Wake North Carolina Long Term Incentive Program for Senior Management

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Wake
• 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 Wake North Carolina Long Term Incentive Program for Senior Management is a comprehensive program designed to encourage and reward long-term commitment, leadership, and exceptional performance among senior management professionals in the Wake region. This program aims to attract and retain top talent by offering competitive incentive packages that align with the long-term strategic objectives of both the organization and the employees. The Wake North Carolina Long Term Incentive Program for Senior Management consists of various types of incentives tailored to meet the specific needs and goals of the senior management members. These incentives may include: 1. Performance-based bonus: This component of the program rewards senior management based on their individual or team's achievement of predetermined performance targets, such as revenue growth, cost reduction, innovation, or market share expansion. The bonus structure is designed to motivate and incentivize high performance by linking rewards directly to measurable results. 2. Stock options or equity grants: Another aspect of the program may involve offering senior management opportunities to acquire company stock or equity grants over an extended period. These options provide executives with an ownership stake in the organization, aligning their interests with long-term shareholder value creation. 3. Deferred compensation: Certain variations of the Wake North Carolina Long Term Incentive Program may include deferred compensation plans for senior management. Deferred compensation allows executives to defer a portion of their salary, bonuses, or other forms of compensation until a future date, often linked to retirement or another specified milestone. This approach recognizes the importance of long-term loyalty and commitment, as executives have an increased incentive to remain with the organization to receive these deferred payouts. 4. Long-term performance-based incentives: This type of program may involve granting senior executives' performance shares or phantom stock units based on the organization's long-term performance. These awards are tied to multiple years of service and encourage executives to focus on sustained growth, profitability, and shareholder value creation over an extended period. 5. Retention bonuses: In some cases, the Wake North Carolina Long Term Incentive Program may include retention bonuses to encourage senior management members to stay with the organization during critical transitional periods or in the face of competitive offers. These bonuses are typically granted over incremental periods, reinforcing the organization's commitment to retaining top talent. Overall, the Wake North Carolina Long Term Incentive Program for Senior Management addresses the desire to attract, motivate, and retain highly skilled senior professionals within the region. By providing a comprehensive suite of incentives that promote long-term commitment, exceptional performance, and alignment with organizational objectives, these programs foster a culture of excellence and drive sustainable growth for both individuals and the region as a whole.

The Wake North Carolina Long Term Incentive Program for Senior Management is a comprehensive program designed to encourage and reward long-term commitment, leadership, and exceptional performance among senior management professionals in the Wake region. This program aims to attract and retain top talent by offering competitive incentive packages that align with the long-term strategic objectives of both the organization and the employees. The Wake North Carolina Long Term Incentive Program for Senior Management consists of various types of incentives tailored to meet the specific needs and goals of the senior management members. These incentives may include: 1. Performance-based bonus: This component of the program rewards senior management based on their individual or team's achievement of predetermined performance targets, such as revenue growth, cost reduction, innovation, or market share expansion. The bonus structure is designed to motivate and incentivize high performance by linking rewards directly to measurable results. 2. Stock options or equity grants: Another aspect of the program may involve offering senior management opportunities to acquire company stock or equity grants over an extended period. These options provide executives with an ownership stake in the organization, aligning their interests with long-term shareholder value creation. 3. Deferred compensation: Certain variations of the Wake North Carolina Long Term Incentive Program may include deferred compensation plans for senior management. Deferred compensation allows executives to defer a portion of their salary, bonuses, or other forms of compensation until a future date, often linked to retirement or another specified milestone. This approach recognizes the importance of long-term loyalty and commitment, as executives have an increased incentive to remain with the organization to receive these deferred payouts. 4. Long-term performance-based incentives: This type of program may involve granting senior executives' performance shares or phantom stock units based on the organization's long-term performance. These awards are tied to multiple years of service and encourage executives to focus on sustained growth, profitability, and shareholder value creation over an extended period. 5. Retention bonuses: In some cases, the Wake North Carolina Long Term Incentive Program may include retention bonuses to encourage senior management members to stay with the organization during critical transitional periods or in the face of competitive offers. These bonuses are typically granted over incremental periods, reinforcing the organization's commitment to retaining top talent. Overall, the Wake North Carolina Long Term Incentive Program for Senior Management addresses the desire to attract, motivate, and retain highly skilled senior professionals within the region. By providing a comprehensive suite of incentives that promote long-term commitment, exceptional performance, and alignment with organizational objectives, these programs foster a culture of excellence and drive sustainable growth for both individuals and the region as a whole.