Common use of Issuance of Class C Units Clause in Contracts

Issuance of Class C Units. (a) Subject to the terms and provisions of this Agreement, the Partnership hereby issues and conveys to Holder the number of [insert either Series C-1 Units or Series C-2 Units, as applicable] set forth immediately below Holder’s signature block to this Agreement (the “Subject Units”). (b) [The Subject Units issued to Holder hereunder shall vest in equal parts on each of the first three anniversaries of the date hereof] [The Subject Units issued to Holder hereunder shall vest on the earlier to occur of (i) an Exit Event, and [(ii) the date that is the seventh anniversary of the date hereof] [(ii) the date that is the seventh anniversary of the date Holder’s employment with the Partnership or Eclipse Resources commenced]. Holder shall forfeit to the Partnership for no consideration all unvested Subject Units held by Holder at the time Holder ceases to be an employee of the Partnership or Eclipse Resources. (c) Subject to the terms and provisions of this Agreement, Holder: (i) hereby agrees to (A) hold and own the Subject Units issued to Holder hereunder, (B) be admitted to the Partnership as a partner thereof, and (C) be bound by the terms and provisions of the LP Agreement; and (ii) acknowledges and agrees that (A) Holder will be a partner in the Partnership for U.S. Federal income tax purposes, and (B) as a holder and owner of the Subject Units issued hereunder, Holder’s rights, privileges, duties and obligations are only those specifically described in the LP Agreement and herein.