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A Restricted Stock Purchase Agreement (RSPA) is an agreement issuing restricted stock. RSPAs are typically granted to founders to prevent the founder from leaving the company prematurely and taking a lot of the ownership with her. The RSPA establishes when the shares will fully vest and belong to the founder.
RSAs and RSUs are both restricted stocks but they have many differences. An RSA is a grant which gives the employee the right to buy shares at fair market value, at no cost, or at a discount. An RSU is a grant valued in terms of company stock, but you do not actually get the shares until the restrictions lapse or vest.
A: The most common provisions included in restricted stock purchase agreements are restrictions on when and how stock can be sold or transferred; non-compete agreements; rights of first refusal; and termination clauses which allow either party to terminate the agreement under specified conditions.
An RSPA will typically allow the Company to buyback shares from the founder through a repurchase option. The repurchase option can be triggered by a number of events, including the founder being fired or force to quit. Single / Double Trigger Acceleration.
Restricted stock can be a popular alternative to stock options, particularly for executives, due to their favorable accounting rules and income tax treatment. There are two basic types of restricted stock: restricted stock awards (RSAs) and RSUs (as noted above, restricted stock units).
If you are on track toward meeting a retirement goal that is 10+ years out, it makes sense to choose options over RSUs. On the other hand, if you want to earmark this equity compensation for a retirement or education goal that is in five years or less, opting for more RSUs might be a better choice.