Profits Units definition

Profits Units means the profits units issued by Laredo Petroleum, LLC.

Profits Units has the meaning set forth in Section 2(a) of this Agreement, which have the rights and obligations specified with respect to Profits Units in the Company Agreement.

Profits Units means any Profits Interests issued by the Company or such other Units issued by the Company and designated as “Profits Units.”

Examples of Profits Units in a sentence

• Except as specifically provided in Article IX of the Management LLC Agreement, the Profits Units may not be sold, transferred or otherwise disposed of without the written approval of the Managing Member.

• The Company shall have the right to cancel the Profits Units in the event of a merger, consolidation, recapitalization or other corporate transaction involving TJ Chemical in which TJ Chemical cancels the corresponding TJ Chemical Profits Units and shall distribute the cash, securities or other property, or any combination thereof, if any, received from TJ Chemical in respect of such corresponding TJ Chemical Profits Units in accordance with Section 9.6 of the Management LLC Agreement.

• The pro rata portion of appreciation shall be determined based on all outstanding TJ Chemical Membership Units and TJ Chemical Profits Units for which the applicable Threshold Amount has been achieved (but only as to the appreciation above the Threshold Amount with respect to the applicable TJ Chemical Profits Units).

• If the Participant becomes a Terminated Employee, the Company shall have the right to purchase any then-vested Profits Units held by the Participant in accordance with Article IX of the Management LLC Agreement.

• Each Company Profits Unit represents the right to a pro rata share of any distributions received by the Company in respect of the corresponding TJ Chemical Profits Units held by the Company in accordance with the Management LLC Agreement.

More Definitions of Profits Units

Profits Units means either Service or Exit Units, as described in Section 3.2(b).

Profits Units means the limited liability interests in the Company designated as “Profits Units” and having the rights, preferences and privileges set forth in, and subject to, this Agreement and in the associated Profits Unit Award Agreement.

Profits Units. The Preferred Units shall initially be divided into three series of units referred to as “Series A-1 Preferred Units,” “Series A-2 Preferred Units” and “BOE Preferred Units”. The Profits Units shall initially be divided into seven series of units referred to as “Series B Units,” “Series C Units,” “Series D Units,” “Series E Units,” “Series F Units,” “Series G Units” and “BOE Incentive Units.” The Company is authorized to issue up to 60,000,000 units designated as “Series A-1 Preferred Units,” 48,000,000 units designated as “Series A-2 Preferred Units”, 88,986,330 units designated as “BOE Preferred Units”, 16,923,077 units designated as “Series B Units,” 8,791,209 units designated as “Series C Units,” 13,538,462 units designated as “Series D Units,” 7,032,967 units designated as “Series E Units”, 5,538,542 units designated as “Series F Units,” units designated as “Series G Units” in a number hereinafter set by the Board and units designated as “BOE Incentive Units” in a number hereinafter set by the Board. The Series A-2 Preferred Units shall have a Designated Value of $1.25; provided, however, that such Units shall not constitute “profits interests” as described in Sections 3.2(d), (e), (f) and (g).

Profits Units means Series B Units, Series C Units, Series D Units, Series E Units, Series F Units, Series G Units and BOE Incentive Units.

Profits Units means Profits Units of the Company issued to Profits Members designated as such on Exhibit A attached hereto which shall be identical in all respects to Common Units except as otherwise provided under Sections 6.2, 6.9, 6.10, 11.2 and 12.21.

Profits Units has the meaning set forth in the recitals.

Profits Units means a Profit Unit of the Company.