AUSTIN, Texas (AP) — Presidents at the University of Texas System’s 15 campuses will be able to earn bonuses for increased graduation rates or donation hikes under an incentive plan approved Thursday that’s more commonly seen in the corporate world than the academic one.

The Board of Regents voted to begin implementing the pay-for-performance initiative, which calls for university leaders to be eligible to earn an additional 10 percent on top of their base salaries if they meet certain goals. Officials now have 60 days to figure out the details.