Shareholders' Agreements · glossary
The manager, if she leaves through death, ill-health, redundancy, dismissal other than for cause, or resignation on or after the third anniversary of Completion. If a bad leaver reason also fits, she is a bad leaver. A good leaver gets Fair Value for vested shares and £1 for the rest. Definition: Good Leaver · Clause 16.5 · Chapter 9
Explained in Chapter 9, The Manager, of Shareholders' Agreements.
Also explained in Venture Deals.
A good leaver leaves for a reason she did not choose or could not help. A bad leaver leaves through her own fault or her own early choice: sacked for cause, resigning in the first three years, or breaking her promises not to compete with the company. The good leaver definition ends with the words “and she is not a Bad Leaver”. So if a reason from each list fits, the bad leaver list wins.Read Chapter 9, The Manager →
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the Manager, where the Cessation Date occurs by reason of (a) her death, (b) ill-health, (c) redundancy, (d) her dismissal other than for cause, or (e) her resignation on or after the third anniversary of Completion, and she is not a Bad Leaver;Read the definition in the document →
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