Common use of Short-Term Incentive Program Clause in Contracts

Short-Term Incentive Program. The parties agree to the Short Term Incentive Program. For fiscal 2014 five percent (0 to 8% payout) of base income will be paid as a lump sum to eligible employees provided Company and department targets are achieved. If the threshold targets are not met, no payout will be made. In the event that the Company is unable to establish the criteria for the department incentive, the incentive compensation payout will default to the Company scorecard targets set at the beginning of the fiscal year. The Short Term Incentive Program will pay out as per the following schedule. *Fiscal 2015 (January 1, 2015 to December 31, 2015 Paid out in February 2016) *Fiscal 2016 (January 1, 2016 to December 31, 2016 Paid out in February 2017) The incentive will be paid out to the non-temporary employees on payroll as at December 31st, in February of the following year, based on the achievement of Company and department targets established at the beginning of the fiscal year. The payout will be department targets established at the beginning of the fiscal year. The payout will be based on the employee’s rate as of January 1. Employees hired during January 1 to December 31 will have their payout pro-rated for partial and total months work. The parties agree that regions will be defined as follows: All work locations located in the Niagara franchise area.