North Dakota 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: North Dakota Compensation Program for Officers and Certain Key Management Personnel Description: The North Dakota Compensation Program for Officers and Certain Key Management Personnel aims to provide competitive and fair compensation packages to attract and retain top-tier talent in critical positions within government agencies and organizations. This program recognizes the crucial roles of officers and key management personnel in driving the state's progress, ensuring efficiency, and promoting growth. Types of North Dakota Compensation Programs for Officers and Certain Key Management Personnel: 1. Market-Based Salary Program: This program bases compensation on industry standards to ensure that officers and key management personnel receive salaries that are competitive with similar positions in the private sector. To maintain a strong and effective workforce, this program takes into account market surveys to determine the appropriate salary range for each position. Attachments: — The Market-Based Salary Program Guidelines: This document outlines the methodology and criteria used to establish salary ranges based on market surveys and industry benchmarks. 2. Performance-Based Incentive Program: This program rewards officers and key management personnel for exceptional performance and achieving predetermined objectives. It serves as an incentive to motivate and encourage employees to exceed expectations, contribute positively to the organization's goals, and ultimately enhance the overall performance of their respective departments or agencies. Attachments: — Performance-Based Incentive Program Framework: This attachment provides detailed information about the performance metrics, evaluation processes, and reward structures implemented within the program. 3. Retirement and Pension Benefits Program: Designed to ensure long-term financial security, this program provides comprehensive retirement benefits and pension plans to officers and key management personnel. It offers attractive retirement packages, considering factors such as years of service, career progression, and salary levels achieved during employment. The program aims to provide a lucrative post-retirement lifestyle for these individuals who have dedicated their careers to public service. Attachments: — Retirement and Pension Benefits Program Overview: This document outlines the eligibility criteria, benefit calculations, vesting schedules, and other provisions of the program, guiding officers and key personnel towards planning their future retirement. 4. Professional Development and Training Program: Recognizing the importance of continuous learning and skill enhancement, this program offers officers and key management personnel opportunities for professional development, training, and education. By investing in their growth, the program promotes a highly competent and knowledgeable workforce, enabling individuals to stay abreast of industry trends and best practices. Attachments: — Professional Development and Training Program Catalog: This attachment provides an overview of the various training opportunities available, including workshops, seminars, conferences, and certifications that officers and key management personnel can pursue to enhance their skills. The North Dakota Compensation Program for Officers and Certain Key Management Personnel simultaneously attracts and retains valuable talent by ensuring competitive salaries, providing performance-based incentives, securing long-term financial stability, and promoting continuous professional growth.