Common use of Voluntary Exchange Clause in Contracts

Voluntary Exchange. Subject to adjustment as provided in this Section 3.9, each Member shall be entitled to exchange with the Company (or, if Habit so elects, with Habit), from and after the expiration of the lock-ups imposed by the Underwriters (the “First Exchange Date”) and each subsequent Weekly Exchange Date, any (but no less than 1,000 Common Units) or all of such Member’s Common Units (other than any Unvested Common Units) free and clear of all liens, encumbrances, rights of first refusal, and the like. Each such Unit, together with one share of Class B Common Stock (which will be cancelled in connection with any such exchange), will be exchangeable for, at the option of Habit, (i) a Cash Exchange Payment calculated with respect to such surrendered Common Units , payable in accordance with the instructions provided in the Exchange Notice or (ii) the issuance to such Member a number of shares of Class A Common Stock that is equal to the product of the number of Common Units surrendered by such Member and the Exchange Rate. As any such existing owner exchanges its Common Units, Habit’s interest in the Company will increase. Each such