Oakland Michigan Senior Executive Management Incentive Plan with attachments for The Geon Co.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Oakland
• 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 Oakland Michigan Senior Executive Management Incentive Plan is a comprehensive compensation program designed to attract, motivate, and retain talented senior executives at The Leon Co. This plan aims to promote stellar performance, aligning executives' interests with the organization's objectives and ultimately driving sustainable growth and profitability. The plan may encompass several types such as: 1. Performance-Based Bonus Structure — Under this attachment, the Geon Co. outlines the specific criteria and metrics on which executives' performance will be evaluated. These metrics could include financial targets (e.g., revenue, profitability), operational goals, customer satisfaction, employee engagement, or other key performance indicators (KPIs) relevant to the organization's success. Executives who meet or exceed these performance goals would be eligible for significant bonus payouts. 2. Long-Term Incentive Plans (Lips) — LTIPs are attachments within the Senior Executive Management Incentive Plan that focus on long-term performance and value creation. These plans often include stock options, restricted stock units (RSS), phantom stock units (Plus), or performance share units (Plus). Such incentives provide executives with an opportunity to accumulate substantial wealth over time by directly tying their compensation to the Leon Co.'s stock price appreciation or achieving strategic milestones. 3. Non-Cash Benefits — In addition to monetary incentives, the Oakland Michigan Senior Executive Management Incentive Plan may also incorporate non-cash benefits or perks to enhance executives' overall compensation packages. These could include healthcare and insurance benefits, retirement savings plans, executive pension plans, executive car allowances, club memberships, or other executive perquisites. 4. Clawback Provisions — Clawback provisions can be part of the incentive plan attachments and outline the conditions under which executive bonuses or other incentives may be reclaimed by The Leon Co. This may occur in cases of financial restatements due to accounting irregularities, unethical behavior, violation of non-compete agreements, or other significant breaches of executive responsibilities. Attachments within this plan further detail eligibility requirements, vesting schedules, performance assessment methodologies, payout mechanisms, and any other specific terms and conditions requisite for each type of incentive. These attachments ensure transparency and clarity, enabling executives to understand their performance expectations and the corresponding rewards linked to their achievements. Overall, the Oakland Michigan Senior Executive Management Incentive Plan aims to attract top-tier executive talent, drive exceptional performance, foster a sense of ownership, and reward executives for their significant contributions to The Leon Co.'s growth and success.

Oakland Michigan Senior Executive Management Incentive Plan is a comprehensive compensation program designed to attract, motivate, and retain talented senior executives at The Leon Co. This plan aims to promote stellar performance, aligning executives' interests with the organization's objectives and ultimately driving sustainable growth and profitability. The plan may encompass several types such as: 1. Performance-Based Bonus Structure — Under this attachment, the Geon Co. outlines the specific criteria and metrics on which executives' performance will be evaluated. These metrics could include financial targets (e.g., revenue, profitability), operational goals, customer satisfaction, employee engagement, or other key performance indicators (KPIs) relevant to the organization's success. Executives who meet or exceed these performance goals would be eligible for significant bonus payouts. 2. Long-Term Incentive Plans (Lips) — LTIPs are attachments within the Senior Executive Management Incentive Plan that focus on long-term performance and value creation. These plans often include stock options, restricted stock units (RSS), phantom stock units (Plus), or performance share units (Plus). Such incentives provide executives with an opportunity to accumulate substantial wealth over time by directly tying their compensation to the Leon Co.'s stock price appreciation or achieving strategic milestones. 3. Non-Cash Benefits — In addition to monetary incentives, the Oakland Michigan Senior Executive Management Incentive Plan may also incorporate non-cash benefits or perks to enhance executives' overall compensation packages. These could include healthcare and insurance benefits, retirement savings plans, executive pension plans, executive car allowances, club memberships, or other executive perquisites. 4. Clawback Provisions — Clawback provisions can be part of the incentive plan attachments and outline the conditions under which executive bonuses or other incentives may be reclaimed by The Leon Co. This may occur in cases of financial restatements due to accounting irregularities, unethical behavior, violation of non-compete agreements, or other significant breaches of executive responsibilities. Attachments within this plan further detail eligibility requirements, vesting schedules, performance assessment methodologies, payout mechanisms, and any other specific terms and conditions requisite for each type of incentive. These attachments ensure transparency and clarity, enabling executives to understand their performance expectations and the corresponding rewards linked to their achievements. Overall, the Oakland Michigan Senior Executive Management Incentive Plan aims to attract top-tier executive talent, drive exceptional performance, foster a sense of ownership, and reward executives for their significant contributions to The Leon Co.'s growth and success.