capital surplus test → Term → Unfounding

Two figures examine a mechanical chair within this graphite drawing signifying the shifting nature of responsibilities during a founder transition between operational roles.

capital surplus test worn seat share redemption

Good Leaver Clause Mechanics and Option Repurchase Terms in Founder Departures

Good leaver clauses enforce conditional equity repurchase options, reclaiming departing partner shares at either fair market value or par cost.

Six fields, each writing its own terms

The terms are written where they belong. Each field holds three desks, and every entry a desk writes raises the terms it uses, each term given a meaning, a mechanism and the places it appears. The record on these pages stays first person and hand made; the fields grow the nomenclature.