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.

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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 transfer or purported transfer of a Partnership Interest not made in accordance with this Article IV and, if applicable, Section 5.4(d) or Section 2(a)(ix) of the Incentive Unit Agreement shall be null and void.

• All property (valued at fair market value, as determined by the General Partner) and all cash in excess of that amount required to discharge liabilities as provided in Section 12.4(b) shall, subject to Article XVI, be distributed to the Partners in accordance with their respective Percentage Interests as of a Record Date selected by the Liquidator, except as provide in Section 5.4(f) and in Section 2(a)(viii) of the Incentive Unit Agreement.

• The value of each Incentive Unit will be the value of the Incentive Bonus Pool divided by the total outstanding Incentive Units awarded under the Plan.

• In the event of a Separation, the purchase price for each Vested Incentive Unit will be the Fair Market Value of such Unit.

• Each holder of Class C Common Incentive Units agrees to take into account such distributive share in computing its U.S. federal income tax liability for the entire period during which it holds any Class C Common Incentive Unit (or portion thereof).

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 9.3 hereof and is intended to constitute a “profits interest” within the meaning of the Code.

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 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 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 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 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).