Common use of PERFORMANCE PROGRAM Clause in Contracts

PERFORMANCE PROGRAM. Executive shall be eligible to participate 1n a performance bonus program. Pursuant thereto, the Company shall, on July 1, 1995, pay to Executive, as additional incentive compensation for the services to be rendered by Executive hereunder, assuming Executive is then employed by the Company on such date, an incentive bonus in cash in an amount equal to twenty percent (20%) of any additional principal payments required to be made by ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇, ▇▇. ("▇▇▇▇▇") to the Company pursuant to ▇▇▇▇▇'▇ promissory note in favor of the Company, in accordance with the formula set forth on SCHEDULE 1 attached hereto and made a part hereof, Executive shall not be eligible to receive such a bonus pursuant to this SECTION 3.2 if the goals set forth in SCHEDULE 1 attached hereto are not achieved by the Company for any reason. In addition to the foregoing, executive shall be eligible to participate in such other performance bonus programs as may from time to time be established by the Company for the benefit of Executive.