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Subsequent Events
9 Months Ended
Sep. 30, 2022
Subsequent Events  
Subsequent Events

Note 13  Subsequent Events

Share Exchange

On October 12, 2022, a Pre-IPO Common Unitholder delivered an exchange notice pursuant to Article XII of the LLC Operating Agreement, relating to the exchange of 1,000,000 Common Units and an equal number of shares of class B common stock for an equal number of shares of Class A common stock.

Pursuant to the terms of the LLC Operating Agreement, on October 19, 2022, the Pre-IPO Common Unitholder surrendered 1,000,000 Common Units and an equal number of shares of Class B common stock. In connection therewith, the Company issued 1,000,000 shares of Class A common stock to such Pre-IPO Common Unitholder, canceled an equal number of shares of Class B Common Stock, and received an equal number of Common Units, increasing the Company’s ownership of Common Units by 1,000,000.

Issuance of Shares

On October 20, 2022, the Company issued 107,046 shares of Class A common stock in connection with the vesting of certain RSUs that were granted at the time of the IPO to U.S. and foreign employees.  On October 25, 2022, the Company issued 1,396,677 shares of Class A common stock to the former U.S. and foreign holders of Award Units and a non-executive employee.

 

The individual tax withholding obligations to be incurred in connection with the above issuances were satisfied through our withholding 526,662 shares from issuance (with a value as of the date of issuance that satisfies the withholding amount due), and using approximately $6.96 million of the Company’s cash to remit the related withholding tax amount to the applicable U.S. and foreign tax authorities.