Ohio 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: Understanding the Ohio Sample Restricted Stock Purchase Agreement between Intermark, Inc. and Purchasers Introduction: The Ohio Sample Restricted Stock Purchase Agreement between Intermark, Inc. and Purchasers is a legally binding document that governs the acquisition of restricted stock between the two parties. This comprehensive agreement outlines the terms and conditions associated with the purchase, ensuring a clear understanding of the rights and obligations of both Intermark, Inc. and the Purchasers. This article aims to provide a detailed description of the agreement, including its key components, benefits, and potential variations. Keywords: Ohio, Sample, Restricted Stock Purchase Agreement, Intermark Inc., Purchasers, types. 1. Key Components of the Ohio Sample Restricted Stock Purchase Agreement: — Parties: The agreement precisely identifies Intermark, Inc. as the issuer and the Purchasers as the investors or buyers of the restricted stock. — Shares: The agreement specifies the number of shares to be purchased by the Purchasers and any associated restrictions, such as vesting schedules or performance milestones. — Purchase Price: It outlines the agreed-upon purchase price per share or a predetermined formula to calculate the price. — Payment Terms: Details the method and timeframe for payment, including any installment options or escrow arrangements. — Representations and Warranties: Specifies the representations and warranties made by both parties regarding their authority, financial standing, and legal compliance. — Restrictions on Transfer: Addresses any limitations or prohibitions on transferring the purchased shares by the Purchasers. — Rights and Obligations: Outlines the rights, duties, and obligations of both Intermark, Inc. and the Purchasers concerning the stock purchase, including voting rights, dividend entitlements, and confidentiality clauses. — Termination: Covers the circumstances under which the agreement may be terminated, such as breach of terms or by mutual consent of the parties. — Governing Law: Identifies the applicable law in Ohio that governs the interpretation and enforcement of the agreement. 2. Benefits of the Ohio Sample Restricted Stock Purchase Agreement: — Clear Terms: The agreement provides clarity and transparency to both Intermark, Inc. and Purchasers regarding the purchase of restricted stock. — Legal Protection: It offers legal protection to both parties by defining their rights and obligations, reducing the potential for misunderstandings or disputes. — Investor Confidence: The agreement instills confidence in the Purchasers by ensuring the restrictions imposed on the stock align with their investment expectations and goals. — Alignment of Interests: It aligns the interests of both Intermark, Inc. and the Purchasers, as the agreement often includes provisions to protect the company's interests and enhance its growth prospects. 3. Types of Ohio Sample Restricted Stock Purchase Agreement: While the specific types of Ohio Sample Restricted Stock Purchase Agreements can vary depending on the parties involved, a few common variations include: — Standard Agreement: Outlines the basic terms and conditions of the restricted stock purchase, incorporating necessary clauses and provisions to protect the interests of both parties. — Stock Vesting Agreement: Focuses on the vesting of the purchased shares over time, ensuring compliance with predetermined conditions before the Purchasers gain full ownership. — Performance-Based Agreement: Incorporates performance milestones or targets that the Purchasers must meet to unlock the full benefits of the purchased restricted stock. — Secondary Market Agreement: Pertains to the sale or transfer of restricted stock between Purchasers after the initial purchase, often subject to additional regulations or restrictions. In conclusion, the Ohio Sample Restricted Stock Purchase Agreement between Intermark, Inc. and Purchasers is a comprehensive legal document that outlines the terms and conditions of acquiring restricted stock. This article provides a detailed description of the agreement, highlighting its key components, benefits, and potential variations. Understanding this agreement is crucial for parties seeking to engage in restricted stock transactions within Ohio.