An executive compensation plan agreement is one which is entered into between an executive employee of a company and the management of the company. The agreement sets forth the various incentive compensation that will be provided to the executive employee when certain employment terms are complied with. The executive is a higher management position in the company and this agreement is entered into in order to provide motivation to the higher management executives to continue to be loyal to the company.
The agreement presents certain clauses for the incentive compensation plan such as the annual incentive compensation that executive is eligible for, the period of incentive compensation considered, the board of directors decision regarding incentive compensation, approval of chairman and managing director of the company for incentive compensation percentage, executives name and designation, type of incentive compensation plan, mode of payment of compensation, period of incentive compensation, termination of incentives and conditions applicable etc.
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