Common use of Short-Term Incentive Compensation Program Clause in Contracts

Short-Term Incentive Compensation Program. The Executive shall participate in the Company's Short-Term Incentive Compensation Program. Annual cash awards ("Short-Term Awards") under this program will be based on the achievement of performance goals, both corporate (80%) and individual (20%), expressed as a percentage of the Executive's Base Salary adopted on or after the date of this Agreement. Performance measures will include sales from new sources and operating income. Performance goals, measures and annual awards will be determined by the Compensation Committee and approved by the Board. The Company will pay the Short-Term Award to the Executive within 60 days following the last day of the Company's fiscal year.

Short-Term Incentive Compensation Program. The Executive shall participate in the Company's Short-Term Incentive Compensation Program. Annual cash awards ("Short-Term Awards") under this program will be based on the achievement of performance goals, both corporate (80%) and individual (20%), expressed as a percentage of the Executive's Base Salary or dollar amount adopted on or after the date of this Agreement. Performance measures will include sales from new sources and operating income. Performance goals, measures and annual awards will be determined by the Compensation Committee and approved by the Board. The Company will pay the Short-Term Award to the Executive within 60 days following the last day of the Company's fiscal year. Notwithstanding whether any such performance goals are achieved, the Short-Term Awards payable to the Executive shall be not less than $150,000 per annum in respect of each year or fraction thereof of employment under this Agreement.