Reallocations or Cancellations of Interests Sample Clauses

Reallocations or Cancellations of Interests. In the event of any Employment Termination by the Company of any Class B Limited Partner during any of the foregoing periods which results in the forfeiture of all or any percentage of the Contingent Profits Interest of any such Limited Partner, such forfeited Contingent Profits Interest may be: (a) reallocated and issued by the General Partner, in its sole and absolute discretion, to such other one or more Class B Limited Partners or to any new Class B Limited Partner to be admitted hereafter as a Partner of the Partnership and, in either such event, such reallocated Contingent Profits Interest shall vest and be subject to forfeiture in accordance with such schedule or conditions as the General Partner deems, in its sole and absolute discretion, appropriate, or (b) cancelled in its entirety, thereby reducing the total Contingent Profits Interest allocable to the Class B Limited Partners (as a class) as the General Partner shall, in its sole and absolute discretion, determine; and PROVIDED, HOWEVER, that, in the event of the Employment Termination for Cause by the Company of any Class B Limited Partner, any Contingent Profits Interest and/or Vested Profits Interest in the Partnership then held by such Class B Limited Partner, shall thereupon, and without further act of the Partnership or of such Class B Limited Partner, be cancelled and forfeited in its entirety to the Partnership (which may be reallocated or cancelled by the General Partner as hereinabove provided) and shall thenceforth not constitute any Interest, whether Contingent Profits Interest or Vested Profits Interest or otherwise, in the Partnership and such Person shall not be entitled to any rights or benefits whatsoever deriving from or with respect to his prior relationship as a Class B Limited Partner of the Partnership and the Partnership shall not have any obligations whatsoever to such Person.
Sample 1
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