Common use of Incentive Bonus Program Clause in Contracts

Incentive Bonus Program. For the calendar year 1998, the Board of Directors has set three major objectives for the key executives. The objectives include opening the Aguascalientes project for commercial operations, keeping the Company properly capitalized for growth, and respecting the public market participation in the Company to ensure that gains made by the Company are recognized by its public ownership and reflected in its share price. To the extent that these objectives are met, the key participants in the incentive bonus program, including the Executive herein, shall be entitled to a minimum of twenty percent (20%) of his base salary to a maximum of one hundred fifty percent (150%) of base salary, depending upon the extent to which the objectives have been achieved. It is expected that the foregoing bonuses will be earned in 1998, unless the settlement or conclusion of the NAFTA litigation takes longer, in which case that particular special bonus will go beyond 1998 until there is a final resolution. It is expected that the Board of Directors will provide additional bonus incentives for years subsequent to 1998, provided that for the life of the contract there will always be at least a minimum incentive bonus of twenty percent (20%) due in December of each year.