Common use of Management Incentive Program Clause in Contracts

Management Incentive Program. You may be invited to participate in the Company ‘ s Management Incentive Program (“Management Incentive Program”) subject to the rules which are set by the Managing Director & CEO, Amcor Limited from time to time. The Company reserves the right to alter or disband the Management Incentive Program at its discretion. You will be advised early in each financial year if you are invited to participate in the Program for that year. Commencing with the 2013/14 financial year, you will continue to be eligible to participate, subject to the guidelines, in the Management Incentive Program with the potential to earn between 0% and 100% of base salary (target 50%). In addition to the cash bonus under this Program, an award of time restricted Share Rights (Rights to Amcor Limited shares) to the value of 50% of the cash bonus will be made to you. These Rights become available to you two years from the award, provided you remain with Amcor at that time. Participation in this MIP equity program is by invitation each year and subject to Managing Director & CEO discretion. The terms and conditions of this Program are governed wholly by the Plan Rules. Formal performance objectives will be set and reviewed for you regarding any incentive payable under the Management Incentive Program. Any payment under the Management Incentive Program in any year does not guarantee payment in any subsequent year. Any payment made is not pensionable and will not be considered in the calculation of any other salary related benefit. To be eligible for payment under the Management Incentive Program, you must be an employee of the Company, and not serving any period of notice, at the time the incentive payments are declared and paid, usually in the September following the end of the relevant financial year.