20-234 20-234 . . . Senior Executive Management Incentive Plan which is similar to corporation's existing annual bonus program except for changes necessary to cause incentive compensation to qualify as performance-based compensation under Section 162(m) of Internal Revenue Code. Under Plan, (a) key executives who have potential to influence significantly and positively the performance of corporation are selected by Committee, (b) participants are assigned to an incentive category based on organizational level and potential impact on corporation results, (c) participant categories define level of incentive opportunity, stated as a percentage (up to maximum of 200%) of base salary, that will be available to participant (Incentive Percentage), and (d) Committee uses measures of corporation performance to determine performance goal target levels. Performance measures include one or more of following: (i) return to stockholders, (ii) cash flow, (iii) return on equity, (iv) corporation created income, (v) sales growth, (vi) earnings and earnings growth, (vii) return on assets, (viii) stock price, (ix) earnings per share, (x) market share, (xi) customer satisfaction, and (xii) safety and/or environmental performance. Selected performance measures are weighted by Committee each year to reflect their relative importance to corporation in that Plan Year. A portion of each participant's award, as determined by Committee, is paid in form of restricted stock. Participants can elect additional optional deferrals so that they may receive up to 100% of their award as restricted stock. Any award paid as restricted stock is enhanced with a 25% premium; i.e., for every $100 deferred, participant will receive $125 in restricted stock
Senior Executive Management Incentive Plan with attachments for The Geon Co.
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FAQ
Monetary or Financial Incentives. The reward or incentive which can be calculated in terms of money is known as monetary incentive. Non-Monetary/Non-Financial Incentives.
An example of incentive is extra money offered to those employees who work extra hours on a project. Incentive is defined as something that encourages someone to do something or work harder. An example of incentive is an ice cold beer at the end of a long bike ride.
Two basic requirements of an effective incentive plan include:f0b7Employees should believe that accurate methods and procedures are used to rate employee performancef0b7Incentives (rewards) must be based on performance. 2. Outline the advantages and disadvantages of individual incentive plans.
#1. Theme It. #2. Kickoff the Program in a Big Way. #3. Build the Excitement. #4. Launch/Enrollment Announcement is Critical. #5. Go Old School with Dimensional Mailings. #6. Keep the Conversation Going. #7. Push the Competition. #8. Award Selection and Presentation.
Incentive plans are methods in which employees of an organization are kept motivated for the work that they do, and are given incentives on reaching or accomplishing certain organization goals.It usually comprises of incentives like profit sharing, project bonuses, stock options, sales commission etc.
It Aligns With Goals and Results. It Considers Compensation Mix. It Accounts for Your Individual Workforce. It Matches the Speed of Your Business. It's simple enough to communicate. Leave a Reply.
Target the Audience. Similar to a marketing plan or a training plan, your incentive plan needs to be targeted to a specific audience. Establish SMART Goals. Offer Appealing Rewards. Align with Your Culture. Incorporate Training. Communicate, Track, Report, Communicate.
An effective incentive program has a clearly defined goal, establishes rules, makes rewards visible, focuses on goal commitment, embraces competition and leverages risk, among other aspects.
An incentive scheme basically involves monetary rewards, i.e., incentive pay but also includes non-monetary rewards. Incentives are variable rewards granted according to level of achievement of specific results. Incentives are payment for performance or payment by results.