California Legend on Stock Certificate Giving Notice of Restriction on Transfer due to Stock Redemption Agreement Requiring First an Offer to the Corporation and then an Offer to other Stockholders

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Description

A Legend is a statement on a stock certificate noting restrictions on the transfer of the stock, often due to SEC requirements for unregistered securities. A stock redemption agreement is a contract between a corporation and the stockholder, where the corporation repurchases the stock from the owner

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FAQ

The 25102(o) notice can be filed online. It must be filed within 30 days following the initial issuance of a security under the startup's option plan. Note that a new notice filing is required whenever the startup increases the number of shares reserved under its option plan.

A Section 25102(f) notice filing refers to a California state filing that startups typically rely on when selling shares to founders based in California. Section 25102(f) of the California Corporations Code is a California state exemption from the requirement to register a securities offering.

How do I determine the filing fee to be paid with the Section 25102(o) notice? The filing fee is computed by adding $200 to 1/5 of 1% (i.e., . 002) of the value of securities to be exempted; the maximum fee is $2,500.

If your business qualifies for exemption 25102(f), you must electronically file a Limited Offering Exemption Notice ( ) within 15 days from the date of issuance and pay the appropriate fee to the California Department of Corporations.

Section 25102(f) of the Corporations Code sets forth an exemption from the qualification requirement for transactions where (1) the sale is to 35 or fewer persons, (2) each purchaser has a preexisting relationship with the securities issuer or business or financial experience to protect his or her own interests, (3) ...

Section 416 - Certificates; system of issuance, recordation, and transfer of shares by electronic means (a) Every holder of shares in a corporation shall be entitled to have a certificate signed in the name of the corporation by the chairperson or vice chairperson of the board or the president or a vice president and ...

When a corporation purchases the stock of a departing shareholder, it's called a ?redemption.? When the other stockholders purchase the stock, it's called a cross-purchase. Typically, the redemption versus cross-purchase decision doesn't impact the ultimate control results.

Basics of California Corporations Code 25102 Under Section 25102(f), startup companies can issue certain securities without having to meet the qualifications that might apply to other companies. To use this exemption, the owners of a company need to file a limited offering exemption notice.

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California Legend on Stock Certificate Giving Notice of Restriction on Transfer due to Stock Redemption Agreement Requiring First an Offer to the Corporation and then an Offer to other Stockholders