Nebraska 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)

Nebraska Compensation Program for Officers and Certain Key Management Personnel The Nebraska Compensation Program for Officers and Certain Key Management Personnel is an essential component for attracting, retaining, and rewarding highly skilled individuals in leadership positions within various organizations. This program aims to provide competitive compensation packages to these officers and key management personnel who play crucial roles in the success of the organization. Here is a detailed description of this program along with some attachments: 1. Program Overview: The Nebraska Compensation Program establishes guidelines and procedures for determining the compensation of officers and key management personnel. The program ensures that their pay is aligned with their responsibilities, experience, qualifications, and performance. It provides a transparent structure for compensation to maintain internal equity and external market competitiveness. 2. Compensation Principles: The program operates based on the following key principles: a. Market Competitiveness: The compensation offered should be in line with industry standards to attract and retain highly qualified individuals. b. Performance-Based: Compensation should be linked to the performance of officers and key management personnel. c. Internal Equity: The program aims to ensure fair compensation relative to the internal structure and hierarchy of the organization. d. Transparency: The compensation program operates with transparency to create a clear understanding of how pay is determined. 3. Types of Compensation Programs: a. Base Salary: This is the fixed component of the compensation that officers and key management personnel receive as a regular wage/salary. b. Performance Bonus: In addition to the base salary, officers and key management personnel may be eligible for bonuses based on their individual or team performance. These bonuses can be tied to predetermined goals and objectives. c. Stock Options or Grants: Some compensation programs may include stock options or grants as a long-term incentive. This gives officers and key management personnel the opportunity to own a stake in the organization's success. d. Benefits and Perquisites: Apart from monetary compensation, officers and key management personnel may be entitled to various benefits such as health insurance, retirement plans, car allowances, and other perquisites. 4. Program Attachments: To provide a comprehensive understanding of the Compensation Program, the following attachments are included: a. Compensation Policy Document: This document outlines the principles, objectives, and guidelines of the Nebraska Compensation Program. b. Job Descriptions: Detailed job descriptions for each officer and key management personnel position, highlighting responsibilities, qualifications, and skill requirements. c. Pay Scale Structure: An attachment illustrating the compensation ranges specific to each position based on factors like experience, level of responsibility, and market benchmarks. d. Performance Evaluation Criteria: This attachment outlines the performance evaluation criteria and methodology used to determine the eligibility for performance-based compensation components. In summary, the Nebraska Compensation Program for Officers and Certain Key Management Personnel is designed to attract, retain, and reward top talent in leadership positions. It offers a transparent and fair compensation structure that aligns with internal equity and market competitiveness. By implementing this program, organizations can create an environment of recognition and motivation, motivating officers and key management personnel to drive the organization's success.