North Dakota Sample Founder Stock Purchase Agreement This North Dakota Sample Founder Stock Purchase Agreement is made on [date] between Machine Communications, Inc. (the "Company") and Peter D. Olson (the "Founder"). 1. Introduction This agreement outlines the terms and conditions for the purchase of founder stock in the Company by Peter D. Olson. It will govern the issuance of the stock, the rights and obligations of both parties, and other important provisions related to ownership and transfer of the stock. 2. Purchase of Founder Stock Peter D. Olson agrees to purchase [number of shares] shares of common stock of the Company at the price of $[purchase price per share]. The Founder shall make the payment in full via wire transfer or any other mutually agreed-upon method. 3. Issuance of Stock Upon receipt of the full payment, the Company shall issue the corresponding shares of common stock to Peter D. Olson. The shares will be issued in accordance with the Company's Articles of Incorporation and Bylaws. 4. Lock-Up and Vesting The Founder acknowledges that the purchased shares are subject to a lock-up period and vesting schedule. The lock-up period shall be [duration], during which the Founder shall not be permitted to sell or transfer the shares. The shares will vest over a period of [vesting period] with [vesting percentage] vesting at the end of each vesting period. 5. Rights and Obligations The Founder shall have all the rights and obligations of a shareholder as outlined in the Company's governing documents. This includes the right to attend and vote at shareholder meetings, receive dividends, and participate in any future stock offerings. 6. Restrictions on Transfer The Founder agrees that any transfer of shares shall be subject to certain restrictions. Prior to the completion of the lock-up period, the Founder may not sell, assign, or transfer any shares without obtaining prior written consent from the Company's Board of Directors. 7. Termination This agreement may be terminated by mutual written consent of both parties or upon the occurrence of certain events, such as the acquisition or dissolution of the Company. 8. Governing Law This agreement shall be governed by and construed in accordance with the laws of the state of North Dakota. Optional Types of Founder Stock Purchase Agreements: 1. Restricted Stock Purchase Agreement: This type of agreement imposes additional restrictions on the Founder's ability to transfer or sell the purchased shares. 2. Reverse Vesting Stock Purchase Agreement: In this type of agreement, the Founder's shares are subject to reverse vesting, meaning the Founder will have to forfeit invested shares in the event of termination. 3. Stock Option Purchase Agreement: Instead of purchasing shares directly, this agreement grants the Founder the option to purchase shares in the future at a predetermined price. It is essential to consult with legal professionals to tailor the agreement to the specific circumstances and requirements of the Company and the Founder.
North Dakota Sample Founder Stock Purchase Agreement between MachOne Communications, Inc. and Peter D. Olson
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A stock purchase agreement typically includes the following information: Your business name. The name and mailing address of the entity buying shares in your company's stocks. The par value (essentially the sale price) of the stocks being sold. The number of stocks the buyer is purchasing.
This means that the Seller is entitled to the cash on the balance sheet on the closing date of the transaction, and that the Seller is responsible for debts owed by the company (defined as Indebtedness).
How to draft a purchase agreement Name and contact information for buyer and seller. The address of the property being sold. The price to be paid for the property. The date of transfer. Disclosures. Contingencies. Signatures.
This agreement allows the founders to document their initial ownership in the Company, including standard transfer restrictions and any vesting provisions with respect to their shares.
A Share Purchase Agreement generally includes information about: The person selling the shares. The person buying the shares. The number of shares being sold and their value. The company the shares are being transferred from. The number of shares being sold and their value.
A SPA should specify the sale price for the shares, specify the currency and timescale for the sale, and list any other conditions like staged payments. Usually, payment is made in cash, although sometimes the buyer may offer the seller some of its shares, or issue loan notes to the seller.