Common use of Time-Based Units Clause in Contracts

Time-Based Units. Forty percent (40%) of the Incentive Units will be subject to time-based vesting (the “Time-Based Units”). The Time-Based Units will vest 25% on December 31, 2018 and monthly thereafter in equal installments until December 31, 2021, except that all vesting of the Time-Based Units shall cease immediately upon termination of Executive’s employment with the Partnership, General Partnership or any of the Subsidiaries for any reason, or, if applicable, upon the Final Vesting Date. Upon the occurrence of a Sale of the Partnership (as defined below), any Time-Based Units that have not yet vested shall vest at the time of such event, provided that the Executive has not Terminated prior to such date, or if applicable, the Final Vesting Date shall not have occurred on or prior to such date.