Pennsylvania Sample Founder Stock Repurchase Agreement (Version 1.0) This Founders Stock Repurchase Agreement (the "Agreement") is made on [Date], by and between Machine Communications, Inc., a Pennsylvania corporation with its principal place of business at [Address] ("Company"), and Michael Solomon, an individual residing at [Address] ("Founder"). 1. Purpose: The purpose of this Agreement is to establish the terms and conditions under which the Company may repurchase Founder's shares of stock in the event of certain triggering events outlined within this Agreement. 2. Definitions: a. "Founder's Stock" refers to the shares of stock in the Company owned by the Founder, as outlined in Exhibit A attached hereto. b. "Triggering Event" refers to specific events that may trigger the Company's right to repurchase Founder's Stock, including but not limited to the Founder's departure from the Company, death, disability, or breach of contractual obligations. c. "Purchase Price" refers to the price at which the Company will repurchase the Founder's Stock, as determined in accordance with the provisions set forth herein. 3. Repurchase Rights: a. Voluntary Repurchase: The Founder may voluntarily offer to sell their Founder's Stock to the Company at any time, subject to the terms and conditions of this Agreement. b. Triggering Event Repurchase: Upon the occurrence of a Triggering Event, the Company has the right, but not the obligation, to repurchase all or a portion of the Founder's Stock at the Purchase Price. 4. Purchase Price Calculation: The Purchase Price shall be calculated as follows [provide specific details on pricing methodology and formula, if applicable]. 5. Closing and Payment: The repurchase of Founder's Stock shall be completed within [number of days] days following the occurrence of a Triggering Event. Payment shall be made to the Founder in [cash, stock, or a combination thereof] within [number of days] days after the closing of the repurchase. 6. Termination: This Agreement shall terminate upon the completion of the repurchase or if both parties mutually agree to terminate this Agreement in writing. 7. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. 8. Entire Agreement: This Agreement, including any exhibits attached hereto, constitutes the entire agreement between the parties and supersedes all prior oral or written agreements, understandings, or representations. IN WITNESS WHEREOF, the parties have executed this Founder Stock Repurchase Agreement as of the date first above written. Machine Communications, Inc. By: [Authorized Company Representative] Title: [Title] Michael Solomon Founder Date: [Date] Exhibit A: Schedule of Founder's Stock.
Pennsylvania Sample Founder Stock Repurchase Agreement between MachOne Communications, Inc. and Michael Solomon
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How to fill out Pennsylvania Sample Founder Stock Repurchase Agreement Between MachOne Communications, Inc. And Michael Solomon?
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FAQ
A Share Repurchase Agreement is contract between a corporation and one or more of its shareholders where the corporation can buy back some of its own common stock. The document identifies the parties involved and records the total price of the shareholding, the method of payment, and the date of the transaction.
A share buyback is when companies pay shareholders to buy back their own shares, cancel them and, ultimately, reduce share capital. While fewer shares remain in circulation, shareholders get both a larger stake in the company and a higher return on future dividends.
A buyback agreement is a legal document in which a business owner transfers the ownership of shares back to the company instead of selling them directly to an investor. For example, a buyback agreement can be used when a company wants to repurchase its stock from current shareholders.
A share repurchase or buyback is a decision by a company to buy back its own shares from the marketplace. A company might buy back its shares to boost the value of the stock and to improve the financial statements. Companies tend to repurchase shares when they have cash on hand and the stock market is on an upswing.
Fixed price tender offer In this method of buyback of shares in India, the company approaches shareholders via a tender. Shareholders who wish to sell their shares can submit them to the company for sale. As the name suggests the price is fixed by the company and is over and above the prevailing market price.