The variable component Sample Clauses

The variable component a. According to the provisions of art. 37 paragraph 2 of the GEO no. 109/2011 on the corporate governance of public enterprises („The amount of the variable component of the non-executive members can not exceed a maximum of 12 monthly fixed indemnities”) the gross amount of the variable component granted to the Administrator shall be 3 fixed indemnities (according to the fraction of the current fiscal year) will be paid conditioned by the meeting of the objectives and performance criteria set out in Annex A to the Mandate Contract as follows: - if the Administrator fulfills his/her objectives and performance criteria less than 85%, the Company will not pay the variable component of the remuneration, - if the Administrator fulfills the performance objectives and criteria in a percentage equal to or greater than 85%, the Company will pay the variable component in a percentage equal to the percentage at which the objectives and performance criteria were met. b. the variable component will be paid either from the salary fund or from the net profit attributable to the employees' participation in the profit, in accordance with the provisions of the Government Ordinance no. 64/2001, as subsequently amended and supplemented and the Company is exclusively entitled to decide upon this matter. This Annex was drawn up in 3 (three) original copies, of which two for the Company and one for the Administrator.
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