Beneficient definition
Examples of Beneficient in a sentence
Upon the expiration of the Initial Term, the Agreement will automatically renew, subject to earlier termination as herein provided, for successive one-year periods (each, an “Additional Term”), unless either Consultant or Beneficient provides notice of non-renewal at least 90 days prior to the expiration of the Initial Term or the then Additional Term, whichever is applicable.
To resign as a director of Beneficient, you will need to comply with the policies, if any, established by the Board of Directors of Beneficient.
To resign as a consultant hereunder, you must submit a resignation letter to the Chief Executive Officer of Beneficient.
Upon the effectiveness of this Agreement, Beneficient agrees to comply with, or cause other Ben Entities to comply with, the terms of the Prior Agreement as it relates to the award of the Participating Interests under the BMP Plan.
Make or agree to make, nor shall Parent, GWG or GWG Life, make or permit their respective Affiliates to make or agree to make, any distribution or payment relating to, in satisfaction of, or in purported satisfaction of, any demand relating to any Beneficient Transaction (including any demand made prior to a filing of any action, suit, proceeding, claim or dispute).
Pursuant to the Prior Agreement, you were previously granted the number of restricted equity units (“REUs”) under The Beneficient Company Group, L.P. 2017 Equity Incentive Plan (as amended, the “Ben EIP”) representing common units in The Beneficient Company Group, L.P. (“BCG”) with a fair market value, as determined by the Board of Ben Management in its sole discretion as of the date of grant, equal to $1,000,000.00.
During the Term, you also may be appointed to, and agree to serve if appointed, in other roles including serving as a member on the Board of Directors of Beneficient and its committees for separate consideration established by Beneficient from time to time.
The term of your consulting role under this Agreement shall begin on the Effective Date and shall continue in effect for one year following the Effective Date (the “Initial Term”), unless earlier terminated by either Beneficient or Consultant in accordance with paragraph 3.
As a consultant, you will not be an employee of Beneficient or any Ben-related entities (collectively the “Ben Entities”) and thus will not be eligible to participate in any employee benefits plans or programs except as may otherwise be permitted in your role as a director of Beneficient.
Effective as of the Effective Date and during the Term (as defined below), you agree to serve as a consultant to Beneficient and its subsidiaries (collectively, “Ben”) and to be reasonably available to mentor, advise and support the efforts of ▇▇▇’s current Chief Executive Officer to grow Ben and its related entities into the leading provider of services, insurance, liquidity and financing for alternative assets held by medium and high net worth individuals and institutional investors.