Partnership Equity Plan definition
Examples of Partnership Equity Plan in a sentence
All Partnership Common Units reserved for issuance under the Partnership Equity Plan, when issued in accordance with the respective terms thereof, are or will be duly authorized, validly issued, fully paid (to the extent required under the Partnership LPA) and nonassessable (except as such nonassessability may be affected by Sections 17-303, 17-607 and 17-804 of the DRULPA and the Partnership LPA) and not subject to any preemptive rights.
As of the Execution Date, 3,764,000 Partnership Common Units were reserved for issuance under the Partnership Equity Plan, of which (i) no Partnership Common Units were subject to outstanding restricted unit awards, (ii) 208,000 Partnership Common Units were subject to outstanding equity-settled phantom unit awards and (iii) no Partnership Common Units were subject to outstanding options, unit appreciation rights or equity or equity-like awards of any other kind.
At the LP Merger Effective Time, Parent shall assume all the obligations of Partnership under the Partnership Equity Plans, and the number and kind of units available for issuance under each Partnership Equity Plan shall be adjusted to reflect shares of Parent Common Stock.
The Executive shall also be granted 75,000 PEP units in each of calendar years 1998 and 1999 pursuant to the Company's Partnership Equity Plan (the "PEP Units").
The Partnership shall take all actions necessary to effectuate the transactions contemplated by this Section 3.5, including, without limitation, having the applicable board or committee administering the applicable Partnership Equity Plan governing the affected awards adopt such resolutions as are necessary to effect the foregoing provisions of this Section 3.5.
Executive agrees and acknowledges that his rights and obligations in respect of such option shall be governed by the terms and conditions of the Stock Appreciation Rights Plan, including, without limitation, the provisions thereof relating to the proportionate dilution of his interest by the grant, after the effective date of his award, of awards to other employees under the Stock Appreciation Rights Plan or the Company's Partnership Equity Plan.
Immediately prior to the Effective Time, any award of then outstanding restricted units (“Restricted Units”) granted prior to the Effective Time under the 2014 Partnership Equity Plan (a “Restricted Unit Award”) shall, without any required action on the part of any holder or beneficiary thereof, be assumed by GP and converted into an award denominated in Company Shares (a “Converted Restricted Unit Award”).
Effective as of January 1, 1995, Executive has received an award pursuant to the Company's Partnership Equity Plan of 1,500 shares of the Common Stock of the notional corporation described therein.
Effective as of January 1, 1989, Executive has received an award pursuant to the Company's Partnership Equity Plan of 1,000 shares of the Common Stock of the notional corporation described therein.
Effective as of January 1, 1996, Executive has received an additional award pursuant to the Partnership Equity Plan of 500 shares of the Common Stock of the notional corporation described therein.