Examples of Series B Founder Preferred Shares in a sentence
Until shares of Class A Common Stock are actually delivered to the Member upon a Redemption or Direct Exchange pursuant to Article XI of the Operating Agreement, the Member shall not have any rights as a shareholder in respect of shares of Class A Common Stock; provided that the Member shall have all rights as a shareholder in respect of shares of Class B Common Stock and Series B Founder Preferred Shares.
The Initial LTIP Award shall consist of: (i) 525,455 time-based Series A LTIP Units and an equal number of time-based shares of Class B Common Stock, (ii) 415,454 performance-based Series A LTIP Units and an equal number of performance-based shares of Class B Common Stock and (iii) 75,000 Series B LTIP Units and an equal number of Series B Founder Preferred Shares.
The person(s) entitled to receive Ordinary Shares or Class B Shares, as applicable, issuable upon conversion of Series A Founder Preferred Shares or Series B Founder Preferred Shares, as applicable, pursuant to this Article 5 shall be treated for all purposes as the record holder(s) of such Ordinary Shares or Class B Shares, as applicable, as of the Mandatory Conversion Date or the Optional Conversion Date, as applicable.
If such consent is in one or more counterparts, and the counterparts bear different dates, then the consent shall take effect on the earliest date upon which eligible Members holding a sufficient number of votes that would be necessary to authorise or take such action at a meeting at which all of the holders of the Founder Preferred Shares, Series A Founder Preferred Shares or Series B Founder Preferred Shares, as applicable, have consented.
The Initial LTIP Award shall consist of: (i) 693,017 time-based Series A LTIP Units and an equal number of time-based shares of Class B Common Stock, (ii) 693,016 performance-based Series A LTIP Units and an equal number of performance-based shares of Class B Common Stock and (iii) 1,236,033 Series B LTIP Units and an equal number of Series B Founder Preferred Shares.
As a condition to conversion of Series A Founder Preferred Shares or Series B Founder Preferred Shares, as applicable, into Ordinary Shares or Class B Shares, as applicable, pursuant to Article 5.2, such holder shall surrender the certificate(s), if any, representing such Series A Founder Preferred Shares or Series B Founder Preferred Shares, as applicable, to the Company, duly endorsed for transfer to the Company.