Common use of Performance Incentive Committee Clause in Contracts

Performance Incentive Committee. 6.4.1 There shall be established PIC which shall comprise five members for each Shareholder (other than Xxxxxxx). Xxxxxxx, Xxxxxxxxxx and Xxxxxxx shall be the “permanent members” of the PIC; provided, however, that Xxxxxxx may replace Xxxxxxxxxx or Xxxxxxx in his sole discretion; further provided, however, should Xxxxxxx not desire or be able to serve on the PIC, then the “permanent members” shall select his replacement. Xxxxxxx along with one of the two other permanent members (or the two “permanent members,” if Xxxxxxx is no longer a member of the PIC) shall select the remaining two individuals who shall comprise the PIC for each Shareholder (other than Xxxxxxx). Each member of the PIC shall have one vote and any action by the PIC shall require the affirmative vote of at least three (3) of its members.

Performance Incentive Committee. 6.4.1 15.5.1 There shall be established PIC performance incentive committee (“PIC”) which shall comprise five members for each Shareholder Member (other than Xxxxxxx). Xxxxxxx, Xxxxxxxxxx and Xxxxxxx shall be the “permanent members” of the PIC; provided, however, that Xxxxxxx may replace Xxxxxxxxxx or Xxxxxxx in his sole discretion; further provided, however, should Xxxxxxx not desire or be able to serve on the PIC, then the “permanent members” shall select his replacement. Xxxxxxx along with one of the two other permanent members (or the two “permanent members,” if Xxxxxxx is no longer a member of the PIC) shall select the remaining two individuals who shall comprise the PIC for each Shareholder Member (other than Xxxxxxx). Each member of the PIC shall have one vote and any action by the PIC shall require the affirmative vote of at least three (3) of its members.