Virginia 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 Virginia Senior Executive Management Incentive Plan is a comprehensive program implemented by The Leon Co. to incentivize and reward top-level executives for their exceptional performance and contributions to the company's growth and success. This plan aims to attract, retain, and motivate highly skilled senior executives, ensuring their long-term commitment towards achieving the organization's strategic goals. The Virginia Senior Executive Management Incentive Plan is designed to align executive compensation with the company's objectives, placing a strong emphasis on both short-term and long-term performance. The plan includes various components such as annual cash bonuses, equity-based incentives, and performance-based rewards to create a balanced and dynamic compensation structure. Attachments for the Virginia Senior Executive Management Incentive Plan may include: 1. Plan Overview: This document provides a comprehensive overview of the plan, explaining its objectives, eligibility criteria, and key features. It outlines the different types of incentives available to senior executives and the performance metrics against which their performance will be evaluated. 2. Incentive Calculation Guidelines: This attachment details the specific calculations and formulas used to determine the size of cash bonuses and equity-based incentives awarded to eligible executives. It outlines the methods for assessing individual and company-wide performance, as well as any weightings or benchmarks used in the determination. 3. Performance Evaluation Metrics: This attachment outlines the performance metrics utilized to evaluate executive performance. These metrics may include financial indicators (revenue growth, profitability) and non-financial factors (customer satisfaction, employee engagement) relevant to The Leon Co.'s overall success. 4. Vesting Schedule: For equity-based incentives, this attachment provides a comprehensive vesting schedule indicating the timeframe during which executives gain ownership rights of granted shares or options. This schedule helps align executive interests with long-term company objectives and ensures sustained commitment. 5. Clawback Policy: The Leon Co. may include a clawback policy as an attachment to the incentive plan. This policy enables the company to recover any incentive payments or benefits if senior executives engage in misconduct or violate specific performance criteria. The clawback provisions safeguard the company's interests and maintain accountability within the senior management team. By implementing the Virginia Senior Executive Management Incentive Plan, The Leon Co. aims to promote a performance-driven culture, encourage innovation, and motivate senior executives to attain superior results. This plan serves as a crucial tool for retaining top talent, bolstering employee engagement, and aligning executive compensation with long-term shareholder value.

The Virginia Senior Executive Management Incentive Plan is a comprehensive program implemented by The Leon Co. to incentivize and reward top-level executives for their exceptional performance and contributions to the company's growth and success. This plan aims to attract, retain, and motivate highly skilled senior executives, ensuring their long-term commitment towards achieving the organization's strategic goals. The Virginia Senior Executive Management Incentive Plan is designed to align executive compensation with the company's objectives, placing a strong emphasis on both short-term and long-term performance. The plan includes various components such as annual cash bonuses, equity-based incentives, and performance-based rewards to create a balanced and dynamic compensation structure. Attachments for the Virginia Senior Executive Management Incentive Plan may include: 1. Plan Overview: This document provides a comprehensive overview of the plan, explaining its objectives, eligibility criteria, and key features. It outlines the different types of incentives available to senior executives and the performance metrics against which their performance will be evaluated. 2. Incentive Calculation Guidelines: This attachment details the specific calculations and formulas used to determine the size of cash bonuses and equity-based incentives awarded to eligible executives. It outlines the methods for assessing individual and company-wide performance, as well as any weightings or benchmarks used in the determination. 3. Performance Evaluation Metrics: This attachment outlines the performance metrics utilized to evaluate executive performance. These metrics may include financial indicators (revenue growth, profitability) and non-financial factors (customer satisfaction, employee engagement) relevant to The Leon Co.'s overall success. 4. Vesting Schedule: For equity-based incentives, this attachment provides a comprehensive vesting schedule indicating the timeframe during which executives gain ownership rights of granted shares or options. This schedule helps align executive interests with long-term company objectives and ensures sustained commitment. 5. Clawback Policy: The Leon Co. may include a clawback policy as an attachment to the incentive plan. This policy enables the company to recover any incentive payments or benefits if senior executives engage in misconduct or violate specific performance criteria. The clawback provisions safeguard the company's interests and maintain accountability within the senior management team. By implementing the Virginia Senior Executive Management Incentive Plan, The Leon Co. aims to promote a performance-driven culture, encourage innovation, and motivate senior executives to attain superior results. This plan serves as a crucial tool for retaining top talent, bolstering employee engagement, and aligning executive compensation with long-term shareholder value.