Incentive Payment Clause Samples
An Incentive Payment clause establishes the conditions under which additional compensation is awarded to a party for achieving specific performance targets or milestones. Typically, this clause outlines the criteria for earning the incentive, such as completing a project ahead of schedule, exceeding quality standards, or generating cost savings, and details the calculation and timing of the bonus payment. Its core practical function is to motivate superior performance by providing a financial reward, thereby aligning the interests of the parties and encouraging outcomes that benefit both sides.
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Incentive Payment. The Employer may offer and an Employee may accept an early retirement incentive based on the age at retirement to be paid in the following amounts. Full Years to Normal Retirement Percentage of Annual Salary at Time of Retirement
Incentive Payment. 1. A bargaining unit employee who works all of his/her regularly scheduled work days during a full semester shall receive a $100 incentive payment for that semester to be paid in the first pay period of February for the first semester, or the first pay period of August for the second semester.
2. In the case of an employee regularly scheduled to work more than nine (9) months, “semester” is defined as the first day of the second semester through June 30 and July 1 through the end of the first semester.
Incentive Payment. During the period of Executive's employment under this Agreement, the Executive shall be eligible to participate in an incentive compensation program implemented by the Board (the "Annual Incentive Bonus").
Incentive Payment. In addition to his Base Salary, the Executive shall be entitled to receive an incentive payment in respect of each calendar year during the Employment Term (an “Incentive Payment”) as such may be awarded pursuant to, and in accordance with, the terms of the Company’s Executive Incentive Plan, as then in effect. For purposes of this Agreement, a payment of one hundred eighty-two percent (182%) of the Base Salary, or such higher percentage as may be approved from time to time by the Board or the Compensation Committee in its discretion, is hereinafter referred to as the “Maximum Incentive Payment.”
Incentive Payment. Employees may receive an incentive payment in the form of a once a year payment.
a. Such payment shall be made in June to employees certified as of June 1st of that contract year.
b. An employee is compensated at the highest level attained in each of the firefighting categories. (Percentages for lower levels of attainment are not cumulative.)
Incentive Payment. The College may offer and an employee may accept a one-time lump sum early retirement incentive based on the age at retirement to be paid as follows: % of Annual Salary Age at Effective Date of Retirement at Time of Retirement 55-59 100% 60 80% 61 60% 62 40% 63 20% 64 0%
Incentive Payment. 11.3.1 An employer may offer and an employee may accept an early retirement incentive based on the age at retirement to be paid in the following amounts Age at Retirement % of Annual Salary at Time of Retirement
11.3.2 An employer may opt to pay the early retirement incentive in three equal annual payments over a thirty-six (36) month period.
11.3.3 Eligible bargaining unit members may opt for a partial early retirement with a pro- rated incentive.
Incentive Payment. The University may offer and an Employee may accept an early retirement incentive based on the age at retirement to be paid in the following amounts: % of regular gross earnings Age at Retirement earned in the calendar year immediately prior to date of retirement 55 to 59 100% 60 80% 61 60% 62 40% 63 20% The University may opt to pay the early retirement incentive in three (3) equal payments over a thirty- six (36) month period.
Incentive Payment. Incentive payment, on account of Availability being more than the Target Availability shall be payable by the Long Term Transmission Customer(s), in line with Clause 1.2.2 of Schedule 5 of this Agreement and shall be paid on an annual basis. The annual incentive amount payable to the TSP shall be shared by the Long Term Transmission Customer(s) in the ratio of the Transmission Charges paid or actually payable to the TSP by them existing at the end of the relevant Contract Year.
Incentive Payment. In the event of a Change in Control during the Executive’s employment with the Company, the Executive shall be entitled to receive an “Incentive Payment.” Subject to the terms hereof, such Incentive Payment will be made in a lump-sum cash payment sixty (60) days following the date of the Change in Control or as soon as administratively practicable thereafter but in no event later than 2 1/2 months after the close of the year in which the Change in Control occurs. The Incentive Payment shall equal the Executive’s short- or long-term target cash bonus Awards otherwise payable under the terms of any Incentive Plan based on full and immediate vesting of the Awards as of the date of the Change in Control, assuming for this purpose attainment of 100% of any applicable target.