District of Columbia 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

The District of Columbia Sample Restricted Stock Purchase Agreement between Intermark, Inc. and Purchasers is a legally binding document that outlines the terms and conditions of the purchase of restricted stock by purchasers from Intermark, Inc. This agreement is specifically designed for transactions that fall within the jurisdiction of the District of Columbia. The agreement is designed to protect the interests of both Intermark, Inc. and the purchasers involved in the transaction. It establishes clear guidelines regarding the purchase price, the number of shares being purchased, and the restrictions imposed on the stock. This District of Columbia Sample Restricted Stock Purchase Agreement includes various key provisions such as: 1. Purchase Price: The agreement specifies the price at which the restricted stock will be purchased. This ensures transparency and avoids any confusion during the transaction. 2. Number of Shares: The agreement clearly outlines the number of shares being purchased by the purchasers, providing a clear record of the transaction. 3. Transfer Restrictions: The document includes restrictions on the transfer of the purchased stock. It may outline lock-up periods during which the stock cannot be sold or transferred without the consent of Intermark, Inc. 4. Vesting Schedule: The agreement may include a vesting schedule that dictates when the purchasers will gain ownership rights over the restricted stock. This ensures that the purchasers do not have immediate control over the stock and encourages long-term commitment and loyalty to Intermark, Inc. 5. Representations and Warranties: Both Intermark, Inc. and the purchasers are required to make certain representations and warranties regarding their respective abilities to enter into and perform the agreement. This protects both parties from any potential misrepresentations or breach of obligations. Different types of restricted stock purchase agreements can exist, each tailored to specific situations or industries. Some variations may include: 1. Founders' Restricted Stock Purchase Agreement: Specifically designed for founders or key individuals involved in the formation of a company who are purchasing restricted stock. 2. Employee Restricted Stock Purchase Agreement: This agreement is used when employees of a company are purchasing restricted stock as part of their compensation package. 3. Investor Restricted Stock Purchase Agreement: This type of agreement is used when outside investors are purchasing restricted stock as an investment in a company. 4. Merger and Acquisition Restricted Stock Purchase Agreement: Used in situations where a company is being acquired or merged with another, this agreement outlines the purchase of restricted stock by the acquiring company. Overall, the District of Columbia Sample Restricted Stock Purchase Agreement provides a framework for a legally binding arrangement between Intermark, Inc. and purchasers, ensuring that the purchase of restricted stock is conducted securely and in compliance with relevant laws and regulations in the District of Columbia.