PBF Energy 2013 Annual Report Download - page 136

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PBF ENERGY INC. AND
PBF HOLDING COMPANY LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT, PER SHARE, PER UNIT AND BARREL DATA)
F- 40
PBF LLC Series B Units
The PBF LLC Series B Units are intended to be “profit interests” within the meaning of Revenue Procedures 93-27
and 2001-43 of the Internal Revenue Service and have a stated value of zero at issuance. The PBF LLC Series
B Units are held by certain of the Company’s officers, have no voting rights and are designed to increase in value
only after the Company’s financial sponsors achieve certain levels of return on their investment in PBF LLC
Series A Units. Accordingly, the amounts paid to the holders of PBF LLC Series B Units, if any, will reduce only
the amounts otherwise payable to the PBF LLC Series A Units held by the Company’s financial sponsors, and will
not reduce or otherwise impact any amounts payable to PBF Energy (the holder of PBF LLC Series C Units), the
holders of the Company’s Class A common stock or any other holder of PBF LLC Series A Units. The maximum
number of PBF LLC Series B Units authorized to be issued is 1,000,000.
PBF LLC Series C Units
The PBF LLC Series C Units rank on a parity with the PBF LLC Series A Units as to distribution rights, voting
rights and rights upon liquidation, winding up or dissolution. PBF LLC Series C Units are held solely by PBF
Energy.
Information about the issued classes of PBF LLC units for the years ended December 31, 2013, 2012 and 2011,
is as follows:
Series A Units Series B Units Series C Units
Balance—January 1, 2011 51,393,114 950,000 —
Units allocated to management — 50,000 —
Member capital contribution 40,864,698 — —
Balance—December 31, 2011 92,257,812 1,000,000 —
Issuances of restricted units 23,904 — —
Exercise of warrants and options 2,661,636 — —
Balance—December 18, 2012 94,943,352 1,000,000 —
Reorganization and offering transaction (21,967,686) — 21,967,686
Issuance of Series C units — — 1,600,000
Exchange of Series A Units for Class A common
stock of PBF Energy Inc. (3,535) — 3,535
Balance—December 31, 2012 72,972,131 1,000,000 23,571,221
Issuances of restricted stock — — 42,614
Exercise of warrants and options 5,094 — —
Secondary offering transaction (15,950,000) — 15,950,000
Balance—June 12, 2013 57,027,225 1,000,000 39,563,835
Issuances of restricted stock — — 17,778
Exercise of warrants and options 258,309 — —
Exchange of Series A Units for Class A common
stock of PBF Energy Inc. (83,860) — 83,860
Balance—December 31, 2013 57,201,674 1,000,000 39,665,473
The warrants and options exercised in the table above include both non-compensatory and compensatory PBF LLC
Series A warrants and options.