Define: Leaver's Percentage
in relation to and for the purposes of determining the number of Employee Shares that are required (pursuant to Article 19) to be converted into Deferred Shares or to be transferred as a result of a Founderan Employee ce
in relation to and for the purposes of determining the number of Employee Shares that are required (pursuant to Article 19) to be converted into Deferred Shares or to be transferred as a result of a Founderan Employee ceasing to be an Employee within the period commencing on the Commencement DateDate of Adoption and ending on the Effective Termination Date, the percentage (rounded to the nearest two decimal places) as calculated using the formula below.
Relevant Circumstances
- When an employee shareholder ceases to be employed during a vesting period
- If unvested equity must be converted to deferred shares on a leaver event
- Where a formula calculates the proportion of shares that vest at departure