Unit Awards Sample Clauses
The Unit Awards clause defines the terms under which units, such as shares or membership interests, are granted to individuals or entities within an organization. Typically, this clause outlines eligibility, the process for granting units, vesting schedules, and any conditions or restrictions attached to the awards. For example, it may specify that employees receive a certain number of units upon meeting performance milestones or after a set period of service. The core function of this clause is to formalize the allocation of ownership interests, incentivize performance, and ensure all parties understand the conditions under which units are awarded.
Unit Awards. Awards of Units may be granted under the Plan (i) to such Employees, Officers and/or Directors and in such amounts as the Committee, in its discretion, may select, and (ii) subject to such other terms and conditions, including, without limitation, restrictions on transferability, as the Committee may establish with respect to such Awards.
Unit Awards. During the Employment Term, the Employee will be eligible to receive an annual award of Performance Units (as defined in the 2021 Plan). The target annual Performance Unit award to the Employee will be 100% of Base Salary, and each such award shall be subject to performance,vesting and other requirements specified by, or determined in accordance with, the 2021 Plan. Employee shall be eligible for a prorated RSU award (as defined in the Plan) for 2022.
Unit Awards. This Option, together with any shares of Common Stock issued to the Participant pursuant to the Merger Agreement, is in replacement of, and supersedes in all respects, the Class D Units previously held by the Participant, and the Participant acknowledges and agrees that the Participant has no further rights as a unitholder of Holdings or any rights pursuant to the LLC Agreement or the Holdings 2004 Unit Plan.
Unit Awards. This Restricted Share Award, together with the other equity interests granted to the Participant pursuant to the Merger Agreement, is in replacement of, and supersedes in all respects, the Class C Units previously held by the Participant, and the Participant acknowledges and agrees that the Participant has no further rights as a unitholder of Holdings or any rights pursuant to the LLC Agreement or the Holdings 2004 Unit Plan.
Unit Awards. (a) Prior to the Effective Time, the compensation committee of the Board of Managers of the Company shall adopt such resolutions or take such other actions as may be required to effect the following:
(i) adjust the terms of all outstanding awards, including any option, restricted unit, performance award, phantom unit, bonus units or other unit-based award (collectively, the "AWARDS"), granted under the Nextwave Wireless LLC 2005 Units Plan (the "2005 UNITS PLAN"), whether vested or unvested, as necessary to provide that, at the Effective Time, each Award outstanding immediately prior to the Effective Time shall be amended and converted into an option or comparable right to acquire the number of shares of Common Stock (rounded down to the nearest whole share) determined by multiplying the number of units of the Company subject to such Award by the Exchange Ratio, at a price per share of Common Stock equal to (A) the aggregate exercise price for the units of the Company otherwise purchasable pursuant to such Award divided by (B) the aggregate number of shares of Common Stock deemed purchasable pursuant to such Award (each, as so adjusted, an "Adjusted Option"), provided that such exercise price shall be rounded up to the nearest whole cent; and
(ii) make such other changes to the 2005 Units Plan as Parent and the Company may agree are appropriate to give effect to the Merger.
(b) At the Effective Time, Parent shall assume the 2005 Unit Plan, with the result that all obligations of the Company under the 2005 Unit Plan, including with respect to Awards outstanding at the Effective Time (adjusted pursuant to Section 1.03(a)), shall be obligations of Parent following the Effective Time.
(c) As soon as practicable after the Effective Time, Parent shall deliver to the holders of Awards appropriate notices setting forth such holders' rights pursuant to the 2005 Unit Plan and the agreements evidencing the grants of such Awards after giving effect to the Merger and the adjustments required by this Section 1.03. All restrictions or limitations on transfer and vesting with respect to Awards awarded under the 2005 Unit Plan or any other plan, program or arrangement of the Company, to the extent that such restrictions or limitations shall not have already lapsed, shall remain in full force and effect with respect to such Awards after giving effect to the Merger and the assumption by Parent as set forth above.
Unit Awards. The Committee may issue or transfer Unit Awards to a Grantee upon such terms as the Committee deems appropriate. Except as otherwise set forth in an applicable Award Agreement, the following provisions are applicable to Unit Awards:
Unit Awards