South Carolina Officer Long Term Incentive Compensation Plan for Southern California Edison Co.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• Control #: US-CC-18-266C
• Format: Word; Rich Text

Description

18-266C 18-266C . . . Officer Long Term Incentive Compensation Plan under which compensation committee can grant (i) stock appreciation equivalents (hypothetical stock "units" which are granted to participant and upon which value of any incentive award is calculated), (ii) dividend equivalents (which represent value of dividends per share paid by corporation, calculated upon stock or stock units held by participant and which, if objectives set by committee are met, are paid to participant), (iii) Non-qualified Stock Options, (iv) incentive stock options, (v) restricted stock, (vi) stock appreciation rights, and (vii) performance awards Title: South Carolina Officer Long Term Incentive Compensation Plan for Southern California Edison Co.: Explained Introduction: Understanding the South Carolina Officer Long Term Incentive Compensation Plan for Southern California Edison Co. is paramount to comprehending the rewards' system in place to incentivize long-term retention and performance of officers within the company. This detailed description will shed light on the specifics of the plan, including its purpose, structure, eligibility criteria, and potential benefits. Keywords: South Carolina, Officer, Long Term Incentive Compensation Plan, Southern California Edison Co., rewards system, long-term retention, performance, eligibility criteria, benefits. 1. Purpose of the Plan: The South Carolina Officer Long Term Incentive Compensation Plan is designed to attract, retain, and motivate key officers of Southern California Edison Co. operating in South Carolina. It aims to encourage long-term commitment, foster sustained performance, and align the interests of officers with those of the company and its shareholders. 2. Structure and Eligibility Criteria: a) Performance-Based Grants: Eligible officers may be awarded performance-based grants in the form of cash, stock options, or restricted stock units (RSS), linked to predetermined performance metrics over a designated performance cycle. b) Eligible Officers: The plan is typically extended to top-level executives, including but not limited to senior vice presidents, vice presidents, senior directors, and other officers deemed eligible by the company's Board of Directors or Compensation Committee. 3. Types of Long-Term Incentives: a) Stock Options: Officers may receive stock options, which grant them the right to purchase company stock at a predetermined price (exercise price) within a specified timeframe. The exercise price is often set at the stock's fair market value on the date of grant. b) Restricted Stock Units (RSS): RSS represent units that entitle officers to receive shares of company stock upon meeting certain vesting conditions, such as specified time periods or achieving performance goals. c) Performance Cash Awards: Officers may also be eligible for cash bonuses tied to the achievement of specific financial, operational, or individual performance targets set by the company. 4. Vesting and Performance Period: The plan typically incorporates a vesting schedule that outlines the time period over which awarded grants become fully owned by the officer. Vesting may occur incrementally (e.g., annually) or in specific tranches, subject to predetermined conditions. Performance periods, on the other hand, pertain to the timeframe during which officers' performance is evaluated to determine the level of incentive compensation earned. 5. Benefits and Potential Outcomes: a) Retention and Motivation: The plan encourages officer retention and provides motivation by linking compensation to long-term organizational performance, shareholder value creation, and individual contributions. b) Alignment of Interests: By utilizing performance-based metrics, the plan aligns officers' objectives with those of Southern California Edison Co. and its shareholders, fostering a sense of shared success. c) Competitive Compensation: The plan enables Southern California Edison Co. to attract and retain top talent by providing a competitive compensation structure that includes long-term incentives. Conclusion: The South Carolina Officer Long Term Incentive Compensation Plan for Southern California Edison Co. serves as a vital tool in attracting, retaining, and motivating key officers within the organization. Through various types of long-term incentives, the plan aligns officers' interests with company success, furthering their commitment and driving superior performance. Additional types of South Carolina Officer Long Term Incentive Compensation Plans for Southern California Edison Co. may exist, tailored to specific officer roles or locations.

Title: South Carolina Officer Long Term Incentive Compensation Plan for Southern California Edison Co.: Explained Introduction: Understanding the South Carolina Officer Long Term Incentive Compensation Plan for Southern California Edison Co. is paramount to comprehending the rewards' system in place to incentivize long-term retention and performance of officers within the company. This detailed description will shed light on the specifics of the plan, including its purpose, structure, eligibility criteria, and potential benefits. Keywords: South Carolina, Officer, Long Term Incentive Compensation Plan, Southern California Edison Co., rewards system, long-term retention, performance, eligibility criteria, benefits. 1. Purpose of the Plan: The South Carolina Officer Long Term Incentive Compensation Plan is designed to attract, retain, and motivate key officers of Southern California Edison Co. operating in South Carolina. It aims to encourage long-term commitment, foster sustained performance, and align the interests of officers with those of the company and its shareholders. 2. Structure and Eligibility Criteria: a) Performance-Based Grants: Eligible officers may be awarded performance-based grants in the form of cash, stock options, or restricted stock units (RSS), linked to predetermined performance metrics over a designated performance cycle. b) Eligible Officers: The plan is typically extended to top-level executives, including but not limited to senior vice presidents, vice presidents, senior directors, and other officers deemed eligible by the company's Board of Directors or Compensation Committee. 3. Types of Long-Term Incentives: a) Stock Options: Officers may receive stock options, which grant them the right to purchase company stock at a predetermined price (exercise price) within a specified timeframe. The exercise price is often set at the stock's fair market value on the date of grant. b) Restricted Stock Units (RSS): RSS represent units that entitle officers to receive shares of company stock upon meeting certain vesting conditions, such as specified time periods or achieving performance goals. c) Performance Cash Awards: Officers may also be eligible for cash bonuses tied to the achievement of specific financial, operational, or individual performance targets set by the company. 4. Vesting and Performance Period: The plan typically incorporates a vesting schedule that outlines the time period over which awarded grants become fully owned by the officer. Vesting may occur incrementally (e.g., annually) or in specific tranches, subject to predetermined conditions. Performance periods, on the other hand, pertain to the timeframe during which officers' performance is evaluated to determine the level of incentive compensation earned. 5. Benefits and Potential Outcomes: a) Retention and Motivation: The plan encourages officer retention and provides motivation by linking compensation to long-term organizational performance, shareholder value creation, and individual contributions. b) Alignment of Interests: By utilizing performance-based metrics, the plan aligns officers' objectives with those of Southern California Edison Co. and its shareholders, fostering a sense of shared success. c) Competitive Compensation: The plan enables Southern California Edison Co. to attract and retain top talent by providing a competitive compensation structure that includes long-term incentives. Conclusion: The South Carolina Officer Long Term Incentive Compensation Plan for Southern California Edison Co. serves as a vital tool in attracting, retaining, and motivating key officers within the organization. Through various types of long-term incentives, the plan aligns officers' interests with company success, furthering their commitment and driving superior performance. Additional types of South Carolina Officer Long Term Incentive Compensation Plans for Southern California Edison Co. may exist, tailored to specific officer roles or locations.