20-270 20-270 . . . Executive Incentive Plan under which corporation can award restricted stock and units. Restricted stock consists of common stock of corporation which contains restrictions on transfer and forfeiture in event of termination of employment prior to expiration of time period specified in grant. units are equivalent of corporation's book value per share and are issued and credited on corporation's books to employees on condition that said units must be resold to corporation. Corporation must purchase units at end of 5 year incentive period or upon termination of employment (whichever comes first) for amount equivalent to book value at that time plus dividends declared during incentive period and less book value on date of grant
Washington Executive Incentive Plan
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US-CC-20-270
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FAQ
Short-term incentives are typically tied to annual performance goals, while long-term incentives are designed to reward performance over a multi-year period.
Generally, short-term incentives are formula-driven awards that are provided over a period of a year. Long-term incentives are usually provided to induce an executive to achieve results over a period of longer than one year. Often, they are paid in stock.
Short Term Incentive Plan (STIP)
An annual incentive plan is a plan for compensation that is earned and paid based upon the achievement of performance goals over a one-year period. These plans motivate performance and align executives' work with the company's short-term performance goals.
Through LTIPs, a new long-term incentive can be granted to an employee every year, rather than a one-time incentive, similar to a holiday bonus.
STIP Payment means the gross amount of an eligible employee's bonus under the annual cash short-term incentive plan or other short-term or annual performance-based cash incentive plan adopted and maintained each year by [organization] or its participating subsidiaries.
LTIP Payout means any long-term incentive award paid to a Participant under the LTIP relating to services performed during any performance period, whether paid or not paid during such performance period or included on the Federal Income Tax Form W-2 during such performance period.
Short-Term Incentive Plan. The objective of an STIP is to reward key employees for their individual contribution for achieving the company's short-term business strategies and goals set by the compensation committee to increase the company's profitability.