Utah 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)

The Utah Compensation Program for Officers and Certain Key Management Personnel is a program designed to provide equitable compensation to individuals in leadership roles within organizations or departments operating within the state of Utah. This program ensures that officers and key management personnel are rewarded fairly for their contributions and responsibilities. Under this program, officers and certain key management personnel receive compensation in the form of salaries, bonuses, incentives, and other benefits. The program aims to attract and retain highly skilled individuals who display exemplary performance, leadership, and expertise. The Utah Compensation Program for Officers and Certain Key Management Personnel recognizes the significance of these roles in achieving organizational success and fosters a competitive environment that encourages innovation, efficiency, and accountability. Attachments: 1. Compensation Guidelines: This document outlines the specific guidelines and criteria for determining compensation for officers and certain key management personnel. It explains the process, benchmarks, and factors taken into consideration when establishing compensation packages. 2. Job Descriptions: This attachment provides detailed job descriptions for various officer and key management positions within the organization. These descriptions outline the responsibilities, qualifications, and expectations associated with each role. 3. Compensation Structure: This document showcases the compensation structure of the program, including salary ranges, performance-based incentives, and other forms of compensation offered. Types of Utah Compensation Program for Officers and Certain Key Management Personnel: 1. Executive Compensation Program: This specific type of compensation program focuses on high-level executives within the organization. It is designed to attract and retain top talent by offering competitive salaries, performance-based bonuses, stock options, and other executive benefits. 2. Senior Management Compensation Program: This program caters to senior management personnel who play a critical role in decision-making and strategy formulation. It provides competitive compensation packages, including base salaries, annual incentives, and additional benefits based on performance and organizational goals. 3. Departmental Management Compensation Program: This program is tailored for key management personnel at the departmental level. It ensures that individuals responsible for overseeing specific departments receive fair and competitive compensation based on their responsibilities, experience, and performance. In conclusion, the Utah Compensation Program for Officers and Certain Key Management Personnel is a comprehensive initiative that aims to provide equitable compensation to high-performing officers and key management personnel. With the attached guidelines, job descriptions, and compensation structures, organizations can effectively implement and manage this program to attract, reward, and retain talented individuals in leadership positions.