Incentive Scheme Clause Samples
An Incentive Scheme clause establishes a framework for rewarding parties, typically employees or contractors, based on the achievement of specific performance targets or milestones. This clause outlines the criteria for earning incentives, such as sales goals, project completion, or quality benchmarks, and details the form and timing of rewards, which may include bonuses, commissions, or other benefits. Its core practical function is to motivate desired behaviors and outcomes by aligning individual or team performance with organizational objectives, thereby enhancing productivity and goal attainment.
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Incentive Scheme. (1) For the period of this agreement an incentive scheme will be implemented which will require targets to be achieved in the areas of spoilage in the press room and customer credits in the pre- press area.
(2) The target figure is in accordance with the budgeted figure for spoilage in each financial year. For the year 2006 – 2007 the target is 9%.
(3) Future year’s targets will be advised prior to July each year.
(4) Any monies saved in these incentive initiatives will be divided equally between the company and production employees.
(5) Monies so gained from the incentive scheme will be paid at quarterly intervals in the form of a one-off bonus.
(6) Casual employees who are employed for at least 75% of the hours in each three month period will be a part of the incentive scheme.
(7) Measurements of targets/criteria will commence from 1 July 2006.
Incentive Scheme. There is not any share incentive scheme, share option scheme or profit sharing, bonus, commission or other such incentive scheme for all or any of the employees.
Incentive Scheme. The Recipient shall continue its policy of strengthening teacher incentives, to ensure that the teaching profession is made more attractive and that adequate numbers of qualified teachers are attracted to teaching positions in rural and remote areas. The Recipient shall progressively increase teacher salaries by at least 15% each year during Project implementation.
Incentive Scheme. Sony Pictures Networks India Private Limited, having its registered office at 4th Floor, Interface Building ▇▇. ▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇ - ▇▇▇▇▇▇ (“Broadcaster”), through its authorized agent, Sony Pictures Networks Distribution India Private Limited (formerly known as MSM Media Distribution Private Limited), a company incorporated under the laws of India having its office at 4th Floor, Interface Building ▇▇. ▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇ - ▇▇▇▇▇▇ (“SPN Distribution”), is offering certain incentive schemes for the digital addressable distribution platform operators, subject to the terms and conditions specified hereunder (“Scheme”).
Incentive Scheme. The Company runs a new business and productivity incentive: scheme which is non-contractual and reviewable on an annual basis. The terms of which will be provided separately and will be provided on an annual basis.
Incentive Scheme. At the discretion of the employer, an incentive scheme may be introduced during the life of the project where mutually beneficial outcomes to the employer and employees can be achieved.
Incentive Scheme. Permanent employees have the opportunity of receiving incentive payments subject to the achievement of the targets contained in Appendix C.
Incentive Scheme. 6.2.1.1 The employee will be eligible to participate in the Incentive Scheme for Top Management as approved by the Board from time to time. For the 2005/06 financial year, the basis for the Incentive Scheme will be the Team Award and the Individual Award as approved by the Board. (The Board of Directors is currently reviewing the Team Award. Once a decision is made on the Team Award it will be communicated to you.)
6.2.1.2 The Team Award constitutes 80% and the Individual Award 20% of the overall award. Achievement of 80% or less of the Team Award or Individual Award targets, will result in an overall award of 0%. If the Team Award is achieved but the Individual Award is 80% or less, the overall award is 0% and vice versa.
6.2.1.3 The employee will qualify for the following pro-rata bonus, calculated over the period 1 September 2005 to 31 March 2006, if 100% actual performance is achieved: Guaranteed package R3,698,788 x 70% x 100% = R2,587,752 Pro-rata bonus = (R2,578,752 ÷ 12 x 7) = R1,509,522
6.2.1.4 A bonus pool has been created which is equal to the total of each member of top management’s on target bonus where 100% of EBIT is achieved. The bonus pool is geared to increase by 3% for every 1% addition EBIT and decrease by 10% for every 1% below EBIT. The bonus pool goes to zero if EBIT is 90% or less. The Bonus Pool is capped at 1% of actual EBIT.
6.2.1.5 The Team Award is the same for all members of Top Management, e.g. actual achievement will be the same for all. On the other hand, the Individual Award is different for all and will depend on the performance of each individual. For every 1% actual performance above 100%, an additional 1% is added, e.g. if actual performance is 105%, the Individual Award is calculated at 110%. Similarly, for every 1% below 100%, the percentage bonus will decrease by a further 1%, e.g. if actual performance is 95%, the Individual Award is calculated at 90%. Where one or more individuals do not qualify for an Individual Award (performance below 80%), their portion of the bonus pool is divided between the other members of top management.
Incentive Scheme. An Incentive Scheme has been put in place for the full-time and part-time Associates of the DC.
Incentive Scheme. Employees will be eligible to participate in the employer’s incentive scheme for portable service technicians. The employer may begin, change or end the incentive scheme at any time following consultation.