Incentive Remuneration definition
Examples of Incentive Remuneration in a sentence
Notwithstanding anything to the contrary herein contained, where in any financial year during the currency of the tenure of the Managing Director, the Company has no profits or its profits are inadequate, the Company will pay to the Managing Director remuneration by way of Salary, Benefits, Perquisites and Allowances, and Incentive Remuneration as specified above.
For the avoidance of doubt, accrued UK Base Salary and benefits under Clauses 5(c) and 6 (save any with respect to Incentive Remuneration or participation in share option schemes) to the date of termination shall be payable, but the Company shall have no obligation to make any further payment or provision after the termination date.
In respect of service during 2004, the Company shall pay the Employee, by way of Annual Incentive Remuneration, a minimum of 50% of the Base Salary paid to the Employee during his period of service in 2004, unless the Employee gives notice before 31 December 2004, in which case no Annual Incentive Remuneration shall be payable.
Additionally, in case termination of this Agreement is initiated by the Company before the end of the Term for reasons other than breach of the Tata Code of Conduct, referred to in clause 11 below, ▇▇ ▇▇▇▇▇▇▇▇ shall be entitled to Severance Pay for a period of 12 months or the balance term of the Agreement, whichever is less, (“Severance”) and which shall be limited to provision of Basic Salary, Living Allowance and any pro-rated Incentive Remuneration.
Executive Annuity Plan up to three (3) percent of total annual US Base Salary, UK Base Salary and Incentive Remuneration payable under the UK Employment Agreement, and will match fifty (50) percent of the Employee’s total contributions of up to a further three (3) percent of total annual US Base Salary, UK Base Salary and Incentive Remuneration payable under the UK Employment Agreement.
The Company currently operates an Annual Incentive Remuneration scheme (with the expectation that, based upon the assessment of the Remuneration Committee of the Board of Directors of the Company in its discretion, up to 100% of Base Salary may be earned thereunder) and a Long Term Incentive Plan.
Notwithstanding anything to the contrary herein contained, where in any financial year during the currency of the Term of the CEO & MD, the Company has no profits or its profits are inadequate, the Company will pay to the CEO & MD remuneration by way of Basic Salary, Benefits, Perquisites and Allowances (including living allowance), Incentive Remuneration and retirement benefits as specified above.