Examples of Incentive Rights in a sentence
Typically these measures are both financial and non-financial.Performance Bonus means that part of the STI which is paid in cash.Equity Linked Plans or Plans means the Executive Performance Rights Plan (EPR Plan) and the Partnership Incentive Rights Plan (PIR Plan), both of which Plans are established under the Westfield Performance Rights Plan.
Unlike the EPR Plan, in order to achieve vesting of awards granted under the PIR Plan, the executive must satisfy certain performance hurdles set by the Board at the commencement of each year.A full description of both Plans can be found in section 8.4 and in the Appendix.Long Term Incentive Plan or LTI Plan means the Partnership Incentive Rights Plan (PIR Plan) established under the Westfield Performance Rights Plan.
The level of vesting of Target Incentive Rights achieved by an executive will be disclosed in respect of the period in which they vest.Executives who receive Target Incentive Rights will be required to remain with the Group for the full vesting period in order to get the full benefit of each award.
The Co-CEOs have not been granted Target Incentive Rights.The specific and individual performance hurdle(s) applicable to the Target Incentive Rights are determined at the time of issue of those Rights based on the objectives set for that executive over the vesting period.
That remuneration comprises:– Base Salary;– Short Term Incentive – comprising a cash Performance Bonus, a portion of which is deferred into equity for three years under the STI Plan;– Long Term Incentive – which are 5 year awards granted under the LTI Plan; and– A small number of executives will also receive Target Incentive Rights, which are fixed term (3 – 5 years) awards.The Group’s remuneration practices are regularly benchmarked against its competitors in the US and the UK.
There are currently two plans in place to provide these benefits:- the Executive Incentive Rights Plan (Cash-settled transactions), which provides benefits to executive directors, and- the Executive Performance Rights Plan (Equity-settled transactions), which provides benefits to senior executives and executive directors.
Certain key executives have been selected to receive Target Incentive Rights.
As foreshadowed in the FY16 report, in 2017 the Board granted Target Incentive Rights to a limited number of development executives.
Mr Kingsborough received Target Incentive Rights in FY16.Mr Gutman received Target Incentive Rights in the Financial Year.
Subject to any requirements of the Corporations Act and the ASX Listing Rules, in the case of other capital reconstructions the Board may make such adjustments to the Deferred Rights as it considers appropriate with a view to ensuring that holders of Incentive Rights are neither advantaged nor disadvantaged.