Common use of Full Vesting Clause in Contracts

Full Vesting. Upon the consummation of a Specified Transaction (the “Full Vesting Date”), (i) all Phantom Units granted hereunder then held by the Grantee that have not previously become time vested will automatically become fully vested so long as the Grantee has continuously spent the majority of the Grantee’s business time providing services to the Company Group from the Grant Date through the date of the consummation of such Specified Transaction and (ii) all Phantom Units granted hereunder then held by the Grantee that have previously become time vested will automatically become fully vested as of the date of the consummation of such Specified Transaction. Notwithstanding anything in the Plan or this Agreement to the contrary, if a Specified Transaction is not consummated on or before the seventh anniversary of the Grant Date (the “Threshold Date”), then, effective as of the Threshold Date, all Phantom Units granted hereunder (and all rights arising from such Phantom Units and from being a holder thereof) will terminate automatically without any further action by the Company or any other member of the Company Group and will be forfeited without further notice.