Keysight Variable Pay Plans Clause Samples
The "Keysight Variable Pay Plans" clause defines the terms and conditions under which employees are eligible to receive variable compensation, such as bonuses or incentive payments, based on performance metrics or company results. This clause typically outlines the criteria for participation, the calculation methods for payouts, and any conditions or limitations that may affect payment, such as employment status at the time of payout or achievement of specific targets. Its core practical function is to provide transparency and structure around variable compensation, ensuring both the employer and employees understand how such payments are determined and distributed.
Keysight Variable Pay Plans. Subject to Section 9.06 and not later than the Distribution Date, Keysight shall establish Keysight Variable Pay Plans, which shall be substantially similar in all Material Features to the Agilent Variable Pay Plans as of immediately prior to the Distribution Date. If the terms of the Keysight Variable Pay Plans provide for eligibility, Keysight Group Employees and Subsequently Transferred Employees shall be eligible to participate in the Keysight Variable Pay Plans immediately following the Effective Time. The Keysight Group shall be solely responsible for establishing performance metrics, funding, paying, and discharging all obligations relating to any variable pay awards under the Keysight Variable Pay Plans, and no member of the Agilent Group shall have any obligations with respect thereto.