Virgin Islands 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: Virgin Islands Compensation Program for Officers and Certain Key Management Personnel Introduction: The Virgin Islands Compensation Program for Officers and Certain Key Management Personnel is a comprehensive set of guidelines and regulations designed to ensure fair and competitive compensation for top-level executives and key management personnel in the Virgin Islands. This program is aimed at attracting and retaining top talent, promoting responsible financial management, and fostering a culture of excellence and performance within organizations operating in the Virgin Islands territory. Key Features: 1. Compensation Structure: The program establishes a transparent and structured compensation framework that outlines the components of an executive's compensation package, including base salary, bonuses, stock options, benefits, and other incentives. 2. Market Comparisons: To maintain a competitive edge, the Compensation Program conducts regular industry and market surveys to determine appropriate compensation levels for officers and key management personnel. This helps benchmark the compensation against similar-sized organizations in the region or industry, ensuring it remains attractive and competitive. 3. Performance-Based Compensation: The program incentivizes performance-driven culture and aligns executive compensation with company goals. It establishes performance objectives, key performance indicators (KPIs), and performance evaluation processes for officers and key management personnel to qualify for additional compensation, such as annual bonuses or stock grants. 4. Long-Term Incentives: The program recognizes the importance of retaining top talent and promoting stability within organizations. It includes long-term incentives like stock options, equity grants, or deferred compensation plans, encouraging executives to contribute to the long-term growth and success of their organizations. 5. Clawback Provisions: To ensure accountability and responsible financial management, the program may include clawback provisions. These provisions allow the company to recover previously awarded compensation in the event of misconduct, financial misstatements, or executive negligence. Attachments: 1. Compensation Program Guidelines Handbook: This document provides detailed information about the program's objectives, strategies, and guidelines. It outlines the compensation structure, performance evaluation procedures, and eligibility criteria for the different components of executive compensation. 2. Market Surveys: Attachments would include survey reports from reputable compensation consulting firms or data providers, which demonstrate industry-specific and regional salary and compensation benchmarks. 3. Performance Metrics Examples: Attachments would include a list of performance metrics and their corresponding goals or KPIs relevant to the specific industry or organization. These examples help officers and key management personnel understand the performance expectations and criteria for additional compensation. 4. Long-Term Incentive Plan (TIP) Documents: Attachments may include relevant TIP documents, such as stock option agreements, equity grant agreements, or deferred compensation plan details, outlining eligibility criteria, vesting schedules, and other terms and conditions. Conclusion: The Virgin Islands Compensation Program for Officers and Certain Key Management Personnel is a critical tool in attracting, rewarding, and retaining top-level executives and key management personnel. By ensuring competitive compensation while emphasizing performance, accountability, and responsible financial management, the program aims to cultivate a culture of excellence and drive long-term success for organizations in the Virgin Islands.