Performance Reward Plan (PRP) Clause Samples
A Performance Reward Plan (PRP) clause establishes a system for providing additional compensation or incentives to parties based on the achievement of specific performance targets or milestones. Typically, this clause outlines the criteria for earning rewards, such as meeting project deadlines, exceeding quality standards, or achieving cost savings, and details the method and timing of payment. The core function of a PRP clause is to motivate higher performance and align the interests of the parties by offering tangible benefits for exceptional results, thereby encouraging efficiency and excellence in contract execution.
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Performance Reward Plan (PRP). The timing and amount of payment owed to you under the Fiscal Year 2012 PRP will be governed by the terms and conditions of that plan. Payment, if any, will be based on your Fiscal Year 2012 eligible earnings and will be made in September 2012. The separation pay you receive pursuant to this Agreement is not considered eligible earnings for purposes of PRP. ▇▇▇▇▇▇ will pay you the lump sum amount you are entitled to receive as a Fiscal Year 2013 PRP payment pursuant to the terms of the PRP. The timing and amount of payment owed to you under the Fiscal 2013 PRP will be governed by that plan. It is currently estimated that such amount will be $1,593.
Performance Reward Plan (PRP). Under the terms of the PRP, you will not be eligible for any PRP payment in respect of Fiscal Year 2016.
Performance Reward Plan (PRP). The timing and amount of payment owed to you under the Fiscal Year 2014 PRP will be governed by the terms and conditions of that plan. Payment, if any, will be based on your Fiscal Year 2014 eligible earnings and will be made in September 2014. The Separation Pay you receive pursuant to this Agreement is not considered eligible earnings for purposes of the PRP.