Profits Interest Units definition

Profits Interest Units means long term incentive partnership units of the Partnership having the rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption and conversion set forth herein and in the Plan (including the Class C Units and Class D Units). Profits Interest Units can be issued in one or more classes, or one or more series of any such classes bearing such relationship to one another as to allocations, distributions, and other rights as the General Partner shall determine in its sole and absolute discretion subject to Maryland law.

Profits Interest Units means, to the extent authorized by the Partnership Agreement, a unit of the Operating Partnership that is granted pursuant to Section 9 of this Plan and is intended to constitute a “profits interest” within the meaning of the Code.

Profits Interest Units has the meaning set forth in Section 3.2(d).

Examples of Profits Interest Units in a sentence

• The Company has issued on the Effective Date 100 Profits Interest Units to the Persons set forth on Exhibit B (sometimes referred to as “PIU Members”).

• Except as expressly conferred by law or as otherwise set forth under this Agreement, the holders of Profits Interest Units shall have no voting rights.

• There will initially be two classes of Units: Profits Interest Units and Class A Units.

• The consent of the PIU Members shall be required prior to the issuance of any additional Profits Interest Units or the admission of any new PIU Member.

• It is the intent of the Members and the Company that Profits Interest Units shall represent an interest in the Company that qualifies as a vested “profits interest” within the meaning of IRS Revenue Procedure 93-27, 1993-2 C.B. 343, or any successor authority thereto, and such profits interest shall have no Capital Account as of the date that any such Profits Interest Units are issued.

More Definitions of Profits Interest Units

Profits Interest Units has the same meaning as “LTIP Units” as defined in the Limited Partnership Agreement, and each Profits Interest Unit represents, on the Grant Date, one “Unvested Profits Interest Unit,” which is one “Unvested LTIP Unit” as defined in and pursuant to the Limited Partnership Agreement, subject to adjustment as provided in the attached Terms and Conditions, and also represents the Partnership’s unsecured obligation to issue to the Recipient distributions described in Item E below.

Profits Interest Units means Units of the Company, if any, that represent a proportionate ownership interest in the future profits, losses, growth and appreciation in value of the Company that are issued to employees, consultants, Managers, Officers or independent contractors of the Company, without the requirement of a Capital Contribution, but that do not represent any interest in the capital of the Company as of the date they are issued, are not entitled to voting rights in the management or affairs of the Company, and are intended to qualify as a “profits interest” as described in Revenue Procedure 93-27, 1993-2 C.B. 343, June 9, 1993 and Revenue Procedure 2001-43, 2001-34 I.R.B. 191, August 2, 2001.

Profits Interest Units means Profits LTIP Units of the Partnership as defined in the Partnership Agreement.

Profits Interest Units. «Profits_Interest_Units» Profits Interest Units. “Profits Interest Units” has the same meaning as “LTIP Units” as defined in the Limited Partnership Agreement, and each Profits Interest Unit represents, on the Grant Date, one “Unvested Profits Interest Unit,” which is one “Unvested LTIP Unit” as defined in and pursuant to the Limited Partnership Agreement, subject to adjustment as provided in the attached Terms and Conditions, and also represents the Partnership’s unsecured obligation to issue to the Recipient distributions described in Item E below.

Profits Interest Units means the class of units denominated as the “Profits Interest Units” under the Company LLC Agreement.

Profits Interest Units has the meaning specified in Section 5.06.

Profits Interest Units means Class A Tracking Units, representing limited liability company interests in BEP Diamond Topco Management Holdings, LLC, a Delaware limited liability company (“Management Holdings”).