Common use of TUR Clause in Contracts

TUR. For purposes of this Agreement, “TUR” means, as applicable, the Partnership’s or a member of the Peer Group’s total unitholder return for the each of the discrete one calendar year periods within the Performance Period calculated based on the change in the trading price of the applicable units over the Performance Period and assuming the reinvestment of all distributions paid on units during such period, all as determined by the Committee in its discretion; provided, however, that (A) except as set forth in clause (B) below, for purposes of calculating the Partnership’s TUR for any Performance Period, the initial unit price and the final unit price, as applicable, as of any given date shall be equal to the Fair Market Value (as defined in the Plan) as of such date, and (B) for purposes of calculating the Partnership’s TUR for any Performance Period that commences with the date of the closing of the initial public offering of Units, the initial unit price shall be equal to the initial public offering price of a Unit.

Appears in 2 contracts

Samples: Performance Phantom Unit Agreement (Tesoro Logistics Lp), Performance Phantom Unit Agreement (Tesoro Logistics Lp)

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TUR. For purposes of this Agreement, “TUR” means, as applicable, the Partnership’s or a member of the Peer Group’s total unitholder return for the each of the discrete one calendar year periods within the applicable Performance Period calculated based on the change in the trading price of the applicable units over the Performance Period and assuming the reinvestment of all distributions paid on units during such period, all as determined by the Committee in its discretion; provided, however, that (A) except as set forth in clause (B) below, for purposes of calculating the Partnership’s TUR for any Performance Period, the initial unit price and the final unit price, as applicable, as of any given date shall be equal to the Fair Market Value (as defined in the Plan) as of such date, and (B) for purposes of calculating the Partnership’s TUR for any Performance Period that commences with the date of the closing of the initial public offering of Units, the initial unit price shall be equal to the initial public offering price of a Unit.

Appears in 2 contracts

Samples: Performance Phantom Unit Agreement (Andeavor Logistics Lp), Performance Phantom Unit Agreement (Tesoro Logistics Lp)

TUR. For purposes of this Agreement, “TUR” means, as applicable, the Partnership’s 's or a member of the Peer Group’s 's total unitholder return for the each of the discrete one calendar year periods within the applicable Performance Period calculated based on the change in the trading price of the applicable units over the Performance Period and assuming the reinvestment of all distributions paid on units during such period, all as determined by the Committee in its discretion; provided, however, that (A) except as set forth in clause (B) below, for purposes of calculating the Partnership’s 's TUR for any Performance Period, the initial unit price and the final unit price, as applicable, as of any given date shall be equal to the Fair Market Value (as defined in the Plan) as of such date, and (B) for purposes of calculating the Partnership’s 's TUR for any Performance Period that commences with the date of the closing of the initial public offering of Units, the initial unit price shall be equal to the initial public offering price of a Unit.

Appears in 1 contract

Samples: Performance Phantom Unit Agreement (Tesoro Logistics Lp)

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TUR. For purposes of this Agreement, “TUR” means, as applicable, the Partnership’s 's or a member of the Peer Group’s 's total unitholder return for the each of the discrete one calendar year periods within the Performance Period calculated based on the change in the trading price of the applicable units over the Performance Period and assuming the reinvestment of all distributions paid on units during such period, all as determined by the Committee in its discretion; provided, however, that (A) except as set forth in clause (B) below, for purposes of calculating the Partnership’s 's TUR for any Performance Period, the initial unit price and the final unit price, as applicable, as of any given date shall be equal to the Fair Market Value (as defined in the Plan) as of such date, and (B) for purposes of calculating the Partnership’s 's TUR for any Performance Period that commences with the date of the closing of the initial public offering of Units, the initial unit price shall be equal to the initial public offering price of a Unit.

Appears in 1 contract

Samples: Phantom Unit Agreement (Tesoro Logistics Lp)

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