Read each description of a different pay-for-performance (PFP) situation. Then, select the PFP plan name that most accurately fits the description given. Saahas has been employed by his firm for two years. His starting salary was $50,000 and after his first annual performance review, he received an 8 % raise to his annual salary. After his second annual review, he received an additional 7% raise. As a result of these post-review raises, his salary is now $57,780. 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