Reclassification of subordinate units: trustee-approved conversion to ordinary units upon achievement of performance benchmarks and listing. Reclassification of subordinate units to ordinary units requires statutory auditor certification and review by the trustee and audit committee; meeting the performance benchmark by the entitlement date converts subordinate units into an equal number of ordinary units per the Term Sheet, while failure to meet the benchmark leads to extinguishment without payment. The investment manager's board must recommend reclassification or extinguishment, the trustee must ensure regulatory compliance and approve, and the investment manager must notify stock exchanges, depositories and the Registrar and Transfer Agent and disclose the record date prior to listing.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Reclassification of subordinate units: trustee-approved conversion to ordinary units upon achievement of performance benchmarks and listing.
Reclassification of subordinate units to ordinary units requires statutory auditor certification and review by the trustee and audit committee; meeting the performance benchmark by the entitlement date converts subordinate units into an equal number of ordinary units per the Term Sheet, while failure to meet the benchmark leads to extinguishment without payment. The investment manager's board must recommend reclassification or extinguishment, the trustee must ensure regulatory compliance and approve, and the investment manager must notify stock exchanges, depositories and the Registrar and Transfer Agent and disclose the record date prior to listing.
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