General Electric Co.'s new incentive pay plan gives Chief Executive Officer Jeffrey Immelt motive to tap $16.7 billion from last month's sale of the rest of NBC to fund industrial acquisitions.

The three-year program will pay Immelt in part for increasing the share of GE's profit from manufacturing businesses, the company said last week in a Securities and Exchange Commission filing. It replaces an arrangement from 2010 to 2012 that rewarded his success in shrinking the finance unit.

Immelt, who earned $12.1 million under the previous pact, must also boost earnings per share while amassing cash and increasing return on capital to receive the maximum payout, which the company didn't disclose. GE will probably look for more deals like its $4.3 billion purchase of Avio SpA, which bolsters its jet-engine business, Daniel Holland, an analyst with Chicago-based Morningstar Inc., said in a phone interview.

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