Key Executive Indirect Shares

Example Definitions of "Key Executive Indirect Shares"
Key Executive Indirect Shares. With respect to any Key Executive at any time, the product of (x) the number of Key Holder Shares owned by Holdings multiplied by (y) Liquidation Applicable Percentage (as defined pursuant to that Holdings LLC Agreement) for such Key Executive and his Permitted Transferees (as defined pursuant to the Holdings LLC Agreement).
Found in Paylocity Holding Corp contract
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