Class P Common Units Clause Samples
The 'Class P Common Units' clause defines a specific class of equity interests within a partnership or limited liability company. This clause outlines the rights, privileges, and obligations associated with Class P Common Units, such as voting rights, distribution priorities, and conversion features. For example, it may specify how holders of these units participate in profit sharing or liquidation proceeds compared to other unit classes. The core function of this clause is to clearly delineate the economic and governance rights of Class P Common Unit holders, ensuring transparency and preventing disputes among stakeholders.
Class P Common Units. Class P Common Units may be conditionally issued in one or more series of such class. Class P Common Units of the first such series shall be designated as “Class P-1 Common Units,” and each subsequent series of Class P Common Units shall be designated with a consecutive number or as otherwise recorded in the books of the Partnership and the applicable Partner Agreement. Class P Common Units shall be issued to Active Individual LPs (each, a “Class P Limited Partner”) as and when determined by the General Partner with the approval of the PMC Chairman, and shall be issued pursuant to a Partner Agreement substantially in the form of award agreement attached to this Agreement as Exhibit B or in such other form that is otherwise determined by the General Partner. Except as otherwise set forth in this Agreement or the applicable Partner Agreement of any Class P Limited Partner, each series of Class P Common Units shall have the same rights, powers and duties, which shall be as set forth below and elsewhere in this Agreement:
Class P Common Units. Immediately following the date hereof, the Limited Partner shall retain 10,000,000 of the Class P-1 Common Units conditionally issued to the Limited Partner on March 1, 2017 (“Incentive Grant Date”) under the 2017 Partner Agreement (the retained Class P Common Units, the “Retained P Units”). An equal percentage of the Class P-1 Common Units issued on the Incentive Grant Date with each Class P Performance Threshold shall be retained so that: (i) the Class P Performance Threshold is 25% for 20% of the Retained P Units to vest; (ii) the Class P Performance Threshold is 50% for an additional 40% of the Retained P Units to vest; (iii) the Class P Performance Threshold is 75% for an additional 20% of the Retained P Units to vest; and (iv) the Class P Performance Threshold is 125% for an additional 20% of the Retained P Units to vest. For the avoidance of doubt, nothing in this Agreement modifies the Reference Price used for determining whether the Class P Performance Condition applicable to each Retained P Unit has been satisfied. The remaining 29,000,000 Class P Common Units granted to the Limited Partner under the 2017 Partner Agreement shall be forfeited as of the date hereof.
Class P Common Units. Interests in the Partnership shall include a class of Units designated as “Class P Common Units.” Class P Common Units may be conditionally issued in one or more series of such class. Class P Common Units of the first such series shall be designated as “Class ▇-▇ ▇▇▇▇▇▇ ▇▇▇▇▇,” with each subsequent series of Class P Common Units to be designated with a consecutive number or as otherwise recorded in the books of the Partnership and the applicable Partner Agreement. Class P Common Units shall be issued to Active Individual LPs as and when determined by the General Partner with the approval of the PMC Chairman, and shall be issued pursuant to a Partner Agreement substantially in the form of award agreement attached to this Agreement as Exhibit B hereto or in such other form that is otherwise determined by the General Partner. The respective Interests in the Class P Common Units conditionally held by each Individual Limited Partner and his Related Trusts, if any, holding such Class P Common Units (each, a “Class P Limited Partner”) shall be as recorded in the books of the Partnership as being owned by such Partners pursuant to this Section 3.1. Except as otherwise set forth in this Agreement or the applicable Partner Agreement of any Class P Limited Partner, each series of Class P Common Units shall have the same rights, powers and duties, and the rights, powers and duties applicable to Class P Common Units shall be as set forth below and elsewhere in this Agreement: