Unit Option Plan. Executive shall be entitled to participate in the Unit Option Plan adopted by the Partnership on the terms and conditions set forth therein.
Unit Option Plan. The Partnership was expressly authorized hereby to adopt a Non-Qualified Unit Option Plan (the “Unit Option Plan”) pursuant to which options to acquire Class A Common Limited Partnership Units were granted to employees of the Partnership. The Unit Option Plan was merged into the Initial General Partner’s Stock Option Plan and the merged plan became the Amended and Restated Incentive Award Plan of the Initial General Partner. If options to acquire Units of Limited Partnership granted in connection with the Unit Option Plan become properly exercised:
Unit Option Plan. The Partnership was expressly authorized hereby to adopt a Non-Qualified Unit Option Plan (the “Unit Option Plan”) pursuant to which options to acquire Class A Common Limited Partnership Units were granted to employees of the Partnership. The Unit Option Plan was merged into TFOC Inc.’s Stock Option Plan and the merged plan became the Amended and Restated Incentive Award Plan of TFOC Inc. If options to acquire Units of Limited Partnership granted in connection with the Unit Option Plan become properly exercised:
Unit Option Plan. The Members acknowledge that, in connection with the execution of this Agreement, the Board will adopt an option, Membership Unit purchase or similar plan or arrangement for the benefit of employees, consultants or members of the Board of the Company or its Subsidiaries (the "Option Plan"). The Option Plan will provide for not less than 12,549,655 Common Membership Units to be available for issuance, subject to increase from time to time by action of the Board. In connection with, and subject to the terms of, the Option Plan, the Board is empowered to cause the Company to sell or grant from time to time to Members or any other Persons, including, without limitation, employees and members of the Board, Common Membership Units in the Company in such amounts, with such terms and conditions and in such manner (including, without limitation, restricted Common Membership Unit grants or other option or incentive programs) (collectively, the "Option Units") as permitted by the Option Plan in exchange for cash, services performed or to be performed for or on behalf of the Company, or any of its Affiliates, in-kind contributions of property to the Company or such other consideration as may be deemed advisable by the Board from time to time, and to admit the holders thereof as additional Members, all upon such terms and subject to such conditions as may be determined by the Board from time to time and as permitted by the Option Plan. On or prior to the admission of any additional Member hereunder, the additional Member shall, as a condition to the issuance of Option Units to such Member, execute and deliver to the Company a Joinder Agreement to this Agreement, substantially in the form of Exhibit A hereto (the "Joinder Agreement"). Upon such execution and delivery, Schedule B hereto shall be deemed to be amended to include the name of such additional Member without the need for a formal amendment of this Agreement and such individual shall be deemed to be a Member for purposes of this Agreement. ARTICLE IV.
Unit Option Plan. The Partnership is expressly authorized hereby to adopt a Non-Qualified Unit Option Plan (the "Unit Option Plan"), substantially in the form of Exhibit D hereto, that may grant to employees of the Partnership options to acquire Class A Common Limited Partnership Units. The number of Partnership Units authorized to be issued under the Unit Option Plan was limited initially to 600,000 Partnership Units. By an amendment to the Unit Option Plan dated January 6, 1998, the number of Partnership Units authorized to be issued under the Unit Option Plan has been increased to 1,750,000 Partnership Units. If at any time or from time to time options to acquire Units of Limited Partnership granted in connection with the Unit Option Plan are properly exercised:
Unit Option Plan. The Unit Option Plan under our Long-Term Incentive Plan currently permits the grant of options covering common units. No grants have been made under the Unit Option Plan to date. However, the Compensation Committee may, in the future, make grants under the plan to employees and directors containing such terms as the committee shall determine, provided that unit options have an exercise price equal to the fair market value of the units on the date of grant. Unit options granted during the subordination period will become exercisable automatically upon, and in the same proportions as, the conversion of the subordinated units to common units, unless a later vesting date is provided. Upon exercise of a unit option, our general partner may deliver common units acquired by it in the open market, or in private transactions, or use common units already owned by our general partner, or any combination of the foregoing. In addition, we may issue up to 975,000 common units to satisfy delivery obligations under the grants less any common units issued upon vesting of restricted units under the plan. Our general partner will be entitled to reimbursement by us for the difference between the cost incurred by our general partner in acquiring such common units and the proceeds received by our general partner from an optionee at the time of exercise. Thus, the cost of the unit options will be borne by us. If we issue new common units upon exercise of the unit options, the total number of common units outstanding will increase, and our general partner will remit to us the proceeds received by it from the optionee upon exercise of the unit option. Certain employees and officers of the general partner have received grants of equity not associated with the Long-Term Incentive Plan described above, and for which we have no cost or reimbursement obligations (see Note 12).
