Tenure definition
Examples of Tenure in a sentence
TVE Tenure Factor10 Years from Initial Grant Date TVE Tenure Factor TVE Tenure Factor of Class A Interests < 15 1.0 1.0 ≥ 15 and < 20 1.167 1.0 ≥ 20 1.333 1.0 10 Note: Referenced in Section 12 (“Terminal Value Events”).
For the avoidance of doubt, the TVE Tenure Factor applied with regard to any Terminal Value Event shall be determined with regard to such Participant’s Tenure as of the date of execution of the definitive agreement with respect to such Terminal Value Event.
Such Participant’s Tenure-Adjusted Profits Interests shall equal 10% x 1.125 = 11.25% (i.e., Participant’s Profits Interests upon Termination multiplied by the applicable Tenure Factor).
Founder shall not receive the benefits of the TVE Tenure Factor (see Schedule 5 (“TVE Tenure Factor”)) with respect to any Terminal Value Events and, for the avoidance of doubt, shall not be deemed to have Departed with respect to any Terminal Value Event for purposes of Section 12.2(A) (“Active Participants and Recently Terminated Participants”).