Virginia 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: Virginia Sample Restricted Stock Purchase Agreement: Definition and Types Keywords: Virginia, sample, restricted stock purchase agreement, Intermark, Inc., purchasers, types Introduction: A Virginia Sample Restricted Stock Purchase Agreement refers to a legal contract between Intermark, Inc. (the issuing company) and the purchasers (individuals or entities interested in acquiring restricted stock). This agreement governs the sale and purchase of restricted stock, which comes with certain limitations and conditions on its transferability or sale. Types of Virginia Sample Restricted Stock Purchase Agreements: 1. Vesting Agreement: Under this type of agreement, the purchasers acquire restricted stock subject to a vesting schedule. The vesting schedule outlines the timeframe within which the purchasers gain ownership rights of the restricted stock. Until the purchasers meet the vesting requirements, the stock remains subject to restrictions such as forfeiture provisions or transfer limitations. 2. Lock-up Agreement: In a lock-up agreement, purchasers agree not to sell, transfer, or dispose of their purchased restricted stock for a specified period, usually during an initial public offering (IPO) or merger/acquisition events. This ensures stability in the company's stock price during significant corporate events and prevents premature selling by purchasers. 3. Resale Restrictions Agreement: This type of agreement imposes specific restrictions on the resale or transfer of restricted stock purchased by the purchasers. These restrictions may include a holding period requirement or authorization requirement from the issuing company or regulatory authorities before the stock can be sold in the secondary market. 4. Transferability Restrictions Agreement: Under a transferability restrictions agreement, purchasers are limited in their ability to transfer or sell their purchased restricted stock. This type of agreement usually prohibits the transfer of stock to non-employees or non-affiliates of the issuing company and may require consent or approval for transfers. 5. Right of First Refusal Agreement: In this type of agreement, the issuing company holds the right of first refusal (ROAR) over any attempted sale or transfer of the purchased restricted stock by the purchasers. The company has the option to purchase the stock at the same price and on the same terms as offered by a third party. Conclusion: A Virginia Sample Restricted Stock Purchase Agreement between Intermark, Inc. and Purchasers involves legal documentation that outlines the terms and conditions for the acquisition and ownership of restricted stock. Different types of agreements may exist, including vesting agreements, lock-up agreements, resale restrictions agreements, transferability restrictions agreements, and right of first refusal agreements. Understanding and adhering to the specifics of these agreements ensures compliance and fair dealings between Intermark, Inc. and the purchasers of restricted stock.