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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 48 slides",
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  "authorName": "Goldman Sachs",
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  "presentationDate": "2018-04-01 00:00:00",
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  "pageNumber": 30,
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  "notes": "Includes a specific $2.0 billion deduction in the entitlement calculation.",
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      "text": "Upon the earliest of (x) December 31, 2026, (y) a change of control transaction of GP or of IDR LLC, or (z) a liquidation of IDR LLC, GP may redeem each outstanding Series B Unit in exchange for GP common shares",
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      "text": "Conversion Mechanism Illustration",
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      "text": "Per Vested B Unit Entitlement equals the quotient of (a) the product of (i) the equity value of GP calculated by multiplying the VWAP Price and the number of then-outstanding common shares minus $2.0 billion and (ii) the product of (A) 6%, (B) the percentage of authorized Series B Units that are outstanding at such time and (C) the percentage of outstanding Series B Units that have vested, divided by (b) the total number of vested Series B Units outstanding",
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      "text": "Conversion of Series B units to common shares equal to the quotient determined by dividing (a) the product of (i) the Per Vested B Unit Entitlement and (ii) the number of vested Series B Units being redeemed, by (b) GP common share 20 trading day VWAP.",
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      "kind": "source-note",
      "text": "Source: GP 2017 10-K dated 13-Feb-2018, 424 B4 filing dated 05-May-2017, and GP IDR Holdings LLC Limited Liability Company Agreement dated 31-Dec-2016",
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      "text": "Conversion Mechanism of Series B Units of Arkose IDR LLC",
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