Connecticut Sample Restricted Stock Purchase Agreement between Intermark, Inc. and Purchasers

• Category: Corporations - Public - Employees
• State: Multi-State
• Control #: US-CC-19-221
• Format: Word; Rich Text

Description

19-221 19-221 . . . Restricted Stock Purchase Agreement under which (a) officers were given right to purchase shares of common stock at market price of shares on date of Agreements, (b) purchase price of shares is to be paid by four full-recourse promissory notes bearing interest at 9% with up to 1/2 of annual interest deferred until specified date, (c) 25% of shares vest cumulatively on 1st, 2nd, 3rd and 4th anniversaries of date of grant (or earlier in event of change in control) and (d) if purchaser ceases to be an employee, corporation has right to repurchase unvested portion of purchaser's shares at original purchase price plus interest paid on notes covering such shares

Connecticut Sample Restricted Stock Purchase Agreement between Intermark, Inc. and Purchasers is a legally binding document that outlines the terms and conditions governing the purchase of restricted stock by purchasers from Intermark, Inc. within the state of Connecticut. This agreement ensures that both parties are aware and agree to the rights, obligations, and restrictions associated with the sale and ownership of restricted stock. The Connecticut Sample Restricted Stock Purchase Agreement contains key elements such as: 1. Parties involved: The agreement identifies Intermark, Inc. as the issuer of the restricted stock and the purchasers who wish to acquire the restricted stock. 2. Purchase details: It specifies the number of shares being purchased, the purchase price per share, and the total purchase price to be paid by the purchasers. 3. Restricted stock provisions: This section outlines the restrictions placed on the purchased stock, including limitations on transferability, voting rights, and restrictions on sale or transfer of the stock. 4. Vesting period: The agreement may include a vesting schedule that specifies the duration over which the purchasers' ownership rights gradually materialize. This ensures that purchasers remain committed to the company's growth and success. 5. Termination conditions: The agreement may specify conditions under which the agreement can be terminated, such as in cases of breaches, fraudulent activities, or mutual agreement between both parties. 6. Representations and warranties: Both parties provide assurances regarding their legal capacity, authority, and compliance with all applicable laws and regulations in the execution of the agreement. 7. Confidentiality and non-disclosure: The agreement may include provisions to protect sensitive information shared between the parties during the course of their business relationship. Different types of Connecticut Sample Restricted Stock Purchase Agreements between Intermark, Inc. and Purchasers may vary depending on factors such as the nature of the purchaser (individual or entity), the purpose of the stock issuance (employee compensation, investment, etc.), and the specific terms negotiated between the parties involved. Overall, the Connecticut Sample Restricted Stock Purchase Agreement serves as a crucial legal document in regulating the purchase and ownership of restricted stock, protecting the interests of both Intermark, Inc. and the purchasers. It ensures transparency, compliance, and the maintenance of an appropriate balance of rights and restrictions associated with owning restricted stock within Connecticut.