Examples of Class B Holders in a sentence
Immediately following the consummation of the transactions contemplated by the Purchase Agreement, the Class A Holders holding the Class A Membership Interests shall have fifty-one percent (51%) of the Voting Power and the Class B Holders holding the Class B Membership Interests shall have forty-nine percent (49%) of the Voting Power.
Each of the Class A Manager and the Class B Manager shall initially be paid an annual fee of $80,000.00 to serve as a “Manager” of the Company, which fee may be adjusted annually by the Board of Managers with the prior written approval of the Class B Holders holding a Majority of Class B Common Units.
If a Majority of the Class B Common Units do not approve the Annual Business Plan or amendment thereto as proposed by the Class A Manager, Operator (the “Notifying Member”) may, within 15 days after such matter is not approved, give written notice (each a “Deadlock Notice”) to the Class B Holders (the “Notified Members”), describing the matter and stating that the Notifying Member desires to invoke the procedures described in this Section 15.14.
If the Company does not close the redemption for all the redeemed shares on or before the Redemption Deadline, the Class B Holders shall be entitled to sell any or all of their shares to any Person without restriction and without regard to any right of first refusal or co-sale right, subject only to applicable law.
The capital structure of the Company shall initially consist of Preferred Units and Common Units, which may be divided into one or more types or issued in one or more classes, series or subseries, in each case having such rights, powers, preferences, limitations and restrictions as may be determined by the Board of Managers (subject to the approval of the Class B Holders) and set forth in this Agreement.