Common use of Annual Incentive Program Clause in Contracts

Annual Incentive Program. In addition to Base Salary, for each year commencing 1998 Employee shall be eligible to receive a performance based bonus under the Company's Annual Incentive Program ("Performance Bonus") if certain pre-established performance objectives are obtained ("Performance Goals"). The Compensation Committee shall establish a range of Performance Goals by March 31 of each year. The Compensation Committee shall determine annually within 60 days after completion of the Company's year end audit whether the Performance Goals for the preceding year have been achieved. If the Performance Goals for the preceding year have been achieved, the Compensation Committee shall certify such fact to the Company, and the Company shall pay such Performance Bonus to Employee as soon as administratively feasible following such certification. The Compensation Committee shall establish a maximum Performance Bonus of 40% of Base Salary, a target Performance Bonus of 20% of Base Salary, and a threshold Performance Bonus of 10% of Base Salary which shall be paid to Employee based upon certification that the Performance Goals have been achieved. No Performance Bonus shall be paid for any year in which the threshold Performance Goal has not been achieved. No Performance Bonus may exceed $300,000. The Compensation Committee shall have the sole authority to administer and make determinations with respect to the Performance Bonus and Performance Goals.

Annual Incentive Program. In addition to Base Salary, for each year commencing 1998 Employee shall be eligible to receive a performance based bonus under the Company's Annual Incentive Program ("Performance Bonus") if certain pre-established performance objectives are obtained ("Performance Goals"). The Compensation Committee shall establish a range of Performance Goals by March 31 of each year. The Compensation Committee shall determine annually within 60 days after completion of the Company's year end audit whether the Performance Goals for the preceding year have been achieved. If the Performance Goals for the preceding year have been achieved, the Compensation Committee shall certify such fact to the Company, and the Company shall pay such Performance Bonus to Employee as soon as administratively feasible following such certification. The Compensation Committee shall establish a maximum Performance Bonus of 4060% of Base Salary, a target Performance Bonus of 2040% of Base Salary, and a threshold Performance Bonus of 1020% of Base Salary which shall be paid to Employee based upon certification that the Performance Goals have been achieved. No Performance Bonus shall be paid for any year in which the threshold Performance Goal has not been achieved. No Performance Bonus may exceed $300,000. The Compensation Committee shall have the sole authority to administer and make determinations with respect to the Performance Bonus and Performance Goals.