Company: LGN
Filing Date: 2025-09-02
Form Type: S-1/A
Source: 0001193125-25-193346
Chunk: 23

Company: Legence Corp.
Filing Date: 2025-09-02
Form: S-1/A
Chunk 23
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 offering. In accordance with FINRA Rule 5121(c), no sales of the shares of Class A Common Stock in this offering will be made to any discretionary        
 account over which Blackstone Securities Partners L.P. exercises discretion without the prior specific written approval of the account holder. See “Underwriting (Conflicts of Interest).”                                            |

Dividend policy

| Following the completion of this offering, our board of directors may elect to declare cash dividends on our Class A Common Stock, subject to our compliance with applicable law, and                                                                   
 depending on, among other things, economic conditions, our financial condition, results of operations, projections, liquidity, earnings, legal requirements and restrictions in the agreements governing our indebtedness (as further discussed below). 
 The payment of any future dividends will be at the discretion of our board of directors. We have not adopted, and do not currently expect to adopt, a written dividend policy. The section titled “Dividend Policy” contains more                       
 information.                                                                                                                                                                                                                                            |

| Exchange rights of other LGN Unit Holders | In connection with the completion of this offering, we and Legence Holdings will enter into an Exchange Agreement with Legence Parent so that it may (subject to the terms of the Exchange Agreement and the Legence Holdings LLC Agreement) exchange 
 its LGN Units, along with surrendering a corresponding number of shares of Class B Common Stock, for shares of Class A Common Stock of Legence on                                                                                                     
 a one-for-one basis (the “Exchange Right”), subject to customary conversion rate adjustments for stock splits, stock dividends and                                                                                                                    
 reclassifications, or, at our option, an equivalent amount of cash. “Certain Relationships and Related Party Transactions—Exchange Agreement” contains more information.                                                                              |

| Tax receivable agreement | Future exchanges of LGN Units for shares of Class A Common Stock are expected to result in increases in the tax basis of the tangible and                                                                                                                
 intangible assets of Legence Holdings. The anticipated basis adjustments are expected to increase (for tax purposes) our depreciation, depletion and amortization deductions and may also decrease our gains (or increase our losses) on future          
 dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. Such increased deductions and losses and reduced gains may reduce the amount of tax that we would otherwise be required to pay in the future. Prior 
 to the completion of this offering, we will enter into a Tax Receivable Agreement with the TRA                                                                                                                                                           |

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| Members. This agreement generally provides