Variable Incentive Clause Samples

Variable Incentive. The Employee will be eligible to participate in the Employer’s variable compensation program, subject to the general principles set out in the attached hereto as Variable Compensation Agreement. The Employer reserves the right to change, amend, or revise all or part of the general principles out in Variable Compensation Agreement and the criteria for earning the variable incentive compensation in its sole discretion, but acting reasonably, and any such changes will not be deemed a breach or termination of this Agreement so long as the altered program provides the opportunity to earn equivalent compensation.

Variable Incentive. The specific amount of incentive remuneration payable to the Managing Director will be subject to a minimum of US$720,000 for a period of 12 (twelve) months. Whilst the minimum amount will be payable on a quarterly basis, any amount decided by the Board over and above the minimum amount will be based on performance criteria and such other parameters as may be considered appropriate from time to time, as evaluated by the Board or a Committee thereof duly authorized in this behalf which will be payable after the Annual Accounts have been approved. Parties agree that if the agreement stands terminated at any time during this period of 12 months then the Managing Director would only be entitled to the pro rated amount of the minimum incentive compensation.

Variable Incentive. 5.7.1 ▇▇ ▇▇▇▇▇▇▇ shall be eligible to receive incentive remuneration between 41.66% to 125% of the aggregate basic salary payable in terms of Clause 5.2 above, for a period of 12 (twelve) months on an annual basis. Any incentive remuneration shall be payable to ▇▇ ▇▇▇▇▇▇▇ subject to the key performance indicators to be agreed upon between the Parties within 3 (three) months from the Effective Date. 5.7.2 Notwithstanding the above, but subject to Clause 5.7.4 below, it is agreed that the Company shall pay ▇▇ ▇▇▇▇▇▇▇ a minimum amount of 41.66% of Rs.418,80,000 divided by 12 (twelve) and multiplied by the months of service remaining until the first full financial year begins, for the first financial year in which ▇▇ ▇▇▇▇▇▇▇ is employed; and (ii) 41.66% of Rs.418,80,000 for every subsequent financial year during the Term, in each case irrespective of whether the agreed key performance indicators are achieved or not. 5.7.3 Any bonuses under this Clause 5.7 shall be payable within 30 (thirty) days after the audited consolidated accounts of the Company have been approved by the shareholders of the Company in the annual general meeting for each respective financial year. 5.7.4 Save and except in the event of termination of the services in accordance with Clause 7.2.1(ii), the bonuses under Clause 5.7 shall be paid on a pro-rata-basis if employment ends during a financial year but shall in any event not be less than the pro-rated amount of the minimum bonus of 41.66% of Rs.418,80,000.