Profits Interest Grant Sample Clauses

Profits Interest Grant. (a) On the Effective Date, the Executive shall be granted profits interests in the Company representing 1.0% of the future profits of the Company generated after the time of such grant. The profits interests shall vest as follows: (i) 1/3rd of the profits interests shall vest on the first anniversary of the Effective Date; (ii) 1/3rd of the profits interests shall vest on the second anniversary of the Effective Date; and (iii) 1/3rd of the profits interests shall vest on third anniversary of the Effective Date, subject to the Executive’s continued employment by the Company on each such vesting date. All vesting of the profits interests shall cease immediately upon the termination of the Executive’s employment by either party for any reason, and the unvested portion of the profits interests will be automatically canceled without consideration and forfeited on the Termination Date.

Profits Interest Grant. Executive acknowledges the Executive received an equity award in the form of a Profits Interest granted under the terms of the Xxxxx Group Holdings, LLC Class C Management Incentive Plan (“MIP”) and award agreement. From the management pool, the Executive received an interest equal to .20% of the value of the Company above the base value at February 1, 2016, subject to both time and performance-based vesting under the terms of the Award Agreement and Plan document.

Profits Interest Grant. Within thirty (30) days following the Effective Date, Employee shall be awarded a profits-only membership interest in D&C representing 0.25% of the outstanding membership interests in D&C (the “Profits Interest Grant”), subject to the terms and conditions of a profits-only interest grant agreement to be entered into at the time of grant and any other agreement(s) required to be entered into pursuant thereto (the “Profits Interest Grant Agreement”). Subject to the terms of the Profits Interest Grant Agreement, the Profits Interest Grant shall vest on the third anniversary of the Effective Date; provided, that Employee remains employed by Deerfield or an Affiliate of Deerfield on the day prior to such third anniversary. (e)

Profits Interest Grant. As soon as practicable after the Effective Date, the Executive will be granted incentive units in the Company which are intended to qualify as a safe harbor profits interest under Internal Revenue Procedures 93-27 and 2001-43 (“Profits Interest Units”). The Company and the Executive will enter into a Profits Interest Units Agreement reflecting the terms set forth in this Section 7 and other terms and conditions not inconsistent herewith:

Profits Interest Grant. Within thirty (30) days following the Effective Date, Employee shall be awarded a profits-only membership interest in D&C representing 1.5% of the outstanding membership interests in D&C (the “Profits Interest Grant”), subject to the terms and conditions of a profits-only interest grant agreement to be entered into at the time of grant and any other agreement(s) required to be entered into pursuant thereto (the “Profits Interest Grant Agreement”). Subject to the terms of the Profits Interest Grant Agreement, the Profits Interest Grant shall vest as to one-third of the Profits Interest Grant on each of the third, fourth and fifth anniversaries of the Effective Date; provided, that Employee remains employed by Deerfield or an Affiliate of Deerfield on the day prior to each such anniversary, as applicable.