Examples of Unrestricted Units in a sentence
The Restricted Units which have become unrestricted are herein referred to as the “Unrestricted Units.” If the Unrestricted Units include a fraction of a unit, such fractional unit shall be rounded up or down to the next nearest whole number.
Without the consent of any other Partner, each Partner that is the holder of Unrestricted Units may, at any time, subject only to the provisions of Section 9.05, Section 9.08 and Section 9.09, make or permit to occur any Transfer to any Person of all or any portion of such Unrestricted Units.
Any portion of the Restricted Units which have not become Unrestricted Units in accordance with this provision before or at the time of a Grantee voluntarily ceasing to be an employee of or service provider to the Partnership, modiv, LLC, or any of their respective affiliates, shall be forfeited, except in the event of a Grantee death, in which case such Restricted Units shall be transferred to Grantee’s estate or trust.
Upon any assignment by a Partner of Unrestricted Units that does not violate the provisions of Section 9.05, Section 9.08 or Section 9.09, the transferee thereof shall be admitted to the Partnership as a Partner upon receipt of a Transfer Application with respect to such Transfer by the Managing General Partner.
For the avoidance of doubt, the Unrestricted Units shall not be subject to vesting.
Unrestricted Units, evidenced in such manner as the Committee shall deem appropriate, shall be issued to the holder of Performance Awards promptly after the applicable restrictions have lapsed or otherwise been satisfied.
If actual performance is not determinable, such Performance-Based Awards shall be converted into Restricted Units or Performance Units assuming target performance has been achieved, based on the discretion of the Committee (or into Unrestricted Units if no further restrictions apply).
If at least half the Performance Period has lapsed, such Performance-Based Awards shall be converted into Restricted Units or Performance Units based on actual performance to date (or into Unrestricted Units if no further restrictions apply).
Any portion of the Restricted Units which have not become Unrestricted Units in accordance with this provision before or at the time of a Grantee voluntarily ceasing to be an employee of or service provider to the Partnership, Modiv Inc., or any of their respective affiliates, shall be forfeited, except in the event of a Grantee death, in which case such Restricted Units shall be transferred to Grantee’s estate or trust.
ARTICLE X UNRESTRICTED UNIT AWARDS Subject to the requirements of Section 3.5, the Committee may, in its sole discretion, grant Unrestricted Units to any Participant in respect of services rendered or other valid consideration, or in lieu of, or in addition to, any cash compensation due to such participant.