Common use of Vesting of Award LTIP Units Clause in Contracts

Vesting of Award LTIP Units. The LTIP Units are subject to time-based vesting and performance-based vesting over a period of five years as follows: (a) Subject to Section 4(c) and Section 5, with respect to fifty percent (50%) of the LTIP Units (the “Absolute Component LTIP Units”), vesting shall occur as follows: (i) twenty-five percent (25%) of the Absolute Component LTIP Units shall vest if the Company’s Absolute TSR Performance during the Measurement Period equals or exceeds twenty-one percent (21%). (ii) sixty-two and one-half percent (62.5%) of the Absolute Component LTIP Units shall vest if the Company’s Absolute TSR Performance during the Measurement Period equals or exceeds thirty-five and one-half percent (35.5%). (iii) one hundred percent (100%) of the Absolute Component LTIP Units shall vest if the Company’s Absolute TSR Performance during the Measurement Period equals or exceeds fifty percent (50%). (iv) For Absolute TSR Performance less than twenty-one percent (21%), no Absolute Component LTIP Units shall vest. For Absolute TSR Performance at or above twenty-one percent (21%) and less than one hundred percent (100%), vesting of Absolute Component LTIP Units shall be calculated by linear interpolation utilizing computer-based, spreadsheet formula. (b) Subject to Section 4(c) and Section 5, with respect to fifty percent (50%) of the LTIP Units (the “Relative Component LTIP Units”), vesting shall occur as follows: (i) twenty-five percent (25%) of the Relative Component LTIP Units shall vest if the Company’s Relative TSR Performance equals or exceeds the 45th percentile of the TSR of the Index Companies during the Measurement Period. (ii) sixty-two and one-half percent (62.5%) of the Relative Component LTIP Units shall vest if the Company’s Relative TSR Performance during the Measurement Period equals or exceeds the 60th percentile of the TSR of the Index Companies during the Measurement Period. (iii) one hundred percent (100%) of the Absolute Component LTIP Units shall vest if the Company’s Relative TSR Performance during the Measurement Period equals or exceeds the 75th percentile of the TSR of the Index Companies during the Measurement Period. (iv) For Relative TSR Performance less than the 45th percentile, no Relative Component LTIP Units shall vest. For Relative TSR Performance at or above the 45th percentile and less than the 75th percentile, vesting of Relative Component LTIP Units shall be calculated by linear interpolation utilizing computer-based, spreadsheet formula. (c) Notwithstanding that any of the Award LTIP Units may have vested based on performance as provided in Section 4(a) or Section 4(b), subject to Section 5, the Award LTIP Units shall only become vested in the following amounts and at the following times, provided that the Continuous Service of the Grantee continues through and on the applicable vesting date or the accelerated vesting date provided in Section 5, as applicable: (i) fifty percent (50%) of the Total LTIP Unit Equivalent shall become vested on March 7, 2019; (ii) twenty-five percent (25%) of the Total LITP Unit Equivalent shall become vested on March 7, 2020; and (iii) twenty-five percent (25%) of the Total LTIP Unit Equivalent shall become vested on March 7, 2021. (d) Any Award LTIP Units that do not become vested pursuant to Section 4 or Section 5 shall, without payment of any consideration by the Partnership other than as provided in the last sentence of Section 5, automatically and without notice or further action by the Company or its Affiliates be forfeited and be and become null and void, and neither the Grantee nor any of his successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such unvested Award LTIP Units. (e) To the extent that Schedule A provides for amounts or schedules of vesting that conflict with the provisions of Section 4 and Section 5, the provisions of Schedule A will be controlling and determinative.

Vesting of Award LTIP Units. The LTIP Units are subject to time-based vesting and performance-based vesting over a period of five years as follows: (a) Subject to Section 4(c) and Section 5, with respect to fifty percent (50%) of the LTIP Units (the “Absolute Component LTIP Units”), vesting based on performance shall occur as follows: (i) twenty-five percent (25%) of the Absolute Component LTIP Units shall vest if the Company’s Absolute TSR Performance during the Measurement Period equals or exceeds twenty-one eighteen percent (2118%). (ii) sixty-two and one-half percent (62.5%) of the Absolute Component LTIP Units (the “Target Absolute Performance Amount”) shall vest if the Company’s Absolute TSR Performance during the Measurement Period equals or exceeds thirtytwenty-five and one-half seven percent (35.527%). (iii) one hundred percent (100%) of the Absolute Component LTIP Units shall vest if the Company’s Absolute TSR Performance during the Measurement Period equals or exceeds fifty thirty-six percent (5036%). (iv) For Absolute TSR Performance less than twenty-one eighteen percent (2118%), no Absolute Component LTIP Units shall vest. For Absolute TSR Performance at or above twenty-one eighteen percent (2118%) and less than one hundred percent (100%), vesting of Absolute Component LTIP Units shall be calculated by linear interpolation utilizing computer-based, spreadsheet formula. (b) Subject to Section 4(c) and Section 5, with respect to fifty percent (50%) of the LTIP Units (the “Relative Component LTIP Units”), vesting based on performance shall occur as follows: (i) twenty-five percent (25%) of the Relative Component LTIP Units shall vest if the Company’s Relative TSR Performance equals or exceeds the 45th 35th percentile of the TSR of the Index Relative TSR Companies during the Measurement Period. (ii) sixty-two and one-half percent (62.5%) of the Relative Component LTIP Units (the “Target Relative Performance Amount”) shall vest if the Company’s Relative TSR Performance during the Measurement Period equals or exceeds the 60th 55th percentile of the TSR of the Index Relative TSR Companies during the Measurement Period. (iii) one hundred percent (100%) of the Absolute Component LTIP Units shall vest if the Company’s Relative TSR Performance during the Measurement Period equals or exceeds the 75th percentile of the TSR of the Index Relative TSR Companies during the Measurement Period. (iv) For Relative TSR Performance less than the 45th 35th percentile, no Relative Component LTIP Units shall vest. For Relative TSR Performance at or above the 45th 35th percentile and less than the 75th percentile, vesting of Relative Component LTIP Units shall be calculated by linear interpolation utilizing computer-based, spreadsheet formula. (c) Notwithstanding that any of the Award LTIP Units may have vested based on performance as provided in Section 4(a) or Section 4(b), subject to Section 5, the Award LTIP Units shall only become vested in the following amounts and at the following times, provided that the Continuous Service of the Grantee continues through and on the applicable vesting date or the accelerated vesting date provided in Section 5, as applicable: (i) fifty percent (50%) of the Total LTIP Unit Equivalent shall become vested on March 723, 20192023; (ii) twenty-five percent (25%) of the Total LITP Unit Equivalent shall become vested on March 723, 20202024; and (iii) twenty-five percent (25%) of the Total LTIP Unit Equivalent shall become vested on March 723, 20212025. (d) Any Award LTIP Units that do not become vested pursuant to Section 4 or Section 5 shall, without payment of any consideration by the Partnership other than as provided in the last sentence of Section 5, automatically and without notice or further action by the Company or its Affiliates be forfeited and be and become null and void, and neither the Grantee nor any of his successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such unvested Award LTIP Units. (e) To the extent that Schedule A provides for amounts or schedules of vesting that conflict with the provisions of Section 4 and Section 5, the provisions of Schedule A will be controlling and determinative.

Vesting of Award LTIP Units. The LTIP Units are subject to time-based vesting and performance-based vesting over a period of five years as follows: (a) Subject to Section 4(c) and Section 5, with respect to fifty percent (50%) of the LTIP Units (the “Absolute Component LTIP Units”), vesting shall occur as follows: (i) twenty-five percent (25%) of the Absolute Component LTIP Units shall vest if the Company’s Absolute TSR Performance during the Measurement Period equals or exceeds twenty-one eighteen percent (2118%). (ii) sixty-two and one-half percent (62.5%) of the Absolute Component LTIP Units shall vest if the Company’s Absolute TSR Performance during the Measurement Period equals or exceeds thirtytwenty-five and one-half seven percent (35.527%). (iii) one hundred percent (100%) of the Absolute Component LTIP Units shall vest if the Company’s Absolute TSR Performance during the Measurement Period equals or exceeds fifty thirty-six percent (5036%). (iv) For Absolute TSR Performance less than twenty-one eighteen percent (2118%), no Absolute Component LTIP Units shall vest. For Absolute TSR Performance at or above twenty-one eighteen percent (2118%) and less than one hundred percent (100%), vesting of Absolute Component LTIP Units shall be calculated by linear interpolation utilizing computer-based, spreadsheet formula. (b) Subject to Section 4(c) and Section 5, with respect to fifty percent (50%) of the LTIP Units (the “Relative Component LTIP Units”), vesting shall occur as follows: (i) twenty-five percent (25%) of the Relative Component LTIP Units shall vest if the Company’s Relative TSR Performance equals or exceeds the 45th 35th percentile of the TSR of the Index Companies during the Measurement Period. (ii) sixty-two and one-half percent (62.5%) of the Relative Component LTIP Units shall vest if the Company’s Relative TSR Performance during the Measurement Period equals or exceeds the 60th 55th percentile of the TSR of the Index Companies during the Measurement Period. (iii) one hundred percent (100%) of the Absolute Component LTIP Units shall vest if the Company’s Relative TSR Performance during the Measurement Period equals or exceeds the 75th percentile of the TSR of the Index Companies during the Measurement Period. (iv) For Relative TSR Performance less than the 45th 35th percentile, no Relative Component LTIP Units shall vest. For Relative TSR Performance at or above the 45th 35th percentile and less than the 75th percentile, vesting of Relative Component LTIP Units shall be calculated by linear interpolation utilizing computer-based, spreadsheet formula. (c) Notwithstanding that any of the Award LTIP Units may have vested based on performance as provided in Section 4(a) or Section 4(b), subject to Section 5, the Award LTIP Units shall only become vested in the following amounts and at the following times, provided that the Continuous Service of the Grantee continues through and on the applicable vesting date or the accelerated vesting date provided in Section 5, as applicable: (i) fifty percent (50%) of the Total LTIP Unit Equivalent shall become vested on March 7April 3, 20192020; (ii) twenty-five percent (25%) of the Total LITP Unit Equivalent shall become vested on March 7April 3, 20202021; and (iii) twenty-five percent (25%) of the Total LTIP Unit Equivalent shall become vested on March 7April 3, 20212022. (d) Any Award LTIP Units that do not become vested pursuant to Section 4 or Section 5 shall, without payment of any consideration by the Partnership other than as provided in the last sentence of Section 5, automatically and without notice or further action by the Company or its Affiliates be forfeited and be and become null and void, and neither the Grantee nor any of his successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such unvested Award LTIP Units. (e) To the extent that Schedule A provides for amounts or schedules of vesting that conflict with the provisions of Section 4 and Section 5, the provisions of Schedule A will be controlling and determinative.

Vesting of Award LTIP Units. The LTIP Units are subject to time-based vesting and performance-based vesting over a period of five years as follows: (a) Subject to Section 4(c4(b) and Section 5, with respect to fifty percent (50%) the vesting of the LTIP Units (the “Absolute Component LTIP Units”), vesting based on performance shall occur as follows: (i) twenty-five percent (25%) of the Absolute Component LTIP Units shall vest if the Company’s Absolute TSR Performance Sales Volume during the Measurement Period equals or exceeds twenty-one percent (21%)$500 million. (ii) sixty-two and one-half fifty percent (62.550%) of the Absolute Component LTIP Units shall vest if the Company’s Absolute TSR Performance Sales Volume during the Measurement Period equals or exceeds thirty-five and one-half percent (35.5%)$700 million. (iii) one hundred percent (100%) of the Absolute Component LTIP Units shall vest if the Company’s Absolute TSR Performance Sales Volume during the Measurement Period equals or exceeds fifty percent (50%)$900 million. (iv) For Absolute TSR Performance Sales Volume less than twenty-one percent (21%)$500 million, no Absolute Component LTIP Units shall vest. For Absolute TSR Performance at or Sales Volume above twenty-one percent (21%) $500 million and less than one hundred percent (100%)$700 million, and for Sales Volume above $700 million and less than $900 million, vesting of Absolute Component LTIP Units shall be calculated by linear interpolation utilizing computer-based, spreadsheet formulainterpolation. (b) Subject to Section 4(c) and Section 5, with respect to fifty percent (50%) of the LTIP Units (the “Relative Component LTIP Units”), vesting shall occur as follows: (i) twenty-five percent (25%) of the Relative Component LTIP Units shall vest if the Company’s Relative TSR Performance equals or exceeds the 45th percentile of the TSR of the Index Companies during the Measurement Period. (ii) sixty-two and one-half percent (62.5%) of the Relative Component LTIP Units shall vest if the Company’s Relative TSR Performance during the Measurement Period equals or exceeds the 60th percentile of the TSR of the Index Companies during the Measurement Period. (iii) one hundred percent (100%) of the Absolute Component LTIP Units shall vest if the Company’s Relative TSR Performance during the Measurement Period equals or exceeds the 75th percentile of the TSR of the Index Companies during the Measurement Period. (iv) For Relative TSR Performance less than the 45th percentile, no Relative Component LTIP Units shall vest. For Relative TSR Performance at or above the 45th percentile and less than the 75th percentile, vesting of Relative Component LTIP Units shall be calculated by linear interpolation utilizing computer-based, spreadsheet formula. (c) Notwithstanding that any of the Award LTIP Units may have vested based on performance as provided in Section 4(a) or Section 4(b), subject to Section 5, the Award LTIP Units shall only become vested in the following amounts and at the following times, provided that the Continuous Service of the Grantee continues through and on the applicable vesting date or the accelerated vesting date provided in Section 5, as applicable: (i) fifty percent (50%) of the Total LTIP Unit Equivalent shall become vested on March 7, 2019; (ii) twenty-five percent (25%) of the Total LITP Unit Equivalent shall become vested on March 7, 2020; and (iii) twenty-five percent (25%) of the Total LTIP Unit Equivalent shall become vested on March 7, 2021. (d) Any Award LTIP Units that do not become vested pursuant to Section 4 4(a) or Section 5 shall, without payment of any consideration by the Partnership other than as provided in the last sentence of Section 5, automatically and without notice or further action by the Company or its Affiliates be forfeited and be and become null and void, and neither the Grantee nor any of his successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such unvested Award LTIP Units. (ec) To Notwithstanding that any of the extent that Schedule A provides for amounts or schedules of vesting that conflict with the provisions of Award LTIP Units may have vested based on performance as provided in Section 4 and 4(a), subject to Section 5, the provisions Award LTIP Units shall only become vested on the last day of Schedule A will be controlling the Measurement Period, provided that the Continuous Service of the Grantee continues through and determinativeon the applicable vesting date or the accelerated vesting date provided in Section 5, as applicable.

Vesting of Award LTIP Units. The LTIP Units are subject to time-based vesting and performance-based vesting over a period of five years as follows: (a) Subject to Section 4(c) and Section 5, with respect to fifty percent (50%) of the LTIP Units (the “Absolute Component LTIP Units”), vesting shall occur as follows: (i) twenty-five percent (25%) of the Absolute Component LTIP Units shall vest if the Company’s Absolute TSR Performance during the Measurement Period equals or exceeds twenty-one eighteen percent (2118%). (ii) sixty-two and one-half percent (62.5%) of the Absolute Component LTIP Units shall vest if the Company’s Absolute TSR Performance during the Measurement Period equals or exceeds thirtytwenty-five and one-half seven percent (35.527%). (iii) one hundred percent (100%) of the Absolute Component LTIP Units shall vest if the Company’s Absolute TSR Performance during the Measurement Period equals or exceeds fifty thirty-six percent (5036%). (iv) For Absolute TSR Performance less than twenty-one eighteen percent (2118%), no Absolute Component LTIP Units shall vest. For Absolute TSR Performance at or above twenty-one eighteen percent (2118%) and less than one hundred percent (100%), vesting of Absolute Component LTIP Units shall be calculated by linear interpolation utilizing computer-based, spreadsheet formula. (b) Subject to Section 4(c) and Section 5, with respect to fifty percent (50%) of the LTIP Units (the “Relative Component LTIP Units”), vesting shall occur as follows: (i) twenty-five percent (25%) of the Relative Component LTIP Units shall vest if the Company’s Relative TSR Performance equals or exceeds the 45th 35th percentile of the TSR of the Index Companies during the Measurement Period. (ii) sixty-two and one-half percent (62.5%) of the Relative Component LTIP Units shall vest if the Company’s Relative TSR Performance during the Measurement Period equals or exceeds the 60th 55th percentile of the TSR of the Index Companies during the Measurement Period. (iii) one hundred percent (100%) of the Absolute Component LTIP Units shall vest if the Company’s Relative TSR Performance during the Measurement Period equals or exceeds the 75th percentile of the TSR of the Index Companies during the Measurement Period. (iv) For Relative TSR Performance less than the 45th 35th percentile, no Relative Component LTIP Units shall vest. For Relative TSR Performance at or above the 45th 35th percentile and less than the 75th percentile, vesting of Relative Component LTIP Units shall be calculated by linear interpolation utilizing computer-based, spreadsheet formula. (c) Notwithstanding that any of the Award LTIP Units may have vested based on performance as provided in Section 4(a) or Section 4(b), subject to Section 5, the Award LTIP Units shall only become vested in the following amounts and at the following times, provided that the Continuous Service of the Grantee continues through and on the applicable vesting date or the accelerated vesting date provided in Section 5, as applicable: (i) fifty percent (50%) of the Total LTIP Unit Equivalent shall become vested on March 721, 20192022; (ii) twenty-five percent (25%) of the Total LITP Unit Equivalent shall become vested on March 721, 20202023; and (iii) twenty-five percent (25%) of the Total LTIP Unit Equivalent shall become vested on March 721, 20212024. (d) Any Award LTIP Units that do not become vested pursuant to Section 4 or Section 5 shall, without payment of any consideration by the Partnership other than as provided in the last sentence of Section 5, automatically and without notice or further action by the Company or its Affiliates be forfeited and be and become null and void, and neither the Grantee nor any of his successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such unvested Award LTIP Units. (e) To the extent that Schedule A provides for amounts or schedules of vesting that conflict with the provisions of Section 4 and Section 5, the provisions of Schedule A will be controlling and determinative.

Vesting of Award LTIP Units. The LTIP Units are subject to time-based vesting and performance-based vesting over a period of five years as follows: (a) Subject to Section 4(c) and Section 5, with respect to fifty percent (50%) of the LTIP Units (the “Absolute Component LTIP Units”), vesting shall occur as follows: (i) twenty-five percent (25%) of the Absolute Component LTIP Units shall vest if the Company’s Absolute TSR Performance during the Measurement Period equals or exceeds twenty-one eighteen percent (2118%). (ii) sixty-two and one-half percent (62.5%) of the Absolute Component LTIP Units shall vest if the Company’s Absolute TSR Performance during the Measurement Period equals or exceeds thirtytwenty-five and one-half seven percent (35.527%). (iii) one hundred percent (100%) of the Absolute Component LTIP Units shall vest if the Company’s Absolute TSR Performance during the Measurement Period equals or exceeds fifty thirty-six percent (5036%). (iv) For Absolute TSR Performance less than twenty-one eighteen percent (2118%), no Absolute Component LTIP Units shall vest. For Absolute TSR Performance at or above twenty-one eighteen percent (2118%) and less than one hundred percent (100%), vesting of Absolute Component LTIP Units shall be calculated by linear interpolation utilizing computer-based, spreadsheet formula. (b) Subject to Section 4(c) and Section 5, with respect to fifty percent (50%) of the LTIP Units (the “Relative Component LTIP Units”), vesting shall occur as follows: (i) twenty-five percent (25%) of the Relative Component LTIP Units shall vest if the Company’s Relative TSR Performance equals or exceeds the 45th 35th percentile of the TSR of the Index Companies during the Measurement Period. (ii) sixty-two and one-half percent (62.5%) of the Relative Component LTIP Units shall vest if the Company’s Relative TSR Performance during the Measurement Period equals or exceeds the 60th 55th percentile of the TSR of the Index Companies during the Measurement Period. (iii) one hundred percent (100%) of the Absolute Component LTIP Units shall vest if the Company’s Relative TSR Performance during the Measurement Period equals or exceeds the 75th percentile of the TSR of the Index Companies during the Measurement Period. (iv) For Relative TSR Performance less than the 45th 35th percentile, no Relative Component LTIP Units shall vest. For Relative TSR Performance at or above the 45th 35th percentile and less than the 75th percentile, vesting of Relative Component LTIP Units shall be calculated by linear interpolation utilizing computer-based, spreadsheet formula. (c) Notwithstanding that any of the Award LTIP Units may have vested based on performance as provided in Section 4(a) or Section 4(b), subject to Section 5, the Award LTIP Units shall only become vested in the following amounts and at the following times, provided that the Continuous Service of the Grantee continues through and on the applicable vesting date or the accelerated vesting date provided in Section 5, as applicable: (i) fifty percent (50%) of the Total LTIP Unit Equivalent shall become vested on March 7April 19, 20192021; (ii) twenty-five percent (25%) of the Total LITP Unit Equivalent shall become vested on March 7April 19, 20202022; and (iii) twenty-five percent (25%) of the Total LTIP Unit Equivalent shall become vested on March 7April 19, 20212023. (d) Any Award LTIP Units that do not become vested pursuant to Section 4 or Section 5 shall, without payment of any consideration by the Partnership other than as provided in the last sentence of Section 5, automatically and without notice or further action by the Company or its Affiliates be forfeited and be and become null and void, and neither the Grantee nor any of his successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such unvested Award LTIP Units. (e) To the extent that Schedule A provides for amounts or schedules of vesting that conflict with the provisions of Section 4 and Section 5, the provisions of Schedule A will be controlling and determinative.