Articles of Association 4 (Standard Entrepreneur – Good/Bad Leavers)

As for Articles with Standard Entrepreneur Protection but additionally providing for Good Leaver/Bad Leaver employee share buy-back.

These allow the buy-back of employee-held shares at the lower of acquisition cost and fair value for bad leavers.

Bad Leavers are those dismissed for gross misconduct or who join a competitor within 12 months of leaving.