Maryland Sample Restricted Stock Purchase Agreement: Intermark, Inc. vs Purchasers This Maryland Sample Restricted Stock Purchase Agreement outlines the terms and conditions of a stock purchase agreement between Intermark, Inc. (hereinafter referred to as the "Company") and the Purchasers (hereinafter referred to as the "Purchasers"). It is important to note that this document serves as a template and can be customized to meet specific company requirements. The agreement primarily focuses on the purchase of restricted stock by the Purchasers from the Company. Restricted stock refers to shares of the Company's stock that are subject to certain restrictions, such as vesting periods or transferability limitations. Some key elements covered in this Maryland Sample Restricted Stock Purchase Agreement include: 1. Parties involved: The agreement clearly identifies Intermark, Inc. as the Company, along with the names of the Purchasers involved in the transaction. 2. Purchase Details: The document specifies the number of restricted shares being purchased by each Purchaser and the purchase price per share. 3. Restrictive Covenants: This agreement highlights the restrictions and conditions associated with the purchased shares, including any vesting schedules, transfer restrictions, or conditions for forfeiture. 4. Purchase Price Payment: It outlines the agreed-upon methods of payment for the stock purchase, whether by cash, check, wire transfer, or any other agreed-upon method. 5. Representations and Warranties: The agreement includes various representations and warranties made by both the Company and the Purchasers, ensuring the accuracy of information and compliance with legal requirements. 6. Governing Law: This Maryland Sample Restricted Stock Purchase Agreement specifies that Maryland state laws shall govern the interpretation, validity, and enforcement of the agreement. While variations of this Maryland Sample Restricted Stock Purchase Agreement may exist depending on individual circumstances, the template can be adapted to address specific requirements such as different purchase prices, conditions, and terms. By utilizing this Maryland Sample Restricted Stock Purchase Agreement, Intermark, Inc. and the Purchasers can ensure that their rights and obligations related to the purchase of restricted stock are effectively and legally documented. Disclaimer: This content is provided for informational purposes only and does not constitute legal advice. It is recommended to consult with a legal professional to ensure compliance with local laws and regulations when drafting and executing a Restricted Stock Purchase Agreement.
Maryland Sample Restricted Stock Purchase Agreement between Intermark, Inc. and Purchasers
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FAQ
A stock restriction agreement or SRA refers to the agreement made between a company and its founder for allotment of stock that places certain restrictions on its transfer.
A restricted stock unit (RSU) is a form of equity compensation that companies issue to employees. An RSU is a promise from your employer to give you shares of the company's stock (or the cash equivalent) on a future date?as soon as you meet certain conditions.
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.
Unlike restricted stock, an owner of a stock option does not have an actual ownership interest in the company at the time of issuance. A stock option is an agreement between the company and the employee that grants them the option to purchase company stock for an agreed-upon price.
A founder stock purchase agreement is an agreement that documents ownership of a company in its beginning stages. This legal contract is not mandatory but is beneficial to establish a shareholder's stake in the company and determine the terms and conditions of that ownership.
Common restrictions on founders shares include a lock-up period, transfer restrictions, and repurchase rights. A lock-up period is a period of time during which the founders cannot sell or transfer their shares.
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.