Common use of Grant of Units and Vesting Clause in Contracts

Grant of Units and Vesting. The Participant is hereby granted the following Time Vested Units and Performance Vested Units under the Plan, but only effective upon and conditioned on satisfying the applicable vesting conditions contained herein, which will permit the Participant to receive the following number of Units of the Partnership, plus any Units acquired through the DER Account referred to in Section 1.4 hereof: Total Number of Time Vested Units, for 2016, 2017 and 2018, Collectively 23,125 Units Total Number of Performance Vested Units if Threshold Condition is Satisfied or Deemed Satisfied for 2016, 2017 or 2018 3,854 Units per Year Total Number of Additional Performance Vested Units if Target Condition is Satisfied or Deemed Satisfied for 2016, 2017 or 2018 An additional 3,854 Units per Year Total Number of Additional Performance Vested Units if Maximum Condition is Satisfied or Deemed Satisfied for 2016, 2017 or 2018 An additional 7,708 Units per Year The term “date of grant”, solely for vesting of Time Vested Units and DER Account (as defined in Section 1.4) purposes for both the Time Vested Units and the Performance Vested Units, shall be deemed to be January 1, 2016. Time Vested Units vest at a percentage rate equal to thirty-three and one-third percent (33 1/3%) of the total Time Vested Units on each one (1) year anniversary of the date of grant. Performance Vested Units shall vest on December 31, 2016, December 31, 2017 and December 31, 2018, provided the respective performance conditions have been achieved or waived in writing by the Committee. The Committee will endeavor to establish performance conditions at the Threshold Condition level, the Target Condition level, and the Maximum Condition level for 2016, 2017, and 2018 during the first ninety (90) days of each such calendar year and shall advise the Participant in writing of such performance conditions. The failure by the Committee to comply with such time deadlines or to advise the Participant in writing of such performance conditions shall not result in the performance conditions being deemed satisfied for any calendar year. However, the performance conditions established by the Committee for each such calendar year must be determinable (subject to any retroactive catch-up provision) on or before December 31 of such calendar year, in the absence of which the Performance Vested Units shall vest on December 31 of such calendar year at the Target Condition level. Certificates for Units shall be issued to the Participant upon the vesting of any Time Vested Units or Performance Vested Units, subject to the provisions of the Plan, including, but not limited to, Sections 6(j) and 8(f) of the Plan ,and further subject to the Participant paying, or making suitable arrangements to pay, all applicable foreign, federal, state and local taxes, as more fully provided in Section 2.3 hereof, not later than the period permitted by Regulation 1.409A-1(b)(4) entitled “Short-term deferrals” and any successor guidance under the Code.

Appears in 1 contract

Samples: Key Employee Unit Agreement (Stonemor Partners Lp)

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Grant of Units and Vesting. The Participant is hereby granted the following Time Vested Units and Performance Vested Units under the Plan, but only effective upon and conditioned on satisfying the applicable vesting conditions contained herein, which will permit the Participant to receive the following number of Phantom Units of the Partnership, plus any Phantom Units acquired through the DER Account referred to in Section 1.4 hereof1.4: Date of Grant March 19, 2018 Total Number of Time Vested Units, Units for 2016, 2017 and 2018, Collectively 23,125 collectively 2,951 Units Total Number of Performance Vested Units if Threshold Condition is Satisfied or Deemed Satisfied for 2016, 2017 or in 2018 3,854 492 Units per Year Total Number of Additional Performance Vested Units if Target Condition is Satisfied or Deemed Satisfied for 2016, 2017 or in 2018 An additional 3,854 492 Units per Year Total Number of Additional Performance Vested Units if Maximum Condition is Satisfied or Deemed Satisfied for 2016, 2017 or in 2018 An additional 7,708 984 Units per Year The term “date of grant”, solely for vesting of Time Vested Units and DER Account (as defined in Section 1.4) purposes for both the Time Vested Units and the Performance Vested Units, shall be deemed to be January 1, 2016. Time Vested Units vest at a percentage rate equal to thirty-three and one-third percent (33 1/3%) of the total Time Vested Units Units, rounded down to the nearest cumulative whole unit, with the first tranche vesting on each one (1) year anniversary of the date of granthereof and the next two tranches vesting on August 15, 2018 and 2019, respectively. Performance Vested Units shall vest on December 31, 2016, December 31, 2017 and December 31, 2018, provided the respective performance conditions have been achieved or waived in writing by the CommitteeCommittee for the calendar year 2018. The Committee will endeavor to establish has established performance conditions at the Threshold Condition level, the Target Condition level, level and the Maximum Condition level for 2016, 2017, and 2018 during the first ninety (90) days of each such calendar year and shall advise the Participant in writing of such performance conditionsCondition. The failure by the Committee to comply with such time deadlines or to advise the Participant in writing hereby acknowledges receipt of such performance conditions shall not result in written notice of the performance conditions being deemed satisfied for 2018. The Participant further acknowledges and agrees that the Company has no obligation to grant any calendar year. However, Performance Vested Units with respect to 2016 or 2017 because none would have vested based on the failure to achieve the performance conditions established by the Compensation Committee for each such calendar year must be determinable (subject to any retroactive catch-up provision) on or before December 31 of such calendar year, in the absence of which the Performance Vested Units shall vest on December 31 of such calendar year at the Target Condition levelyears. Certificates for Units shall be issued to the Participant upon the vesting of any Time Vested Units or Performance Vested Units, subject to the provisions of the Plan, including, but not limited to, Sections 6(j6(d) and 8(f) of the Plan ,Plan, and further subject to the Participant paying, or making suitable arrangements to pay, all applicable foreign, federal, state and local taxes, as more fully provided in Section 2.3 hereof, not later than the period permitted by Regulation 1.409A-1(b)(4) entitled “Short-term deferrals” and any successor guidance under the Code.

Appears in 1 contract

Samples: Key Employee Unit Agreement (Stonemor Partners Lp)

Grant of Units and Vesting. The Participant is hereby granted the following Time Vested Units and Performance Vested Units under the Plan, but only effective upon and conditioned on satisfying the applicable vesting conditions contained herein, which will permit the Participant to receive the following number of Units of the Partnership, plus any Units acquired through the DER Account referred to in Section 1.4 hereof: Date of Grant (Except as Noted) December 31, 2015 Total Number of Time Vested Units, for 2016, 2017 and 2018, Collectively 23,125 8,324 Units Total Number of Threshold Condition Performance Vested Units if Threshold Condition is Satisfied or Deemed Satisfied for 2016, 2017 or 2018 3,854 1,387 Units per Year Total Number of Additional Performance Vested Units if Target Condition is Satisfied or Deemed Satisfied for 2016, 2017 or 2018 An additional 3,854 1,387 Units per Year Total Number of Additional Performance Vested Units if Maximum Condition is Satisfied or Deemed Satisfied for 2016, 2017 or 2018 An additional 7,708 2,775 Units per Year The term “date of grant” shall be deemed to be September 28, 2015 (i) solely for vesting of Time Vested Units and DER Account (as defined in Section 1.4) purposes for both the Time Vested Units and (ii) solely for DER Account purposes (but not for vesting purposes) for the Performance Vested Units, shall be deemed to be January 1, 2016. Time Vested Units vest at a percentage rate equal to thirty-three and one-third percent (33 1/3%) of the total Time Vested Units on each one (1) year anniversary of the date of grant. Performance Vested Units shall vest on December 31, 2016, December 31, 2017 2017, and December 31, 2018, provided the respective performance conditions established by the Committee have been achieved or waived in writing by the CommitteeCommittee for each of the calendar years 2016, 2017 and 2018. The Committee will endeavor to establish performance conditions at the Threshold Condition level, the Target Condition level, and the Maximum Condition level for 2016, 2017, and 2018 during the first ninety (90) days of each such calendar year and shall to advise the Participant in writing of such performance conditions. The failure by the Committee to comply with such time deadlines or to advise the Participant in writing of such performance conditions shall not result in the performance conditions being deemed satisfied for any calendar year. However, the performance conditions established by the Committee for each such calendar year must be determinable (subject to any retroactive catch-up provision) on or before December 31 of such calendar year, in the absence of which the Performance Vested Units shall vest on December 31 of such calendar year at the Target Condition level. Certificates for Units shall be issued to the Participant upon the vesting of any Time Vested Units or Performance Vested Units, subject to the provisions of the Plan, including, but not limited to, Sections 6(j) and 8(f) of the Plan ,Plan, and further subject to the Participant paying, or making suitable arrangements to pay, all applicable foreign, federal, state and local taxes, as more fully provided in Section 2.3 hereof, not later than the period permitted by Regulation 1.409A-1(b)(4) entitled “Short-term deferrals” and any successor guidance under the Code.

Appears in 1 contract

Samples: Key Employee Unit Agreement (Stonemor Partners Lp)

Grant of Units and Vesting. The Participant is hereby granted the following Time Vested Units and Performance Vested Units under the Plan, but only effective upon and conditioned on satisfying the applicable vesting conditions contained herein, which will permit the Participant to receive the following number of Units of the Partnership, plus any Units acquired through the DER Account referred to in Section 1.4 hereof: Total Number of Time Vested UnitsUnits for 2015, for 2016, 2017 2016 and 20182017, Collectively 23,125 21,681 Units Total Number of Performance Vested Units if Threshold Condition is Satisfied Met in 2015, 2016 or Deemed Satisfied for 2016, 2017 or 2018 3,854 3,614 Units per Year year Total Number of Additional Performance Vested Units if Target Condition is Satisfied or Deemed Satisfied for 2016in 2015, 2016 or 2017 or 2018 An additional 3,854 3,614 Units per Year year Total Number of Additional Performance Vested Units if Maximum Condition is Satisfied or Deemed Satisfied for 2016in 2015, 2016 or 2017 or 2018 An additional 7,708 7,227 Units per Year year The term “date of grant”, solely for vesting of Time Vested Units and DER Account (as defined in Section 1.4) purposes purposes, shall be deemed to be January 1, 2015 for both the Time Vested Units and the Performance Vested Units, shall be deemed to be January 1, 2016. Time Vested Units vest at a percentage rate equal to thirty-three and one-third percent (33 1/3%) of the total Time Vested Units on each one (1) year anniversary of the date of grant. Performance Vested Units shall vest on December 31, 20162015, December 31, 2017 2016 and December 31, 20182017, provided the respective performance conditions have been achieved or waived in writing by the Committee. The Committee will endeavor to establish performance conditions at the Threshold Condition level, the Target Condition level, and the Maximum Condition level for 2016, 2017, 2016 and 2018 2017 during the first ninety (90) days of each such calendar year and shall advise the Participant in writing of such performance conditions. The failure by the Committee to comply with such time deadlines or to advise the Participant in writing of such performance conditions shall not result in the performance conditions being deemed satisfied for any calendar year. However, the performance conditions established by the Committee for each such calendar year must be determinable (subject to any retroactive catch-up provision) on or before December 31 of such calendar year, in the absence of which the Performance Vested Units shall vest on December 31 of such calendar year at the Target Condition level. The Committee has determined that the performance conditions for vesting on December 31, 2015 have already been satisfied by the Participant at the Target Condition level, and the Participant is entitled to receive for 2015 a total of 7,228 Performance Vested common units (plus the related amount in the DER Account), in addition to the 7,227 Time Vested common units (plus the related amount in the DER Account) which are expected to vest at December 31, 2015. Certificates for Units shall be issued to the Participant upon the vesting of any Time Vested Units or Performance Vested Units, subject to the provisions of the Plan, including, but not limited to, Sections 6(j) and 8(f) of the Plan ,and further subject to the Participant paying, or making suitable arrangements to pay, all applicable foreign, federal, state and local taxes, as more fully provided in Section 2.3 hereof, not later than the period permitted by Regulation 1.409A-1(b)(4) entitled “Short-term deferrals” and any successor guidance under the Code.

Appears in 1 contract

Samples: Key Employee Unit Agreement (Stonemor Partners Lp)

Grant of Units and Vesting. The Participant is hereby granted the following Time Vested Units and Performance Vested Units under the Plan, but only effective upon and conditioned on satisfying the applicable vesting conditions contained herein, which will permit the Participant to receive the following number of Units of the Partnership, plus any Units acquired through the DER Account referred to in Section 1.4 hereof: Date of Grant September 28, 2016 Total Number of Time Vested Units, for 2016, 2017 and 2018, Collectively 23,125 8,946 Units Total Number of Threshold Condition Performance Vested Units if Threshold Condition is Satisfied or Deemed Satisfied for 20162017, 2017 2018 or 2018 3,854 2019 1,491 Units per Year Total Number of Additional Performance Vested Units if Target Condition is Satisfied or Deemed Satisfied for 20162017, 2017 2018 or 2018 2019 An additional 3,854 1,491 Units per Year Total Number of Additional Performance Vested Units if Maximum Condition is Satisfied or Deemed Satisfied for 20162017, 2017 2018 or 2018 2019 An additional 7,708 2,982 Units per Year The term “date of grant”, solely for vesting of Time Vested Units and DER Account (as defined in Section 1.4) purposes for both the Time Vested Units and the Performance Vested Units, shall be deemed to be January 1, 2016. Time Vested Units vest at a percentage rate equal to thirty-three and one-third percent (33 1/3%) of the total Time Vested Units on each one (1) year anniversary of the date of grant. Performance Vested Units shall vest on December 31, 20162017, December 31, 2017 2018, and December 31, 20182019, provided the respective performance conditions established by the Committee have been achieved or waived in writing by the CommitteeCommittee for each of the calendar years 2017, 2018 and 2019. The Committee will endeavor to establish performance conditions at the Threshold Condition level, the Target Condition level, and the Maximum Condition level for 2016, 2017, 2018, and 2018 2019 during the first ninety (90) days of each such calendar year and shall to advise the Participant in writing of such performance conditions. The failure by the Committee to comply with such time deadlines or to advise the Participant in writing of such performance conditions shall not result in the performance conditions being deemed satisfied for any calendar year. However, the performance conditions established by the Committee for each such calendar year must be determinable (subject to any retroactive catch-up provision) on or before December 31 of such calendar year, in the absence of which the Performance Vested Units shall vest on December 31 of such calendar year at the Target Condition level. Certificates for Units shall be issued to the Participant upon the vesting of any Time Vested Units or Performance Vested Units, subject to the provisions of the Plan, including, but not limited to, Sections 6(j) and 8(f) of the Plan ,Plan, and further subject to the Participant paying, or making suitable arrangements to pay, all applicable foreign, federal, state and local taxes, as more fully provided in Section 2.3 hereof, not later than the period permitted by Regulation 1.409A-1(b)(4) entitled “Short-term deferrals” and any successor guidance under the Code.

Appears in 1 contract

Samples: Key Employee Unit Agreement (Stonemor Partners Lp)

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Grant of Units and Vesting. The Participant is hereby granted the following Time Vested Units and Performance Vested Units under the Plan, but only effective upon and conditioned on satisfying the applicable vesting conditions contained herein, which will permit the Participant to receive the following number of Units of the Partnership, plus any Units acquired through the DER Account referred to in Section 1.4 hereof: Date of Grant July 5, 2016 Total Number of Time Vested Units, for 2016, 2017 and 2018, Collectively 23,125 1,363 Units Total Number of Performance Vested Units if Threshold Condition is Satisfied or Deemed Satisfied for 2016, 2017 or 2018 3,854 227 Units per Year Total Number of Additional Performance Vested Units if Target Condition is Satisfied or Deemed Satisfied for 2016, 2017 or 2018 An additional 3,854 227 Units per Year Total Number of Additional Performance Vested Units if Maximum Condition is Satisfied or Deemed Satisfied for 2016, 2017 or 2018 An additional 7,708 454 Units per Year The term “date of grant”, solely for vesting of Time Vested Units and DER Account (as defined in Section 1.4) purposes for both the Time Vested Units and the Performance Vested Units, shall be deemed to be January 1, 2016. Time Vested Units vest at a percentage rate equal to thirty-three and one-third percent (33 1/3%) of the total Time Vested Units on each one (1) year anniversary of the date of grant. Performance Vested Units shall vest on December 31, 2016, December 31, 2017 2017, and December 31, 2018, provided the respective performance conditions established by the Committee have been achieved or waived in writing by the CommitteeCommittee for each of the calendar years 2016, 2017 and 2018. The Committee will endeavor to establish performance conditions at the Threshold Condition level, the Target Condition level, and the Maximum Condition level for 2016, 2017, and 2018 during the first ninety (90) days of each such calendar year and shall to advise the Participant in writing of such performance conditions. The failure by the Committee to comply with such time deadlines or to advise the Participant in writing of such performance conditions shall not result in the performance conditions being deemed satisfied for any calendar year. However, the performance conditions established by the Committee for each such calendar year must be determinable (subject to any retroactive catch-up provision) on or before December 31 of such calendar year, in the absence of which the Performance Vested Units shall vest on December 31 of such calendar year at the Target Condition level. Certificates for Units shall be issued to the Participant upon the vesting of any Time Vested Units or Performance Vested Units, subject to the provisions of the Plan, including, but not limited to, Sections 6(j) and 8(f) of the Plan ,Plan, and further subject to the Participant paying, or making suitable arrangements to pay, all applicable foreign, federal, state and local taxes, as more fully provided in Section 2.3 hereof, not later than the period permitted by Regulation 1.409A-1(b)(4) entitled “Short-term deferrals” and any successor guidance under the Code.

Appears in 1 contract

Samples: Key Employee Unit Agreement (Stonemor Partners Lp)

Grant of Units and Vesting. The Participant is hereby granted the following Time Vested Units and Performance Vested Units under the Plan, but only effective upon and conditioned on satisfying the applicable vesting conditions contained herein, which will permit the Participant to receive the following number of Units of the Partnership, plus any Units acquired through the DER Account referred to in Section 1.4 hereof: Date of Grant December 31, 2015 Total Number of Time Vested Units, for 2016, 2017 and 2018, Collectively 23,125 7,729 Units Total Number of Threshold Condition Performance Vested Units if Threshold Condition is Satisfied or Deemed Satisfied for 2016, 2017 or 2018 3,854 1,288 Units per Year Total Number of Additional Performance Vested Units if Target Condition is Satisfied or Deemed Satisfied for 2016, 2017 or 2018 An additional 3,854 1,288 Units per Year Total Number of Additional Performance Vested Units if Maximum Condition is Satisfied or Deemed Satisfied for 2016, 2017 or 2018 An additional 7,708 2,576 Units per Year The term “date of grant”, solely for vesting of Time Vested Units and DER Account (as defined in Section 1.4) purposes for both the Time Vested Units and the Performance Vested Units, shall be deemed to be January 1, 2016. Time Vested Units vest at a percentage rate equal to thirty-three and one-third percent (33 1/3%) of the total Time Vested Units on each one (1) year anniversary of the date of grant. Performance Vested Units shall vest on December 31, 2016, December 31, 2017 2017, and December 31, 2018, provided the respective performance conditions established by the Committee have been achieved or waived in writing by the CommitteeCommittee for each of the calendar years 2016, 2017 and 2018. The Committee will endeavor to establish performance conditions at the Threshold Condition level, the Target Condition level, and the Maximum Condition level for 2016, 2017, and 2018 during the first ninety (90) days of each such calendar year and shall to advise the Participant in writing of such performance conditions. The failure by the Committee to comply with such time deadlines or to advise the Participant in writing of such performance conditions shall not result in the performance conditions being deemed satisfied for any calendar year. However, the performance conditions established by the Committee for each such calendar year must be determinable (subject to any retroactive catch-up provision) on or before December 31 of such calendar year, in the absence of which the Performance Vested Units shall vest on December 31 of such calendar year at the Target Condition level. Certificates for Units shall be issued to the Participant upon the vesting of any Time Vested Units or Performance Vested Units, subject to the provisions of the Plan, including, but not limited to, Sections 6(j) and 8(f) of the Plan ,Plan, and further subject to the Participant paying, or making suitable arrangements to pay, all applicable foreign, federal, state and local taxes, as more fully provided in Section 2.3 hereof, not later than the period permitted by Regulation 1.409A-1(b)(4) entitled “Short-term deferrals” and any successor guidance under the Code.

Appears in 1 contract

Samples: Key Employee Unit Agreement (Stonemor Partners Lp)

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