Pima Arizona Proposal to Approve Directors' Compensation Plan with copy of plan

• Category: Corporations - Public - Directors
• State: Multi-State
• County: Pima
• Control #: US-CC-14-175M
• Format: Word; Rich Text

Description

This is a detailed model Directors' Deferred Compensation Plan under which common stock is issued to each outside director in payment of one-half of director's annual retainer fee. Adapt to fit your specific facts and circumstances. Don't reinvent the wheel, save time and money. Lima, Arizona Proposal to Approve Directors' Compensation Plan Description: The Lima, Arizona Proposal to Approve Directors' Compensation Plan is an initiative put forward by the board of directors to establish a comprehensive compensation package for the directors serving on various committees of the city. This proposal aims to attract, retain, and incentivize talented individuals to serve as directors, who play a vital role in shaping the future of Lima. The Directors' Compensation Plan includes a competitive remuneration framework, designed to compensate directors for their expertise, time, and commitment. This plan acknowledges the significant responsibilities and time invested by directors in overseeing city operations and encourages their active participation in decision-making processes. Key Features of the Lima, Arizona Proposal to Approve Directors' Compensation Plan: 1. Base Compensation: The plan defines a base compensation amount for each director, commensurate with the complexity and importance of their committee's responsibilities. This base compensation seeks to acknowledge the directors' commitment and dedication to their roles. 2. Meeting Fees: In addition to base compensation, directors will be entitled to receive meeting fees for attending committee meetings. These fees are intended to reflect the extra time and effort directors dedicate to discuss and deliberate on critical matters impacting the city of Lima. 3. Performance Bonuses: To ensure the highest level of performance, the proposal provides for performance bonuses to be awarded to directors who demonstrate exceptional leadership and contribute significantly to the achievement of strategic goals. These bonuses will be based on objective evaluation criteria, fostering accountability and excellence. 4. Reimbursement for Expenses: The plan includes provisions for directors to be reimbursed for reasonable and necessary expenses incurred while performing their official duties. This can include travel expenses, training costs, and other expenses directly related to their committee roles. 5. Equity Ownership: To align the interests of the directors with the long-term success of Lima, the proposal suggests offering equity ownership in the city's designated projects or initiatives to eligible directors. This encourages a vested interest in the outcomes and creates a sense of ownership among the directors. Multiple Types of Lima, Arizona Proposal to Approve Directors' Compensation Plan: 1. Economic Development Committee Plan: This specific proposal caters to directors serving on the Economic Development Committee, responsible for attracting businesses, fostering economic growth, and nurturing entrepreneurship within Lima. 2. Public Services Committee Plan: The Public Services Committee-focused proposal aims to address directors engaged in overseeing the city's public services, including waste management, transportation, public safety, and utilities. 3. Finance and Budget Committee Plan: Directors serving on the Finance and Budget Committee may have a distinct compensation plan, tailored to suit their responsibilities related to financial management, budgeting, and fiscal planning. By approving the Directors' Compensation Plan, the city of Lima aims to attract competent, committed individuals capable of driving progress and contributing to the overall welfare of the community.

Lima, Arizona Proposal to Approve Directors' Compensation Plan Description: The Lima, Arizona Proposal to Approve Directors' Compensation Plan is an initiative put forward by the board of directors to establish a comprehensive compensation package for the directors serving on various committees of the city. This proposal aims to attract, retain, and incentivize talented individuals to serve as directors, who play a vital role in shaping the future of Lima. The Directors' Compensation Plan includes a competitive remuneration framework, designed to compensate directors for their expertise, time, and commitment. This plan acknowledges the significant responsibilities and time invested by directors in overseeing city operations and encourages their active participation in decision-making processes. Key Features of the Lima, Arizona Proposal to Approve Directors' Compensation Plan: 1. Base Compensation: The plan defines a base compensation amount for each director, commensurate with the complexity and importance of their committee's responsibilities. This base compensation seeks to acknowledge the directors' commitment and dedication to their roles. 2. Meeting Fees: In addition to base compensation, directors will be entitled to receive meeting fees for attending committee meetings. These fees are intended to reflect the extra time and effort directors dedicate to discuss and deliberate on critical matters impacting the city of Lima. 3. Performance Bonuses: To ensure the highest level of performance, the proposal provides for performance bonuses to be awarded to directors who demonstrate exceptional leadership and contribute significantly to the achievement of strategic goals. These bonuses will be based on objective evaluation criteria, fostering accountability and excellence. 4. Reimbursement for Expenses: The plan includes provisions for directors to be reimbursed for reasonable and necessary expenses incurred while performing their official duties. This can include travel expenses, training costs, and other expenses directly related to their committee roles. 5. Equity Ownership: To align the interests of the directors with the long-term success of Lima, the proposal suggests offering equity ownership in the city's designated projects or initiatives to eligible directors. This encourages a vested interest in the outcomes and creates a sense of ownership among the directors. Multiple Types of Lima, Arizona Proposal to Approve Directors' Compensation Plan: 1. Economic Development Committee Plan: This specific proposal caters to directors serving on the Economic Development Committee, responsible for attracting businesses, fostering economic growth, and nurturing entrepreneurship within Lima. 2. Public Services Committee Plan: The Public Services Committee-focused proposal aims to address directors engaged in overseeing the city's public services, including waste management, transportation, public safety, and utilities. 3. Finance and Budget Committee Plan: Directors serving on the Finance and Budget Committee may have a distinct compensation plan, tailored to suit their responsibilities related to financial management, budgeting, and fiscal planning. By approving the Directors' Compensation Plan, the city of Lima aims to attract competent, committed individuals capable of driving progress and contributing to the overall welfare of the community.