program effectively. These attachments include: 1. Performance Metrics and Targets: This attachment outlines the specific key performance indicators (KPIs), metrics, and targets that will be used to evaluate and measure executive performance. Examples of these metrics may include revenue growth, net profit margins, market share, customer satisfaction levels, and innovation initiatives. 2. Performance-Based Incentives: This attachment describes the various types of incentive compensation that executives can earn based on their performance against predetermined targets. Examples of performance-based incentives include cash bonuses, stock options, restricted stock units, and long-term incentive grants tied to the achievement of strategic milestones. 3. Executive Evaluation and Assessment: This attachment describes the process and criteria for evaluating executive performance. It includes performance review cycles, assessment methodologies, and the involvement of the board of directors or compensation committee in the evaluation process. 4. Vesting and Payout Schedule: This attachment outlines the vesting periods, payout schedules, and conditions that executives must meet to receive their incentive compensation. It may include provisions to prevent executives from prematurely cashing out or selling their incentives. 5. Clawback Provisions: This attachment details the circumstances under which the company can reclaim incentive compensation previously awarded to executives. These provisions are typically triggered in cases of financial restatements, misconduct, or breach of ethical standards, safeguarding the company's interests. 6. Communication and Transparency Guidelines: This attachment emphasizes the importance of transparent communication to ensure executives have a clear understanding of the plan's design, objectives, and expectations. It also highlights the importance of regular communication to keep executives informed about their progress and goals. The Leon Co. may have specific types of senior executive management incentive plans tailored to different levels of seniority or divisions within the company. For example, they may have a Chief Executive Officer (CEO) Incentive Plan, a Vice President (VP) Incentive Plan, or a Business Unit Incentive Plan. Each plan would cater to the specific goals and responsibilities associated with the respective roles. By implementing the North Dakota Senior Executive Management Incentive Plan, The Leon Co. aims to incentivize and reward exceptional performance, align executive compensation with business objectives, and drive long-term growth and profitability.

The North Dakota Senior Executive Management Incentive Plan is a comprehensive program developed by The Leon Co. to motivate and reward senior executives for their exceptional performance and commitment towards achieving organizational goals. This plan aims to align executive compensation with the long-term success of the company while promoting growth and profitability. The plan consists of various attachments designed to provide a detailed structure and guidelines for implementing and administering the program effectively. These attachments include: 1. Performance Metrics and Targets: This attachment outlines the specific key performance indicators (KPIs), metrics, and targets that will be used to evaluate and measure executive performance. Examples of these metrics may include revenue growth, net profit margins, market share, customer satisfaction levels, and innovation initiatives. 2. Performance-Based Incentives: This attachment describes the various types of incentive compensation that executives can earn based on their performance against predetermined targets. Examples of performance-based incentives include cash bonuses, stock options, restricted stock units, and long-term incentive grants tied to the achievement of strategic milestones. 3. Executive Evaluation and Assessment: This attachment describes the process and criteria for evaluating executive performance. It includes performance review cycles, assessment methodologies, and the involvement of the board of directors or compensation committee in the evaluation process. 4. Vesting and Payout Schedule: This attachment outlines the vesting periods, payout schedules, and conditions that executives must meet to receive their incentive compensation. It may include provisions to prevent executives from prematurely cashing out or selling their incentives. 5. Clawback Provisions: This attachment details the circumstances under which the company can reclaim incentive compensation previously awarded to executives. These provisions are typically triggered in cases of financial restatements, misconduct, or breach of ethical standards, safeguarding the company's interests. 6. Communication and Transparency Guidelines: This attachment emphasizes the importance of transparent communication to ensure executives have a clear understanding of the plan's design, objectives, and expectations. It also highlights the importance of regular communication to keep executives informed about their progress and goals. The Leon Co. may have specific types of senior executive management incentive plans tailored to different levels of seniority or divisions within the company. For example, they may have a Chief Executive Officer (CEO) Incentive Plan, a Vice President (VP) Incentive Plan, or a Business Unit Incentive Plan. Each plan would cater to the specific goals and responsibilities associated with the respective roles. By implementing the North Dakota Senior Executive Management Incentive Plan, The Leon Co. aims to incentivize and reward exceptional performance, align executive compensation with business objectives, and drive long-term growth and profitability.