Common use of Performance Unit Awards Clause in Contracts

Performance Unit Awards. a. At such time as the Compensation Committee determines, it shall establish and approve the performance goals and performance periods of the remaining three of the four tranches of five thousand (5,000) performance unit awards (the “Performance Unit Awards”) granted to the Executive, the Compensation Committee having already approved the performance goals for the first five thousand (5,000) of such Performance Unit Awards. Such performance goals and performance periods shall be in accordance with the terms and conditions of the Company’s 2005 Omnibus Incentive Plan, as the same may be amended from time to time (the “2005 Plan”), and subject to the terms and conditions of the Performance Unit Award Agreements to be executed by the Company and the Executive with respect to each Performance Unit Award. To the extent earned at the end of the applicable performance period, each Performance Unit Award described in this Section III.a will vest on the August 1st next following the end of the respective performance period, subject to the Executive’s continued employment with the Company through the vesting date; provided, however, in no event shall the last such vesting date be later than August 1, 2017. All performance goals and performance periods of the Performance Unit Awards are subject to approval by the Compensation Committee. b. Nothing herein is intended to give the Executive the right to be employed by the Company in any capacity or for any duration of time. The Company reserves the right to terminate the Executive’s employment at any time for any reason.

Performance Unit Awards. a. At such time as the Compensation Committee determines, it shall establish and approve the performance goals and performance periods of the remaining three of the four tranches of five thousand (5,000) performance unit awards (the “"Performance Unit Awards”") granted to the Executive, the Compensation Committee having already approved the performance goals for the first five thousand (5,000) of such Performance Unit Awards. Such performance goals and performance periods shall be in accordance with the terms and conditions of the Company’s 's 2005 Omnibus Incentive Plan, as the same may be amended from time to time (the “"2005 Plan”"), and subject to the terms and conditions of the Performance Unit Award Agreements to be executed by the Company and the Executive with respect to each Performance Unit Award. To the extent earned at the end of the applicable performance period, each Performance Unit Award described in this Section III.a will vest on the August 1st next following the end of the respective performance period, subject to the Executive’s 's continued employment with the Company through the vesting date; provided, however, in no event shall the last such vesting date be later than August 1, 2017. All performance goals and performance periods of the Performance Unit Awards are subject to approval by the Compensation Committee. b. . Nothing herein is intended to give the Executive the right to be employed by the Company in any capacity or for any duration of time. The Company reserves the right to terminate the Executive’s 's employment at any time for any reason.