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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 10 slides",
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  "authorName": "Goldman Sachs",
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  "notes": "Goldman Sachs investment banking deck, page 2.",
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      "text": "PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY",
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      "text": "Stock settlement into a fixed number of shares is key for directors. Eliminate conflict of higher exchange ratio potentially benefiting Series B. Measurement period of \"play\" is relatively narrow and share price appreciation on fixed number of shares is upside.",
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      "text": "We are focused on resolving this equitably and concretely by reinforcing the side-by-side nature of Series B and other GP equity owners in participating in GP equity performance over time",
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      "text": "The board members decided that a Series B settlement with a cash component is not optimal at this time. Cash payment is inconsistent with Series B participating alongside other equity holders in GP equity performance. Perception of misalignment of management and shareholders which could impact value and potentially cause reputational harm to Antero family constituents. Scrutiny of all facets of a GP/Midstream transactions heightened given current market sentiment which drove the initial review of simplification transactions.",
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      "text": "We thought a brief recap of the history on our discussions would be a helpful level set. Starting point: Status Quo – Series B at 6.0% converts into 4mm shares; Pro Forma – Series B at 6.0% converts into 25mm shares. Counter proposals: 9-10-11.2mm fixed shares equates to approximate 3.0% Series B take. Management offer to adjust Series B to 4.5% which equates to ~18mm shares and a $310mm value. Special Committee looks to separate Series B to 4.5% into cash and equity components. Settling all or a portion of a liability with cash potentially more attractive for all GP shareholders. Negotiations lead to $190mm cash and Series B adjustment to 2.0% settlement.",
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      "text": "Non-management directors robustly debated merits of $190mm cash and 2.0% Series B settlement. Value and form of compensation. Implications of cash settlement.",
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