Read each description of a different pay-for-performance (PFP) situation. Then, select the PFP plan name that most accurately fits the description given. Chris, Blake, and Ryan are a team of law associates reporting to the same law partner. If they can bring their team's billable hours up by 15% and if they each successfully settle three cases in the next 9 months, then will each earn an additional 12% of their base monthly pay. 1. Merit pay 2. Merit bonus 3. Spot award 4. Individual incentive plan 5. Gain-sharing plan 6. Profit-sharing plan 7. Team-based incentive 8. Employee stock ownership plan