Palm Beach Florida Senior Executive Management Incentive Plan with attachments for The Geon Co.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Palm Beach
• 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 The Palm Beach Florida Senior Executive Management Incentive Plan is a comprehensive rewards program designed specifically for the senior executives of The Leon Co. This plan aims to incentivize and motivate the top-level management team to achieve exceptional performance, foster leadership excellence, and drive the company's success. Under this plan, senior executives of The Leon Co. are eligible for a range of incentives and bonuses based on their individual and team performance metrics. The plan incorporates both short-term and long-term incentives to align the executives' goals with the company's objectives and shareholder value. The specific types of incentive plans available within the Palm Beach Florida Senior Executive Management Incentive Plan are: 1. Performance-Based Annual Bonus: Senior executives can earn an annual bonus based on their achievement of predetermined performance targets, such as revenue growth, profitability, cost reduction, market share, and customer satisfaction. The bonus payout is directly correlated to the degree of goal attainment, providing a strong incentive for exceptional performance. 2. Long-Term Incentive Plans (Lips): In addition to annual bonuses, senior executives may have the opportunity to participate in Lips, which aim to reward sustained performance and promote retention. These plans typically involve stock options, restricted stock units, and performance share units, which provide the executives with an equity stake in the company and encourage long-term commitment. 3. Deferred Compensation Programs: The Palm Beach Florida Senior Executive Management Incentive Plan may also include deferred compensation programs. These programs allow executives to defer a portion of their current compensation to be paid out at a later date, often upon retirement or upon the achievement of certain milestones. Deferred compensation provides an additional long-term financial incentive for senior executives to remain with the company. 4. Executive Perquisites and Benefits: To attract and retain top talent, the plan may offer a range of executive perquisites and benefits. These may include executive health and wellness benefits, retirement savings plans, life insurance coverage, club memberships, car allowances, and housing or relocation assistance, among others, tailored to suit the unique needs of senior executives. Attachments accompanying the Palm Beach Florida Senior Executive Management Incentive Plan may consist of detailed guidelines and requirements for incentive eligibility, performance metrics, bonus calculation methodologies, vesting schedules for Lips, and terms and conditions for deferred compensation programs. The attachments serve as essential documents for senior executives to understand the specific terms and provisions of the plan, ensuring transparency and facilitating effective execution. By implementing the Palm Beach Florida Senior Executive Management Incentive Plan, The Leon Co. aims to incentivize, engage, and retain its senior leadership team, fostering a culture of high-performance, accountability, and long-term organizational success.

The Palm Beach Florida Senior Executive Management Incentive Plan is a comprehensive rewards program designed specifically for the senior executives of The Leon Co. This plan aims to incentivize and motivate the top-level management team to achieve exceptional performance, foster leadership excellence, and drive the company's success. Under this plan, senior executives of The Leon Co. are eligible for a range of incentives and bonuses based on their individual and team performance metrics. The plan incorporates both short-term and long-term incentives to align the executives' goals with the company's objectives and shareholder value. The specific types of incentive plans available within the Palm Beach Florida Senior Executive Management Incentive Plan are: 1. Performance-Based Annual Bonus: Senior executives can earn an annual bonus based on their achievement of predetermined performance targets, such as revenue growth, profitability, cost reduction, market share, and customer satisfaction. The bonus payout is directly correlated to the degree of goal attainment, providing a strong incentive for exceptional performance. 2. Long-Term Incentive Plans (Lips): In addition to annual bonuses, senior executives may have the opportunity to participate in Lips, which aim to reward sustained performance and promote retention. These plans typically involve stock options, restricted stock units, and performance share units, which provide the executives with an equity stake in the company and encourage long-term commitment. 3. Deferred Compensation Programs: The Palm Beach Florida Senior Executive Management Incentive Plan may also include deferred compensation programs. These programs allow executives to defer a portion of their current compensation to be paid out at a later date, often upon retirement or upon the achievement of certain milestones. Deferred compensation provides an additional long-term financial incentive for senior executives to remain with the company. 4. Executive Perquisites and Benefits: To attract and retain top talent, the plan may offer a range of executive perquisites and benefits. These may include executive health and wellness benefits, retirement savings plans, life insurance coverage, club memberships, car allowances, and housing or relocation assistance, among others, tailored to suit the unique needs of senior executives. Attachments accompanying the Palm Beach Florida Senior Executive Management Incentive Plan may consist of detailed guidelines and requirements for incentive eligibility, performance metrics, bonus calculation methodologies, vesting schedules for Lips, and terms and conditions for deferred compensation programs. The attachments serve as essential documents for senior executives to understand the specific terms and provisions of the plan, ensuring transparency and facilitating effective execution. By implementing the Palm Beach Florida Senior Executive Management Incentive Plan, The Leon Co. aims to incentivize, engage, and retain its senior leadership team, fostering a culture of high-performance, accountability, and long-term organizational success.