Unrestricted Units Clause Samples
The "Unrestricted Units" clause defines which units within a property or development are not subject to certain limitations or restrictions, such as use, leasing, or resale conditions. In practice, this clause typically identifies specific units that can be freely sold, leased, or transferred without the constraints that may apply to other units, such as affordable housing requirements or owner-occupancy rules. Its core function is to provide flexibility and marketability for designated units, ensuring that owners or developers can maximize their use or value without regulatory or contractual impediments.
Unrestricted Units. (a) As soon as practicable following the Recipient's termination of employment, the Company shall issue to the Recipient a certificate representing the number of Shares equal to the aggregate number of Unrestricted Units credited to the Recipient on such date in full satisfaction of such Unrestricted Units.
(b) Upon a Change in Control, the Company shall issue to the Recipient a certificate representing the number of Shares equal to the aggregate number of Unrestricted Units credited to the Recipient on such date (determined after giving effect to Section 3(a) above) in full satisfaction of such Units; provided, however, that in the event that the Company is involved in a transaction in which the Shares will be exchanged for cash or other consideration, the Company shall issue to the Recipient immediately prior to the consummation of such transaction a certificate representing the number of Shares equal to the aggregate number of Unrestricted Units credited to the Recipient on such date (determined after giving effect to Section 3(a) above).
(c) In each instance above, the certificate or certificates issued to the Recipient covering the Shares shall be subject to the payment by the Recipient by cash or other means acceptable to the Company of any federal, state, local and other applicable taxes required to be withheld in connection with such issuance in accordance with Section 7 of this Agreement. The Recipient understands that once a certificate has been delivered to the Recipient in respect of the Unrestricted Units, the Recipient will be free to sell the Shares evidenced by such certificate, subject to applicable requirements of federal and state securities laws. Immediately after the issuance of Shares, this Agreement shall terminate and be of no further force or effect.
Unrestricted Units. The Managers may, in their sole discretion, grant to any Grantee under the Plan (or sell at par value or such other higher purchase price determined by the Board) Unrestricted Units pursuant to which Grantees may receive Units free of any restrictions (“Unrestricted Units”). Unrestricted Units may be granted or sold in respect of past services, performance and other valid consideration, or in lieu of, or in addition to, any cash compensation due to such Grantee. A Unit certificate for such Units shall be delivered, free of all restrictions, to the Grantee or the Grantee’s beneficiary or estate, as the case may be.