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| | | | |||||
| | | | |||||
| | | | |||||
| | | |
Implied per Share Equity Value Reference Range
|
| |
Merger Consideration
|
| |||
$5.95 – $15.95
|
| | | $ | 15.00 | | |
Implied per Share Equity Value Reference Range
|
| |
Merger Consideration
|
| |||
$9.90 – $15.95
|
| | | $ | 15.00 | | |
| | |
Perpetuity Growth Rate
|
| |
Implied Equity Value per Share of
Class A Common Stock |
|
Discount Rates of 8.0% – 8.5%
|
| |
3.0% – 3.5%
|
| |
$6.96 – $15.10
|
|
| | |
EV /
2022A/E TCF |
| |
EV /
2023E TCF |
| |
EV /
2022A/E EBITDA |
| |
EV /
2023E EBITDA |
| ||||||||||||
Mean
|
| | | | 19.2x | | | | | | 18.2x | | | | | | 21.0x | | | | | | 19.1x | | |
Median
|
| | | | 18.9x | | | | | | 18.1x | | | | | | 22.3x | | | | | | 19.3x | | |
| | |
EV /
2022A/E EBITDA |
| |
EV /
2023E EBITDA |
| ||||||
Mean
|
| | | | 17.5x | | | | | | 16.1x | | |
Median
|
| | | | 19.6x | | | | | | 18.3x | | |
| | |
Implied
Capitalization Rate |
| |
Inverse Implied
Capitalization Rate |
| ||||||
Mean
|
| | | | 6.7% | | | | | | 15.6x | | |
Median
|
| | | | 6.4% | | | | | | 15.6x | | |
| | |
Low
|
| |
High
|
| ||||||
Implied equity value per share of Class A Common Stock
|
| | | $ | 12.51 | | | | | $ | 15.36 | | |
| | |
Selected NTM EV / GCF
Multiple Range |
| |
Implied Equity Value per Share of
Class A Common Stock |
| ||||||
Discount Rate of 12.4% – 13.3%
|
| | | | 15.5x – 17.5x | | | | | $ | 8.81 – $15.09 | | |
| | |
June 30, 2022 – 2032 Management Forecast
Years Ending June 30, |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| |
2030E
|
| |
2031E
|
| |
2032E
|
| |||||||||||||||||||||||||||||||||
Annualized In-Place Rents(1)
|
| | | $ | 136 | | | | | $ | 174 | | | | | $ | 213 | | | | | $ | 246 | | | | | $ | 279 | | | | | $ | 307 | | | | | $ | 336 | | | | | $ | 366 | | | | | $ | 397 | | | | | $ | 429 | | | | | $ | 462 | | |
Ground Cash Flow(2)
|
| | | | 134 | | | | | | 153 | | | | | | 191 | | | | | | 226 | | | | | | 258 | | | | | | 288 | | | | | | 316 | | | | | | 345 | | | | | | 375 | | | | | | 406 | | | | | | 439 | | |
Adjusted EBITDA(3)
|
| | | | 35 | | | | | | 71 | | | | | | 103 | | | | | | 149 | | | | | | 180 | | | | | | 220 | | | | | | 246 | | | | | | 273 | | | | | | 301 | | | | | | 330 | | | | | | 360 | | |
Acquisition Capex(4)
|
| | | | 495 | | | | | | 500 | | | | | | 500 | | | | | | 400 | | | | | | 400 | | | | | | 300 | | | | | | 300 | | | | | | 300 | | | | | | 300 | | | | | | 300 | | | | | | 300 | | |
| | |
December 31, 2023 – 2032 Management Forecasts
Years Ending December 31, |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |
2029E
|
| |
2030E
|
| |
2031E
|
| |
2032E
|
| ||||||||||||||||||||||||||||||
Annualized In-Place
Rents(1) |
| | | $ | 200 | | | | | $ | 242 | | | | | $ | 278 | | | | | $ | 315 | | | | | $ | 347 | | | | | $ | 379 | | | | | $ | 413 | | | | | $ | 448 | | | | | $ | 484 | | | | | $ | 522 | | |
Ground Cash Flow(2)
|
| | | | 170 | | | | | | 212 | | | | | | 250 | | | | | | 285 | | | | | | 318 | | | | | | 349 | | | | | | 380 | | | | | | 413 | | | | | | 447 | | | | | | 483 | | |
Adjusted EBITDA(3)
|
| | | | 76 | | | | | | 111 | | | | | | 160 | | | | | | 193 | | | | | | 236 | | | | | | 264 | | | | | | 294 | | | | | | 324 | | | | | | 356 | | | | | | 388 | | |
Acquisition Capex(4)
|
| | | | 500 | | | | | | 500 | | | | | | 400 | | | | | | 400 | | | | | | 300 | | | | | | 300 | | | | | | 300 | | | | | | 300 | | | | | | 300 | | | | | | 300 | | |
Unlevered Free Cash Flow(5)
|
| | | $ | (459) | | | | | $ | (425) | | | | | $ | (276) | | | | | $ | (244) | | | | | $ | (101) | | | | | $ | (74) | | | | | $ | (46) | | | | | $ | (18) | | | | | $ | 11 | | | | | $ | 42 | | |
Name
|
| |
Unvested
LTIP Units (#) |
| |
Value of
Unvested LTIP Units ($) |
| |
Vested
LTIP Units (#) |
| |
Value of
Vested LTIP Units ($) |
| |
Unvested
Shares of Company Restricted Stock (#) |
| |
Value of
Unvested Shares of Company Restricted Stock ($) |
| |
Total
($) |
| |||||||||||||||||||||
Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
William H. Berkman
|
| | | | 1,768,573 | | | | | | 21,516,585 | | | | | | 1,557,087 | | | | | | 23,356,305 | | | | | | — | | | | | | — | | | | | | 44,872,890 | | |
Scott G. Bruce
|
| | | | 825,914 | | | | | | 9,238,710 | | | | | | 632,755 | | | | | | 9,491,325 | | | | | | — | | | | | | — | | | | | | 18,730,035 | | |
Richard I. Goldstein
|
| | | | 825,914 | | | | | | 9,238,710 | | | | | | 572,755 | | | | | | 8,591,325 | | | | | | — | | | | | | — | | | | | | 17,830,035 | | |
Glenn J. Breisinger
|
| | | | 544,541 | | | | | | 5,912,715 | | | | | | 396,289 | | | | | | 5,944,335 | | | | | | — | | | | | | — | | | | | | 11,857,050 | | |
Jay L. Birnbaum
|
| | | | 304,181 | | | | | | 4,562,715 | | | | | | 231,289 | | | | | | 3,469,335 | | | | | | 122,516 | | | | | | 1,837,740 | | | | | | 9,869,790 | | |
Name
|
| |
Cash ($)(1)
|
| |
Equity ($)(2)
|
| |
Other Benefits ($)(3)
|
| |
Total ($)(4)
|
| ||||||||||||
William H. Berkman
|
| | | | 3,248,103 | | | | | | 44,872,890 | | | | | | — | | | | | | 48,120,993 | | |
Glenn J. Breisinger
|
| | | | 2,420,905 | | | | | | 11,857,050 | | | | | | — | | | | | | 14,277,955 | | |
Scott G. Bruce
|
| | | | 3,081,078 | | | | | | 18,730,035 | | | | | | — | | | | | | 21,811,113 | | |
Richard I. Goldstein
|
| | | | 3,080,066 | | | | | | 17,830,035 | | | | | | — | | | | | | 20,910,101 | | |
Jay L. Birnbaum
|
| | | | 745,000 | | | | | | 9,869,790 | | | | | | 80,816 | | | | | | 10,695,606 | | |
Name
|
| |
Cash
Severance ($) |
| |
Pro-Rated
Annual Bonus ($) |
| |
COBRA
Payments ($) |
| |
Total
($) |
| ||||||||||||
William H. Berkman
|
| | | | 2,753,000 | | | | | | 428,250 | | | | | | 66,853 | | | | | | 3,248,103 | | |
Glenn J. Breisinger
|
| | | | 2,113,500 | | | | | | 245,250 | | | | | | 62,155 | | | | | | 2,420,905 | | |
Scott G. Bruce
|
| | | | 2,721,000 | | | | | | 299,250 | | | | | | 60,828 | | | | | | 3,081,078 | | |
Richard I. Goldstein
|
| | | | 2,721,000 | | | | | | 299,250 | | | | | | 59,816 | | | | | | 3,080,066 | | |
Jay L. Birnbaum
|
| | | | 745,000 | | | | | | — | | | | | | — | | | | | | 745,000 | | |
| | |
Shares Beneficially Owned
(#) |
| |
Percentage
of Total Voting Power (%) |
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Series A Founder
Preferred |
| |
Series B Founder
Preferred |
| ||||||||||||||||||||||||||||||||||||||||||
Name of Beneficial Owner
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||||||||||||||
5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Centerbridge Partners, L.P.(1)
|
| | | | 10,925,000 | | | | | | 11.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9.7 | | |
375 Park Avenue, 11th Flr
New York, NY 10152 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
DKLDO V Trading Subsidiary LP(2)
|
| | | | 7,973,883 | | | | | | 8.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7.1 | | |
c/o Davidson Kempner
Capital Management LP 520 Madison Avenue, 30th Floor New York, NY 10022 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
BlackRock, Inc.(3)
|
| | | | 5,578,795 | | | | | | 5.6 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4.9 | | |
55 East 52nd Street
New York, NY 10055 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Magnetar Capital LLC(4)
|
| | | | 5,494,610 | | | | | | 5.5 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4.9 | | |
1603 Orrington Avenue, 13th Floor
Evanston, IL 60201 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Westwood Management Corp.(5)
|
| | | | 5,057,774 | | | | | | 5.1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4.5 | | |
200 Crescent Court, Suite 1200
Dallas, TX 75201 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Imperial Landscape Sponsor LLC(6)
|
| | | | 5,023,172 | | | | | | 5.0 | | | | | | — | | | | | | — | | | | | | 800,000 | | | | | | 50.0 | | | | | | — | | | | | | — | | | | | | 4.4 | | |
888 7th Avenue, 27th Floor
New York, NY 10019 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
TOMS Acquisition II LLC(7)
|
| | | | 2,727,606 | | | | | | 2.7 | | | | | | — | | | | | | — | | | | | | 800,000 | | | | | | 50.0 | | | | | | — | | | | | | — | | | | | | 2.4 | | |
450 W. 14th Street, 13th Floor
New York, NY 10014 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Named Executive Officers and Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
William H. Berkman(8)
|
| | | | — | | | | | | — | | | | | | 5,437,344 | | | | | | 46.2 | | | | | | — | | | | | | — | | | | | | 1,236,033 | | | | | | 89.2 | | | | | | 4.8 | | |
Scott G. Bruce(9)
|
| | | | 142,440 | | | | | | * | | | | | | 1,471,697 | | | | | | 12.5 | | | | | | — | | | | | | — | | | | | | 75,000 | | | | | | 5.4 | | | | | | 1.4 | | |
Richard I. Goldstein(10)
|
| | | | 142,440 | | | | | | * | | | | | | 1,398,669 | | | | | | 11.9 | | | | | | — | | | | | | — | | | | | | 75,000 | | | | | | 5.4 | | | | | | 1.4 | | |
Glenn Breisinger
|
| | | | — | | | | | | — | | | | | | 940,830 | | | | | | 9.1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | * | | |
Jay Birnbaum
|
| | | | 122,516 | | | | | | * | | | | | | 535,470 | | | | | | 5.2 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | * | | |
Michael D. Fascitelli(6)
|
| | | | 5,023,172 | | | | | | 5.0 | | | | | | — | | | | | | — | | | | | | 800,000 | | | | | | 50.0 | | | | | | — | | | | | | — | | | | | | 4.4 | | |
Noam Gottesman(7)
|
| | | | 4,484,244 | | | | | | 4.4 | | | | | | — | | | | | | — | | | | | | 800,000 | | | | | | 50.0 | | | | | | — | | | | | | — | | | | | | 4.0 | | |
William D. Rahm
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Paul A. Gould(11)
|
| | | | 44,878 | | | | | | * | | | | | | 18,580 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | * | | |
Antoinette Cook Bush
|
| | | | 50,266 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | * | | |
Thomas C. King
|
| | | | 50,266 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | * | | |
Nick S. Advani
|
| | | | 50,266 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | * | | |
Ashley Leeds
|
| | | | 35,956 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | * | | |
All executive officers and directors as a group
(13 persons)(12) |
| | | | 10,146,444 | | | | | | 10 | | | | | | 9,802,590 | | | | | | 84.2 | | | | | | 1,600,000 | | | | | | 100.0 | | | | | | 1,386,033 | | | | | | 100.0 | | | | | | 17.7 | | |
| | |
Page
|
| |||
ARTICLE I
|
| ||||||
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-3 | | | |
| | | | A-3 | | | |
| | | | A-3 | | | |
| | | | A-4 | | | |
ARTICLE II
|
| ||||||
| | | | A-4 | | | |
| | | | A-4 | | | |
| | | | A-4 | | | |
| | | | A-5 | | | |
| | | | A-6 | | | |
| | | | A-8 | | | |
| | | | A-10 | | | |
ARTICLE III
|
| ||||||
| | | | A-10 | | | |
| | | | A-11 | | | |
| | | | A-11 | | | |
| | | | A-13 | | | |
| | | | A-14 | | | |
| | | | A-15 | | | |
| | | | A-16 | | | |
| | | | A-16 | | | |
| | | | A-17 | | | |
| | | | A-18 | | | |
| | | | A-19 | | | |
| | | | A-20 | | | |
| | | | A-20 | | | |
| | | | A-21 | | | |
| | | | A-21 | | | |
| | | | A-21 | | | |
| | | | A-23 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | |
| | |
Page
|
| |||
ARTICLE IV
|
| ||||||
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-27 | | | |
| | | | A-27 | | | |
| | | | A-28 | | | |
| | | | A-28 | | | |
| | | | A-28 | | | |
| | | | A-29 | | | |
| | | | A-29 | | | |
| | | | A-29 | | | |
| | | | A-29 | | | |
| | | | A-29 | | | |
| | | | A-30 | | | |
ARTICLE V
|
| ||||||
| | | | A-30 | | | |
| | | | A-30 | | | |
| | | | A-34 | | | |
| | | | A-37 | | | |
| | | | A-39 | | | |
| | | | A-39 | | | |
| | | | A-40 | | | |
| | | | A-42 | | | |
| | | | A-42 | | | |
| | | | A-43 | | | |
| | | | A-44 | | | |
| | | | A-44 | | | |
| | | | A-44 | | | |
| | | | A-45 | | | |
| | | | A-45 | | | |
| | | | A-46 | | | |
| | | | A-46 | | | |
| | | | A-47 | | | |
ARTICLE VI
|
| ||||||
| | | | A-47 | | | |
| | | | A-47 | | | |
| | | | A-48 | | | |
| | | | A-49 | | | |
ARTICLE VII
|
| ||||||
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-50 | | | |
| | | | A-51 | | |
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ARTICLE VIII
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Section
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Acceptable Confidentiality Agreement | | | Section 5.02(b) | |
Actions | | | Section 3.06 | |
Adverse Recommendation Change | | | Section 5.02(d) | |
Affiliate | | | Section 8.13 | |
Agreement | | | Preamble | |
All-In Yield Threshold | | | Section 8.13 | |
Annual Incentive Plan | | | Section 5.08(e) | |
Anti-Corruption Laws | | | Section 8.13 | |
Antitrust and Foreign Investment Laws | | | Section 8.13 | |
Appraisal Shares | | | Section 2.03(a) | |
Asset Tape | | | Section 3.15(a) | |
Assignment of Rents | | | Section 3.15(g) | |
Bankruptcy and Equity Exception | | | Section 3.03(a) | |
Book Entry Interests | | | Section 2.02(d)(i) | |
Burdensome Condition | | | Section 8.13 | |
Business Day | | | Section 8.13 | |
Capitalization Date | | | Section 3.02(a) | |
Capped Call Counterparties | | | Section 8.13 | |
Capped Call Documentation | | | Section 8.13 | |
Capped Call Transactions | | | Section 8.13 | |
Carry Unit | | | Recitals | |
Claim | | | Section 5.06(b) | |
Class A Book Entry Share | | | Section 2.02(c)(i) | |
Class A Common Stock | | | Recitals | |
Class B Common Stock | | | Recitals | |
Class A Common Units | | | Section 8.13 | |
Class B Common Units | | | Section 8.13 | |
Closing | | | Section 1.02 | |
Closing Date | | | Section 1.02 | |
Closing Equity Award Consideration | | | Section 2.05(b) | |
Closing LTIP Consideration | | | Section 2.05(b) | |
Closing Option Consideration | | | Section 2.05(b) | |
Closing Restricted Stock Consideration | | | Section 2.05(b) | |
Closing Year Bonus | | | Section 5.08(e) | |
Code | | | Section 8.13 | |
Company | | | Preamble | |
Company Acquisition Agreement | | | Section 5.02(d) | |
Company Benefit Plans | | | Section 8.13 | |
Company Board | | | Recitals | |
Company Board Recommendation | | | Section 3.03(c) | |
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Section
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Company Bylaws | | | Section 8.13 | |
Company Capital Stock | | | Recitals | |
Company Certificate of Merger | | | Section 1.03(b) | |
Company Charter | | | Section 8.13 | |
Company Collective Bargaining Agreement | | | Section 8.13 | |
Company Common Stock | | | Recitals | |
Company Disclosure Letter | | | Article III | |
Company Employee | | | Section 5.08(a) | |
Company Equity Awards | | | Section 8.13 | |
Company ESPP | | | Section 8.13 | |
Company Merger | | | Recitals | |
Company Merger Effective Time | | | Section 1.03(b) | |
Company Participant | | | Section 8.13 | |
Company Parties | | | Preamble | |
Company Preferred Stock | | | Recitals | |
Company Related Parties | | | Section 7.03(e) | |
Company Restricted Stock | | | Section 8.13 | |
Company SEC Documents | | | Section 3.04(a) | |
Company Securities | | | Section 3.02(c) | |
Company Stock Option | | | Section 8.13 | |
Company Stock Option Consideration | | | Section 2.05(a)(i) | |
Company Stock Plan | | | Section 8.13 | |
Company Stockholder Approval | | | Section 3.03(c) | |
Company Stockholders’ Meeting | | | Section 5.17(a) | |
Company Termination Fee | | | Section 7.03(a)(iii) | |
Compensation Committee | | | Section 8.13 | |
Confidentiality Agreement | | | Section 8.13 | |
Contract | | | Section 8.13 | |
control | | | Section 8.13 | |
controlled | | | Section 8.13 | |
Convertible Notes | | | Section 8.13 | |
Copyrights | | | Section 8.13 | |
COVID-19 | | | Section 8.13 | |
COVID-19 Changes | | | Section 5.01(a) | |
COVID-19 Measures | | | Section 8.13 | |
Current Monthly Cash Flow (local currency) | | | Section 3.15(a) | |
Customer | | | Section 3.15(a) | |
Debt Agreements | | | Section 8.13 | |
Debt Default | | | Section 5.14(a) | |
DGCL | | | Section 1.01(b) | |
Distribution Documents | | | Section 3.23 | |
Divestiture Action | | | Section 5.03(c) | |
DLLCA | | | Section 1.01(a) | |
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Section
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DWIP Waiver Agreement | | | Section 8.13 | |
Easement | | | Section 3.15(e) | |
Easement Property | | | Section 8.13 | |
End Date | | | Section 7.01(b)(i) | |
Environmental Law | | | Section 8.13 | |
Environmental Permit | | | Section 3.11(a) | |
Equity Award Consideration | | | Section 2.05(b) | |
Equity Financing | | | Section 4.07(a) | |
Equity Funding Letters | | | Section 4.07(a) | |
ERISA | | | Section 8.13 | |
ERISA Affiliate | | | Section 8.13 | |
Exchange Act | | | Section 8.13 | |
Exchange Fund | | | Section 2.04(a) | |
Exchange Ratio | | | Section 8.13 | |
executive officer | | | Section 8.13 | |
Existing Specified Debt | | | Section 8.13 | |
Facility Agreement Waiver Agreement | | | Section 8.13 | |
GAAP | | | Section 8.13 | |
Governmental Antitrust and Foreign Investment Authority | | | Section 5.03(b) | |
Governmental Authority | | | Section 8.13 | |
Hazardous Materials | | | Section 8.13 | |
Indebtedness | | | Section 8.13 | |
Indemnitee | | | Section 5.06(a) | |
Indenture | | | Section 8.13 | |
Intellectual Property | | | Section 8.13 | |
Interim Debt | | | Section 5.01(a)(B)(iv) | |
Intervening Event | | | Section 8.13 | |
IRS | | | Section 8.13 | |
IT Systems | | | Section 3.12(f) | |
Knowledge | | | Section 8.13 | |
Law | | | Section 3.03(e) | |
Lease | | | Section 3.15(c) | |
Leased Real Property | | | Section 3.15(c) | |
Liens | | | Section 8.13 | |
LTIP Payment Right | | | Section 2.05(a)(iv) | |
LTIP Units | | | Recitals | |
Material Adverse Effect | | | Section 8.13 | |
Material Contract | | | Section 3.16(a) | |
Material Customers | | | Section 3.22 | |
Merger Consideration | | | Recitals | |
Merger Sub I | | | Preamble | |
Merger Sub II | | | Preamble | |
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Section
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Merger Transactions | | | Section 8.13 | |
Mergers | | | Recitals | |
Monthly Recurring Revenue | | | Section 8.13 | |
NASDAQ | | | Section 3.03(f) | |
New Operator Contract | | | Section 8.13 | |
No-Shop Period Start Date | | | Section 5.02(a) | |
Non-Eligible Contract | | | Section 8.13 | |
OFAC | | | Section 8.13 | |
OpCo | | | Preamble | |
OpCo Book Entry Unit | | | Section 2.01(c) | |
OpCo Certificate of Merger | | | Section 1.03(a) | |
OpCo Class A Common Unit | | | Section 8.13 | |
OpCo Class B Common Unit | | | Section 8.13 | |
OpCo Common Unit | | | Section 8.13 | |
OpCo LLC Agreement | | | Recitals | |
OpCo Merger | | | Recitals | |
OpCo Merger Effective Time | | | Section 1.03(a) | |
OpCo TMA | | | Section 8.13 | |
Operator | | | Section 8.13 | |
Operator Contracts | | | Section 8.13 | |
Option Payment Right | | | Section 2.05(a)(i) | |
Order | | | Section 3.03(e) | |
Organizational Documents | | | Section 8.13 | |
Original Operator Contract | | | Section 8.13 | |
Owned Company Common Stock | | | Section 2.02(b) | |
Owned OpCo Common Unit | | | Section 2.01(b) | |
Owned Real Property | | | Section 3.15(b) | |
Parent | | | Preamble | |
Parent Disclosure Letter | | | Article IV | |
Parent Material Adverse Effect | | | Section 8.13 | |
Parent Parties | | | Preamble | |
Parent Related Parties | | | Section 7.03(e) | |
Parent Termination Fee | | | Section 7.03(b) | |
Patents | | | Section 8.13 | |
Paying Agent | | | Section 2.04(a) | |
Permits | | | Section 3.07(a) | |
Permitted Liens | | | Section 8.13 | |
person | | | Section 8.13 | |
Personally Identifiable Information | | | Section 8.13 | |
Post-Closing Bonus | | | Section 5.08(e) | |
Pre-Closing Bonus | | | Section 5.08(e) | |
Promissory Certificates Waiver Agreement | | | Section 8.13 | |
Property Assets | | | Section 3.15(g) | |
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Section
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Property Contract | | | Section 8.13 | |
Proxy Statement | | | Section 3.03(f) | |
Refinancing Specified Debt | | | Section 8.13 | |
Registered Intellectual Property | | | Section 8.13 | |
Registration Rights Agreements | | | Section 8.13 | |
Regulation S-K | | | Section 8.13 | |
Regulation S-X | | | Section 8.13 | |
Release | | | Section 8.13 | |
Remedial Action | | | Section 5.03(c) | |
Rental Property | | | Section 3.15(g) | |
Representatives | | | Section 8.13 | |
Restraints | | | Section 6.01(a) | |
Restricted Remedy | | | Section 8.13 | |
Rollover Agreement | | | Section 8.13 | |
Rollover Amount | | | Section 8.13 | |
Rollover Equity | | | Section 8.13 | |
RS Payment Right | | | Section 2.05(a)(iii) | |
Sanctioned Country | | | Section 8.13 | |
Sanctioned Person | | | Section 8.13 | |
Sanctions | | | Section 8.13 | |
Sarbanes-Oxley Act | | | Section 8.13 | |
SEC | | | Section 8.13 | |
Secretary of State | | | Section 1.03(a) | |
Section 409A | | | Section 2.05(b) | |
Securities Act | | | Section 8.13 | |
Selected Courts | | | Section 8.07(b) | |
Series A Book Entry Share | | | Section 2.02(d)(i) | |
Series A Founder Preferred Stock | | | Recitals | |
Series A LTIP Unit | | | Section 8.13 | |
Series A Rollover Profits Units | | | Recitals | |
Series B Founder Preferred Stock | | | Recitals | |
Series B LTIP Unit | | | Section 8.13 | |
Series B Rollover Profits Unit Consideration | | | Section 2.05(b) | |
Series B Rollover Profits Units | | | Recitals | |
Series C LTIP Unit | | | Section 8.13 | |
Shareholders Agreement | | | Section 8.13 | |
Significant Subsidiary | | | Section 3.01(b) | |
Specified Debt | | | Section 8.13 | |
Specified Debt Agreements | | | Section 8.13 | |
Sponsors | | | Recitals | |
Subsidiary | | | Section 8.13 | |
Superior Proposal | | | Section 5.02(g) | |
Surface Right | | | Section 3.15(f) | |
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Section
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Surviving Corporation | | | Section 1.01(b) | |
Surviving Entities | | | Section 1.01(b) | |
Surviving LLC | | | Section 1.01(a) | |
Takeover Laws | | | Section 3.13(b) | |
Takeover Proposal | | | Section 5.02(f) | |
Tax Return | | | Section 8.13 | |
Taxes | | | Section 8.13 | |
Taxing Authority | | | Section 8.13 | |
Termination Equity Commitment Letters | | | Section 4.08 | |
Trademarks | | | Section 8.13 | |
Transaction Committee | | | Recitals | |
Transaction Litigation | | | Section 8.13 | |
Transactions | | | Section 8.13 | |
Unvested LTIP Consideration | | | Section 2.05(b) | |
Unvested Option Consideration | | | Section 2.05(b) | |
Unvested Restricted Stock Consideration | | | Section 2.05(b) | |
USRPIs | | | Section 2.04(f)(iii) | |
Usufruct | | | Section 3.15(d) | |
Waiver Agreements | | | Section 8.13 | |
WARN Act | | | Section 3.10(d) | |
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745 Seventh Avenue
New York, NY 10019 United States |
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| | | | Very truly yours, | |
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/s/ Barclays Capital Inc.
BARCLAYS CAPITAL INC.
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