Common use of Vesting and Transferability Clause in Contracts

Vesting and Transferability. The Phantom Units are restricted in that they may be forfeited by the Service Provider and in that they may not, except as otherwise provided in the Plan, be transferred or otherwise disposed of by the Service Provider. Subject to the terms and conditions of this Agreement, the restrictions with respect to the Phantom Unit Award (including any associated DERs) will expire and such Phantom Units will become vested and nonforfeitable on the one year anniversary of the Date of Grant; provided, however, that the restrictions will expire on such date only if you remain a member of the Board continuously from the Date of Grant through the vesting date.