LLC Option definition

LLC Option means the election to distribute Liquidating LLC Interests to Holders of Class 4 General Unsecured Claims pursuant to Section 3.3(d)(i)(A) of the Plan.
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LLC Option has the meaning ascribed to it in the Contribution Agreement.
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Examples of LLC Option in a sentence

  • The obligations of a Member or an LLC Option Holder hereunder are solely for the benefit of, and shall be enforceable solely by, the Corporation.

  • The rights and obligations of the each Member and LLC Option Holder hereunder are several and not joint with the rights and obligations of any other Person.

  • Except for the SNAP 1998 LLC Option Plan, SNAP has never ------- adopted or maintained any option plan or other plan providing for equity compensation of any Person.

  • The Corporation shall be entitled to deduct and withhold from any payment that is payable to any Member or LLC Option Holder pursuant to this Agreement such amounts as the Corporation is required to deduct and withhold with respect to the making of such payment under the Code or any provision of U.S. state, local or foreign tax law.

  • Upon the exercise by any LLC Optionee of its LLC Option, such LLC Optionee’s initial Capital Account shall be equal to the sum of (i) the exercise price paid by such LLC Optionee to the Company in connection with such exercise and (ii) the amount included in such LLC Optionee’s compensation income under Code Section 83 as a result of such exercise.

  • For the avoidance of doubt, in accordance with Code Section 706(d)(1), any deductions resulting from the exercise by any LLC Optionee of its LLC Option shall be allocated under a closing of the books method to the Members who were Members of the Company in the Fiscal Period ending on the day immediately prior the day of such exercise.

  • The Corporation may not assign any of its rights or obligations under this Agreement to any Person without the prior written consent of each of the Members and LLC Option Holders (and any purported assignment without such consent shall be null and void).

  • To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporation, such withheld amounts shall be treated for all purposes of this Agreement as having been paid by the Corporation to the relevant Member or LLC Option Holder.

  • Except for the SNAP 1998 LLC Option Plan, SNAP has never adopted or maintained any option plan or other plan providing for equity compensation of any Person.

  • As of the date hereof, SNAP has reserved 1,604,938 units for issuance pursuant to the SNAP 1998 LLC Option Plan ("SNAP Options"), ------------ of which 1,432,970 have been issued as of the date hereof, all of which units remain subject to SNAP Options unexercised as of the date hereof.

Related to LLC Option

  • 3(i) Option means an Option granted pursuant to Section 3(i) of the Ordinance to any person who is Non- Employee.

  • Vested Option means any Option, which has already been vested according to the Vesting Dates.

  • Unvested Option means an Option in respect of which the relevant Vesting Conditions have not been satisfied and as such, the Option Grantee has not become eligible to Exercise the Option.

  • Top-Up Option has the meaning set forth in Section 1.04(a).

  • Director Option means an Option granted pursuant to Section 6.