Departure definition
Examples of Departure in a sentence
For the avoidance of doubt, in the case of a Terminal Value Event that is effected through an IPO, a Participant shall participate in such IPO in the same manner as Founder or, following the Founder’s Departure, the CEO, including with respect to any benefits received under a Tax Receivable Agreement, indemnification obligations and similar benefits.
For purposes of calculating the “Founder Profits Interests outstanding as of the Founder Departure Date” in this Section 10.3 (“Consequences of Founder Departure”), the dilutive effect of any and all Founder Voluntary Dilutions pursuant to Section 14 (“Dilution”) shall be disregarded.
For example, if a Founder Departure Date occurs on December 31, 2035, Founder shall initially forfeit 50% of his Founder Profits Interests and, on the third anniversary of the Founder Sunset Start Date, shall forfeit an additional 6.5% of his Founder Profits Interests (calculated on his original pre-forfeiture amount of Founder Profits Interests).