Examples of Vested Series B Units in a sentence
If the Company desires to exercise its rights to redeem any Vested Series B Units that are subject to redemption by the Company pursuant to Section 6, then the Company shall deliver written notice (a “Redemption Notice”) to the Employee, the Employee’s legal representative or guardian, or the executor of the Employee’s estate, as applicable (the “Holder”) no later than the 180th day after the Trigger Date.
Except as otherwise provided for herein, any Series B Units that have not become Vested Series B Units prior to a Series B Member’s termination of employment or service with the Company or any of its Affiliates for any reason shall be forfeited as of such termination date; provided, however, that if a Series B Member’s employment or service terminates due to death or Disability, such Series B Member’s Unvested Series B Units shall become Vested Series B Units upon the termination date.
Unvested Series B Units will become Vested Series B Units under the LLC Agreement when such Unvested Series B Units have become vested in accordance with the provisions of Sections 4, 5, 6 and 7 of this Agreement.
Notwithstanding the foregoing, subject to the continued employment or service of a Series B Member by the Company or any of its Affiliates, any Unvested Series B Units granted to a Series B Member, to the extent not previously forfeited, shall become Vested Series B Units upon the occurrence of the following: (i) a Liquidation Event or (ii) a Transfer to any Person other than a Permitted Transferee in a single transaction or a series of related transactions of more than 60% of the Series A Units.
Upon becoming vested in accordance with Section 4 above, the Unvested Series B Units shall become Vested Series B Units and shall no longer be subject to the restrictions on Unvested Series B Units (but shall remain subject to the restrictions on the Series B Units, in general) under the LLC Agreement.
Upon vesting in accordance with this Section 4, such vested Series B Units shall no longer be subject to the restrictions on Unvested Series B Units (but shall remain subject to the restrictions on the Series B Units, in general) under the LLC Agreement and shall become Vested Series B Units.
Furthermore, notwithstanding anything to the contrary in this Agreement or the other Transaction Documents, in the event of the death or disability of a Member, all outstanding Unvested Series B Units held by such Member shall automatically become Vested Series B Units.
In the event of the consummation of a Q-Jagged Peak Monetization, all Granted Series B Units issued pursuant hereto that have not previously become Vested Series B Units shall automatically become Vested Series B Units immediately prior to the consummation of such Q-Jagged Peak Monetization, provided that the Service Relationship continues from the Effective Date through the date of the consummation of such Q-Jagged Peak Monetization.
In addition, the Company shall proceed with the distribution of Common Stock (and any related amounts) (the “Common Stock Distribution”) and the cancellation of the Vested Series B Units in accordance with Section 3.4(b) of the LLC Agreement.
If the Service Provider’s Service Relationship is terminated by a Jagged Peak Employer for any reason other than Cause and other than as a result of the death or Disability of such Member, all Granted Series B Units issued pursuant hereto that have not previously become Vested Series B Units shall automatically become Vested Series B Units immediately upon the termination of such Service Relationship.