Profits Interests definition

Profits Interests has the meaning specified in Section 3.2(d).

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Profits Interests shall have the meaning specified in Section 4.7.

Profits Interests means all of the issued and outstanding Profits Interests, as defined in the Prior Agreement, as of immediately prior to the Effective Time.

Examples of Profits Interests in a sentence

• Each holder of Profits Interests acknowledges and agrees that such holder will consult with such holder’s tax advisor to determine the tax consequences of filing an election under Section 83(b) of the Code.

• The Bioventus LLC Phantom Profits Interests Plan (the “Plan”) provides for the grant of Phantom Profits Interest Units in the Company in accordance with the terms of the Plan and the Amended and Restated Limited Liability Company Agreement of the Company, as amended (the “LLC Agreement”).

• At the determination of the General Partner, but no less frequently than annually, the General Partner shall distribute Operating Cash Flow to the Partners in proportion to their respective Profits Interests.

• The Company may terminate the Executive’s employment hereunder for Cause (as defined below) and all of the Executive’s rights to payments (other than salary payments for services already rendered and expenses incurred through the date of such termination) and any other benefits otherwise due hereunder shall cease immediately and there shall be no additional vesting of Profits Interests.

• At the determination of the General Partner, but no less frequently than annually, the General Partner shall distribute Extraordinary Cash Flow, if any, to the Partners in proportion to their respective Profits Interests.

More Definitions of Profits Interests

Profits Interests means the partnership interests (denominated in the form of one or more Legacy Class B Units) in ProKidney that are allocated (or granted) as “profits interests” as defined in the ProKidney Limited Partnership Agreement to PMEL that correspond to membership interests in PMEL that are allocated (or granted) as “profits interests” as defined in the Limited Liability Company Agreement of PMEL to a PMEL Existing Holder;

Profits Interests shall have the meaning set forth in the Recitals.

Profits Interests means a grant of Common Units pursuant to the Plan with a Profits Interest Threshold Amount fixed on the date of issuance in accordance with the Operating Agreement that is intended to qualify as a partnership profits interest for U.S. Federal Income tax purposes.

Profits Interests shall have the same meaning ascribed to such term in the Operating Agreement.

Profits Interests means the Vested Parent Profits Interests, Unvested Parent Time-Based Profits Interests, and Unvested Parent Performance Profits Interests.

Profits Interests means rights to share in Advisers’ management fees and/or performance-based compensation and/or other special rights that Seeding Funds may receive in exchange for allocating assets to “start-up” Advisers.

Profits Interests means profits interests in the Partnership, including Class B Interests.