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

• Profits Interest Units shall be subject to such restrictions on transferability and other restrictions as the Committee may impose.

• At the time of grant, the Committee shall specify the date or dates on which the Profits Interest Units shall vest and become nonforfeitable, and may specify such conditions to vesting as it deems appropriate.

• Any Award consisting of Profits Interest Units may be granted to an Employee, Consultant or Director for the performance of services to or for the benefit of the Partnership (i) in the Participant’s capacity as a partner of the Partnership, (ii) in anticipation of the Participant becoming a partner of the Partnership, or (iii) as otherwise determined by the Committee.

• The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required will be effected, all outstanding Profits Interest Units shall have been converted into Common Units.

• Profits Interest Unitholders shall (a) have those voting rights required from time to time by applicable law, if any, (b) have the same voting rights as a Holder, with the Profits Interest Units voting as a single class with the Common Units and having one vote per Profits Interest Unit; and (c) have the additional voting rights that are expressly set forth below.

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. «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 Profits LTIP Units of the Partnership as defined in the Partnership Agreement.

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

Profits Interest Units means “Profits Interest Units” that have been issued under the MTL Holdings LLC Management Equity Incentive Plan, dated as of April 17, 2020, as amended from time to time.

Profits Interest Units means a Common Unit granted as a “profits interest” unit pursuant the Operating Agreement and the Plan.