Vesting Units Sample Clauses
Vesting Units. The Incentive Units shall vest in accordance with this Section 5 in each case only so long as Employee remains continuously employed by the Company or any of its Subsidiaries. Notwithstanding any other provision of this Agreement, no Incentive Units shall vest after the date on which Employee ceases to be employed by the Company or its Subsidiaries for any reason (the “Termination,” and the date of any such Termination, the “Termination Date”), and in no event will the aggregate number of Incentive Units which are deemed to be vested exceed the aggregate number of Incentive Units which are vested on Employee’s Termination Date (as determined in accordance with this Section 5). For purposes of clarity, all Incentive Units which may vest pursuant to this Section 5 shall continue to be subject to the restrictions set forth in Section 3 hereof.
Vesting Units. As of the Effective Date, the Executive shall be allowed, for a period of thirty (30) days from the Effective Date, to purchase up to two hundred and forty (240) of the Company’s common units (“Restricted Units”) at a price to be mutually
Vesting Units. Within thirty days after the Effective Date, the Executive shall purchase one percent (1%) of the Company's common units ("Restricted Time-Based Units"), at a price equal to $0.01 per common units. The Restricted Time-Based Units shall lapse (shall vest) in equal annual installments over a three (3) year period from the Effective Date; provided the Executive is employed with the Company on each applicable vesting date. The Executive shall purchase another one percent (1%) of the Company's common units ("Restricted Performance-Based Units"), at a price equal to $0.01 per common unit. The Restricted Performance-Based Units shall lapse (shall vest) in equal annual installments over a three (3) year period from the Effective Date; provided that performance-based targets established by the Company's compensation committee for each of 2005, 2006 and 2007 calendar years are achieved, and the Executive is employed with the Company on each applicable vesting date. Restricted Time-Based Units and Restricted Performance Based Units, together, are referred to as "Restricted Units." The purchase of the Restricted Units shall be made subject to the terms and conditions of a vesting unit repurchase agreement (which shall incorporate the performance-based targets established by the Company's compensation committee and the right but not the obligation of the Company or its designee to repurchase the Restricted Units upon the termination of the Executive's employment with the Company for any reason), the Company's Operating Agreement and a customary subscription agreement between the Company and the Executive.