thereunder, and (z) an executed counterpart signature page to the LLC Agreement (clauses (y) and (z) collectively, the “Transaction Documents”). Both the Director Capital Units and the Incentive Units are Common Units.
(b) Subsequent Closings. If, from time to time after the Closing, the Investors make subsequent Capital Contributions to the Company in respect of Common Units acquired by the Investors pursuant to the GTCR Unit Purchase Agreement (each such subsequent Capital Contribution, a “Subsequent Contribution”), Director will, concurrently with each such Subsequent Contribution, make an additional Capital Contribution to the Company in respect of the Director Capital Units, by wire transfer of funds or certified or cashier’s check, in an amount equal to (i) $302,882, multiplied by (ii) a fraction (x) the numerator of which will be the Capital Contributions to the Company to be made by the Investors in respect of Common Units in connection with such Subsequent Contribution and (y) the denominator of which will be $300,000,000; provided, that in no event shall the aggregate amount of all Capital Contributions to the Company made by Director hereunder (including at the Closing and pursuant to this Section 1(b)) exceed $302,882. In connection with any such Subsequent Contribution pursuant to this Section 1(b), the Company will update the Unit Ledger to the LLC Agreement to reflect such additional Capital Contribution. To the extent that, after the date hereof, any Person (other than any Investor) assumes or otherwise agrees to perform all or part of the obligations of the Investors under Section 1(b)(ii) of the GTCR Unit Purchase Agreement, any Capital Contribution made by such Person in connection with a Subsequent Contribution shall be treated as having been made by the Investors for purposes of this Section 1(b).
(c) 83(b) Election. Within 30 days after the acquisition of the Incentive Units at the Closing, Director will make an effective election (an “83(b) Election”) with the Internal Revenue Service under Section 83(b) of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder in the form of Exhibit A attached hereto.
(d) Certificates. Until released upon the occurrence of a Sale of the Company, all certificates evidencing the Director Securities shall be held, subject to the other terms of this Agreement and the Securityholders Agreement, by the Company for the benefit of Director and the other holder(s) of the Director Securities. Upon the occurrence of a Sale of the Company, subject to the provisions of the LLC Agreement (including Section 12.1 thereof), the Company will return all certificates in its possession evidencing the Director Securities to the record holders thereof or, subject to Section 1(h), to the appropriate acquirer thereof.
(e) Regulation D; Rule 701. The issuance of the Director Securities to Director hereunder is intended to be exempt from registration under the Securities Act pursuant to Regulation D or Rule 701 hereunder.
(f) Representations and Warranties. In connection with the transactions contemplated by Section 1 above, Director represents and warrants to the Company that:
(i) Director possesses all requisite capacity, power and authority to enter into and perform Director’s obligations under this Agreement;
(ii) this Agreement constitutes the legal, valid and binding obligation of Director, enforceable in accordance with its terms, and the execution, delivery and
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