Participation Threshold. As of the date of each grant of Class B Common Units, the Manager shall establish an initial “Participation Threshold” amount with respect to each Class B Common Unit granted on such date. Unless otherwise determined by the Manager (who shall determine the Participation Threshold in such a manner that newly granted Class B Common Units have a liquidation value of zero in accordance with IRS Revenue Procedure 93-27 and other authorities), the Participation Threshold with respect to each such Class B Common Unit granted on such date shall be equal to or greater than the amount (as determined by the Manager in its sole discretion) that would be distributed with respect to a Class A Common Unit pursuant to Section 4.1(b) if the Company distributed to the Unitholders an amount equal to the Total Equity Value as of such date in accordance with Section 4.1(b); provided that, for the avoidance of doubt, in making such calculation prior Tax Distributions shall be treated as if made on such date as part of such hypothetical Distribution. The purchase price of each Class B Common Unit, if any, shall be as determined by the Manager. The Manager may designate a series number for Class B Common Units that have the same Participation Threshold, which Participation Threshold may differ from the Participation Thresholds of other series of Class B Common Units not included in such subset. Each Class B Common Unit’s Participation Threshold shall be adjusted (in the discretion and as determined by the Manager) after the grant of such Class B Common Unit in the following manner:
Participation Threshold. Notwithstanding any other provision in the Plan, the Israeli Appendix or this Agreement, the Participant shall not be entitled to any Distributions (as defined in the LLC Agreement) with respect to any Incentive Units subject to the Award unless and until the Incentive Units have vested (i.e., are Vested Incentive Units) and the Participation Threshold (as defined in and determined pursuant to the LLC Agreement) has first been met. For the purposes herein, the Participation Threshold shall be equal to $ .
Participation Threshold. The Participation Threshold for each Class B Unit granted to the Participant pursuant to this Agreement is equal to $[_____], such amount being determined by the General Partner as of the Grant Date pursuant to the terms of the LP Agreement. 81636059V1 NOVEMBER 07, 2019 1:53 PM
Participation Threshold. For purposes of Section 3.3.2 of the LLC Agreement, the Participation Threshold of the Purchased Units issued hereunder is $0.
Participation Threshold. Notwithstanding any other provision in the Plan or this Agreement, the Participant shall not be entitled to any Distributions (as defined in the LLC Agreement) with respect to any Incentive Units subject to the Award unless and until the Incentive Units have vested (i.e., are Vested Incentive Units) and the Participation Threshold (as defined in and determined pursuant to the LLC Agreement) has first been met. For the purposes herein, the Participation Threshold shall be equal to $ .
Participation Threshold. For purposes of Section 3.3.2 of the LLC Agreement, the Participation Threshold of the Zero Strike Incentive Units granted hereunder is $0.00. This means that the Zero Strike Incentive Units granted hereunder will be entitled to share in any Distributions made after the date the Zero Strike Incentive Units have vested.
Participation Threshold. The Incentive Units issued hereunder have no Participation Threshold.
Participation Threshold. On the date of each grant of a Class B Common Unit pursuant to this Section 3.8, the Board shall establish an initial “Participation Threshold” amount with respect to each Class B Common Unit granted on such date. The Participation Threshold with respect to a Class B Common Unit shall be equal to or greater than the Pro Rata Share of each Class A Common Unit in the event of a liquidation pursuant to Section 11.2(b), on the date of grant of such Class B Common Unit (immediately prior to its issuance), provided that, absent approval of the Board and Sponsor, the Participation Threshold for any Class B Common Unit issued after the date hereof shall not be less than the Participation Threshold of the Class B Common Units issued on the date hereof, as adjusted pursuant to clauses (i), (iii) and (iv) of this Section 3.8(b). The Board may designate a series number for Class B Common Units that have the same Participation Threshold, which Participation Threshold may differ from the Participation Threshold of other series of Class B Common Units. Each Class B Common Unit’s Participation Threshold shall be adjusted (in the discretion of and as determined by the Board, but not below zero) after the grant of such Class B Common Unit in the following manner:
Participation Threshold. The Participation Threshold for the Units shall be $ [ ] per Unit.
Participation Threshold. For purposes of Section 3.3.2 of the LLC Agreement, the Participation Threshold of the Incentive Units granted hereunder is $XXX,XXX,XXX. This means that the Incentive Units granted hereunder will not be entitled to share in Distributions unless and until the currently outstanding Common Units and Incentive Units with a lower Participation Threshold are distributed an aggregate amount equal to $XXX,XXX,XXX; provided, however, that such Distributions must have been made after the issuance date of the Incentive Units. In addition, the Incentive Units must have vested before they receive any Distributions. The Participation Threshold when expressed on a per Unit basis is $X.XX.
