20-162L 20-162L . . . Long Term Incentive Program For Senior Management under which Compensation Committee may award (a) stock appreciation rights and (b) performance share units. Performance share units entitle holder to receive cash payment equal to (i) average market price of one share of corporation common stock during December ("Measuring Month") in third calendar year following year in which award is made, plus (ii) aggregate dividends with respect to one share of corporation common stock from January 1 of year in which award is made until last day of Measuring Month. At maturity, number of units initially awarded shall be (i) multiplied by fraction that corresponds to average annual percentage increase or decrease in book value per share of corporation common stock over four year period prior to maturity, and (ii) then further adjusted based on ratio of market value of corporation common stock to its book value as compared to that of comparable electric utility companies
Long Term Incentive Program for Senior Management
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US-CC-20-162L
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A long-term incentive plan (LTIP) is a company policy that rewards employees for reaching specific goals that lead to increased shareholder value. In a typical LTIP, the employee, usually an executive, must fulfill various conditions or requirements.
Long-term cash incentive plans are a form of long-term award granted contingent upon achievement of previously defined performance objectives over a multi-year period (typically three years).
A long-term incentive plan (LTIP) is a company policy that rewards employees for reaching specific goals that lead to increased shareholder value. In a typical LTIP, the employee, usually an executive, must fulfill various conditions or requirements.
An LTIP may be one components of a senior executive's pay package, which may include:Performance based long-term incentive; Benefits (e.g., Social Security, Medicare, Workers Compensation, and Unemployment Insurance, life and health insurance, 401(k), defined benefit, nonqualified deferred compensation plans, etc.);
Short-term incentives are used to create focus on short-term or immediate goals, and align rewards with individual and business performance. Long-term incentives are typically designed for executives who make strategic decisions for the company.Short-term incentives can be individual and/or team based.
STOCK OPTIONS. The award of stock options represents the most commonly used form of long term performance incentives. RESTRICTED STOCK. STOCK APPRECIATION RIGHTS (SARS) PHANTOM STOCK PLANS (Restrictive Stock Units) Have Our Employment Lawyers Review Your Incentive Pay.
Examples of common short-term incentive pay plans include: Annual incentive plan. A pay plan that rewards the accomplishment of specific results. Rewards usually are tied to expected results identified at the beginning of the performance cycle.
A long-term incentive plan or LTIP is a type of executive compensation that typically comes in the form of performance shares or matching shares of the company.