BOYD GAMING CORP
ANNUAL INCENTIVE PLAN
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<TYPE>EX-10.29
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<DESCRIPTION>ANNUAL INCENTIVE PLAN
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<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>EXHIBIT 10.29 </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="top" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>BOYD GAMING CORPORATION</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>POLICY NO. MCP-3</B></FONT></P></TD></TR>
</TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ANNUAL
INCENTIVE PLAN </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="top" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">APPROVED:&nbsp;<U>/s/&nbsp;&nbsp;&nbsp;&nbsp;DONALD D. SNYDER</U></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">EFFECTIVE DATE:&nbsp;&nbsp;12/3/97</FONT></P></TD></TR>
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<TD VALIGN="bottom" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">REVISED DATE:&nbsp;&nbsp;9/5/02</FONT></P></TD></TR>
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STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>PURPOSE: </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The purpose of the Boyd Gaming Corporation Annual Incentive Plan (hereinafter referred to as the &#147;AIP&#148;) is to promote the
interests of the Boyd Gaming Corporation (hereinafter referred to as &#147;Boyd Gaming&#148;) and its shareholders by providing key employees with financial rewards for outstanding individual and unit performance which contribute significantly to
the financial success of Boyd Gaming. It is intended that the AIP will reinforce Boyd Gaming&#146;s business planning and performance management process by focusing the efforts of employees on the achievement of key business objectives and help to
attract and retain key employees by providing attractive compensation opportunities linked to performance results. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>POLICY: </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Administration.</B>&nbsp;&nbsp;&nbsp;&nbsp;The AIP shall be administered by Boyd Gaming&#146;s Chief Executive Officer subject to such
approvals, rules and guidelines as are required, or may be established, by the Compensation and Stock Option Committee of Boyd&#146;s Gaming&#146;s Board of Directors (hereinafter referred to as the &#147;Committee&#148;). The Committee shall
establish from time to time such rules and guidelines and shall make such determinations as it determines to be necessary or desirable for the administration of the AIP. Subject to the foregoing, Boyd Gaming&#146;s Chief Executive Officer may, in
his discretion, delegate the day to day administration of the AIP to other individuals to ensure the effective administration of the AIP. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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<TD VALIGN="top" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>BOYD GAMING CORPORATION</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>POLICY NO. MCP-3</B></FONT></P></TD></TR>
</TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ANNUAL
INCENTIVE PLAN </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>Eligibility.</B>&nbsp;&nbsp;&nbsp;&nbsp;Eligibility to participate in the AIP shall be limited to those managers and other key employees of Boyd Gaming and its major operating units who are in positions in which their decisions,
actions and counsel significantly impact the end results of Boyd Gaming. It is intended that participation will be limited to key corporate executives, property general managers, and other key managers and employees specifically determined by Boyd
Gaming&#146;s Chief Executive Officer to be in positions in which their decisions, actions and counsel significantly impact the end results of Boyd Gaming. Boyd Gaming&#146;s Chief Executive Officer is not eligible to participate in the AIP.
</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>Participation.</B>&nbsp;&nbsp;&nbsp;&nbsp;Prior to the start of each fiscal year or as soon as possible thereafter, Boyd Gaming&#146;s Chief Executive Officer shall approve the employees who will participate in the AIP. Upon
selection, participants shall be notified of their selection as participants, their potential incentive opportunity for the year, and the specific performance measures and standards upon which incentive payments, if any, will be based. Additional
participants may be approved during a fiscal year for participation on a prorated basis. In the event that an employee&#146;s eligibility status or designated opportunity level changes during the course of a fiscal year, participation shall be
determined on a prorated basis. While it is anticipated that the AIP will be an ongoing program from year to year, designation as a participant for any particular year shall not entitle an individual to participate or receive incentive opportunities
with respect to any other year. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Incentive
Opportunities</B>.&nbsp;&nbsp;&nbsp;&nbsp;Incentive opportunities shall be established for each participant in the AIP. Incentive opportunities shall vary in amount, and as a percentage of base salary, according to the nature and degree of each
participant&#146;s ability to directly impact the annual results of Boyd Gaming, to establish an appropriate balance between short and long-term management focus and to provide attractive total annual compensation opportunities consistent with
competitive practice and desired performance results. Guidelines for establishing individual incentive opportunities shall be approved each year by the Compensation Committee. </FONT></P>

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<TD VALIGN="top" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>BOYD GAMING CORPORATION</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>POLICY NO. MCP-3</B></FONT></P></TD></TR>
</TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ANNUAL
INCENTIVE PLAN </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Performance
Objectives</B>.&nbsp;&nbsp;&nbsp;&nbsp;Performance measures and goals incorporating specified threshold, target and maximum achievement levels shall be established for each participant at the start of each year. Measures shall be established in
terms of overall corporate, region, property, department/function and individual performance and weighted based on each participant&#146;s focus or area of management control. It is intended that performance measures and goals under the AIP will be
derived from, and directly support, Boyd Gaming&#146;s business plan and annual business planning process. Objectives may provide for a subjective assessment of performance based on pre-established criteria supporting Boyd Gaming&#146;s annual
business plan or strategic initiatives. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>Funding Triggers</B>.&nbsp;&nbsp;&nbsp;&nbsp;An overall corporate performance threshold, or trigger, may be established below which no payments may be made for the year under the AIP.<B> </B>Additionally, a funding trigger may be
established for each operating property. If the property trigger is not achieved, no payments may be made for personnel at that location for the achievement of property or departmental goals<B>.</B> </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Maximum Total Property
Awards.</B>&nbsp;&nbsp;&nbsp;&nbsp;Total awards paid for an individual property may be limited to a maximum percentage of a property&#146;s operating income to insure that maximum property awards do not exceed a reasonable proportion of the overall
property income. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Performance Management
Process</B>.&nbsp;&nbsp;&nbsp;&nbsp;It is intended that the AIP will be integrated with Boyd Gaming&#146;s annual business planning and budgeting process. Each year, Boyd Gaming&#146;s Chief Executive Officer shall approve the key business drivers
and performance indicators to be supported by the AIP and establish guidelines for determining the appropriate performance measures and goal levels for each participant. Performance measures and goals shall be established consistent with these
guidelines and approved by each participant&#146;s respective corporate executive, regional manager or property general manager. Performance measures and goals shall be documented in writing on forms </FONT>
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<TD VALIGN="top" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>BOYD GAMING CORPORATION</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>POLICY NO. MCP-3</B></FONT></P></TD></TR>
</TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ANNUAL
INCENTIVE PLAN </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">approved for such purpose and shall be
subject to final approval by Boyd Gaming&#146;s Chief Executive Officer or designee(s). </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Determination of Awards Earned.</B>&nbsp;&nbsp;&nbsp;&nbsp;As soon as practical following the end of each year, the Compensation Committee shall determine the degree to which overall corporate
performance objectives have been achieved and approve an aggregate pool available for payment based on the aggregate incentive opportunities earned by individual participants under the AIP. Subject to the foregoing, Boyd Gaming&#146;s Chief
Executive Officer shall determine the degree to which performance goals have been achieved and the award to be paid, if any, to each participant under the AIP. The level of incentive opportunities to be paid will vary according to the degree to
which performance goals are achieved between established threshold and maximum levels. No incentive payments shall be made if specified thresholds are not achieved. In making such determinations, Boyd Gaming&#146;s Chief Executive Officer shall
consider the recommendations provided for such purpose by Boyd Gaming&#146;s Management Committee and each participant&#146;s respective corporate executive, regional manager, or property general manager. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Discretionary
Fund</B>.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, the Chief Executive Officer may make discretionary payments to any employee to further the purpose of the AIP subject to review of the Committee. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Payment.</B>&nbsp;&nbsp;&nbsp;&nbsp;Payment of any awards
earned shall be made in cash as soon as possible following the determination of awards earned unless otherwise deferred subject to such rules as may be established for such purpose. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Termination of Employment</B>.&nbsp;&nbsp;&nbsp;&nbsp;If a participant ceases to be employed by Boyd
Gaming at any time prior to the end of a fiscal year, the participant shall not be entitled to any payment under the AIP. However, the foregoing notwithstanding, Boyd Gaming&#146;s Chief Executive Officer may provide for the full or partial payment
of awards in the event of a participant&#146;s termination of employment due to death, disability, retirement or for such </FONT></P>

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<TD VALIGN="top" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>BOYD GAMING CORPORATION</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>POLICY NO. MCP-3</B></FONT></P></TD></TR>
</TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ANNUAL
INCENTIVE PLAN </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">other reason determined by the Chief
Executive to be appropriate to achieve the purpose of the AIP and in the best interests of Boyd Gaming. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Source of Payment</B>.&nbsp;&nbsp;&nbsp;&nbsp;All payments under the AIP shall be paid from the general funds of Boyd Gaming and no
separate fund shall be established and no other segregation of assets shall be made to assure payment. Nothing contained in this AIP and no action taken pursuant to the provisions of the AIP shall create a trust of any kind, or a fiduciary
relationship between Boyd Gaming and any participant, beneficiary or other person. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Right to Terminate Employment</B>.&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this AIP or in any agreement entered into pursuant to the AIP shall confer upon any person the right to continue in the
employment of Boyd Gaming or affect any right Boyd Gaming may have to terminate the employment of such person. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Withholding.</B>&nbsp;&nbsp;&nbsp;&nbsp;Whenever any payments are to be made under the AIP, Boyd Gaming shall withhold amounts
sufficient to satisfy any withholding tax or any other requirements as appropriate. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Effect on Other Plans</B>.&nbsp;&nbsp;&nbsp;&nbsp;Receipt of an award or payment under the AIP shall not affect a recipient&#146;s eligibility to participate in any other plan of Boyd Gaming and any
payment made pursuant to the AIP shall not be used in determining the benefits provided under any other plan of Boyd Gaming unless specifically so provided. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Amendment.</B>&nbsp;&nbsp;&nbsp;&nbsp;Boyd Gaming may terminate or amend the AIP at any time. No amendment or modification, however,
shall adversely affect the right of a participant to payment of any amounts determined prior to such amendment or modification. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Effective Date</B>.&nbsp;&nbsp;&nbsp;&nbsp;The AIP shall be effective as of January 1, 1998, and shall remain in effect until
terminated by Boyd Gaming. </FONT></P>

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<TD VALIGN="top" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>BOYD GAMING CORPORATION</B></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>POLICY NO. MCP-3</B></FONT></P></TD></TR>
</TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>ANNUAL
INCENTIVE PLAN </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>PROCEDURES: </B></FONT></P><P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Each year variables for the upcoming plan year will be set
and communicated to each participating individual. Variables are: </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">incentive opportunity/position </FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">financial goals to be used </FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">threshold and maximum goals as a percentage of the target </FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">threshold and maximum incentive based on target being 100% </FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">weighting of the incentive opportunity based on the position&#146;s ability to influence results </FONT></TD></TR></TABLE>
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<TD WIDTH="006" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">corporate and property funding triggers </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Individual goals for the coming period will be determined from the annual performance evaluation. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The annual variables will be reviewed and approved by the
Management Committee and then referred to the Compensation and Stock Option Committee. </FONT></P>
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