Founder Note definition

Founder Note means the promissory note between ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ and the Company, dated as of the Closing Date, in the principal amount of Four Million Dollars ($4,000,000), having a maturity date three (3) years from the Closing Date, and otherwise in form and substance to be agreed upon prior to the Closing between the Company and ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ and reasonably satisfactory to Parent.
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Founder Note means the promissory note between Netanel Davidi and the Company, dated as of the Closing Date, in the principal amount of Four Million Dollars ($4,000,000), having a maturity date three (3) years from the Closing Date, and otherwise in form and substance to be agreed upon prior to the Closing between the Company and Netanel Davidi and reasonably satisfactory to Parent.
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Founder Note means, collectively, (i) the promissory notes, each dated February 25, 2009, from ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ to the Company and from ▇▇▇▇▇▇▇ ▇▇▇ to the Company, respectively, and (ii) the promissory notes, each dated April 22, 2009, from ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ to the Company and from ▇▇▇▇▇▇▇ ▇▇▇ to the Company, respectively.
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Examples of Founder Note in a sentence

  • For purposes of calculating the amount of cash payable to each Contributing Securityholder pursuant to this Section 2.1(e), such amount of the Founder Note so repaid (net of any Taxes paid or deemed paid by Parent, Buyer or the Company thereon or in respect thereof, calculated using the highest corporate Tax rate applicable in the jurisdiction of the holder of the Founder Note) shall be distributed to each Contributing Securityholder in accordance with such Contributing Securityholder’s Pro Rata Share.

  • If a Change of Control (as defined in any Founder Note) occurs, then Borrower shall pay to the Lender, no later than the earlier of (x) fourteen (14) days following such Change of Control (as defined in any Founder Note) and (y) December 31st of the year in which such Change of Control (as defined in any Founder Note), an amount in cash equal to the Change of Control Prepayment Amount for such Change of Control (as defined in the applicable Founder Note(s)).

  • Parent and Buyer hereby covenant and agree that neither the Company nor any of its successors or assigns shall transfer the Founder Note to any Person other than a non-United States affiliate of Parent.

  • If, upon the maturity date of the Founder Note, any principal amount of the Founder Note remains unpaid, Parent shall pay an amount from the Founder Retained Amount equal to such unpaid principal amount of the Founder Note to ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ or to another Person designated in writing by the Representative on behalf of the Contributing Securityholders to be held on behalf of all of the Contributing Securityholders as compensation, net of all applicable employer Taxes and employee withholding Taxes.

  • The Company shall deliver to Founder a copy of, and a receipt for, the certificate representing the Shares, and Founder shall deliver to the Company a promissory note in the form of Annex A attached hereto in the principal amount of $________ (the "Founder Note"), and a check in the amount of $_____.

  • In addition, the Company may pay the purchase price for such shares by offsetting amounts outstanding under the Founder Note issued to the Company hereunder and under any other bona fide debts owed by Founder to the Company.

  • Each of the Purchasers who is a party to the Founder Note Purchase Agreement shall use its best efforts to comply with the Founder Note Purchase Agreement and cause all of the transactions contemplated thereunder to be consummated in accordance with the term and conditions thereof.

  • Each such Founder Note shall be a binding obligation of the Founder issuing such Founder Note upon execution thereof by such Founder and delivery thereof to the Purchaser.

  • The Closing Balance Sheet reflects the following adjustments: (i) the write-off and cancellation of notes receivable from the Founder under the 1997 Founder Note equal to the Founder Note Amount (which write-off and cancellation shall have occurred prior to the Closing), which represents, as of December 31, 1997, the aggregate unpaid principal amount under the 1997 Founder Note and (ii) the establishment of a reserve equal to 100% of the FTI Receivables Amount.

  • The proceeds from the capital contribution by the Investor shall be used to fund the Company’s obligations under the Loan Agreement and the Founder Note Purchase Agreement.