Step 1B. Upon receipt of an Exchange Election, the Managing Member shall deliver to the Series B Members (i) a copy of the Exchange Election, and (ii) a schedule (the “Reclassification Schedule”) setting forth the Exchange Value and a calculation based on such price of the number of Reclassified Units to be Exchanged by each of the Selling Series A-1 Member and the Series B Members.
Appears in 2 contracts
Sources: Limited Liability Company Agreement (PBF Energy Inc.), Limited Liability Company Agreement (PBF Energy Inc.)