Arkansas Compensation Program for Officers and Certain Key Management Personnel with attachments

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• 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)

Title: Arkansas Compensation Program for Officers and Certain Key Management Personnel Introduction: The Arkansas Compensation Program for Officers and Certain Key Management Personnel is an essential framework designed to ensure fair and competitive compensation for executives and management personnel in various organizations throughout the state. This program strives to attract and retain skilled leaders, promoting long-term growth and success within Arkansas businesses. With the aim of providing a comprehensive overview, this article sheds light on the main aspects, types, and attachments associated with the Arkansas Compensation Program for Officers and Certain Key Management Personnel. Main Components: 1. Base Salary: Under this program, officers and key management personnel receive a base salary. This salary level is determined based on factors such as industry standards, individual performance, leadership responsibilities, and market competitiveness. Base salaries are periodically reviewed and adjusted to reflect changes in market conditions and individual contributions. 2. Performance-Based Incentives: To incentivize high performance and align interests, the program introduces performance-based incentives. These incentives can include bonuses, profit-sharing plans, or stock option grants. The performance targets for these incentives are tailored to the strategic goals of the organization and the deliverables of each executive or key management personnel. 3. Long-Term Incentives: Recognizing the importance of long-term commitment and sustained progress, Arkansas Compensation Program provides long-term incentives. These incentives encourage executives and key personnel to contribute to the growth and stability of the organization over an extended period. Examples of long-term incentives include stock grants, restricted stock units, or vesting schedules for stock options. Types of Arkansas Compensation Program for Officers and Certain Key Management Personnel: 1. Corporate Compensation Program: Designed for officers and key management personnel in corporations, this program focuses on aligning compensation with corporate performance and shareholder value. It emphasizes the long-term success of the company, ensuring leadership's commitment to strategic initiatives and overall growth. 2. Public Sector Compensation Program: For officers and key management personnel in public sector organizations within Arkansas, this program aims to attract talented individuals by offering competitive compensation packages while adhering to public sector regulations and guidelines. The program ensures fair compensation, considering factors such as performance, qualifications, and responsibility levels. Attachments: 1. Compensation Guidelines: The Arkansas Compensation Program for Officers and Certain Key Management Personnel may include a document outlining clear guidelines for determining compensation levels. This document provides insights into the factors considered, eligibility criteria, and guidelines for performance-based bonuses and long-term incentives. 2. Job Descriptions and Responsibilities: Attachments may include detailed job descriptions and responsibilities for officers and certain key management personnel. These descriptions define the scope of their roles, allowing organizations to evaluate their contributions more accurately and align compensation accordingly. 3. Market Analysis: Organizations may include market analysis reports assessing compensation trends, industry benchmarks, and relevant market conditions. These reports aim to help organizations remain competitive in attracting and retaining top talent while ensuring a fair compensation structure. In conclusion, the Arkansas Compensation Program for Officers and Certain Key Management Personnel plays a crucial role in attracting and retaining talented leaders in Arkansas businesses. By offering competitive compensation, aligning incentives with performance and long-term goals, and considering market realities, this program contributes to the overall success and growth of organizations in the state.