DER. During the Restricted Period, the Award of Phantom Units hereunder shall be evidenced by entry in a bookkeeping account and shall include a tandem DER. Pursuant to the DER, as of each date that a cash distribution is made with respect to Units (i.e., within 45 days following the last day of each calendar quarter if a distribution is made with respect to Units for that calendar quarter), the Grantee shall be entitled to receive a cash payment with respect to each Phantom Unit then outstanding equal to the cash distribution made by the Partnership with respect to each Unit.
Appears in 1 contract
Sources: Phantom Unit Award Agreement (K-Sea Transportation Partners Lp)
DER. During the Restricted Period, the The Award of Phantom Units hereunder shall be evidenced by entry in a bookkeeping account and shall include a tandem DER. Pursuant to the DER, as of each date that a cash distribution is made with respect to Units (i.e., within 45 days following the last day of each calendar quarter if a distribution is made with respect to Units for that calendar quarter), the Grantee shall be entitled to receive a cash payment with respect to each Phantom Unit then outstanding equal to the cash distribution made by the Partnership with respect to each Unit.
Appears in 1 contract
Sources: Employee Phantom Unit Award Agreement (K-Sea Transportation Partners Lp)