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Related Party Transactions
3 Months Ended
Mar. 31, 2023
Related Party Transactions  
Related Party Transactions

Note 11  Related Party Transactions

Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions. Since transactions with related parties may raise potential or actual conflicts of interest between the related party and the Company, upon the completion of the IPO the Company implemented a related party transaction policy that requires related party transactions to be reviewed and approved by its nominating and corporate governance committee.

Pre-IPO Common Unitholders delivered exchange notices pursuant to Article XII of the LLC Operating Agreement on each of February 13, 2023 and March 21, 2023, relating to the respective exchanges of 1,000,000 and 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.  

On February 21, 2023 and March 28, 2023, pursuant to the terms of the LLC Operating Agreement, the exchanging Pre-IPO Common Unitholders respectively surrendered 1,000,000 and 1,000,000 Common Units and an equal number of shares of Class B common stock. In connection therewith, the Company respectively issued 1,000,000 and

1,000,000 shares of Class A common stock to the exchanging Pre-IPO Common unitholder, canceled an equal number 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 and 1,000,000 respectively.

For a discussion of other related party transactions that occurred during the fiscal years ended December 31, 2021 and 2022, please refer to Note 13 – Related Party Transactions, in our Annual Report on Form 10-K for the year ended December 31, 2022.