Clear Secure amends operating agreement to modify tax distribution timing and amount

Clear Secure, Inc.

Amendment to Alclear Holdings LLC operating agreement changes timing and amount of Tax Distributions.
Tax Distributions can now be made as needed to satisfy Clear Secure's tax liabilities and Tax Receivable Agreement obligations.
Additional annual Tax Distributions will be calculated using New York City resident corporate tax rate.
The amendment is effective June 7, 2023, and is a procedural governance change.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Clear Secure, Inc. amended A&R Operating Agreement with Alclear Holdings, LLC (effective 2023-06-07).

Action: amendment
Counterparty: Alclear Holdings, LLC
Effective: 2023-06-07

Exact text from the filing

On June 7, 2023, Clear Secure, Inc. (the “Company”), as Managing Member, amended and restated the Amended and Restated Operating Agreement of Alclear Holdings, LLC, dated as of June 29, 2021, among Alclear Holdings, LLC (“Alclear”), the Company and the other parties thereto (as amended and restated, the “A&R Operating Agreement”) in accordance with its terms to change the timing and amount of the Tax Distributions as defined and as calculated pursuant to Section 5.03(e) of the A&R Operating Agreement

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Source: SEC EDGAR

accession 0001193125-23-162657

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