Profit Unit definition

Profit Unit means any unit to denominate a portion of a Member’s Interest, including any Class A Profit Unit or Class B Profit Unit. “Proposed Transfer Notice” has the meaning given in Section 9.4(a). “Purchase and Sale Agreement” has the meaning given in Section 9.4(a). “Regulations” means the regulations promulgated under the Code. “Required Accounting Standards” shall mean United States generally accepted accounting principles, consistently applied. “Reserve Account” means, as determined with respect to each of the Members immediately prior to any Distribution under Section 6.4(b) and without duplication of any amount of the Expense Account, the amount that would have been distributed to such Person with prior Distributions if Section 6.4(b)(v) did not apply (but solely to the extent of application of Section 6.4(b)(v)), reduced by the aggregate Distributions under Section 6.4(b)(iii)(B)(1) to such Person.
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Profit Unit means a unit representing a limited liability company interest in Employeeco or the Company which is treated as a “profit interest” within the meaning of Internal Revenue Service Revenue Procedure 93-27, 1993-2 C.B. 343 and in accordance with Internal Revenue Service Revenue Procedure 2001-43, 2001-2 C.B. 191.
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Examples of Profit Unit in a sentence

  • Employee acknowledges and agrees that, for purposes of interpreting any Profit Unit Grant Agreement between Employee and the Parent following the Effective Date, the terms “Cause,” “Disability,” and “Good Reason” shall have the meanings ascribed thereto in Sections 1(e), 1(m), and 1(p) of this Agreement.

  • In furtherance of the foregoing, and notwithstanding anything to the contrary in this Agreement, the Board shall, if necessary, limit distributions to any holder of a Profit Unit so that such distributions do not exceed the available profits in respect of such holder’s Profit Unit.

  • The Management Agreement provides for the issuance and terms of Profit Units in order to provide equity incentive compensation to selected Directors, executives and other service providers (including the EIK Manager) of the Company and its Affiliates, with such terms, conditions, rights and obligations, including vesting, forfeiture and repurchase, as provided in the Incentive Plan and applicable Profit Unit Agreement.

  • It is the intention of the parties to this Agreement that distributions to any holder of a Profit Unit shall be limited to the extent necessary so that each Profit Unit constitutes a Profits Interest.

  • Notwithstanding anything to the contrary in this Agreement, in the event of a conflict between any term or provision contained herein and a term or provision of any Profit Unit Agreement, the Board shall resolve such conflict in its sole discretion.

  • Each Profit Unit Member receiving an issuance of Profit Units shall file an election under Code Section 83(b) with the Internal Revenue Service in respect of such Units within thirty (30) days after the Grant Date and shall provide the Company (or its designee) with a copy of such filing within thirty-five (35) days of the Grant Date.

  • As set forth more fully in Section 3.9(c), the Profit Unit Members shall not be entitled to any vote in respect of such Profit Units.

  • In the event that a Profit Unit Member’s Services are terminated by the Company for Cause, all Profit Units, regardless of whether vested or unvested, held by such Profit Unit Member as of such Profit Unit Member’s Services Termination Date shall be forfeited and cancelled for no consideration as of such Services Termination Date.

  • In the event the Majority Member Transfers (or causes to be Transferred in connection with a Drag-Along Transfer) to a third party that is not an Affiliate of any Member, in a transaction or series of related transactions, a number of Membership Units equal to a Percentage Interest of at least eighty percent (80%), then one hundred percent (100%) of the Profit Units held by any Profit Unit Member shall vest immediately prior to such Transfer, without any further action taken by any party.

  • Upon the termination of a Profit Unit Member’s employment for any reason other than by the Company for Cause, the Profit Unit Member shall forfeit all unvested Profit Units without the receipt of any payment or consideration in respect thereof as of the Profit Unit Member’s Services Termination Date, and any Profit Units that are vested as of such termination of employment or become vested as a result of such termination of employment will remain outstanding, subject to the Call Right.

Related to Profit Unit

  • Common Unit means a common unit representing a limited partner interest in the Partnership having the rights set forth in the Partnership Agreement.

  • Common Unit Economic Balance means (i) the Capital Account balance of the General Partner, plus the amount of the General Partner’s share of any Partner Minimum Gain or Partnership Minimum Gain, in either case to the extent attributable to the General Partner’s ownership of Partnership Common Units and computed on a hypothetical basis after taking into account all allocations through the date on which any allocation is made under Section 6.2.D hereof, divided by (ii) the number of the General Partner’s Partnership Common Units.

  • Budget unit means the unit for which the ANB of a district is calculated separately pursuant to 20-9-311.

  • target unit means a facility or group of facilities to which an underlying agreement applies; “tCO2 equivalent” means tonnes of carbon dioxide equivalent;

  • Membership Unit means a Membership Common Unit, a Company Preferred Unit, a Company Junior Unit or any other fractional share of the Membership Interests that the Managing Member has authorized pursuant to Section 4.1 or Section 4.2 hereof.