The senior executive incentive plan is performance based remuneration being offered to the senior executives and the top management officers. The Board of Directors of the company decides the incentive amount to be set for the executives. The incentives can be provided in various forms such as bonuses, stock options, interest free loans, club memberships and executive class travel arrangements etc. The officers who are eligible to avail the senior executive incentive plan are selected annually by the selection committee of the Board of Directors of the organization.
The senior executive incentive plan includes a written contract signed up between the Board of Directors and the executive officers selected for the inducement. The agreement outlines the fact as in which form the officer is going to get the reward and the details of the underlying achievement. The main purpose of this plan is to motivate the senior officers so as to achieve the common goals of the organization.
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