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Title: |
Class A Limited Partner Unit Agreement |
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Date: |
2002 |
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Preview shows 3KB of 20KB total |
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Price: |
$42 |
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ID: |
#374917 |
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SUNRISE ASSISTED LIVING HOLDINGS, L.P.
CLASS A LIMITED PARTNER UNIT AGREEMENT
This Class A Limited Partner Unit Agreement (this "Agreement") is
entered into between Sunrise Assisted Living Holdings, L.P., a Delaware limited
partnership (the "Partnership"), and ___________________ ("Participant")
pursuant to the allocation of Class A Limited Partner Points to Participant as
of September 24, 2001 (the "Date of Grant") under the Limited Partnership
Agreement of the Partnership, dated as of September 24, 2001 (the "Partnership
Agreement"), attached hereto as Exhibit A. In consideration of the mutual
promises and covenants made herein and the terms and conditions of the
Partnership Agreement, which is wholly incorporated herein by reference, the
parties hereby agree as follows:
1. Definitions. Except as is expressly provided herein, all terms
defined within the Partnership Agreement shall have the same meaning herein.
(a) "Cause" shall mean with respect to any individual: (i)
the conviction of the individual of, or the entry of a plea of guilty or nolo
contendere by the individual to, (A) any felony, or (B) any crime involving
dishonesty or moral turpitude; (ii) fraud, misappropriation or embezzlement by
the individual; (iii) the individual's unsatisfactory performance of his
assigned duties for the Employer, which continues after (A) the individual has
received written notice of his unsatisfactory performance, and (B) the
individual has had a reasonable opportunity to cure such unsatisfactory
performance; (iv) the individual's willful failure to abide by any lawful
directive of the Employer; (v) the individual's breach of any fiduciary
obligation to the Employer; (vi) any act or omission by the individual that has
an adverse impact on the reputation for honesty and fair dealing of the Employer
(and, if different from the Employer, the Partnership); (vii) any material
breach by the individual of any published policy of the Employer (and, if
different from the Employer, the Partnership); or (viii) the breach by the
individual of any material term of an agreement pursuant to which he provides
services to the Employer.
(b) "Committee" means the General Partner.
(c) "Disability" means a physical or mental condition of an
individual that, (i) in the judgment of the Committee, permanently prevents such
individual from being able to continue to serve actively in a capacity
comparable to that in which the individual served prior to the disability, or
(ii) causes the individual to become eligible for long-term disability benefits
under any long-term disability insurance plan then in effect with the Employer.
(d) "Employer" means the Partnership, the Subsidiary
Entities, the Operating Companies, Sunrise or any Affiliate thereof that employs
the Participant or for which the Participant serves as a director.
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