Initial Class E Grant Clause Samples
The Initial Class E Grant clause defines the initial issuance or allocation of Class E shares or interests to specified parties under an agreement. Typically, this clause outlines the number of Class E shares to be granted, the timing of the grant, and any conditions that must be met for the grant to occur, such as the execution of the agreement or satisfaction of certain milestones. By clearly establishing the terms and process for the initial grant, this clause ensures transparency and prevents disputes regarding the allocation of Class E interests at the outset of the arrangement.
Initial Class E Grant. On the Recapitalization Date, immediately following the Merger, 9,655,232 Class E-1 Common Units (such number, the “Initial Class E Grant”) shall be issued to existing Limited Partners. The retention of each grant shall be subject to the terms and conditions of an award agreement to be entered into between the applicable Limited Partner and the Operating Partnerships. The retention of any Class E-1 Common Units granted to each such Limited Partner is subject to such Limited Partner (A) delivering to the General Partner, prior to March 8, 2019, a completed and executed version of such award agreement, and (B) satisfying the conditions specified in such award agreement; and any grant as to which the conditions in the foregoing clauses (A) and (B) are not met shall be canceled as of March 11, 2019. All Class E-1 Common Units shall be subject to vesting in accordance with Exhibit E-1 hereto.