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  "documentTitle": "Antero Midstream Partners | Mergers and Acquisitions Presentation Deck | 29 slides",
  "authorId": "antero-midstream-partners",
  "authorName": "Antero Resources",
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  "presentationDate": "2018-10-01 00:00:00",
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  "pageNumber": 23,
  "pageCount": 29,
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  "slideType": "before_after",
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  "nDataPoints": 6,
  "notes": "The slide details the financial restructuring of Series B units, moving from an option-based structure to a fixed share exchange.",
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      "text": "The Series B profits interests were created in December 2016 through an agreement between Antero's co-founders and private equity sponsors, who jointly owned 100% of IDR LLC prior to the AMGP IPO. Series B units are entitled to receive up to 6% of the IDR distributions from AM in excess of $7.5 million on a quarterly basis. Series B holders have the option to exchange into AMGP common shares at any time after vesting up until December 31, 2026 based on 6% of AMGP's equity market capitalization at the time of the exchange less $2 billion (mandatory exchange on 12/31/26). AMGP does not have the right to force exchange until 12/31/26. Units vest ratably over a three year period beginning on December 31, 2016.",
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      "text": "In order to facilitate the simplification transaction Series B Holders have agreed to an early termination of the Series B profits interest at closing. Under existing terms of Series B units, would be exchangeable at holders option following closing and until 12/31/26 up to 6.0% of the pro forma market cap of New AM in excess of $2.0 billion. Instead, agreed to exchange into a fixed 17.354 MM shares of New AM at closing of simplification, which represents approximately 4.4% of the pro forma market cap of New AM in excess of $2.0 billion. Gave up 8 years of option value on future AM and AMGP equity issuances and market capitalization increases. Vesting Schedule remains in place and Series B unitholders will not receive New AM dividends on the unvested shares in 2019.",
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      "text": "Series B Profits Elimination",
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      "text": "Prior to Simplification:",
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