Vesting of LTIP Units Clause Samples
The "Vesting of LTIP Units" clause defines the schedule and conditions under which Long-Term Incentive Plan (LTIP) units granted to participants become fully owned or exercisable. Typically, this clause outlines a timeline—such as a multi-year period or achievement of specific performance milestones—over which the recipient gradually earns rights to the units. Its core function is to incentivize continued service or performance by ensuring that recipients must meet certain requirements before gaining full benefits, thereby aligning their interests with the long-term goals of the organization and reducing the risk of premature departure.
Vesting of LTIP Units. The restrictions and conditions in Sections 2(b) and 2(c) of this Agreement shall lapse with respect to the LTIP Units granted herein in the amounts and on the Vesting Dates specified below:
Vesting of LTIP Units. The restrictions and conditions in Section 2 of this Agreement shall lapse with respect to the number of LTIP Units specified below on the Vesting Dates specified below, so long as the Management Agreement remains effective from the Grant Date until such Vesting Dates. Subsequent to such Vesting Dates, the LTIP Units on which all restrictions and conditions have lapsed shall no longer be deemed restricted.
Vesting of LTIP Units. (a) Except as provided in Sections 2(b) and 2(c) below, one twelfth (1/12) of the Award LTIP Units shall vest monthly on each of the first twelve monthly anniversaries of the Grant Date, (each such date on which Award LTIP Units vest is referred to herein as a “Vesting Date”); provided that upon termination of Grantee’s employment with, cessation of consulting relationship with or cessation of service to the Company and its Subsidiaries for any reason, the LTIP Units that have not yet vested shall, without payment of any consideration by the LLC, automatically and without notice terminate, be forfeited and be and become null and void, and neither the Grantee nor any of his successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such LTIP Units. In the event Grantee becomes a consultant, advisor or Non-Employee Director, such change in status shall not be deemed a termination of employment or service with the Company at the time of such change in status or thereafter so long as the Grantee continues in one of such positions.
(b) Notwithstanding any other term or provision of this Agreement, if a Corporate Transaction occurs and the LTIP Units subject to this Agreement are not assumed or substituted for any restrictions and conditions on all LTIP Units subject to this Agreement shall be deemed waived by the Company and all LTIP Units granted hereby that have not previously been forfeited shall automatically become fully vested. Notwithstanding any other provision in this Agreement, if assumed or substituted for, but subject to Section 2(c), the award will expire one year after the date of termination.
Vesting of LTIP Units. As soon as practicable after the end of each Measurement Period, but in all events within 30 days following each Measurement Period, the Committee shall determine and certify the extent to which the performance objectives described herein have been achieved. If the Committee determines and certifies the same as described in the preceding sentence, the restrictions and conditions in Sections 2(b) and 2(c) shall lapse with respect to the LTIP Units (i.e., the LTIP Units shall “Vest” or become “Vested,” as the case may be) as follows, provided that the Grantee remains employed by the Company or an Affiliate from the Date of Grant until the end of the applicable Measurement Period:
Vesting of LTIP Units. The LTIP Units shall vest as set forth on Exhibit A attached hereto. The Committee may at any time accelerate the vesting schedule specified in this Section 2.
Vesting of LTIP Units. The Recipient shall become vested in a number of Profits Interest Units (“Vested Profits Interest Units”) as and when determined pursuant to Exhibit 1.
Vesting of LTIP Units. The restrictions and conditions in Paragraph 2 of this Agreement shall lapse on the Vesting Date or Dates specified in the following schedule so long as the Grantee remains an employee of the Company or one of its Subsidiaries on such Vesting Date or Dates. If a series of Vesting Dates is specified, then the restrictions and conditions in Paragraph 2 shall lapse only with respect to the percentage of LTIP Units accepted by the Grantee hereunder that is specified as vested on such date. Subsequent to such Vesting Date or Dates, the LTIP Units on which all restrictions and conditions have lapsed shall no longer be deemed restricted.
Vesting of LTIP Units. (a) The vesting period of the LTIP Units (the “Vesting Period”) shall begin on the Grant Date and continue until the applicable Vesting Date, and shall be subject to certain vesting conditions, all as set forth above. On the first Vesting Date following the date of this Agreement and each Vesting Date thereafter, the applicable number of LTIP Units specified above shall become vested, subject to earlier forfeiture as provided in this Agreement. Except as permitted under Section 20, the LTIP Units for which the applicable Vesting Period has not expired may not be sold, assigned, transferred, pledged or otherwise disposed of or encumbered (whether voluntarily or involuntarily or by judgment, levy, attachment, garnishment or other legal or equitable proceeding). The Participant shall have the right to vote the LTIP Units if and when voting is allowed under the LLC Agreement, regardless of whether the applicable Vesting Period has expired.
(b) Any LTIP Units that do not become vested pursuant to this Section 3 or Section 4 or Section 5 hereof shall, without payment of any consideration by the Company, automatically and without notice be forfeited and become null and void, and neither the Participant nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such unvested LTIP Units.
(c) The LTIP Units that vest pursuant to this Section 3 or Section 4 or Section 5 hereof shall be treated as Vested LTIP Units (as defined in the LLC Agreement) as of the applicable Vesting Date and shall be converted into Class A Common Units in accordance with Section 8 of the Plan and the LLC Agreement.
Vesting of LTIP Units. On (the “Vesting Date”), the restrictions and conditions in Sections 2(b) and 2(c) of this Agreement shall lapse with respect to of the LTIP Units granted herein, so long as the Grantee has not resigned or been removed as a [director/employee] of the Company prior to such date.
Vesting of LTIP Units. The LTIP Units shall vest with respect to 25% of LTIP Units set forth above on each of the first four anniversaries of January 1st of the year in which the Grant Date occurs (each a “Vesting Date”).