Common use of Shares Received Clause in Contracts

Shares Received. Subject to Sections 7.3 and 7.4, each holder of common stock of Plains on the Record Date (or such holder's designated transferee or transferees) will be entitled to receive in the Distribution its pro rata share of the total shares of Spinco Common Stock Plains holds equal to a fraction the numerator of which is the number of shares of common stock of Plains held by such holder on the Record Date and the denominator of which is the number or shares of Plains common stock outstanding on the Record Date. At any time before the IPO Closing Date, the Plains Board of Directors may change these ratios in its sole discretion and without the approval of Spinco.