Wake North Carolina Compensation Program for Officers and Certain Key Management Personnel with attachments

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Wake
• Control #: US-CC-20-297D
• Format: Word; Rich Text

Description

20-297D 20-297D . . . Compensation Program for Officers and Certain Key Management Personnel which is administered by Chief Executive Officer with approval of Compensation Committee. Participants receive variable compensation tied directly to achievement of key corporate-wide objectives. Participants fall within either Band A, Band B, or Band C depending on nature of their positions and their impact on corporation. Opportunities for variable compensation awards vary depending upon which "Band" participant falls into. Awards can range from 12.5% to 75% of base salaries. Plan provides that awards will not be paid unless earnings, after subtracting variable compensation, are greater than dividends paid in year for which variable compensation is to be awarded. Awards are paid in cash, stock grants and restricted stock (no transferability during first five years after grant and forfeiture of stock upon termination of employment, except for retirement, death or disability, during first years after grant) The Wake North Carolina Compensation Program for Officers and Certain Key Management Personnel is a comprehensive and structured program designed to attract, retain, and motivate highly skilled individuals in leadership positions within the organization. This program includes several types of compensation packages tailored to suit the specific roles and responsibilities of officers and key management personnel. 1. Salary and Bonus Structure: The program offers a competitive base salary that commensurate with the individual's expertise, experience, and market value. In addition to the base salary, officers and certain key management personnel are eligible for performance-based bonuses, which are tied to the achievement of predetermined goals and objectives. 2. Stock Option Plans: To align the interests of these individuals with the long-term success of the organization, the Wake North Carolina Compensation Program provides stock option plans. These plans grant officers and key management personnel the right to purchase company stocks at a predetermined price within a specific time frame, allowing them to benefit from the company's future growth and performance. 3. Executive Benefits Package: Officers and certain key management personnel are entitled to an executive benefits package, which includes various perks and allowances. This may consist of health and life insurance, retirement plans, disability coverage, paid vacation and sick leave, and other fringe benefits aimed at ensuring their financial security and well-being. 4. Long-Term Incentive Plans: In order to incentivize and reward long-term commitment and exceptional performance, the program might incorporate long-term incentive plans. These plans may include restricted stock units (RSS), performance shares, or cash-based awards that vest over a predetermined period, encouraging officers and key management personnel to contribute to the organization's sustained growth and success. Attachments: 1. Compensation Program Summary: This attachment outlines the key components and structure of the Wake North Carolina Compensation Program, providing an overview of the various compensation packages available to officers and certain key management personnel. 2. Salary and Bonus Guidelines: This attachment details the salary and bonus structure, including the criteria used for determining base salaries and performance-based bonuses. It outlines the performance metrics and targets that officers and key management personnel must meet to be eligible for bonuses. 3. Stock Option Plan Details: Attached is a comprehensive document that explains the terms, conditions, and exercise guidelines of the stock option plans offered under the Wake North Carolina Compensation Program. It highlights the importance of stock-based compensation in aligning the interests of executives with the organization's long-term success. 4. Executive Benefits Package Summary: This attachment provides a summary of the executive benefits package available to officers and certain key management personnel. It explains the various benefits and allowances, along with the eligibility criteria and enrollment process. 5. Long-Term Incentive Plan Overview: Attached is a detailed overview of the long-term incentive plans within the Wake North Carolina Compensation Program. This document elaborates on the types of awards, vesting schedules, and performance criteria associated with these plans. By implementing the Wake North Carolina Compensation Program for Officers and Certain Key Management Personnel, the organization aims to attract top talent, drive high performance, and ensure the retention of valuable leaders who play a crucial role in achieving the organization's strategic objectives.

The Wake North Carolina Compensation Program for Officers and Certain Key Management Personnel is a comprehensive and structured program designed to attract, retain, and motivate highly skilled individuals in leadership positions within the organization. This program includes several types of compensation packages tailored to suit the specific roles and responsibilities of officers and key management personnel. 1. Salary and Bonus Structure: The program offers a competitive base salary that commensurate with the individual's expertise, experience, and market value. In addition to the base salary, officers and certain key management personnel are eligible for performance-based bonuses, which are tied to the achievement of predetermined goals and objectives. 2. Stock Option Plans: To align the interests of these individuals with the long-term success of the organization, the Wake North Carolina Compensation Program provides stock option plans. These plans grant officers and key management personnel the right to purchase company stocks at a predetermined price within a specific time frame, allowing them to benefit from the company's future growth and performance. 3. Executive Benefits Package: Officers and certain key management personnel are entitled to an executive benefits package, which includes various perks and allowances. This may consist of health and life insurance, retirement plans, disability coverage, paid vacation and sick leave, and other fringe benefits aimed at ensuring their financial security and well-being. 4. Long-Term Incentive Plans: In order to incentivize and reward long-term commitment and exceptional performance, the program might incorporate long-term incentive plans. These plans may include restricted stock units (RSS), performance shares, or cash-based awards that vest over a predetermined period, encouraging officers and key management personnel to contribute to the organization's sustained growth and success. Attachments: 1. Compensation Program Summary: This attachment outlines the key components and structure of the Wake North Carolina Compensation Program, providing an overview of the various compensation packages available to officers and certain key management personnel. 2. Salary and Bonus Guidelines: This attachment details the salary and bonus structure, including the criteria used for determining base salaries and performance-based bonuses. It outlines the performance metrics and targets that officers and key management personnel must meet to be eligible for bonuses. 3. Stock Option Plan Details: Attached is a comprehensive document that explains the terms, conditions, and exercise guidelines of the stock option plans offered under the Wake North Carolina Compensation Program. It highlights the importance of stock-based compensation in aligning the interests of executives with the organization's long-term success. 4. Executive Benefits Package Summary: This attachment provides a summary of the executive benefits package available to officers and certain key management personnel. It explains the various benefits and allowances, along with the eligibility criteria and enrollment process. 5. Long-Term Incentive Plan Overview: Attached is a detailed overview of the long-term incentive plans within the Wake North Carolina Compensation Program. This document elaborates on the types of awards, vesting schedules, and performance criteria associated with these plans. By implementing the Wake North Carolina Compensation Program for Officers and Certain Key Management Personnel, the organization aims to attract top talent, drive high performance, and ensure the retention of valuable leaders who play a crucial role in achieving the organization's strategic objectives.