Class P Units definition

Class P Units means the Units having the privileges, preference, duties, liabilities, obligations and rights specified with respect to “Class P Units” in this Agreement.

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Class P Units means the Partnership Units designated as the “Class P Units” herein and having the rights pertaining thereto as are set forth in this Agreement and the Management Award Agreements. Class P Units that are issued on the same date shall be designated as one or more separate series of Class P Units (each such series, a “Class P Series” and any Class P Unit in respect of a given series, a “Class P Series Unit”).

Class P Units means the Class P Units of i3 Verticals, LLC.

Examples of Class P Units in a sentence

On the Original Closing Date and/or the Closing Effective Date, as applicable, the Company issued the Class P Units, in accordance with the Class P Joinder Agreement, to the Class P Member in the amount set forth on the Members Schedule.
Subject to compliance with Section 4.12, the Company is hereby authorized to issue a class of Units designated as Class A Convertible Preferred Units, a class of Units designated as Class B Common Units (with two series, designated as Class B-1 Common Units and Class B-2 Common Units), and a class of Units designed as Class P Units.
If a Class P Unit is canceled or forfeited prior to becoming a Vested Class P Unit, then any such Retained Distribution shall be distributed to the Members in accordance with this Section 7.02 immediately upon the Class P Member’s forfeiture of the Class P Units.
Class P Units are intended to qualify as “profits interests” (within the meaning of IRS Revenue Procedure 93-27, 1993-2 C.B. 343, and IRS Revenue Procedure 2001-43, 2001-2 C.B. 191) for U.S. federal income tax purposes and this Agreement shall be interpreted in accordance with such intent.
Each of Class A Convertible Preferred Units, Class B-2 Common Units, and Class P Units shall be non-voting; provided, that each of such Units shall have any consent and other rights (if any) expressly provided to them by this Agreement.

More Definitions of Class P Units

Class P Units has the meaning given such term in Section 17.1.

Class P Units means the Class P limited liability company interests described in Section 3.1(a)(ii) and having the rights and preferences specified herein.

Class P Units mean those interests to be distributed to the Participants pursuant to the Long Term Incentive Plan. Class P Units may be issued in separate series designated as such, as determined by the Managers. Unless expressly set forth in this Agreement, references to Class P Units shall be deemed to include any and all series of Class P Units.

Class P Units means the Class P limited liability company interests of Management Holdings that were outstanding immediately prior to the Effective Time and have been converted into the number of common units of Management Holdings (“Management Holdings Units”) equal to the product of (i) the number of such Class P Units multiplied by (ii) the quotient of (a) the difference between the per unit value of such Management Holdings Units as reasonably determined by the Manager of Management Holdings based on the initial public offering price of shares of Class A Common Stock (the “Per Unit Common Unit Value”) immediately prior to the Effective Time and the Participation Threshold (as defined in the Management Holdings Agreement) applicable to such Class P Unit, divided by (b) the Per Unit Common Unit Value immediately prior to the Effective Time, as set forth in the books and records of Management Holdings.

Class P Units means the Class P Units of the Company.

Class P Units means the Class P limited liability company interests described in Section 3 .1(a)(ii) and having the rights and preferences specified herein.

Class P Units means the Units (including, without limitation, any fraction thereof) designated as Class P Units in accordance with the terms hereof.