Restricted Common Unit definition

Restricted Common Unit means a Common Unit (i) that was granted to the holder thereof in connection with such holder’s performance of services for the Partnership, (ii) that remains subject to a “substantial risk of forfeiture” within the meaning of Section 83 of the Code and (iii) with respect to which no election was made pursuant to Section 83(b) of the Code. As set forth in the final proviso in the definition of “Outstanding,” Restricted Common Units are not treated as Outstanding for purposes of Section 6.1. Upon the lapse of the “substantial risk of forfeiture” with respect to a Restricted Common Unit, for U.S. federal income tax purposes such Common Unit will be treated as having been newly issued in consideration for the performance of services and will thereafter be considered to be Outstanding for purposes of Section 6.1.

Restricted Common Unit means the Units which are restricted subject to vesting, with the rights and privileges as set forth in this LLC Agreement, including the Series 1 RCUs and the Series 2 RCUs.

Restricted Common Unit means a Common Unit (i) that was granted to the holder thereof in connection with such holder’s performance of services for the Partnership or its Affiliates, (ii) that remains subject to a “substantial risk of forfeiture” within the meaning of Section 83 of the Code and (iii) with respect to which no election was made pursuant to Section 83(b) of the Code. As set forth in the final proviso in the definition of “Outstanding,” Restricted Common Units are not treated as Outstanding for purposes of Section 6.1. Upon the lapse of the “substantial risk of forfeiture” with respect to a Restricted Common Unit, for U.S. federal income tax purposes such Common Unit will be treated as having been newly issued in consideration for the performance of services and will thereafter be considered to be Outstanding for purposes of Section 6.1.

Examples of Restricted Common Unit in a sentence

• An Award of a Restricted Common Unit is a grant by the Company of a specified number of Common Units to the Holder, which Common Units are subject to forfeiture during a Restriction Period upon the happening of specified events or as result of the failure to meet financial targets or performance goals or satisfy other conditions specified in the Award Agreement.

• Except as otherwise provided in this LLC Agreement, each outstanding Common Unit shall be identical, and each outstanding Restricted Common Unit shall be identical.

• Prior to actual payment of any vested Restricted Common Units, such Restricted Common Unit will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company.

• Each Restricted Common Unit will be held in accordance with this LLC Agreement unless and until an applicable Vesting Event occurs with respect to such Restricted Common Unit.

• The Company identifies and tracks the operations of its subsidiaries, Valley Comfort, Blaze King USA and Unicast, separately.

More Definitions of Restricted Common Unit

Restricted Common Unit means an Award granted pursuant to Section 5.2 hereof.

Restricted Common Unit means a phantom unit granted under the Partnership LTIP that is equivalent in value to a Common Unit, and which, upon or following vesting, entitles the Person granted an Award under the Partnership LTIP to receive one Common Unit or its Fair Market Value in cash, whichever is determined by the Compensation Committee of the Board of Directors of NuStar GP.

Restricted Common Unit means a bookkeeping entry representing the right to receive one Unit granted pursuant to Section 7. Each Restricted Common Unit represents an unfunded and unsecured obligation of the Company.

Restricted Common Unit means a Common Unit that was granted to the holder thereof in connection with such holder’s performance of services for the Partnership and (i) that remains subject to a “substantial risk of forfeiture” within the meaning of Section 83 of the Code and (ii) with respect to which no election was made pursuant to Section 83(b) of the Code. As set forth in DOMINION MIDSTREAM PARTNERS, LP SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP the final proviso in the definition of “Outstanding,” Restricted Common Units are not treated as Outstanding for purposes of Section 6.1. Upon the lapse of the “substantial risk of forfeiture” with respect to a Restricted Common Unit, for U.S. federal income tax purposes such Common Unit will be treated as having been newly issued in consideration for the performance of services and will thereafter be considered to be Outstanding for purposes of Section 6.1.

Restricted Common Unit has the meaning specified in Surviving Company A&R LLCA.

Restricted Common Unit means a grant of a Common Unit issued pursuant to a Restricted Unit Award Agreement pursuant to the Plan.

Restricted Common Unit has the meaning set forth in Section 4.03 hereof.