Examples of Founding Member in a sentence
Any and all amounts contributed by Founding Member (or any Economic Interest Owner who has acquired a portion of a Founding Member’s Membership Interest) to the Company pursuant to this Section 10.5(c) shall be distributed by the Company to the Members in proportion and up to the amount of their respective Shortfalls.
A Founding Member may make a Permitted Transfer of his, her or its Membership Interest pursuant to this Section 7.4; provided, however, that such Transfer will only transfer the Membership Interest of the Founding Member.
A permitted transferee of a Founding Member will be admitted as a substitute Member in place of the transferring Founding Member, but will not succeed to any of the Founding Member’s management rights or obligations as a Board Member.
The Founding Member will remain a Board Member, without any rights or obligations attendant to the Membership Interest transferred, but will retain all rights and obligations as a Board Member.