Incentive Unit definition
Incentive Unit means an Award of a contractual right granted under Section 7 to receive Common Stock (or, at the discretion of the Committee, cash based on the Fair Market Value of the Common Stock) which may become vested and nonforfeitable upon either the passage of time and/or the attainment, in whole or in part, of performance objectives determined by the Committee.
Incentive Unit means a Unit issued as a Tier I Unit or Tier II Unit pursuant to Section 3.4(a) and reflected on Exhibit A as, from time to time, may be updated pursuant to this Agreement.
Incentive Unit means a Unit in the form of a non-voting profits interest in the Company granted by the Board to a Director, Officer, employee, consultant or other Person providing services to the Company pursuant to an incentive plan established by the Board. Incentive Units have no right to share in distributions of Net Cash Flow but shall share in distributions of Net Capital Proceeds above the applicable Profits Interest Hurdle.
Examples of Incentive Unit in a sentence
Any recipient of an Incentive Unit who is not already a Member shall be admitted as an Additional Member pursuant Section 10.02 and shall be a Management Member.
The Board, in its sole discretion, may condition the grant of any Incentive Unit on the timely execution and delivery of such election.
The Distribution Threshold with respect to any Incentive Unit shall initially be equal to the liquidation value (as reasonably determined by the Board in good faith) of all outstanding Units as of the issuance date of such Incentive Unit, as further adjusted by the Board in its discretion.
More Definitions of Incentive Unit
Incentive Unit means, to the extent authorized by the Operating Company LLCA, a class of limited liability company unit in the Operating Company that is granted pursuant to Section 7.2 hereof and is intended to constitute a “profits interest” within the meaning of the Code.
Incentive Unit means a contractual right to receive Common Stock, or cash based on the Fair Market Value of Common Stock, made pursuant to Section 6.1 that is forfeitable by the Participant until the achievement of specified Performance Criteria or until otherwise determined by the Committee or in accordance with the terms of the Plan.
Incentive Unit means an incentive unit granted to each Participant, the value of which equals a certain percentage of the growth in the Incentive Measurement achieved over the Award Period, as determined by the Committee.
Incentive Unit means a limited liability company interest in the Operating Partnership which is designated as an LTIP Unit and which has the rights, preference and other privileges designated in the Operating Partnership Operating Agreement in respect of holders of LTIP Units.
Incentive Unit means an award unit attributable to a specified earnings level as set forth in Article V, but shall not represent or be construed in any way as being a L.P. Unit.
Incentive Unit means a contractual right to receive Common Stock (or cash based on the Fair Market Value of Common Stock) until the completion of specified Performance Criteria as provided for in Section 7.1.
Incentive Unit means any Class B Unit that are or have ever been subject to vesting requirements, any Class C Units and any other Units designated an "Incentive Unit" in the agreement granting such Units (in each case, other than if held by the Company or any Investor).