Unvested Phantom Units definition

Unvested Phantom Units means a hypothetical number of units arrived at by dividing the Target Grant established upon commencement of the Measurement Period by the Fair Market Value of Partnership Common Units on the first day of the Measurement Period. If the market is closed on the first day of the Measurement Period then the Fair Market Value on the next business day shall be used.
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Unvested Phantom Units means Phantom Units that remain subject to vesting conditions as of the Closing (after giving effect to the transactions that will occur on the Closing Date).
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Unvested Phantom Units means a Phantom Unit that is not a Vested Phantom Unit.
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Examples of Unvested Phantom Units in a sentence

  • In the event Executive’s employment is terminated for Cause (as such term is defined in the Employment Agreement), all Unvested Phantom Units that have not been settled (including any amounts in Executive’s DER Account that have not been paid) as of the date of such termination shall be forfeited.

  • Following an IPO with respect to the Company’s equity securities or a Change in Control, the Performance Targets for any Missed Year shall no longer be achievable and the Performance-Based Phantom Units that did not become vested in a Missed Year and are Unvested Phantom Units immediately prior to the IPO or Change in Control shall be forfeited.

  • If, following an IPO with respect to the Company’s equity securities or a Change in Control, the Participant’s employment with the Company and its Affiliates is terminated due to the Participant’s death or Disability or by the Company without Cause, all Unvested Phantom Units, whether Time-Based Phantom Units or Performance-Based Phantom Units, to the extent not previously forfeited or cancelled, shall become Vested Phantom Units.

  • Except as provided in Section 6(c), in the event that the Participant’s employment with the Company and its Affiliates terminates for any reason, the Participant’s Unvested Phantom Units shall be immediately forfeited, without the payment of consideration.

  • In the event that the Participant’s employment with the Company and its Affiliates is terminated by the Company or its Affiliates for Cause, the Participant’s Unvested Phantom Units and Vested Phantom Units and any Incentive Units delivered with respect to Vested Phantom Units shall be immediately forfeited without the payment of consideration.

  • As a condition to the receipt of the Phantom Unit Consideration, each holder of Unvested Phantom Units will be required to execute and deliver the Phantom Unitholder Acknowledgement on or within five Business Days of the vesting of such Unvested Phantom Unit.

  • As a condition to the receipt of the Phantom Unit Consideration, each holder of Unvested Phantom Units will be required to execute and deliver this Acknowledgment on or within five Business Days of the vesting of such Unvested Phantom Unit (as amended as described in the immediately preceding sentence).

  • As of the Termination Date, the Unvested Phantom Units and Unvested DERs will become fully vested, and Executive will receive cash or Units, as appropriate, in accordance with the terms of the LTIP, the Phantom Unit Agreements (as amended by the Amendment).