20-270 20-270 . . . Executive Incentive Plan under which corporation can award restricted stock and units. Restricted stock consists of common stock of corporation which contains restrictions on transfer and forfeiture in event of termination of employment prior to expiration of time period specified in grant. units are equivalent of corporation's book value per share and are issued and credited on corporation's books to employees on condition that said units must be resold to corporation. Corporation must purchase units at end of 5 year incentive period or upon termination of employment (whichever comes first) for amount equivalent to book value at that time plus dividends declared during incentive period and less book value on date of grant
Maine Executive Incentive Plan
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What is an incentive plan? Incentive plans are a type of employee compensation structure that uses certain rewards to motivate team members to work harder and achieve specific goals. This type of compensation goes beyond the paycheck and benefits that all employees should receive for the hours they work.
The bill, An Act to Modernize Maine's Business Incentive Programs, would overhaul Maine's 20-year-old Pine Tree Development Zone (PTDZ) program ? which is set to sunset at the end of 2023 ? and replace it with a new program, the Dirigo Business Incentive, that better reflects the current needs of Maine's economy.
The Dirigo Business Incentive Program ? which will take effect in 2025 ? will offer up to a $2,000 tax credit per worker trained to businesses that pay to train three or more workers in an approved training program.
Dirigo is important because it modernizes the Pine Tree Development Zone Program (PTDZ), which is what legislators wanted. Dirigo is simple, it provides an income tax credit for workforce training and capital investment, two very important issues for Maine businesses.
