Unrestricted Units definition
Examples of Unrestricted Units in a sentence
The Recipient understands that once a certificate has been delivered to the Recipient in respect of the Unrestricted Units, the Recipient will be free to sell the Shares evidenced by such certificate, subject to applicable requirements of federal and state securities laws.
The Restricted Units which have become unrestricted are herein referred to as the “Unrestricted Units.” If the Unrestricted Units include a fraction of a unit, such fractional unit shall be rounded up or down to the next nearest whole number.
Notwithstanding anything to the contrary contained in this agreement, the Founding Limited Partners shall not, prior to the date that is six months after the date of this agreement, make any assignments of all or any part of their Interests that would cause any delay in the ability of a Limited Partner to assign any Unrestricted Units or a delay in the ability of the Disbursing Agent to make any distributions required pursuant to Section 20.4 of the Plan.
Without the consent of any other Partner, each Partner that is the holder of Unrestricted Units may, at any time, subject only to the provisions of Section 9.05, Section 9.08 and Section 9.09, make or permit to occur any Transfer to any Person of all or any portion of such Unrestricted Units.
Any portion of the Restricted Units which have not become Unrestricted Units in accordance with this provision before or at the time of a Grantee voluntarily ceasing to be an employee of or service provider to the Partnership, Modiv Inc., or any of their respective affiliates, shall be forfeited, except in the event of a Grantee death, in which case such Restricted Units shall be transferred to Grantee’s estate or trust.
Any portion of the Restricted Units which have not become Unrestricted Units in accordance with this provision before or at the time of a Grantee voluntarily ceasing to be an employee of or service provider to the Partnership, modiv, LLC, or any of their respective affiliates, shall be forfeited, except in the event of a Grantee death, in which case such Restricted Units shall be transferred to Grantee’s estate or trust.
Upon any assignment by a Partner of Unrestricted Units that does not violate the provisions of Section 9.05, Section 9.08 or Section 9.09, the transferee thereof shall be admitted to the Partnership as a Partner upon receipt of a Transfer Application with respect to such Transfer by the Managing General Partner.
For the avoidance of doubt, the Unrestricted Units shall not be subject to vesting.
The Managers may, in their sole discretion, grant to any Grantee under the Plan (or sell at par value or such other higher purchase price determined by the Board) Unrestricted Units pursuant to which Grantees may receive Units free of any restrictions (“Unrestricted Units”).
Subsequent to the transfer of the Unrestricted Units, Client expects to perform a membership unit dividend wherein additional membership units shall be distributed for every one (1) membership unit issued and outstanding (the "Unit Dividend").