Individual Founders definition
Examples of Individual Founders in a sentence
Each of the Individual Founders jointly and severally guarantees to the Investors the due and timely performance by each of the Corporate Founders of its obligations set out in this Agreement.
The Sponsor and each of the Individual Founders hereby undertakes and agrees not to Transfer any of the Subject Shares (or any Proportionate Voting Shares or Common Shares into which such Subject Shares may hereafter be converted or exchanged), for a period of 6 months following the closing date of the Qualifying Transaction (the “Lock-up Period”).
To the extent this Agreement is amended, changed, supplemented or otherwise modified, the Individual Founders will promptly provide a copy of this Agreement, as so amended, changed, supplemented or otherwise modified, to their respective Founder Affiliates and to the Company.
Sponsor and the Individual Founders have agreed to the restrictions set forth in this Agreement for the benefit of Caliva and LCV.
Each Founder covenants and agrees that it shall not, directly or indirectly, authorize or take any Prohibited Action without the prior written consent of each of the Individual Founders.
Such forfeited Individual Founders Payments are referred to herein as “Forfeited Founders Payments”.
For the avoidance of doubt, following an IRR Satisfaction Event with respect to a Founder (or, in the case of ▇▇▇▇▇ Bermuda, ▇▇▇▇▇), the Payor’s obligation to pay such Founder its Individual Founders Payment expires and such Founder’s Individual Founders Payment will not be allocated to the other Founders.
Notwithstanding the foregoing, the covenants set forth in this Section 9.1 shall be binding on the Individual Founders only with respect to the time period such Individual Founder is an employee, officer, director, option holder, or a direct, indirect, record or beneficial shareholder of Tekventure, UIL or the Company.
All payments of the Individual Founders Payments to the Founders under this Agreement shall be made without any reduction, deduction or withholding for or on account of any tax (including without limitation, any value added tax), unless required by Law.
Notwithstanding anything to the contrary, in the event of an Individual Founder’s death or Disability, any action requiring the consent or agreement of both Individual Founders under this Agreement (including any amendment, change, supplement, waiver or other modification of this Agreement pursuant to Section 9(d)) may be taken by the other Individual Founder, acting alone.