Common use of Promise to Deliver Units Clause in Contracts

Promise to Deliver Units. The Company will issue and deliver to Recipient, subject to the conditions set forth in this Agreement, that number of Common Units of the Partnership identified above opposite the heading "Number of Common Units" (the "Units"). The Units, which will be issued by the Partnership subject to the conditions set forth herein, will be issued in the name of Recipient or a nominee of Recipient on the applicable Transfer Date (as identified and defined below in this Section 2) for each such Unit. Once a Unit has been transferred, the Unit will be freely transferable under this Agreement, subject only to such further limitations on transfer, if any, as may exist under the Partnership Agreement, applicable law or any other agreement binding upon Recipient. Provided Recipient's right to receive the Units has not already been forfeited pursuant to Section 4 and subject to any exceptions listed elsewhere herein, Recipient's rights to the Units shall vest in proportional amounts (with any number(s) not evenly divisible being allocated to the earliest tranche) on the applicable dates identified below (the "Transfer Dates"), and the Units will be transferred on, or no more than 10 days after, such Transfer Dates: Number of Units Transfer Date ______ Common Units (20% of the total number of Units) December 23, 2009 ______ Common Units (20% of the total number of Units) September 23, 2010 _____ Common Units (20% of the total number of Units) September 23, 2011 _____ Common Units (20% of the total number of Units) September 23, 2012 _____ Common Units (20% of the total number of Units) September 23, 2013

Appears in 2 contracts

Samples: Award Agreement (Quest Resource Corp), Award Agreement (Quest Energy Partners, L.P.)

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Promise to Deliver Units. The Company will issue and deliver to Recipient, subject to the conditions set forth in this Agreement, that number of Common Units of the Partnership identified above opposite the heading "Number of Common Units" (the "Units"). The Units, which will be issued by the Partnership subject to the conditions set forth herein, will be issued in the name of Recipient or a nominee of Recipient on the applicable Transfer Date (as identified and defined below in this Section 2) for each such Unit. Once a Unit has been transferred, the Unit will be freely transferable under this Agreement, subject only to such further limitations on transfer, if any, as may exist under the Partnership Agreement, applicable law or any other agreement binding upon Recipient. Provided Recipient's right to receive the Units has not already been forfeited pursuant to Section 4 and subject to any exceptions listed elsewhere herein, Recipient's rights to the Units shall vest in proportional amounts (with any number(s) not evenly divisible being allocated to the earliest tranche) on the applicable dates identified below (the "Transfer Dates"), and the Units will be transferred on, or no more than 10 days after, such Transfer Dates: Number of Units Transfer Date ______ Common Units (20% of the total number of Units) December 23, 2009 ______ Common Units (2025% of the total number of Units) September 23, 2010 _____ Common Units (2025% of the total number of Units) September 23, 2011 _____ Common Units (2025% of the total number of Units) September 23, 2012 _____ Common Units (2025% of the total number of Units) September 23, 2013

Appears in 2 contracts

Samples: Award Agreement (Quest Energy Partners, L.P.), Award Agreement (Quest Resource Corp)

Promise to Deliver Units. The Company will issue and deliver to Recipient, subject to the conditions set forth in this Agreement, that number of Common Units of the Partnership identified above opposite the heading "Number of Common Units" (the "Units"). The Units, which will be issued by the Partnership subject to the conditions set forth herein, will be issued in the name of Recipient or a nominee of Recipient on the applicable Transfer Date (as identified and defined below in this Section 21) for each such Unit. Once a Unit has been transferred, the Unit will be freely transferable under this Agreement, subject only to such further limitations on transfer, if any, as may exist under the Partnership Agreement, applicable law or any other agreement binding upon Recipient. Provided Recipient's right to receive the Units has not already been forfeited pursuant to Section 4 3 and subject to any exceptions listed elsewhere herein, Recipient's rights to the Units shall vest vest, and the Units will be transferred, in proportional amounts (with any number(s) not evenly divisible being allocated to the earliest tranche) ), on the applicable dates identified below (the "Transfer Dates"), and the Units will be transferred on, or no more than 10 days after, such Transfer Dates: ): Number of Units Transfer Date ______ Common Units (20% of the total number of Units) December 23, 2009 ______ Common Units (20% of the total number of Units) Earlier of (i) September 23, 2010 or (ii) a Liquidity Event _____ Common Units (20% of the total number of Units) Earlier of (i) September 23, 2011 or (ii) a Liquidity Event _____ Common Units (20% of the total number of Units) Earlier of (i) September 23, 2012 or (ii) a Liquidity Event _____ Common Units (20% of the total number of Units) Earlier of (i) September 23, 20132013 or (ii) a Liquidity Event

Appears in 1 contract

Samples: Restricted Unit Award Agreement (Quest Resource Corp)

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Promise to Deliver Units. The Company will issue and deliver to Recipient, subject to the conditions set forth in this Agreement, that number of Common Units of the Partnership identified above opposite the heading "Number of Common Units" (the "Units"). The Units, which will be issued by the Partnership subject to the conditions set forth herein, will be issued in the name of Recipient or a nominee of Recipient on the applicable Transfer Date (as identified and defined below in this Section 21) for each such Unit. Once a Unit has been transferred, the Unit will be freely transferable under this Agreement, subject only to such further limitations on transfer, if any, as may exist under the Partnership Agreement, applicable law or any other agreement binding upon Recipient. Provided Recipient's right to receive the Units has not already been forfeited pursuant to Section 4 3 and subject to any exceptions listed elsewhere herein, Recipient's rights to the Units shall vest vest, and the Units will be transferred, in proportional amounts (with any number(s) not evenly divisible being allocated to the earliest tranche) ), on the applicable dates identified below (the "Transfer Dates"), and the Units will be transferred on, or no more than 10 days after, such Transfer Dates: ): Number of Units Transfer Date ______ Common Units (2025% of the total number of Units) December Earlier of (i) September 23, 2009 _2010 or (ii) a Liquidity Event _____ Common Units (2025% of the total number of Units) Earlier of (i) September 23, 2010 2011 or (ii) a Liquidity Event _____ Common Units (2025% of the total number of Units) Earlier of (i) September 23, 2011 2012 or (ii) a Liquidity Event _____ Common Units (2025% of the total number of Units) September 23, 2012 _____ Common Units Earlier of (20% of the total number of Unitsi) September 23, 20132013 or (ii) a Liquidity Event

Appears in 1 contract

Samples: Restricted Unit Award Agreement (Quest Resource Corp)

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