16 unchanged sentences
Under the Limited Partnership Agreement of the operating company, holders (the “Class A Unit Holders”) of Class A units of the operating company (“Class A Units”) may exchange their Class A Units for, at our option, either (1) Class A common shares on a one-for-one basis (subject to adjustment in the event of share splits, distributions of shares, warrants or share rights, specified extraordinary distributions and similar events), or (2) cash in an amount equal to the market value of such shares at the time of exchange.
−Removed: During the year ended December 31, 2024, no redemption notices were received from Class A Unit Holders.
+Added: During the year ended December 31, 2025, an entity controlled by Emile Haddad, the Chairman Emeritus of our Board of Directors, exchanged 3,137,134 Class A units, and in exchange therefor, received 1,109,172 Class A common shares.
+Added: The balance of the 2,027,962 Class A units that were tendered for redemption by Mr.
+Added: Haddad were returned to the operating company in accordance with the dilution provisions of the operating company's partnership agreement and were canceled.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.