Following the recent introduction of an incentive-based, exercise-focused wellness program at a large public university, this paper investigates the factors that influence employees' behavior with respect to participation and regular exercise. Results suggest that an employee's probability of signing up for the program is related to her exercise behavior prior to the program's inception, the time cost of exercise, taste for fitness center exercise, and attitudes about the benefits and barriers of exercise. Employees who are older, male, and were regular fitness center exercisers prior to the program's inception are more likely to be regular exercisers.