Common use of Adjustment for Unit Splits and Combinations Clause in Contracts

Adjustment for Unit Splits and Combinations. If the Company shall at any time or from time to time after the Series C Original Issue Date effect a subdivision of the outstanding Common Units, then the Conversion Prices in effect immediately before that subdivision shall be proportionately decreased so that the number of Common Units issuable on conversion of each unit of such series shall be increased in proportion to such increase in the aggregate number of Common Units outstanding. If the Company shall at any time or from time to time after the Series C Original Issue Date combine the outstanding Common Units, then the Conversion Prices in effect immediately before the combination shall be proportionately increased so that the number of units of Common Units issuable on conversion of each unit of such series shall be decreased in proportion to such decrease in the aggregate number of Common Units outstanding. Any adjustment under this subsection shall become effective at the close of business on the date the subdivision or combination becomes effective.

Appears in 3 contracts

Samples: Limited Liability Company Agreement (Zentalis Pharmaceuticals, Inc.), Limited Liability Company Agreement (Zentalis Pharmaceuticals, LLC), Limited Liability Company Agreement (Zentalis Pharmaceuticals, LLC)

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Adjustment for Unit Splits and Combinations. If the Company shall at any time or from time to time after the Series C Original Issue Date date hereof effect a subdivision of the outstanding Common Units, then the Conversion Prices Price applicable to each series of Preferred Units in effect immediately before that subdivision shall be proportionately decreased so that the number of Common Units issuable on conversion of each unit of such series Unit shall be increased in proportion to such increase in the aggregate number of Common Units outstanding. If the Company shall at any time or from time to time after the Series C Original Issue Date date hereof combine the outstanding Common Units, then the Conversion Prices Price applicable to each series of Preferred Units in effect immediately before the combination shall be proportionately increased so that the number of units of Common Units issuable on conversion of each unit of such series Preferred Unit shall be decreased in proportion to such decrease in the aggregate number of Common Units outstanding. Any adjustment under this subsection shall become effective at the close of business on the date the subdivision or combination becomes effective.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (ElectroCore, LLC), Limited Liability Company Agreement (ElectroCore, LLC)

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