Profits Interest Units definition

Profits Interest Units means long term incentive partnership units of the Partnership having the rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption and conversion set forth herein and in the Plan (including the Class C Units and Class D Units). Profits Interest Units can be issued in one or more classes, or one or more series of any such classes bearing such relationship to one another as to allocations, distributions, and other rights as the General Partner shall determine in its sole and absolute discretion subject to Maryland law.

Profits Interest Units means, to the extent authorized by the Partnership Agreement, a unit of the Operating Partnership that is granted pursuant to Section 9 of this Plan and is intended to constitute a “profits interest” within the meaning of the Code.

Profits Interest Units has the meaning set forth in Section 3.2(d).

Examples of Profits Interest Units in a sentence

• The Participant shall be subject to all rights and obligations under the Partnership Agreement with respect to the grant of the Award hereunder as a Partner, notwithstanding the contribution of the Profits Interest Units underlying the Award to Management Holdings as described herein.

• Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Award of Profits Interest Units is made, only in such a manner as to conform to such laws, rules and regulations.

• For the avoidance of doubt, the forfeiture of the Profits Interest Units granted hereunder shall continue to apply to Management Holdings to the same extent as if the Participant held such Profits Incentive Units directly.

• The Participant covenants that the Participant shall make a timely election under Section 83(b) of the Code (and any comparable election in the state of the Participant’s residence) with respect to the Profits Interest Units covered by the Award, and the Partnership hereby consents to the making of such election(s).

• Except as otherwise described in Sections 4(c) or 4(d) above, any Profits Interest Units which have not vested as of the date of the Participant’s termination of service (after taking into account any accelerated vesting that occurs in connection with such termination) will thereupon automatically and without further action be cancelled and forfeited without payment of any consideration therefor, and the Participant shall have no further right or interest in or with respect to such Profits Interest Units.

More Definitions of Profits Interest Units

Profits Interest Units has the same meaning as “LTIP Units” as defined in the Limited Partnership Agreement, and each Profits Interest Unit represents, on the Grant Date, one “Unvested Profits Interest Unit,” which is one “Unvested LTIP Unit” as defined in and pursuant to the Limited Partnership Agreement, subject to adjustment as provided in the attached Terms and Conditions, and also represents the Partnership’s unsecured obligation to issue to the Recipient distributions described in Item E below.

Profits Interest Units means Units of the Company, if any, that represent a proportionate ownership interest in the future profits, losses, growth and appreciation in value of the Company that are issued to employees, consultants, Managers, Officers or independent contractors of the Company, without the requirement of a Capital Contribution, but that do not represent any interest in the capital of the Company as of the date they are issued, are not entitled to voting rights in the management or affairs of the Company, and are intended to qualify as a “profits interest” as described in Revenue Procedure 93-27, 1993-2 C.B. 343, June 9, 1993 and Revenue Procedure 2001-43, 2001-34 I.R.B. 191, August 2, 2001.

Profits Interest Units means Profits LTIP Units of the Partnership as defined in the Partnership Agreement.

Profits Interest Units. «Profits_Interest_Units» Profits Interest Units. “Profits Interest Units” has the same meaning as “LTIP Units” as defined in the Limited Partnership Agreement, and each Profits Interest Unit represents, on the Grant Date, one “Unvested Profits Interest Unit,” which is one “Unvested LTIP Unit” as defined in and pursuant to the Limited Partnership Agreement, subject to adjustment as provided in the attached Terms and Conditions, and also represents the Partnership’s unsecured obligation to issue to the Recipient distributions described in Item E below.

Profits Interest Units means the class of units denominated as the “Profits Interest Units” under the Company LLC Agreement.

Profits Interest Units has the meaning specified in Section 5.06.

Profits Interest Units means a class of Interest in the Company, as described in Section 3.2(b). For the avoidance of doubt, Profits Interest Units shall not include Common Units or Class B Units.