Founder Transfer Clause Samples

Founder Transfer. Prior to the Effective Time, ▇▇▇▇ ▇▇▇ (the “Founder”) and RY Holdings Inc. (“Founder Holdco”) shall transfer (the “Founder Transfer”) all of their right, title and interest in and to their Continuing Shares to RY Elevate Inc. (“New Founder Holdco” and, together with the Founder and Founder Holdco, the “Founder Group”), an entity that is indirectly wholly-owned by the Founder. Upon completion of the Founder Transfer, the Founder and Founder Holdco shall cease to be Continuing Shareholders for purposes of this Agreement, and New Founder Holdco shall be the Continuing Shareholder with respect to the Continuing Shares transferred to New Founder Holdco in the Founder Transfer for purposes of this Agreement.