Phantom Units Clause Example with Variations from Business Contracts

This page contains Phantom Units clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Phantom Units. Subject to Section 4 below, each Phantom Unit that vests shall represent the right to receive payment, in accordance with Section 5 below, in the form of one (1) Unit. Unless and until a Phantom Unit vests, the Participant will have no right to payment in respect of such Phantom Unit. Prior to actual payment in respect of any vested Phantom Unit, such Phantom Unit will represent an unsecured obligation of the Partnership, payable (if at all) only from the general assets of the Partnership.
Found in CNX Midstream Partners LP contract

Variations of a "Phantom Units" Clause from Business Contracts

Phantom Units. Subject to Section 4 below, each Each Phantom Unit that vests shall represent the right to receive payment, receive, following (i) vesting of such Phantom Unit in accordance with Section 4 below, and (ii) settlement of such Phantom Unit in accordance with Section 5 below, in the form of one (1) Unit. Unless and until a Phantom Unit vests, the Participant will have no right to payment in respect of such Phantom Unit. Prior to actual payment in respect settlement of any vested Phantom Unit, such... Phantom Unit will represent an unsecured obligation of the Partnership, payable (if at all) only from the general assets of the Partnership. View More Arrow
Found in 2 Contracts from USA Compression Partners, LP
Phantom Units. Subject to Section 4 3 below, each Phantom Unit that vests shall represent the right to receive payment, in accordance with Section 5 4 below, in the form of one (1) Unit. Unless and until a Phantom Unit vests, the Participant will have no right to payment in respect of such Phantom Unit. Prior to actual payment in respect of any {1992824;3}1 of 6 vested Phantom Unit, such Phantom Unit will represent an unsecured obligation of the Partnership, payable (if at all) only from the general assets of... the Partnership. View More Arrow
Found in Mid-Con Energy Partners, LP contract
Phantom Units. Subject to Section Paragraph 4 below, each Phantom Unit that vests shall represent the right to receive payment, in accordance with Section Paragraph 5 below, in the form of one (1) Unit. Unless and until a Phantom Unit vests, the Participant will have no right to payment in respect of any such Phantom Unit. Prior to actual payment in respect of any vested Phantom Unit, such Phantom Unit will represent an unsecured obligation of the Partnership, payable (if at all) only from the general assets... of the Partnership. View More Arrow
Found in 2 Contracts from MPLX LP
Phantom Units. Subject to Section 4 below, below and (c) above (regarding Performance Units), each Phantom Unit that vests shall represent the right to receive payment, in accordance with Section 5 below, in the form of one (1) Unit. Unless and until a Phantom Unit vests, the Participant will have no right to payment in respect of such Phantom Unit. Prior to actual payment in respect of any vested Phantom Unit, such Phantom Unit will represent an unsecured obligation of the Partnership, payable (if at all)... only from the general assets of the Partnership. View More Arrow
Found in USA Compression Partners, LP contract
Phantom Units. Subject to Section 4 below, each Phantom Unit that vests shall represent the right to receive payment, in accordance with Section 5 below, in the form of one (1) Unit. Unless and until a Phantom Unit vests, the Participant will have no right to payment in respect of such Phantom Unit. Prior to actual payment in respect of any vested Phantom Unit, such Phantom Unit will represent an unsecured obligation of the Partnership, Company, payable (if at all) only from the general assets of the ... class="diff-color-red">Partnership. Company. View More Arrow
Found in 2 Contracts from Hess Midstream Partners LP