Common use of Class B Interests Clause in Contracts

Class B Interests. As soon as practicable after the Closing Date, and subject to approval by the Board, the Executive shall be eligible to receive a grant of Class B Interests of TJH (the “Class B Interest Grant”), which shall vest, subject to the Executive’s continued employment, as follows: twenty percent (20%) of the Class B Interest Grant shall vest on the first anniversary of the date of grant; twenty percent (20%) of the Class B Interest Grant shall vest on the second anniversary of the date of grant; twenty percent (20%) of the Class B Interest Grant shall vest on the third anniversary of the date of grant; twenty percent (20%) of the Class B Interest Grant shall vest on the fourth anniversary of the date of grant; and the remaining twenty percent (20%) of the Class B Interest Grant shall vest upon TJH completing a Qualifying IPO (as defined in the LLC Agreement) or a sale of all or substantially all of the assets of TJH, and if such Qualifying IPO or sale results in each Class A Member recouping one hundred percent (100%) of its Capital Contributions in respect of the Class A Interests (as such terms are defined in the LLC Agreement). The terms and conditions of the Class B Interest Grant shall be documented in the corresponding award agreement between TJH and the Executive, which award agreement shall include the material terms set forth hereto as Exhibit 1, and subject to the LLC Agreement.