Unvested Common Units. To the extent that any distribution, other than a Tax Distribution, is to be made to a Member in respect of any Unvested Common Unit, such distribution shall be set aside for such Member to be distributed to such Member at the time that such Unit ceases to be an Unvested Common Unit. To the extent that such Unvested Common Unit shall be forfeited by or repurchased from such Member without having ceased to be an Unvested Common Unit, such distribution shall revert to the Company.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Planet Fitness, Inc.), Limited Liability Company Agreement (Habit Restaurants, Inc.), Limited Liability Company Agreement (Habit Restaurants, Inc.)
Unvested Common Units. To the extent that any distributiondistributable amount, other than a Tax Distribution, is to be made to a Member in respect of any Unvested Common Unit, such distribution shall be set aside for such Member to be distributed to such Member at the time that such Unit ceases to be an Unvested Common Unitvests in accordance with Section 3.3 of this Agreement. To the extent that such Unvested Common Unit shall be forfeited by or repurchased from such Member without having ceased to be an Unvested Common Unit, such distribution distributable amount shall revert to the Company.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Norcraft Companies, Inc.), Limited Liability Company Agreement (Norcraft Companies, Inc.)
