Settlement of DERs. Subject to Section 9, coincident with the settlement of a Vested Unit, the Company shall pay Executive an amount of cash equal to the amount credited to Executive’s DER Account maintained with respect to such Vested Unit. Furthermore, upon such settlement of Executive’s Vested Units and DER Account, further DER accrual for such Vested Units will be cancelled and terminated with respect to future distributions for any record date on or after the date of such settlement of the Vested Units.
Appears in 3 contracts
Sources: Phantom Unit Award Agreement (Vanguard Natural Resources, LLC), Phantom Unit Award Agreement (Vanguard Natural Resources, LLC), Phantom Unit Award Agreement (Vanguard Natural Resources, LLC)