I have a pretty standard arrangement with an LLC I'm employed by. I have unvested units and a vesting schedule for when they become "vested" units. I used vested in quotes because the LLC's Operating Agreement holds that the units are forfeited, even after vesting, 24 months after I leave the LLC.
As I understand it, that's not actually vesting.
These units can be exchanged into "full" units, which are permanent, but only by a vote by the board, not by time, performance, or any other factor I can control.
What kind of units do I actually have? What are the tax implications (compared to vested) of this type of unit?