Grant of Phantom Units Contract Clauses (48)

Grant of Phantom Units. The Company hereby grants to the Employee, effective as of [ ] (the "Date of Grant"), [ ] Phantom Units (individually, a "Phantom Unit" and collectively, the "Phantom Units"), subject to all of the terms and conditions set forth in the Plan and in this Agreement including, without limitation, the achievement of the Performance Measures (as herein defined). Such number of Phantom Units represents the maximum number of Phantom Units that may be earned by the Employee in accordance with Section 4 b...elow. The number of Phantom Units that are earned will be determined based upon the achievement of the Performance Measures, employment status and any other relevant provisions of the Plan. View More

Grant of Phantom Units. Legacy Reserves LP (the "Partnership") hereby grants to you Phantom Units under the Amended and Restated Legacy Reserves LP Long-Term Incentive Plan (the "Plan") on the terms and conditions set forth under this Grant of Phantom Units Under Objective Component of Long-Term Equity Incentive Compensation Agreement (this "Agreement") and in the Plan, which is attached hereto as Appendix A and is incorporated herein by reference as a part of this Agreement. A Phantom Unit is a notional Unit of the Pa...rtnership that is subject to the forfeiture and non-transferability provisions set forth below in this Agreement. Each Phantom Unit granted to you also includes a tandem Distribution Equivalent Right ("DER"), which provides that when the Partnership makes a cash distribution with respect to a Unit, an amount of cash with respect to each of your Phantom Units equal to the amount of the quarterly distribution paid on such Unit will be accrued and on the vesting date, such accrued amounts will be payable to you with respect to the number of your Phantom Units actually vested. No accrued distribution amounts will be payable with respect to unvested or forfeited Phantom Units. The terms of this Agreement are set forth below. In the event of any conflict between the terms of this Agreement and the Plan, the Plan shall control. Capitalized terms used in this Agreement but not defined herein shall have the meanings ascribed to such terms in the Plan, unless the context requires otherwise. This Agreement and the settlement of vested Phantom Units, if any, shall be subject to the terms of that certain retention bonus agreement between you and Legacy Reserves Services, Inc., dated [DATE], as the same may be amended from time to time the "Retention Agreement"). Any reduction in the cash amount payable to you required by the Retention Agreement shall, to the extent necessary, be made first by reducing the cash amount payable under the Grant of Phantom Units Under Subjective Component of Long-Term Equity Incentive Compensation Agreement dated [DATE], as the same may be amended from time to time, and then by reducing the cash amount payable to you under this Agreement. View More