Common use of Subsequent Grants Clause in Contracts

Subsequent Grants. On January 1 of each of 2015, 2016, 2017 and 2018, if the Participant has remained in continuous Service until that date (each such date, a “Subsequent Grant Date”), the Company shall grant to the Participant 75,000 Units (each group of Units so granted, the “Subsequent Units”). Except as provided in Section 6, each group of Subsequent Units granted on a Subsequent Grant Date shall become vested and nonforfeitable (i) in installments over three years following the grant thereof in proportions substantially similar to those contained in Section 2(a) hereof and (ii) contingent on the Company’s satisfaction of the performance hurdles as determined by the Company’s Board of Directors at the time of grant thereof. Any Subsequent Units shall be evidenced by an agreement in form and substance as reasonably determined by the Company’s Board of Directors.