Virgin Islands Long Term Incentive Plan of Sierra Health Services, Inc.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• Control #: US-CC-18-289B
• Format: Word; Rich Text

Description

18-289B 18-289B . . . Long-Term Incentive Plan under which Compensation Committee can grant incentive stock options, (b) Non-qualified Stock Options, (c) reload options (which entitle optionee, upon exercise of a stock option through delivery of previously owned shares, to automatically be granted, on date of such exercise, a new stock option (i) for a number of shares of common stock not exceeding number of shares delivered in payment of option price of original option, (ii) having an option price not less than fair market value of common stock on date of grant of reload option, (iii) having an expiration date not later than expiration date of original option, and (iv) otherwise having terms permissible for an original grant of a stock option under Plan), (d) stock appreciation rights, (e) Restricted Stock, (f) Deferred Stock, (g) Bonus Stock, (h) awards in lieu of cash obligations, and (i) other Stock-based awards, all of which may, in discretion of committee, be granted either alone or in addition to, in tandem with, or in substitution for, any other award granted under the Plan or any award granted under any other Plan

The Virgin Islands Long Term Incentive Plan (TIP) of Sierra Health Services, Inc. (SHS) is a comprehensive employee benefit program designed to reward and retain talented professionals within the organization. This plan provides long-term incentives to eligible employees working in the Virgin Islands territory and plays a vital role in SHS's overall talent management strategy. The Virgin Islands TIP encompasses various types of incentives that are aimed at motivating employees to achieve long-term performance goals and aligning their interests with those of the organization. These incentives help attract and retain top talent, encourage loyalty, and drive the success of SHS in the competitive healthcare industry. 1. Performance-Based Stock Options: As part of the Virgin Islands TIP, eligible employees may be granted performance-based stock options. These options grant the right to purchase company stock at a pre-determined price after achieving specific performance targets or milestones. By linking stock options to performance, SHS aims to promote accountability and reward exceptional contributions made by its employees. 2. Restricted Stock Units (RSS): Another component of the Virgin Islands TIP is the issuance of restricted stock units. RSS are stock grants that vest over a specific period, often subject to performance or service criteria. This helps incentivize employees to remain with SHS and contribute to the company's long-term growth and success. 3. Performance Cash Bonuses: In addition to equity-based incentives, SHS may also offer performance cash bonuses through the Virgin Islands TIP. These bonuses are typically tied to achieving individual, team, or company-wide performance targets. By offering monetary rewards, SHS encourages employees to go above and beyond their regular duties, fostering a culture of excellence and performance-driven results. 4. Deferred Compensation Plans: SHS recognizes the need to plan for long-term financial security, and thus offers deferred compensation plans as part of the Virgin Islands TIP. These plans allow eligible employees to defer a portion of their compensation, which is then invested, potentially growing over time. Deferred compensation plans provide flexibility in managing personal financial goals while also encouraging employees to remain with SHS for an extended period. 5. Performance Share Awards: SHS may grant performance share awards to selected key employees under the Virgin Islands TIP. These awards are contingent on achieving specific performance criteria, typically measured over a multi-year period. Performance share awards align the interests of employees with long-term company objectives, motivating them to play an instrumental role in driving SHS's growth and profitability. Overall, the Virgin Islands Long Term Incentive Plan offered by Sierra Health Services, Inc. encompasses various reward mechanisms, including performance-based stock options, restricted stock units, performance cash bonuses, deferred compensation plans, and performance share awards. By combining these incentives, SHS aims to motivate, retain, and attract the best talent while aligning employee efforts with the company's long-term goals.