Company: INV
Filing Date: 2025-10-23
Form Type: S-1
Source: 0001140361-25-039085
Chunk: 19

Company: Innventure, Inc.
Filing Date: 2025-10-23
Form: S-1
Chunk 19
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 Accelsius automatically converted into equity securities of Accelsius in accordance with their terms (please see the “Accelsius Convertible Notes” disclosure above). The Series B-1 Units are convertible at any time and from time to time into Accelsius’s Class A Comon Units by dividing the Series B-1 Unit’s JCI Issue Price (as defined below) by the JCI Conversion Price (as defined below) in effect at the time of conversion. The “JCI Issue Price” means $36.4877 per unit, subject to appropriate adjustment in the event of any unit dividend, unit split, combination or other similar recapitalization with respect to the applicable Series B-1 Units. The “JCI Conversion Price” shall initially equal $36.4877 and will be subject to certain adjustments. In connection with the Closing, Accelsius amended its limited liability company agreement (“Operating Agreement”) to provide for certain rights to JCI with respect to the Series B-1 Units. Management Rights For so long as JCI and its affiliates continue to beneficially own an aggregate of at least 50% of the Series B-1 Units purchased by JCI (subject to appropriate adjustment for any unit splits, unit dividends, combinations, recapitalizations and the like or any conversion), JCI will be entitled to designate and remove one director (the “Preferred Director”). Each director will be entitled to one vote on all matters that come before the board of directors of Accelsius (the “Board”). The Preferred Director will be entitled in such person’s discretion to be a member of any committee of the Board or of the board of directors or managers of any subsidiary of Accelsius. No action shall be taken by the Board or any officer on behalf of Accelsius with respect to any Preferred Decision (as defined in the Operating Agreement) without the approval of the Preferred Director. Such “Preferred Decisions” include, among others, (i) any amendment of any provision of the Operating Agreement that would adversely affect the special rights, powers, or preferences of the Series B-1 Units, (ii) the incurrence or guarantee of indebtedness by Accelsius in excess of $20,000,000 in a single transaction or series of related transactions, (iii) the creation of any new class or series of units that would rank senior or pari passu to the Series B-1 Units, and (iv) an increase in the authorized number of Accelsius’s Class A Common Units, Class C Units, or any series of preferred units. Pre