Examples of Profit Unit Member in a sentence
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.
As of the date hereof, the Company shall issue the number of Profit Units set forth opposite each Person whose name is set out name on Schedule B and hereby admits each such Person as a Profit Unit Member hereunder.
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.
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.
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The Company’s call right shall be deemed exercised as of the date on which the Company delivers such Call Notice to such Profit Unit Member.
No Profit Unit Member shall have any right to receive, review or copy Exhibit A to this Agreement or any books, records or other information of the Company to the extent such restriction is permitted by the TBOC.
Unless otherwise provided in the employment agreement of the applicable Employeeco Member with Station Casinos or its Affiliates, if an Adjustment Event occurs with respect to any Employeeco Member (the “Affected Member”), then the Profit Units attributable to such Employeeco Member shall be forfeited by the Participant and the Percentage Interest of the Profit Unit Member shall be appropriately reduced (effective as of the date such Adjustment Event occurred).
Twenty-five percent (25%) of each of the Class A Profit Units, Class B Profit Units and Class C Profit Units held by a Profit Unit Member will vest on each of the first four anniversaries following the applicable Grant Date (each such date, a “Vesting Date”), subject in all cases to the Profit Unit Member’s continued Services through the applicable Vesting Date.