West 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 West Virginia Senior Executive Management Incentive Plan is a comprehensive compensation program offered by The Leon Co. to its top-level executives based in West Virginia. This plan is designed to attract, motivate, and retain highly skilled senior executives, aligning their interests with the company's long-term growth and success. It includes various attachments and may come in different types, such as: 1. Performance-Based Incentive Plan: This attachment outlines the criteria and performance goals that executives need to achieve to earn bonuses or incentives. It includes both individual and company-wide targets relating to financial performance, market share, customer satisfaction, employee engagement, or any other predefined metrics. 2. Long-Term Incentive Plan: This attachment focuses on rewarding long-term results and aims to foster loyalty and continuity within the senior executive team. It may include stock options, restricted stock units, performance shares, or other equity-based incentives. These incentives typically vest over several years and are subject to continued employment or specific performance milestones. 3. Retention and Change in Control Plan: This attachment addresses executive retention during periods of transition, such as mergers, acquisitions, or any change in control of the company. It may outline severance packages, golden parachutes, or special incentives that protect executives' interests and encourage their commitment to the company during uncertain times. 4. Non-Compete and Non-Disclosure Agreement: Executives participating in the plan may be required to sign a non-compete and non-disclosure agreement. This attachment aims to protect the company's sensitive information and trade secrets from being disclosed or used by executives if they leave the organization or during their tenure. It often includes provisions incentivizing compliance and imposing penalties for violations. 5. Communication and Reporting Plan: This attachment describes the process for communicating the details of the West Virginia Senior Executive Management Incentive Plan to the participants. It includes guidelines for transparently reporting performance metrics, incentive calculations, payment schedules, and any other relevant updates or changes. The West Virginia Senior Executive Management Incentive Plan with its varied attachments ensures that The Leon Co.'s top executives are both appropriately compensated and motivated to drive the company's growth and success in alignment with its long-term strategic objectives.

The West Virginia Senior Executive Management Incentive Plan is a comprehensive compensation program offered by The Leon Co. to its top-level executives based in West Virginia. This plan is designed to attract, motivate, and retain highly skilled senior executives, aligning their interests with the company's long-term growth and success. It includes various attachments and may come in different types, such as: 1. Performance-Based Incentive Plan: This attachment outlines the criteria and performance goals that executives need to achieve to earn bonuses or incentives. It includes both individual and company-wide targets relating to financial performance, market share, customer satisfaction, employee engagement, or any other predefined metrics. 2. Long-Term Incentive Plan: This attachment focuses on rewarding long-term results and aims to foster loyalty and continuity within the senior executive team. It may include stock options, restricted stock units, performance shares, or other equity-based incentives. These incentives typically vest over several years and are subject to continued employment or specific performance milestones. 3. Retention and Change in Control Plan: This attachment addresses executive retention during periods of transition, such as mergers, acquisitions, or any change in control of the company. It may outline severance packages, golden parachutes, or special incentives that protect executives' interests and encourage their commitment to the company during uncertain times. 4. Non-Compete and Non-Disclosure Agreement: Executives participating in the plan may be required to sign a non-compete and non-disclosure agreement. This attachment aims to protect the company's sensitive information and trade secrets from being disclosed or used by executives if they leave the organization or during their tenure. It often includes provisions incentivizing compliance and imposing penalties for violations. 5. Communication and Reporting Plan: This attachment describes the process for communicating the details of the West Virginia Senior Executive Management Incentive Plan to the participants. It includes guidelines for transparently reporting performance metrics, incentive calculations, payment schedules, and any other relevant updates or changes. The West Virginia Senior Executive Management Incentive Plan with its varied attachments ensures that The Leon Co.'s top executives are both appropriately compensated and motivated to drive the company's growth and success in alignment with its long-term strategic objectives.