EXHIBIT
10.24
CABLEVISION
SYSTEMS CORPORATION
Executive
Performance Incentive Plan
1. Purposes . The purpose of
the Cablevision Systems Corporation Executive Performance Incentive
Plan is to advance the interests of the Company and its
shareholders by providing incentive compensation opportunities that
will serve to attract, retain, motivate and reward key executives.
Rewards under the Plan will be based on performance achievement
relative to preestablished goals and objectives, thereby motivating
participants to meet and exceed such goals and
objectives.
2.
Definitions . When used in this Plan, unless the context
otherwise requires:
(a)
“Board of Directors” shall mean the Board of Directors
of the Company.
(b)
“Committee” shall mean the Compensation Committee of
the Board of Directors, as described in
Section 3.
(c)
“Company” shall mean Cablevision Systems Corporation, a
Delaware corporation.
(d)
“Covered Employee” means, for any Plan Year, the
Company’s Chief Executive Officer (or an individual acting in
such capacity), any executive of the Company or its subsidiaries
who, in the discretion of the Committee for purposes of determining
those employees who are “covered employees” under
Section 162(m) of the Internal Revenue Code, is likely to be among
the four other highest compensated officers of the Company for such
Plan Year and any other executive of the Company or its
subsidiaries designated by the Committee in its
discretion.
(e)
“Earned Incentive Award” shall mean the annual
incentive compensation deemed to have been earned (and, therefore,
payable) at or after the end of the Plan Year on the basis of
actual performance relative to the applicable Performance
Criteria.
(f)
“Internal Revenue Code” shall mean the Internal Revenue
Code of 1986, as amended.
(g)
“Participant” shall mean a key executive of the Company
who is selected by the Committee to be eligible to receive an award
of annual incentive compensation under the Plan.
(h)
“Performance Criteria” shall mean a goal or goals
established by the Committee and measured over the Plan Year, such
goal(s) to constitute a requirement that must be met prior to the
payment, of any award of incentive
