Restricted Unit Clause Samples
A Restricted Unit clause defines specific limitations or conditions on the use, transfer, or modification of a particular unit, such as a property, asset, or share. In practice, this clause may restrict the owner's ability to lease, sell, or alter the unit without prior approval from a governing body or association. By imposing these restrictions, the clause helps maintain uniformity, protect shared interests, and prevent actions that could negatively impact the value or character of the overall development or entity.
Restricted Unit. Each Restricted Unit represents the Employee's right to receive, under the terms and conditions described in this Agreement, payment of one share of the Company's Class A Common Stock (the "Common Stock") upon vesting of such Restricted Unit.
Restricted Unit. “Restricted Unit” means Units granted to a Participant pursuant to Article IX, which are subject to such restrictions as may be determined by the Committee. Restricted Units shall constitute issued and outstanding Units for all corporate purposes.