Grant of Units and Vesting. The Participant is hereby granted the following Time Vested Units and Performance Vested Units under the Plan, but only effective upon and conditioned on satisfying the applicable vesting conditions contained herein, which will permit the Participant to receive the following number of Units of the Partnership, plus any Units acquired through the DER Account referred to in Section 1.4 hereof: Total Number of Time Vested Units for 2015, 2016 and 2017, Collectively 21,681 Units Total Number of Performance Vested Units if Threshold Condition is Met in 2015, 2016 or 2017 3,614 Units per year Total Number of Additional Performance Vested Units if Target Condition is Satisfied or Deemed Satisfied in 2015, 2016 or 2017 An additional 3,614 Units per year Total Number of Additional Performance Vested Units if Maximum Condition is Satisfied or Deemed Satisfied in 2015, 2016 or 2017 An additional 7,227 Units per year The term “date of grant”, solely for vesting and DER Account (as defined in Section 1.4) purposes, shall be deemed to be January 1, 2015 for both the Time Vested Units and the Performance Vested Units. Time Vested Units vest at a percentage rate equal to thirty-three and one-third percent (33 1/3%) of the total Time Vested Units on each one (1) year anniversary of the date of grant. Performance Vested Units shall vest on December 31, 2015, December 31, 2016 and December 31, 2017, provided the respective performance conditions have been achieved or waived in writing by the Committee. The Committee will endeavor to establish performance conditions at the Threshold Condition level, the Target Condition level, and the Maximum Condition level for 2016 and 2017 during the first ninety (90) days of each such calendar year and shall advise the Participant in writing of such performance conditions. The failure by the Committee to comply with such time deadlines or to advise the Participant in writing of such performance conditions shall not result in the performance conditions being deemed satisfied for any calendar year. However, the performance conditions established by the Committee for each such calendar year must be determinable (subject to any retroactive catch-up provision) on or before December 31 of such calendar year, in the absence of which the Performance Vested Units shall vest on December 31 of such calendar year at the Target Condition level. The Committee has determined that the performance conditions for vesting on December 31, 2015 have already b...
Grant of Units and Vesting. The Participant is hereby granted the following Units under the Plan, but only effective upon and conditioned on satisfying the applicable vesting conditions contained herein, which will permit the Participant receive the following number of Units of the Partnership: Units vest in equal monthly installments over the two (2) year period following the Date of Grant. Certificates for Units shall be issued to the Participant upon the vesting of any Units, subject to the provisions of the Plan, including, but not limited to, Sections 6(d) and 8(f) of the Plan, and further subject to the Participant paying, or making suitable arrangements to pay, all applicable foreign, federal, state and local taxes, as more fully provided in Section 2.3 hereof, not later than the period permitted by Regulation 1.409A-1(b)(4) entitled “Short-term deferrals” and any successor guidance under the Code.
Grant of Units and Vesting. The Participant is hereby granted the following Units under the Plan, conditioned on satisfying the applicable vesting conditions contained herein, which will permit the Participant receive the following number of Units of the Partnership: Units vest in sixteen equal quarterly installments over a four (4) year period, commencing on the three month anniversary of the Effective Date (as such term is defined in the Employment Agreement.
Grant of Units and Vesting. The Participant is hereby granted the following Units under the Plan, conditioned on satisfying the applicable vesting conditions contained herein, which will permit the Participant receive the following number of Units of the Partnership: Units vest in sixteen equal quarterly installments over a four (4) year period, commencing on the three month anniversary of the Effective Date (as such term is defined in the Employment Agreement. Notwithstanding the foregoing, in the event of a Change of Control, (as defined in the Plan), all Units shall become fully vested as of the date of such Change of Control. For the avoidance of doubt, the parties specifically agree that there shall be no acceleration upon consummation of the transactions contemplated by the Merger and Reorganization Agreement by and among StoneMor Partners L.P., StoneMor GP Holdings LLC, StoneMor GP LLC and Hans Merger Sub, LLC, dated as of September 27, 2018. Certificates for Units shall be issued to the Participant upon the vesting of any Units, subject to the provisions of the Plan, including, but not limited to, Sections 6(d) and 8(f) of the Plan, and further subject to the Participant paying, or making suitable arrangements to pay, all applicable foreign, federal, state and local taxes, as more fully provided in Section 2.3 hereof, not later than the period permitted by Regulation 1.409A-1(b)(4) entitled “Short-term deferrals” and any successor guidance under the Code.
