LP Fixed Percentage Number. Shall mean, subject to adjustment pursuant to the terms herein, including, but not limited to, adjustment pursuant to Section 5 hereof, the number of Limited Partnership Units representing a 38.264% economic interest in the Company (after taking into 4 consideration the number of Limited Partnership Units issuable upon exercise of the Warrant), as determined by the Holder prior to and without regard to the occurrence of an Initial Public Offering; provided that if such an
... offering does occur, the percentage interest in the Company to be received upon exercise of the Warrant shall be adjusted as if the Warrant had been exercised in full immediately prior to the consummation of such offering and shall be subject to adjustment pursuant to the terms herein, including, but not limited to, adjustment pursuant to Section 5 hereof, following such offering. As an illustration, assuming a total of 1,000,000 Limited Partnership Units outstanding immediately prior to the consummation of an Initial Public Offering, the LP Fixed Percentage Number immediately prior to the consummation of an Initial Public Offering would equal 1,000,000 x 0.38264 / (1 - 0.38264) = 619,800.440; assuming further that (i) the Trust consummates an Initial Public Offering where it acquires, with the proceeds from such offering, additional 200,000 Limited Partnership Units and (ii) immediately prior to the exercise of the Warrant, there are no further transactions in equity securities of the Company or transactions that require adjustment pursuant to Section 5 hereof; then, upon exercise of the Warrant in full for Limited Partnership Units, the LP Fixed Percentage Number is 619,800.440, and the percentage interest in the Company to be received by the Holder upon exercise of the Warrant in full would be 619,800.440 / (1,000,000 + 619,800.440 + 200,000) = 34.058%.
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