Common use of Payment of Phantom Units Clause in Contracts

Payment of Phantom Units. (a) If and when the Phantom Units vest, the Partnership shall issue to the Participant one Unit for each vested Phantom Unit, subject to the Participant’s payment of withholding taxes, to the extent required, as described below. Issuance of Units shall be made within 30 days after the vesting date, subject to the Participant’s payment of withholding taxes, to the extent required, as described below. (b) All distributions under this Agreement may be subject to applicable federal (including FICA), state and local tax withholding, in accordance with Section 8(b) of the Plan. Unless the Committee determines otherwise, the Participant or other person entitled to payment under this Agreement shall be required to pay to Atlas the amount of any taxes that Atlas is required to withhold with respect to the Phantom Units. Atlas may also deduct from any compensation or other amounts owing to the Participant, including by payroll deduction or withholding of Units, the amount of any applicable taxes with respect to the Phantom Units. If the Committee determines that Units may be used to satisfy tax withholding, such Units shall be valued based on their Fair Market Value at the time the tax withholding is required to be made; provided, however, that not more than the legally required minimum tax withholding amount may be settled by Unit withholding. If Participant fails to pay any required tax withholding amount in the manner specified by Atlas or its agent when the Phantom Units become taxable, after receiving written notice from Atlas or its agent, Atlas is authorized to cancel such Phantom Units, in which case the Phantom Units shall be forfeited and shall not be paid to the Participant. (c) The obligation of the Partnership to deliver Units shall also be subject to the condition that if at any time the Committee shall determine in its discretion that the listing, registration or qualification of the Units upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issue of Units, the Units may not be issued in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. The issuance of Units to Participant pursuant to this Agreement is subject to any applicable taxes and other laws or regulations of the United States or of any state having jurisdiction thereof.

Payment of Phantom Units. (a) If and when the Phantom Units vest, the Partnership shall issue to the Participant Grantee one Unit for each vested Phantom Unit, subject to the ParticipantGrantee’s payment of withholding taxes, to the extent required, as described below. Issuance of Units shall be made within 30 days after the vesting date, subject to the ParticipantGrantee’s payment of withholding taxes, to the extent required, as described below. (b) All distributions under this Agreement may be subject to applicable federal (including FICA), state and local tax withholding, in accordance with Section 8(b) of the Plan. Unless the Committee determines otherwise, the Participant Grantee or other person entitled to payment under this Agreement shall be required to pay to Atlas the amount of any taxes that Atlas is required to withhold with respect to the Phantom Units. Atlas may also deduct from any compensation or other amounts owing to the ParticipantGrantee, including by payroll deduction or withholding of Units, the amount of any applicable taxes with respect to the Phantom Units. If the Committee determines that Units may be used to satisfy tax withholding, such Units shall be valued based on their Fair Market Value at the time the tax withholding is required to be made; provided, however, that not more than the legally required minimum tax withholding amount may be settled by Unit withholding. If Participant Atlas fails to pay any required tax withholding amount in the manner specified by Atlas or its agent when the Phantom Units become taxable, after receiving written notice from Atlas or its agent, Atlas is authorized to cancel such Phantom Units, in which case the Phantom Units shall be forfeited and shall not be paid to the ParticipantGrantee. (c) The obligation of the Partnership to deliver Units shall also be subject to the condition that if at any time the Committee shall determine in its discretion that the listing, registration or qualification of the Units upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issue of Units, the Units may not be issued in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. The issuance of Units to Participant Grantee pursuant to this Agreement is subject to any applicable taxes and other laws or regulations of the United States or of any state having jurisdiction thereof.

Payment of Phantom Units. (a) If and when the Phantom Units vest, the Partnership shall issue to the Participant Grantee one Unit for each vested Phantom Unit, subject to the ParticipantGrantee’s payment of withholding taxes, to the extent required, taxes as described below. Issuance of Units shall be made within 30 days after the vesting date, subject to the ParticipantGrantee’s payment of withholding taxes, to the extent required, taxes as described below. (b) All distributions under this Agreement may be are subject to applicable federal (including FICA), state and local tax withholding, in accordance with Section 8(b) of the Plan. Unless the Committee determines otherwise, the Participant Grantee or other person entitled to payment under this Agreement shall be required to pay to Atlas the amount of any taxes that Atlas is required to withhold with respect to the Phantom Units. Atlas may also deduct from any compensation or other amounts owing to the ParticipantGrantee, including by payroll deduction or withholding of Units, the amount of any applicable taxes with respect to the Phantom Units. If the Committee determines that Units may be used to satisfy tax withholding, such Units shall be valued based on their Fair Market Value at the time the tax withholding is required to be made; provided, however, that not more than the legally required minimum tax withholding amount may be settled by Unit withholding. If Participant Atlas fails to pay any required tax withholding amount in the manner specified by Atlas or its agent when the Phantom Units become taxable, after receiving written notice from Atlas or its agent, Atlas is authorized to cancel such Phantom Units, in which case the Phantom Units shall be forfeited and shall not be paid to the ParticipantGrantee. (c) The obligation of the Partnership to deliver Units shall also be subject to the condition that if at any time the Committee shall determine in its discretion that the listing, registration or qualification of the Units upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issue of Units, the Units may not be issued in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. The issuance of Units to Participant Grantee pursuant to this Agreement is subject to any applicable taxes and other laws or regulations of the United States or of any state having jurisdiction thereof.

Payment of Phantom Units. (a) If and when the Phantom Units vest, the Partnership shall issue to the Participant Grantee one Unit for each vested Phantom Unit, subject to the ParticipantGrantee’s payment of tax withholding taxes, to the extent required, obligations as described below. Issuance of Units Distribution shall be made within 30 days after the vesting date, subject to the Participant’s payment of withholding taxes, to the extent required, as described below. (b) All distributions The Employer is authorized to withhold from any payment due or transfer made under this Agreement or from any compensation or other amount owing to the Grantee, including by payroll deduction, the amount (in cash, Units, other securities or other property as determined by the Committee) of any applicable taxes payable in respect to the Phantom Units, or any payment or transfer under this Agreement or the Plan and to take such other action as may be subject necessary in the opinion of the Employer to applicable federal (including FICA)satisfy its withholding obligations for the payment of such taxes, state and local tax withholding, all in accordance with Section 8(b) of the Plan. Unless the Committee determines otherwise, the Participant or other person entitled to payment under this Agreement shall be required to pay to Atlas the amount of any taxes that Atlas is required to withhold with respect to the Phantom Units. Atlas may also deduct from any compensation or other amounts owing to the Participant, including by payroll deduction or withholding of Units, the amount of any applicable taxes with respect to the Phantom Units. If the Committee determines that Units (including Units subject to the Phantom Units) may be used to satisfy tax withholding, such Units shall be valued based on their Fair Market Value at the time when the tax withholding is required to be made; provided, however, that not more than the legally required minimum tax withholding amount may be settled by Unit withholding. If Participant the Grantee fails to pay any required tax withholding amount in the manner specified by Atlas or its agent the Employer when the Phantom Units become taxable, after receiving written notice from Atlas or its agentthe Employer, Atlas the Employer is authorized to cancel such Phantom Units, in which case the Phantom Units shall be forfeited and shall not be paid to the Participant. (c) Grantee. The obligation of the Partnership to deliver Units shall also be subject to the condition that if at any time the Committee shall determine in its discretion that the listing, registration or qualification of the Units upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issue of Units, the Units may not be issued in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. The issuance of Units to Participant Grantee pursuant to this Agreement is subject to any applicable taxes and other laws or regulations of the United States or of any state having jurisdiction thereof.

Payment of Phantom Units. (a) If and when the Phantom Units vest, the Partnership shall issue to the Participant one Unit for each vested Phantom Unit, subject to the Participant’s payment of withholding taxes, to the extent required, as described below. Issuance of Units shall be made within 30 days after the vesting date, subject to the Participant’s payment of withholding taxes, to the extent required, as described below. (b) All distributions under this Agreement may be subject to applicable federal (including FICA), state and local tax withholding, in accordance with Section 8(b) of the Plan. Unless the Committee determines otherwise, the Participant or other person entitled to payment under this Agreement shall be required to pay to Atlas the amount of any taxes that Atlas is required to withhold with respect to the Phantom Units. Atlas may also deduct from any compensation or other amounts owing to the Participant, including by payroll deduction or withholding of Units, the amount of any applicable taxes with respect to the Phantom Units. If the Committee determines that Units may be used to satisfy tax withholding, such Units shall be valued based on their Fair Market Value at the time the tax withholding is required to be made; provided, however, that not more than the legally required minimum tax withholding amount may be settled by Unit withholding. If Participant Atlas fails to pay any required tax withholding amount in the manner specified by Atlas or its agent when the Phantom Units become taxable, after receiving written notice from Atlas or its agent, Atlas is authorized to cancel such Phantom Units, in which case the Phantom Units shall be forfeited and shall not be paid to the Participant. (c) The obligation of the Partnership to deliver Units shall also be subject to the condition that if at any time the Committee shall determine in its discretion that the listing, registration or qualification of the Units upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issue of Units, the Units may not be issued in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. The issuance of Units to Participant pursuant to this Agreement is subject to any applicable taxes and other laws or regulations of the United States or of any state having jurisdiction thereof.