The following only applies when you select the partnership agreement option.
It's usual that partnership agreements include "good leaver" or "bad leaver" clauses aiming to sanction, by an immediate or partial restitution of shares, an executive who no longer fulfils his role.
It's not a great practice because most of the time these clauses lead the partners to discuss the causes of the departure, whereas the only important thing is that the one who is leaving can do so and allow for a new partner to join who will increase the company's value.
This is why we propose a very simple clause in case of departure. The principle is simple: the acquisition of capital is correlated with time spent in the company (vesting compliant with French law).
Therefore, upon the decision of the other partners in a general assembly, the partner and manager who wishes to leave or who is invited to leave, lose his position as manager and will return his shares according to a simple timetable:
- departure during the first year of activity: the manager does not retain any shares. They are redeemed at nominal value.
- departure from the second year of business: the manager retains 25% of the shares, the remainder is bought back at nominal value, then + 2% per month spent in the company. From the 4th year onwards, he retains 100% of the shares held on the date of departure.
Why setting the share redemption at nominal value in case of departure? Above all, it's important to protect the growth of the company and encourage the founding team to stay as long as possible. Future fundraising should not influence a partner's decision to stay or leave. It is the company’s project and the team that founded the company, not individuals. So if one is leaving, it is because the team no longer works; the one who leaves is thus refunded for what he originally brought i.e, the value of the shares at the company's founding and the portion of the shareholder current account.
Obviously, if the facts are serious and malicious, they will be required to return 100% of their shares in the company.