KEY OPERATIING INITIATIVES Sample Clauses

KEY OPERATIING INITIATIVES. The Key Operating Initiatives element will be paid at ___% of your annual salary for ______% achievement of the following Key Operating Initiative: Meet or be under your combined departments’ Expense Plan The Company must have a profit and a profit improvement for this element to be paid. The stipulation as described in number 3 of Section II, C of the attached Glossary applies to this component. Efficiency Bonus An Efficiency Bonus may be earned on the combined departments’ expense margin improvement over the previous year. This is a factor of the departments’ expenses as a percentage of the Company’s planned revenue. To earn this bonus the threshold of a ___% expense margin improvement must be achieved with a bonus cap at ____% margin improvement. The bonus is pro-rated between ___% and ___%, and there must be a full year of margin improvement. Payout will be in accordance with the schedule below: Department Expense Margin Improvement Efficiency Bonus % of Salary _____% ____ % _____% ____ % Departmental service levels cannot deteriorate, major projects postponed, or expenses deferred, i.e., open positions, etc. These types of actions adversely affect the Company and will cause disqualification of this bonus element. All other terms and conditions of the Executive/Home Office Bonus Plan apply and consequently this element will be subject to future modification and/or removal.