Common use of Issuance Pursuant to Option Plans Clause in Contracts

Issuance Pursuant to Option Plans. (1) Upon the exercise of an option granted by the General Partner for Common Shares, the General Partner shall cause the Partnership to issue to the General Partner one Partnership Unit for each Common Share acquired upon such exercise pursuant to the Option Plans, and the General Partner shall contribute to the Partnership the net proceeds received upon such exercise (it being understood that the General Partner may issue Common Shares in connection with the Option Plans without receiving a specified amount of proceeds and that the issuance of such Common Shares shall nonetheless entitle the General Partner to additional Partnership Units). (2) The General Partner shall cause the Partnership to issue Partnership Units to employees of the Partnership upon the exercise by any such employees of an option to acquire Partnership Units granted by the Partnership pursuant to the Option Plans in accordance with the terms of the Option Plans. Partnership Units so issued shall represent Limited Partnership Interests. (3) The General Partner shall cause the Partnership to issue Partnership Units to any Subsidiary upon the exercise by an employee of such Subsidiary of an option to acquire Partnership Units granted by such Subsidiary pursuant to the Option Plans, and such Subsidiary shall transfer to the Partnership the price per Partnership Unit required by the Option Plans to be paid by Subsidiaries. Partnership Units issued to any such Subsidiary shall represent Limited Partnership Interests.

Issuance Pursuant to Option Plans. (1) Upon the exercise of an option granted by the General Partner for Common Shares, the General Partner shall cause the Partnership to issue to the General Partner one Partnership Unit for each Common Share acquired upon such exercise pursuant to the Option PlansPlans (or such other number of Partnership Units based on the relationship a different class of Common Shares bears to Common Shares), and the General Partner shall contribute to the Partnership the net proceeds received upon such exercise (it being understood that the General Partner may issue Common Shares in connection with the Option Plans without receiving a specified amount of proceeds and that the issuance of such Common Shares shall nonetheless entitle the General Partner to additional Partnership Units). (2) The General Partner shall cause the Partnership to issue Partnership Units to employees of the Partnership upon the exercise by any such employees of an option to acquire Partnership Units granted by the Partnership pursuant to the Option Plans in accordance with the terms of the Option Plans. Partnership Units so issued shall represent Limited Partnership Interests. (3) The General Partner shall cause the Partnership to issue Partnership Units to any Subsidiary upon the exercise by an employee of such Subsidiary of an option to acquire Partnership Units granted by such Subsidiary pursuant to the Option Plans, and such Subsidiary shall transfer to the Partnership the price per Partnership Unit required by the Option Plans to be paid by Subsidiaries. Partnership Units issued to any such Subsidiary shall represent Limited Partnership Interests.