Puerto Rico Long Term Performance and Restricted Stock Incentive Plan of Ipalco Enterprises, Inc.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• Control #: US-CC-20-174D
• Format: Word; Rich Text

Description

20-174D 20-174D . . . Restricted Stock Incentive Plan under which Compensation Committee selects participants, determines number of shares of common stock covered by each grant, establishes appropriate performance measures, and chooses appropriate corporation peer group. The number of shares granted is equal to a percentage of participant's base salary for first calendar year of each three-year program. The base salary percentage target of first three-year grants range from 10% to 35%; maximum base salary grant permitted by Plan may not exceed 70% of participant's base salary. After end of a Performance Period, Committee determines adjustments, if any, that are required to be made to share grants for Performance Period based on actual results under Performance Measures (performance of corporation versus its peer group) for such Performance Period. After adjustments, restrictions on shares held by participant are lifted as to 1/3 on July 1 immediately following Performance Period and additional 1/3 increments on the first and second anniversaries of such July 1, provided participant is still employed by corporation on such date. If participant ceases to be employed by corporation before restrictions lapse on shares held by him or her, shares still subject to restrictions are immediately forfeited

The Puerto Rico Long Term Performance and Restricted Stock Incentive Plan of INALCOL Enterprises, Inc. is a comprehensive compensation program offered by the company to reward and retain its key employees in Puerto Rico. This plan aims to motivate and align the interests of the employees with the long-term success of the company. With its unique features and benefits, the plan serves as a vital tool for attracting and retaining top talent in a competitive job market. The primary objective of the Puerto Rico Long Term Performance and Restricted Stock Incentive Plan is to provide long-term incentives to employees based on their individual and company-wide performance. By offering restricted stock awards, the plan fosters a sense of ownership among employees and encourages them to work towards increasing shareholder value. Under this plan, eligible employees are granted restricted stock units (RSS) that are subject to certain vesting conditions. These conditions may include achieving specific performance targets, meeting tenure requirements, or other predetermined milestones. Once the RSS vest, employees receive actual shares of INALCOL Enterprises, Inc. stock, which they can retain or sell according to their preference. In addition to RSS, the plan may also include other forms of long-term performance-based awards such as performance shares or performance cash awards. These awards are tied to the achievement of predetermined performance goals set by the company and are designed to further motivate employees to contribute to the company's growth and success. The Puerto Rico Long Term Performance and Restricted Stock Incentive Plan may have multiple variations or tiers, depending on the level or position of the employee within the organization. Different tiers may have varying performance goals, vesting schedules, or grant sizes to ensure equity and alignment with individual contributions and responsibilities. Overall, the Puerto Rico Long Term Performance and Restricted Stock Incentive Plan of INALCOL Enterprises, Inc. is a robust and strategic compensation program that seeks to incentivize and reward employees for their long-term commitment, dedication, and performance. By offering attractive opportunities for ownership in the company and aligning these incentives with specific business objectives, the plan serves as a powerful tool in attracting, motivating, and retaining top talent in Puerto Rico.