Common use of Profits Interest Units Clause in Contracts

Profits Interest Units. The Members shall establish a pool of Authorized Units to be reserved for issuance as Profits Interest Units, which pool shall be set forth on Exhibit B attached hereto and updated from time to time. Upon the approval of the Board, and subject to the availability of authorized but unissued Profits Interest Units from the pool, the Company may grant employees, consultants, Managers, Officers and independent contractors of the Company the right to acquire Profits Interest Units on such terms and conditions as the Board may determine in its sole discretion without further action by the Members. Unless the Board determines otherwise, (a) such Profits Interest Units shall generally be subject to rights of repurchase by the Company in the event of termination of service and such other terms and conditions as the Board may determine and as set forth in any agreement or grant of rights to acquire such Interests; and (b) such Profits Interest Units shall not entitle the holder thereof to vote on any matters to be approved by the Members.

Profits Interest Units. The Members shall establish a pool of Authorized Units to be reserved for issuance as Profits Interest Units, which pool shall be set forth on Exhibit B attached hereto hereto, and as updated from time to time. Upon the approval of the Board, and subject to the availability of authorized but unissued Profits Interest Units from the pool, the Company may grant employees, consultants, Managers, Officers and independent contractors of the Company the right to acquire Profits Interest Units on such terms and conditions as the Board may determine in its sole discretion without further action by the Members. Unless the Board determines otherwise, (a) such Profits Interest Units shall generally be subject to vesting requirements, a distribution threshold and rights of repurchase by the Company in the event of termination of service and such other terms and conditions as the Board may determine and as set forth in any agreement or grant of rights to acquire such Interests; and (b) such Profits Interest Units shall not entitle the holder thereof to vote on any matters to be approved by the Members.

Profits Interest Units. The Members shall establish a pool of Authorized Units to be reserved for issuance as Profits Interest Units, which pool shall be set forth on Exhibit B attached hereto hereto, and as updated from time to time. Upon the approval of the Board, and subject to the availability of authorized but unissued Profits Interest Units from the pool, the Company may grant employees, consultants, Managers, Officers and independent contractors of the Company the right to acquire Profits Interest Units on such terms and conditions as the Board may determine in its sole discretion without further action by the Members. Unless the Board determines otherwise, (a) such Profits Interest Units shall generally be subject to vesting requirements, a distribution threshold and rights of repurchase by the Company in the event of termination of service and such other terms and conditions as the Board may determine and as set forth in any agreement or grant of rights to acquire such Interests; and (b) such Profits Interest Units shall not entitle the holder thereof to vote on any matters to be approved by the Members.. Allocations and Distributions

Profits Interest Units. The Members shall establish a pool of Authorized Units to be reserved for issuance as Profits Interest Units, which pool shall be set forth on Exhibit Appendix B attached hereto and updated from time to time. Upon the approval of the Board, and subject to the availability of authorized but unissued Profits Interest Units from the pool, the Company may grant employees, consultants, Managers, Officers and independent contractors of the Company the right to acquire Profits Interest Units on such terms and conditions as the Board may determine in its sole discretion without further action by the Members. Unless the Board determines otherwise, (a) such Profits Interest Units shall generally be subject to rights of repurchase by the Company in the event of termination of service and such other terms and conditions as the Board may determine and as set forth in any agreement or grant of rights to acquire such Interests; and (b) such Profits Interest Units shall not entitle the holder thereof to vote on any matters to be approved by the Members.