Treatment of Value Units upon Death and Disability of a Management Member. In the event that a Management Member ceases to provide services to the Company or one of its Subsidiaries due to such Member’s death or Disability, a percentage (determined in accordance with the following schedule) of the Value Units issued to such Inactive Management Member shall not be subject to forfeiture pursuant to Section 7.2(a)(ii): 16 Percentage of such Inactive Management Member’s Value Units Not Subject to Forfeiture Pursuant to Section If death or Disability occurs 7.2(a)(ii) Before the second anniversary of the Issuance Date of such Inactive Management Member’s Value Units 0 % On or after the second anniversary, but before the third anniversary, of the Issuance Date of such Inactive Management Member’s Value Units 25 % On or after the third anniversary, but before the fourth anniversary, of the Issuance Date of such Inactive Management Member’s Value Units 50 % On or after the fourth anniversary, but before the fifth anniversary, of the Issuance Date of such Inactive Management Member’s Value Units 75 % On or after the fifth anniversary of the Issuance Date of such Inactive Management Member’s Value Units 100 %
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Samples: Limited Liability Company Agreement (CVR Energy Inc), Limited Liability Company Agreement (CVR Energy Inc)
Treatment of Value Units upon Death and Disability of a Management Member. In the event that a Management Member ceases to provide services to the Company or one of its Subsidiaries due to such Member’s death or Disability, a percentage (determined in accordance with the following schedule) of the Value Units issued to such Inactive Management Member shall not be subject to forfeiture pursuant to Section 7.2(a)(ii): 16 Percentage of such Inactive Management Member’s Value Units Not Subject to Forfeiture Pursuant to Section If death or Disability occurs 7.2(a)(ii) Before the second anniversary of the Issuance Date grant of such Inactive Management Member’s Value Units 0 % On or after the second anniversary, but before the third anniversary, of the Issuance Date grant of such Inactive Management Member’s Value Units 25 % On or after the third anniversary, but before the fourth anniversary, of the Issuance Date grant of such Inactive Management Member’s Value Units 50 % On or after the fourth anniversary, but before the fifth anniversary, of the Issuance Date grant of such Inactive Management Member’s Value Units 75 % On or after the fifth anniversary of the Issuance Date grant of such Inactive Management Member’s Value Units 100 %
Appears in 1 contract
Samples: Limited Liability Company Agreement (CVR Energy Inc)
Treatment of Value Units upon Death and Disability of a Management Member. In the event that a Management Member ceases to provide services to the Company or one of its Subsidiaries due to such Member’s death or Disability, a percentage (determined in accordance with the following schedule) of the Value Units issued to such Inactive Management Member shall not be subject to forfeiture pursuant to Section 7.2(a)(ii): 16 Percentage of such Inactive Management Member’s Value Units Not Subject to Forfeiture Pursuant to Section If death or Disability occurs Pursuant to Section 7.2(a)(ii) Before the second anniversary of the Issuance Date grant of such 0% Inactive Management Member’s Value Units 0 % On or after the second anniversary, but before the third 25% anniversary, of the Issuance Date grant of such Inactive Management Member’s Value Units 25 % On or after the third anniversary, but before the fourth 50% anniversary, of the Issuance Date grant of such Inactive Management Member’s Value Units 50 % On or after the fourth anniversary, but before the fifth 75% anniversary, of the Issuance Date grant of such Inactive Management Member’s Value Units 75 % On or after the fifth anniversary of the Issuance Date grant of such 100% Inactive Management Member’s Value Units 100 %Units
Appears in 1 contract
Samples: Limited Liability Company Agreement (CVR Energy Inc)
Treatment of Value Units upon Death and Disability of a Management Member. In the event that a Management Member ceases to provide services to the Company or one of its Subsidiaries due to such Member’s death or Disability, a percentage (determined in accordance with the following schedule) of the Value Units issued to such Inactive Management Member shall not be subject to forfeiture pursuant to Section 7.2(a)(ii): 16 Percentage of such Inactive Management Member’s Value Units Not Subject to Forfeiture Pursuant to Section If death or Disability occurs Pursuant to Section 7.2(a)(ii) Before the second anniversary of the Issuance Date of such Inactive Management Member’s Value Units 0 0% On or after the second anniversary, but before the third anniversary, of the Issuance Date of such Inactive Management Member’s Value Units 25 25% On or after the third anniversary, but before the fourth anniversary, of the Issuance Date of such Inactive Management Member’s Value Units 50 50% On or after the fourth anniversary, but before the fifth anniversary, of the Issuance Date of such Inactive Management Member’s Value Units 75 75% On or after the fifth anniversary of the Issuance Date of such Inactive Management Member’s Value Units 100 100%
Appears in 1 contract
Samples: Limited Liability Company Agreement (CVR Energy Inc)
Treatment of Value Units upon Death and Disability of a Management Member. In the event that a Management Member ceases to provide services to the Company or one of its Subsidiaries due to such Member’s death or Disability, a percentage (determined in accordance with the following schedule) of the Value Units issued to such Inactive Management Member shall not be subject to forfeiture pursuant to Section 7.2(a)(ii): 16 Percentage of such Inactive Management Member’s Value Units Not Subject to Forfeiture Pursuant to Section If death or Disability occurs 7.2(a)(ii) Before the second anniversary of the Issuance Date grant of such Inactive Management Member’s Value Units 0 % On or after the second anniversary, but before the third anniversary, of the Issuance Date grant of such Inactive Management Member’s Value Units 25 % On or after the third anniversary, but before the fourth anniversary, of the Issuance Date grant of such Inactive Management Member’s Value Units 50 % On or after the fourth anniversary, but before the fifth anniversary, of the Issuance Date grant of such Inactive Management Member’s Value Units 75 % On or after the fifth anniversary of the Issuance Date grant of such Inactive Management Member’s Value Units 100 %
Appears in 1 contract
Samples: Limited Liability Company Agreement (CVR Energy Inc)