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Incentive Agreement

Incentive Agreement Template for New Zealand

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Key Requirements PROMPT example:

Incentive Agreement

"I need an Incentive Agreement for our sales team in Auckland, New Zealand, implementing a quarterly commission structure starting January 2025, with both individual and team-based performance metrics."

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Document background
The Incentive Agreement serves as a crucial document for New Zealand organizations seeking to implement structured performance-based reward systems. It is commonly used when establishing bonus schemes, commission structures, or long-term incentive plans for employees. The agreement must comply with New Zealand's legal framework, particularly the Employment Relations Act 2000, Income Tax Act 2007, and if equity-based, the Financial Markets Conduct Act 2013. This document is essential for businesses wanting to formalize their reward systems, enhance employee motivation, and ensure clear, legally-compliant terms for performance-based compensation. The agreement typically includes detailed performance metrics, calculation methodologies, payment terms, and protection mechanisms for both employer and employee interests.
Suggested Sections

1. Parties: Identification of the company/employer and the employee/participant

2. Background: Context of the agreement and purpose of the incentive scheme

3. Definitions: Key terms used throughout the agreement

4. Term and Application: Duration of the agreement and scope of application

5. Incentive Structure: Core framework of the incentive program including types of incentives offered

6. Performance Criteria: Key performance indicators and targets that trigger incentive payments

7. Payment Terms: Timing, method, and conditions of incentive payments

8. Taxation: Treatment of tax obligations and responsibilities

9. Termination Provisions: Circumstances under which the agreement can be terminated and consequences

10. Confidentiality: Protection of sensitive information related to the incentive scheme

11. General Provisions: Standard contractual terms including governing law, amendments, and notices

Optional Sections

1. Equity Components: Required when incentives include shares, options, or other equity-based rewards

2. Group Performance Metrics: Include when incentives are tied to team or company-wide performance

3. Clawback Provisions: Include for senior roles or when significant incentives are involved

4. Non-Competition: Include for senior employees or when protecting business interests is crucial

5. International Considerations: Required when the agreement involves cross-border elements

6. Leave and Absence Impact: Include when specific rules apply during various types of leave

7. Dispute Resolution: Detailed dispute handling procedures, recommended for high-value incentive schemes

Suggested Schedules

1. Schedule 1 - Performance Metrics: Detailed description of KPIs and measurement methodologies

2. Schedule 2 - Calculation Formula: Mathematical formulae and examples for calculating incentive amounts

3. Schedule 3 - Payment Schedule: Timing and frequency of assessments and payments

4. Schedule 4 - Eligible Positions: List of positions or roles eligible for the incentive scheme

5. Appendix A - Form of Acceptance: Template for employee acceptance of the incentive agreement terms

6. Appendix B - Tax Treatment Summary: Overview of tax implications and treatment of different incentive types

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions











































Clauses






























Relevant Industries

Financial Services

Technology

Professional Services

Manufacturing

Retail

Healthcare

Education

Construction

Real Estate

Mining and Resources

Telecommunications

Agriculture

Transportation and Logistics

Relevant Teams

Human Resources

Legal

Finance

Sales

Business Development

Executive Leadership

Operations

Compensation and Benefits

Performance Management

Compliance

Risk Management

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Sales Manager

Account Executive

Business Development Manager

Senior Manager

Department Head

Regional Manager

Sales Representative

Project Manager

Product Manager

Executive Director

Branch Manager

Performance Manager

Commission-based Employee

Investment Banker

Insurance Agent

Real Estate Agent

Recruitment Consultant

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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