Company: PIII
Filing Date: 2025-02-20
Form Type: PRE 14A
Source: 0001140361-25-005269
Chunk: 18

Company: P3 Health Partners Inc.
Filing Date: 2025-02-20
Form: PRE 14A
Chunk 18
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 Restated Limited Liability Agreement, dated as of December 3, 2021 (the “P3 LLC A&R LLC Agreement”), the consolidation of the common stock contemplated by the Reverse Stock Split will be accompanied by an identical consolidation of the LLC units of P3 LLC (the “P3 LLC Units”). The P3 LLC A&R LLC Agreement includes provisions intended to ensure that P3 at all times maintains (i) a one-to-one ratio between the number of P3 LLC Units owned, directly or indirectly, by P3 and the aggregate number of shares of Class A common stock issued and outstanding, and (ii) a one-to-one ratio between the aggregate number of P3 LLC Units owned, directly or indirectly, by the members of P3 LLC (other than P3 and its subsidiaries) and the number of shares of Class V common stock issued and outstanding. These ratio requirements disregard (1) shares of Class A common stock issuable under unvested equity incentive awards granted by P3, (2) treasury stock, and (3) preferred stock or other debt or equity securities (including warrants, options or rights) issued by P3 that are convertible into or exercisable or exchangeable for shares of Class A common stock, except to the extent P3 has contributed the net proceeds from such other securities, including any exercise or purchase price payable upon conversion, exercise or exchange thereof, to the equity capital of P3 LLC.

To the extent the Reverse Stock Split is approved by our stockholders and implemented at the discretion of the Board, the Company, as managing member of P3 LLC, will take all actions necessary to cause the LLC Units to be subjected to a reverse split at an identical ratio to the Reverse Stock Split, effective upon the completion of the Reverse Stock Split in order to maintain such one-to-one ratio. As the context requires, references to the Reverse Stock Split in this Proxy Statement generally include the completion of the related reverse split of the P3 LLC Units.

Relative Increase in Number of Authorized Shares of Common Stock for Issuance

The Reverse Stock Split will not affect the number of authorized shares or the par value of our capital stock, which will remain at 1,015,000,000 shares, consisting of (a) 800,000,000 shares of Class A common stock,

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(b) 205,000,000 shares of Class V common stock, and (c) 10,000,000 shares of Preferred