Rights as a Member. The Participant (and his legal representatives, legatees or distributees) shall not be deemed to be a Member and shall not have any rights of a Member unless and until the Participant (or other person) has been admitted as Member of the Company in accordance with the terms of the LLC Agreement and Applicable Law. The Participant shall be admitted as a Member as soon as practicable following grant of the Incentive Units and satisfaction of such other terms and conditions as may be applicable under the LLC Agreement or established by the Administrator. The Participant (or other person) shall have such distribution rights and other rights as are afforded to Member holding Incentive Units upon admission of the Participant as a Member in accordance with the terms of the LLC Agreement and Applicable Law; provided, however, that such rights shall be limited to the rights of Members holding Incentive Units (and shall not have any special rights afforded only to Members holding Class A Units, Class B Units, Class C Units and/or any other class or series of Units (as defined in the LLC Agreement) that are not Incentive Units).
Appears in 6 contracts
Samples: Incentive Unit Award Agreement (ECPM Holdings, LLC), Incentive Unit Award Agreement (ECPM Holdings, LLC), Incentive Unit Award Agreement (ECPM Holdings, LLC)
