Examples of LTIP Unit in a sentence
Each Common Unit acquired upon conversion of a LTIP Unit may be presented for redemption, at the election of the holder, for cash equal to the then fair market value of a share of the Issuer's common stock, except that the Issuer may, at its election, acquire eachCommon Unit so presented for one share of common stock.
Represents units of limited partnership interest in The Macerich Partnership, L.P. (the "Partnership"), of which the Issuer is the general partner, issued as long term incentive compensation pursuant to the Issuer's equity based compensatory programs.Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes and time vesting, each LTIP Unit may be converted into a common unit of limited partnership interest in the Partnership (a "Common Unit").
Excludes 11,911 previously reported LTIP Units granted on February 26, 2021 pursuant a 2021 LTIP Unit Agreement, which did not vest upon the expiration of the performance period on January 1, 2024.
The performance-based LTIP Units were awarded pursuant to an LTIP Unit annual award vesting agreement, the form of which was filed as Exhibit 99.2 to the Issuer's Current Report on Form 8-K filed on March 7, 2019, and pursuant to the Issuer's 2016 Equity Incentive Plan.
Excludes 11,177 previously reported LTIP Units granted on February 26, 2021 pursuant a 2021 LTIP Unit Agreement, which did not vest upon the expiration of the performance period on January 1, 2024.