Oklahoma 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: Oklahoma Compensation Program for Officers and Certain Key Management Personnel Explained Keywords: Oklahoma compensation program, officers, key management personnel, description, attachments, types Introduction: The Oklahoma Compensation Program for Officers and Certain Key Management Personnel is a comprehensive scheme designed to provide fair and competitive compensation to individuals holding critical positions within organizations across the state. This detailed description will outline the main features of the program, types of compensation offered, and provide attachment resources for a deeper understanding. I. Overview of the Oklahoma Compensation Program: The Oklahoma Compensation Program establishes a framework enabling organizations to attract, retain, and motivate highly skilled officers and key management personnel. The program aims to align compensation with industry standards, position requirements, and performance, ensuring those holding crucial roles are adequately rewarded and motivated. Attachments: 1. Oklahoma Compensation Program Policy: This attachment offers the official policy document outlining the purpose, structure, and guidelines of the compensation program. 2. Key Management Personnel Roles and Responsibilities: This document provides a comprehensive list of key management positions and their corresponding responsibilities, aiding in understanding which positions qualify for compensation under the program. II. Types of Compensation Offered: The Oklahoma Compensation Program encompasses various types of compensation, tailored to suit the unique demands of officers and key management personnel. Below are the main types: 1. Base Salary or Pay: The base salary represents the fixed monetary amount offered to officers and key management personnel. It accounts for factors such as experience, qualifications, and expertise, and provides a stable income for the executive team members. 2. Performance-Based Incentives: Performance-based incentives are designed to reward individuals based on their achievement of predetermined goals and benchmarks. These may include bonuses, profit-sharing, stock options, or commissions, motivating officers and key management personnel to enhance organizational performance. 3. Long-Term Incentives: Long-term incentives are compensation programs that focus on fostering loyalty, retention, and shareholder value. These may include equity-based plans, deferred compensation plans, or retirement benefits. Attachments: 3. Sample Incentive Plan: This attachment provides a sample incentive plan, outlining various performance-based incentives implemented under the program. 4. Long-Term Incentive Program Guidelines: This document offers detailed instructions on the implementation of long-term incentives, providing insights into equity-based plans and retirement benefits available under the compensation program. III. Implementation and Administration: The Oklahoma Compensation Program is generally administered by the Human Resources department or specialized compensation committees within organizations. They ensure transparency, fairness, and compliance with applicable laws when determining compensation packages for officers and key management personnel. Attachments: 5. Compensation Program Administration Procedures: This attachment details the step-by-step guidelines on the administration of the program, including the role of different stakeholders, decision-making processes, and compliance requirements. Conclusion: The Oklahoma Compensation Program for Officers and Certain Key Management Personnel provides a comprehensive framework for organizations to compensate, motivate, and retain their top executives. It provides various types of compensation, including base salary, performance-based incentives, and long-term incentives. The program is administered with transparency and compliance, ensuring fairness and competitiveness in compensation packages. For further information, refer to the attachments included with this description.