Common use of Variable Pay Clause in Contracts

Variable Pay. The Executive shall be entitled to receive variable pay of 40% of Base Salary in accordance with the Corporation’s performance and the Executive’s individual goals as agreed to by the Corporation and the Executive from time to time. Presently, the Executive’s variable pay will be tied to the following criteria: a) The Executive’s individual goals, as defined by the Corporation, will comprise 20% of the bonus; b) Corporate HSE goals will comprise 30% of the bonus; c) Corporate fiscal performance will comprise 50% of the bonus. The fiscal performance will be based on the Corporation’s annual forecast targets.