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What? No. A departing founder doesn't necessitate either a buyout or an immediate sale. This happens all the time.

Sorry, you’re right. There should be a third option

3) You keep the shares and hope for the best outcome. (If they don’t want you to then go back to 1 or 2)z

No, you don't.

You don’t keep the shares?

You don't have recourse to force a sale, buyout, or wind-down of the company.