Philadelphia Pennsylvania Long Term Incentive Program for Senior Management

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Philadelphia
• 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 Philadelphia Pennsylvania Long Term Incentive Program for Senior Management is a comprehensive program designed to attract, encourage, and retain top talent in senior management positions within the city. This incentivizing scheme aims to recognize and reward the valuable contributions made by experienced professionals who play a crucial role in the growth and development of Philadelphia. Key components of the Philadelphia Pennsylvania Long Term Incentive Program include competitive compensation packages, performance-based bonuses, equity awards, and retirement benefits. These incentives are designed to align the interests of senior management with the long-term goals and success of the city. One type of long-term incentive provided under this program is stock options. Senior management employees are given the opportunity to purchase company stock at a predetermined price at a future date. This allows them to share in the financial success of the organization and directly benefit from its growth. Another type of incentive offered is restricted stock units (RSS). These are grant-based awards where senior managers receive a set number of company shares that vest over a specified period. RSS encourages long-term commitment to the organization and provide a direct stake in its performance. Performance-based cash bonuses are often included in the program to reward the achievement of specific goals and targets. These bonuses are generally tied to key performance indicators (KPIs) and encourage senior managers to drive exceptional outcomes and enhance the overall performance of their respective departments. Additionally, retirement benefits such as pension plans, 401(k) matching contributions, and supplemental executive retirement plans may be part of the program. These perks help to secure the financial stability of senior management employees during their retirement years, demonstrating the commitment of the city towards ensuring the well-being of its senior leaders. Overall, the Philadelphia Pennsylvania Long Term Incentive Program for Senior Management serves as a strategic tool to attract and retain top talent, foster employee motivation and engagement, and align the interests of senior management with the long-term objectives of the city. By providing competitive compensation packages, stock options, RSS, performance-based bonuses, and retirement benefits, this program aims to create a mutually beneficial relationship between the city and its senior management team while driving sustained growth and success.

The Philadelphia Pennsylvania Long Term Incentive Program for Senior Management is a comprehensive program designed to attract, encourage, and retain top talent in senior management positions within the city. This incentivizing scheme aims to recognize and reward the valuable contributions made by experienced professionals who play a crucial role in the growth and development of Philadelphia. Key components of the Philadelphia Pennsylvania Long Term Incentive Program include competitive compensation packages, performance-based bonuses, equity awards, and retirement benefits. These incentives are designed to align the interests of senior management with the long-term goals and success of the city. One type of long-term incentive provided under this program is stock options. Senior management employees are given the opportunity to purchase company stock at a predetermined price at a future date. This allows them to share in the financial success of the organization and directly benefit from its growth. Another type of incentive offered is restricted stock units (RSS). These are grant-based awards where senior managers receive a set number of company shares that vest over a specified period. RSS encourages long-term commitment to the organization and provide a direct stake in its performance. Performance-based cash bonuses are often included in the program to reward the achievement of specific goals and targets. These bonuses are generally tied to key performance indicators (KPIs) and encourage senior managers to drive exceptional outcomes and enhance the overall performance of their respective departments. Additionally, retirement benefits such as pension plans, 401(k) matching contributions, and supplemental executive retirement plans may be part of the program. These perks help to secure the financial stability of senior management employees during their retirement years, demonstrating the commitment of the city towards ensuring the well-being of its senior leaders. Overall, the Philadelphia Pennsylvania Long Term Incentive Program for Senior Management serves as a strategic tool to attract and retain top talent, foster employee motivation and engagement, and align the interests of senior management with the long-term objectives of the city. By providing competitive compensation packages, stock options, RSS, performance-based bonuses, and retirement benefits, this program aims to create a mutually beneficial relationship between the city and its senior management team while driving sustained growth and success.