Mecklenburg North Carolina Long Term Incentive Program for Senior Management

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Mecklenburg
• Control #: US-CC-20-162L
• Format: Word; Rich Text

Description

20-162L 20-162L . . . Long Term Incentive Program For Senior Management under which Compensation Committee may award (a) stock appreciation rights and (b) performance share units. Performance share units entitle holder to receive cash payment equal to (i) average market price of one share of corporation common stock during December ("Measuring Month") in third calendar year following year in which award is made, plus (ii) aggregate dividends with respect to one share of corporation common stock from January 1 of year in which award is made until last day of Measuring Month. At maturity, number of units initially awarded shall be (i) multiplied by fraction that corresponds to average annual percentage increase or decrease in book value per share of corporation common stock over four year period prior to maturity, and (ii) then further adjusted based on ratio of market value of corporation common stock to its book value as compared to that of comparable electric utility companies The Mecklenburg North Carolina Long Term Incentive Program for Senior Management is a strategic initiative aimed at attracting and retaining top talent within the senior management positions of companies operating in Mecklenburg County, North Carolina. Recognizing the crucial role played by experienced and skilled leaders, this program provides a range of incentives to motivate and reward senior executives for their long-term commitment and dedication to the success of their organizations. Designed to enhance organizational growth and competitiveness, the Mecklenburg North Carolina Long Term Incentive Program offers various types of incentives tailored to the specific needs and goals of senior executives. These incentives can be categorized into the following types: 1. Performance-based bonuses: Performance-based bonuses are often a key component of the program, as they directly link the achievements of senior managers with their compensation packages. These bonuses are typically awarded based on predetermined performance metrics, such as revenue growth, market share expansion, or cost reduction. By aligning incentives with organizational objectives, this program aims to drive exceptional performance and long-term success. 2. Stock options and equity grants: To further align the interests of senior executives with the long-term success of their organizations, the program may offer stock options or equity grants. These grants provide the opportunity for senior executives to own shares in their companies, enabling them to benefit directly from the company's growth and profitability. By having a vested interest in the organization's success, senior executives are motivated to make strategic decisions that enhance shareholder value. 3. Restricted stock units: Restricted stock units (RSS) are another form of long-term incentive commonly provided under this program. RSS are company shares that are granted to senior executives, subject to certain vesting conditions. These conditions may be time-based, performance-based, or a combination of both. By granting RSS, the program aims to ensure senior executives remain committed to the organization's long-term goals, as they can only fully benefit from the shares after a specified period of service or the achievement of predefined targets. 4. Deferred compensation plans: The program may also include deferred compensation plans, which allow senior executives to defer a portion of their compensation to a future date. Typically, these plans offer tax advantages, as the compensation is not immediately taxable, and the funds may grow tax-free until they are withdrawn. By providing the opportunity for tax-efficient wealth accumulation, these plans encourage senior managers to remain with their organizations for an extended period, fostering stability and continuity in leadership. The Mecklenburg North Carolina Long Term Incentive Program for Senior Management aims to attract and retain top-tier executives who can drive economic growth, innovation, and job creation within the region. Through a strategic combination of performance-based bonuses, stock options, restricted stock units, and deferred compensation plans, this program incentivizes senior executives to achieve exceptional results, aligning their interests with the long-term success of their organizations and creating a win-win relationship between employers and employees.

The Mecklenburg North Carolina Long Term Incentive Program for Senior Management is a strategic initiative aimed at attracting and retaining top talent within the senior management positions of companies operating in Mecklenburg County, North Carolina. Recognizing the crucial role played by experienced and skilled leaders, this program provides a range of incentives to motivate and reward senior executives for their long-term commitment and dedication to the success of their organizations. Designed to enhance organizational growth and competitiveness, the Mecklenburg North Carolina Long Term Incentive Program offers various types of incentives tailored to the specific needs and goals of senior executives. These incentives can be categorized into the following types: 1. Performance-based bonuses: Performance-based bonuses are often a key component of the program, as they directly link the achievements of senior managers with their compensation packages. These bonuses are typically awarded based on predetermined performance metrics, such as revenue growth, market share expansion, or cost reduction. By aligning incentives with organizational objectives, this program aims to drive exceptional performance and long-term success. 2. Stock options and equity grants: To further align the interests of senior executives with the long-term success of their organizations, the program may offer stock options or equity grants. These grants provide the opportunity for senior executives to own shares in their companies, enabling them to benefit directly from the company's growth and profitability. By having a vested interest in the organization's success, senior executives are motivated to make strategic decisions that enhance shareholder value. 3. Restricted stock units: Restricted stock units (RSS) are another form of long-term incentive commonly provided under this program. RSS are company shares that are granted to senior executives, subject to certain vesting conditions. These conditions may be time-based, performance-based, or a combination of both. By granting RSS, the program aims to ensure senior executives remain committed to the organization's long-term goals, as they can only fully benefit from the shares after a specified period of service or the achievement of predefined targets. 4. Deferred compensation plans: The program may also include deferred compensation plans, which allow senior executives to defer a portion of their compensation to a future date. Typically, these plans offer tax advantages, as the compensation is not immediately taxable, and the funds may grow tax-free until they are withdrawn. By providing the opportunity for tax-efficient wealth accumulation, these plans encourage senior managers to remain with their organizations for an extended period, fostering stability and continuity in leadership. The Mecklenburg North Carolina Long Term Incentive Program for Senior Management aims to attract and retain top-tier executives who can drive economic growth, innovation, and job creation within the region. Through a strategic combination of performance-based bonuses, stock options, restricted stock units, and deferred compensation plans, this program incentivizes senior executives to achieve exceptional results, aligning their interests with the long-term success of their organizations and creating a win-win relationship between employers and employees.