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Partnership Agreement: Pro-Rata GP Equity for Capital Raising
The general partnership has 500k left to raise (Approx 50% remaining) in a 506 (c) fund. There are three GP's, the capital partner, the operator, and the fundraiser...
30% equity stake in the GP is reserved for raising a total of $1M, it is pro-rata. Since only 50% is left to raise, the stake up for grabs is 15%. Any member of the GP is allowed to raise the funds needed and will be rewarded with additional equity in the GP at the time of acquisition.
Trying to write a General Partnership Agreement to capture this offering.
Any tips on what verbiage to use in this part of the agreement?