Common use of LTIP Units and Other Equity Awards Clause in Contracts

LTIP Units and Other Equity Awards. (a) On or before December 31st of each year during the Term of Employment, the Employer shall cause to be granted to Executive at least 10,000 long-term incentive plan units (“LTIP Units”) in consideration of services to be performed by Executive for the Partnership in his capacity as a partner thereof, and such LTIP Units shall be evidenced by, and subject to, the LTIP Unit award agreement attached to this Agreement as Exhibit A and the Company’s 2007 Equity Incentive Plan (a copy of which has been delivered to Executive), which award agreement shall reference that the LTIP Units are “Safe Harbor Interests” under Internal Revenue Service Notice 2005-43, as provided in the agreement of limited partnership of Meruelo Xxxxxx Properties, L.P. and for which LTIP Units a Section 83(b) election shall be made timely by Executive showing a zero liquidation value. In addition, as part of the consideration for employment, Executive shall be eligible to receive additional awards of LTIP Units and other equity awards, subject to the terms and conditions of the Company’s 2007 Equity Incentive Plan (or plan for a subsequent year) and the applicable award agreement.

LTIP Units and Other Equity Awards. (a) On or before December 31st Upon execution of each year during the Term of Employmentthis Agreement, the Employer shall cause to be granted to Executive at least 10,000 81,667 long-term incentive plan units (“LTIP Units”) in consideration of services to be performed by Executive for the Partnership in his capacity as a partner thereof, and such LTIP Units shall be evidenced by, and subject to, the LTIP Unit award agreement attached to this Agreement as Exhibit A and the Company’s 2007 Equity Incentive Plan (a copy of which has been delivered to Executive), which award agreement shall reference that the LTIP Units are “Safe Harbor Interests” under Internal Revenue Service Notice 2005-43, as provided in the agreement of limited partnership of Meruelo Xxxxxx Properties, L.P. and for which LTIP Units a Section 83(b) election shall be made timely by Executive showing a zero liquidation value. In addition, as part of the consideration for employment, Executive shall be eligible to receive additional awards of LTIP Units and other equity awards, subject to the terms and conditions of the Company’s 2007 Equity Incentive Plan (or plan for a subsequent year) and the applicable award agreement.

LTIP Units and Other Equity Awards. (a) On or before December 31st of each year during the Term of EmploymentEmployment (other than December 31, 2006), the Employer shall cause to be granted to Executive at least 10,000 long-term incentive plan units (“LTIP Units”) in consideration of services to be performed by Executive for the Partnership in his capacity as a partner thereof, and such LTIP Units shall be evidenced by, and subject to, the LTIP Unit award agreement attached to this Agreement as Exhibit A and the Company’s 2007 2006 Equity Incentive Plan (a copy of which has been delivered to Executive), which award agreement shall reference that the LTIP Units are “Safe Harbor Interests” under Internal Revenue Service Notice 2005-43, as provided in the agreement of limited partnership of Meruelo Xxxxxx Properties, L.P. and for which LTIP Units a Section 83(b) election shall be made timely by Executive showing a zero liquidation value. In addition, as part of the consideration for employment, Executive shall be eligible to receive additional awards of LTIP Units and other equity awards, subject to the terms and conditions of the Company’s 2007 2006 Equity Incentive Plan (or plan for a subsequent year) and the applicable award agreement.

LTIP Units and Other Equity Awards. (a) On or before December 31st Upon execution of each year during the Term of Employmentthis Agreement, the Employer shall cause to be granted to Executive at least 10,000 50,167 long-term incentive plan units (“LTIP Units”) in consideration of services to be performed by Executive for the Partnership in his capacity as a partner thereof, and such LTIP Units shall be evidenced by, and subject to, the LTIP Unit award agreement attached to this Agreement as Exhibit A and the Company’s 2007 Equity Incentive Plan (a copy of which has been delivered to Executive), which award agreement shall reference that the LTIP Units are “Safe Harbor Interests” under Internal Revenue Service Notice 2005-43, as provided in the agreement of limited partnership of Meruelo Xxxxxx Properties, L.P. and for which LTIP Units a Section 83(b) election shall be made timely by Executive showing a zero liquidation value. In addition, as part of the consideration for employment, Executive shall be eligible to receive additional awards of LTIP Units and other equity awards, subject to the terms and conditions of the Company’s 2007 Equity Incentive Plan (or plan for a subsequent year) and the applicable award agreement.

LTIP Units and Other Equity Awards. (a) On or before December 31st Upon execution of each year during the Term of Employmentthis Agreement, the Employer shall cause to be granted to Executive at least 10,000 81,667 long-term incentive plan units (“LTIP Units”) in consideration of services to be performed by Executive for the Partnership in his capacity as a partner thereof, and such LTIP Units shall be evidenced by, and subject to, the LTIP Unit award agreement attached to this Agreement as Exhibit A and the Company’s 2007 2006 Equity Incentive Plan (a copy of which has been delivered to Executive), which award agreement shall reference that the LTIP Units are “Safe Harbor Interests” under Internal Revenue Service Notice 2005-43, as provided in the agreement of limited partnership of Meruelo Xxxxxx Properties, L.P. and for which LTIP Units a Section 83(b) election shall be made timely by Executive showing a zero liquidation value. In addition, as part of the consideration for employment, Executive shall be eligible to receive additional awards of LTIP Units and other equity awards, subject to the terms and conditions of the Company’s 2007 2006 Equity Incentive Plan (or plan for a subsequent year) and the applicable award agreement.

LTIP Units and Other Equity Awards. (a) On or before December 31st Upon execution of each year during the Term of Employmentthis Agreement, the Employer shall cause to be granted to Executive at least 10,000 50,167 long-term incentive plan units (“LTIP Units”) in consideration of services to be performed by Executive for the Partnership in his capacity as a partner thereof, and such LTIP Units shall be evidenced by, and subject to, the LTIP Unit award agreement attached to this Agreement as Exhibit A and the Company’s 2007 2006 Equity Incentive Plan (a copy of which has been delivered to Executive), which award agreement shall reference that the LTIP Units are “Safe Harbor Interests” under Internal Revenue Service Notice 2005-43, as provided in the agreement of limited partnership of Meruelo Xxxxxx Properties, L.P. and for which LTIP Units a Section 83(b) election shall be made timely by Executive showing a zero liquidation value. In addition, as part of the consideration for employment, Executive shall be eligible to receive additional awards of LTIP Units and other equity awards, subject to the terms and conditions of the Company’s 2007 2006 Equity Incentive Plan (or plan for a subsequent year) and the applicable award agreement.

LTIP Units and Other Equity Awards. (a) On or before December 31st Upon execution of each year during the Term of Employmentthis Agreement, the Employer shall cause to be granted to Executive at least 10,000 64,167 long-term incentive plan units (“LTIP Units”) in consideration of services to be performed by Executive for the Partnership in his capacity as a partner thereof, and such LTIP Units shall be evidenced by, and subject to, the LTIP Unit award agreement attached to this Agreement as Exhibit A and the Company’s 2007 2006 Equity Incentive Plan (a copy of which has been delivered to Executive), which award agreement shall reference that the LTIP Units are “Safe Harbor Interests” under Internal Revenue Service Notice 2005-43, as provided in the agreement of limited partnership of Meruelo Xxxxxx Properties, L.P. and for which LTIP Units a Section 83(b) election shall be made timely by Executive showing a zero liquidation value. In addition, as part of the consideration for employment, Executive shall be eligible to receive additional awards of LTIP Units and other equity awards, subject to the terms and conditions of the Company’s 2007 2006 Equity Incentive Plan (or plan for a subsequent year) and the applicable award agreement.

LTIP Units and Other Equity Awards. (a) On or before December 31st Upon execution of each year during the Term of Employmentthis Agreement, the Employer shall cause to be granted to Executive at least 10,000 64,167 long-term incentive plan units (“LTIP Units”) in consideration of services to be performed by Executive for the Partnership in his capacity as a partner thereof, and such LTIP Units shall be evidenced by, and subject to, the LTIP Unit award agreement attached to this Agreement as Exhibit A and the Company’s 2007 Equity Incentive Plan (a copy of which has been delivered to Executive), which award agreement shall reference that the LTIP Units are “Safe Harbor Interests” under Internal Revenue Service Notice 2005-43, as provided in the agreement of limited partnership of Meruelo Xxxxxx Properties, L.P. and for which LTIP Units a Section 83(b) election shall be made timely by Executive showing a zero liquidation value. In addition, as part of the consideration for employment, Executive shall be eligible to receive additional awards of LTIP Units and other equity awards, subject to the terms and conditions of the Company’s 2007 Equity Incentive Plan (or plan for a subsequent year) and the applicable award agreement.