Post-Vesting Transferability and Forfeiture Restrictions. The Partnership Units delivered to you under any vested portion of your Deferred Units will generally be freely transferable after vesting (subject to the partnership agreements of Blackstone Holdings and any trading procedures established by Blackstone and generally applicable to SMDs), except that (i) you may only transfer up to 33 1/3%, 66 2/3% and 75% of the aggregate number of Deferred Units which vested under each Award on and after the first, second and third anniversaries, respectively, of your Start Date and (ii) you will not be permitted to transfer more than 75% of the aggregate number of Deferred Units which vested under your Awards during your service with Blackstone and, following your termination of service, during the non-compete and non-solicit periods described in the Non-Competition Agreement. The Partnership Units underlying your Awards which are unvested or which are not transferable and thus remain undelivered pursuant to Section 3(c)(iv), will also remain subject to the forfeiture terms described under Section 3(c)(v) hereof and Section IV of the Non-Competition Agreement until such restrictions lapse. All transfer restrictions will lapse upon (i) your death or permanent disability or (ii) a Change in Control.
Appears in 2 contracts
Sources: SMD Agreement, SMD Agreement (Blackstone Group L.P.)