North Dakota 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

Title: North Dakota Sample Restricted Stock Purchase Agreement: Intermark, Inc. and Purchasers Introduction: In this article, we will dive into the details of the North Dakota Sample Restricted Stock Purchase Agreement between Intermark, Inc. and Purchasers. This agreement serves as a legally binding contract that outlines the terms and conditions related to the purchase of restricted stock by the purchasers from Intermark, Inc. We will explore the key components and relevant keywords associated with this agreement. 1. Agreement Purpose: The North Dakota Sample Restricted Stock Purchase Agreement is designed to regulate the purchase and ownership of restricted stock between Intermark, Inc. (the "Company") and the purchasers (the "Purchasers") based in North Dakota. By using this agreement, both parties can establish a clear understanding of their rights, obligations, and restrictions associated with the stock purchase. 2. Parties Involved: The agreement involves two primary parties: — Intermark, Inc.: A North Dakota-based company offering the restricted stock for purchase. — Purchasers: Individuals or entities who intend to acquire the restricted stock from Intermark, Inc. 3. Types of Sample Restricted Stock Purchase Agreements: Though there might be variations in specific clauses and terms, the North Dakota Sample Restricted Stock Purchase Agreement can be further categorized into different types based on factors such as vesting periods, purchase price, and transfer restrictions, such as: — Restricted Stock Purchase Agreement with Time-Vesting: This type of agreement includes a vesting schedule, where the purchaser gains ownership of the restricted stock over a defined period. — Restricted Stock Purchase Agreement with Performance-Vesting: This agreement incorporates specific performance goals or milestones that must be achieved for the purchaser to gain full ownership of the restricted stock. — Restricted Stock Purchase Agreement with Cashless Exercise: This category of agreement enables purchasers to convert their restricted stock into company shares without providing direct cash payment. — Restricted Stock Purchase Agreement with Transfer Restrictions: This type of agreement includes stipulations that restrain the purchaser from transferring, selling, or assigning the restricted stock for a specified period. 4. Key Components of the Agreement: The North Dakota Sample Restricted Stock Purchase Agreement typically includes the following vital components: — Definitions: Accurate definitions of key terms used throughout the agreement. — Stock Purchase: Details of the restricted stock, such as the number of shares being purchased, the purchase price, and the payment method. — Vesting Schedule: If applicable, it outlines the duration and conditions for vesting. — Transfer Restrictions: Specifies any limitations on transferring or selling the restricted stock. — Representations and Warranties: Statements made by both parties regarding ownership rights, authority, and validity of the agreement. — Termination and Remedies: Provisions regarding the termination of the agreement and available remedies in case of breaches. Conclusion: The North Dakota Sample Restricted Stock Purchase Agreement is a comprehensive legal document that lays out the terms and conditions regarding the purchase of restricted stock in North Dakota. Intermark, Inc. and the Purchasers can utilize this agreement to establish a clear understanding of their rights and obligations in this stock purchase transaction. Being aware of the various types of the agreement allows parties to customize the document to suit their specific requirements.