Colorado Sample Founder Stock Repurchase Agreement between MachOne Communications, Inc. and Michael Solomon

• Category: Corporations - Public - Stock Purchase Sample
• State: Multi-State
• Control #: US-EG-9129
• Format: Word; Rich Text

Description

Founder Stock Repurchase Agreement between MachOne Communications, Inc. and Michael Solomon dated June 1, 1998. 8 pages Colorado Sample Founder Stock Repurchase Agreement between Machine Communications, Inc. and Michael Solomon This detailed description provides an overview of the Colorado Sample Founder Stock Repurchase Agreement between Machine Communications, Inc. and Michael Solomon. It highlights the key terms and clauses included in the agreement. Introduction: The Colorado Sample Founder Stock Repurchase Agreement is a legally binding document entered into between Machine Communications, Inc. (the "Company") and Michael Solomon (the "Founder"). This agreement outlines the terms and conditions under which the Company can repurchase the Founder's stock in certain circumstances. Key Terms and Clauses: 1. Purpose and Scope: This provision states the objective of the agreement, which is to specify the conditions and procedures for the repurchase of Founder's stock by the Company. It also defines the circumstances under which the repurchase may occur. 2. Repurchase Rights: This section details the rights of the Company to repurchase the Founder's stock, including the conditions that trigger the repurchase. It outlines events such as the Founder's voluntary resignation, termination for cause, death, disability, or any other specified triggering event. 3. Purchase Price: This clause defines the purchase price at which the Company can buy back the Founder's stock. It may be based on a predetermined formula, fair market value, or a fixed price stated in the agreement. The method for determining the purchase price should be clearly specified. 4. Repurchase Procedure: Here, the agreement outlines the steps and procedures to be followed for the repurchase of the Founder's stock. It includes the notice requirements, the timeline for the repurchase process, and any other necessary procedures to ensure a smooth transaction. 5. Transfer Restrictions: This provision places restrictions on the Founder's ability to transfer or sell their stock to third parties without obtaining consent from the Company. It may limit transfers to specific individuals or entities or require the Founder to offer the stock to the Company first before transferring to a third party. 6. Termination: This section covers the circumstances under which the agreement may be terminated, such as when the Founder's stock is fully repurchased or when a specified timeframe has expired. 7. Governing Law: The agreement will specify that the laws of the state of Colorado govern the interpretation and enforcement of the agreement. Types of Colorado Sample Founder Stock Repurchase Agreements: 1. Vesting-Based Repurchase Agreement: This type of agreement provides the Company with the right to repurchase the Founder's stock in case the Founder leaves the company before a certain vesting period is completed. The repurchase price may be based on a predetermined formula or fair market value at the time of repurchase. 2. Trigger-Based Repurchase Agreement: A trigger-based agreement allows the Company to repurchase the Founder's stock upon the occurrence of specific events, such as termination for cause, death, disability, or other triggering events defined in the agreement. The purchase price may be predetermined or determined based on a specified valuation method. 3. Hybrid Repurchase Agreement: In some cases, a combination of vesting-based and trigger-based repurchase provisions may be included in the agreement. This allows the Company to repurchase the Founder's stock upon the occurrence of triggering events before the vesting period is completed. In conclusion, the Colorado Sample Founder Stock Repurchase Agreement between Machine Communications, Inc. and Michael Solomon is a legally binding document that provides a framework for the repurchase of the Founder's stock. It outlines the rights, procedures, and purchase price associated with such repurchase agreements.

Colorado Sample Founder Stock Repurchase Agreement between Machine Communications, Inc. and Michael Solomon This detailed description provides an overview of the Colorado Sample Founder Stock Repurchase Agreement between Machine Communications, Inc. and Michael Solomon. It highlights the key terms and clauses included in the agreement. Introduction: The Colorado Sample Founder Stock Repurchase Agreement is a legally binding document entered into between Machine Communications, Inc. (the "Company") and Michael Solomon (the "Founder"). This agreement outlines the terms and conditions under which the Company can repurchase the Founder's stock in certain circumstances. Key Terms and Clauses: 1. Purpose and Scope: This provision states the objective of the agreement, which is to specify the conditions and procedures for the repurchase of Founder's stock by the Company. It also defines the circumstances under which the repurchase may occur. 2. Repurchase Rights: This section details the rights of the Company to repurchase the Founder's stock, including the conditions that trigger the repurchase. It outlines events such as the Founder's voluntary resignation, termination for cause, death, disability, or any other specified triggering event. 3. Purchase Price: This clause defines the purchase price at which the Company can buy back the Founder's stock. It may be based on a predetermined formula, fair market value, or a fixed price stated in the agreement. The method for determining the purchase price should be clearly specified. 4. Repurchase Procedure: Here, the agreement outlines the steps and procedures to be followed for the repurchase of the Founder's stock. It includes the notice requirements, the timeline for the repurchase process, and any other necessary procedures to ensure a smooth transaction. 5. Transfer Restrictions: This provision places restrictions on the Founder's ability to transfer or sell their stock to third parties without obtaining consent from the Company. It may limit transfers to specific individuals or entities or require the Founder to offer the stock to the Company first before transferring to a third party. 6. Termination: This section covers the circumstances under which the agreement may be terminated, such as when the Founder's stock is fully repurchased or when a specified timeframe has expired. 7. Governing Law: The agreement will specify that the laws of the state of Colorado govern the interpretation and enforcement of the agreement. Types of Colorado Sample Founder Stock Repurchase Agreements: 1. Vesting-Based Repurchase Agreement: This type of agreement provides the Company with the right to repurchase the Founder's stock in case the Founder leaves the company before a certain vesting period is completed. The repurchase price may be based on a predetermined formula or fair market value at the time of repurchase. 2. Trigger-Based Repurchase Agreement: A trigger-based agreement allows the Company to repurchase the Founder's stock upon the occurrence of specific events, such as termination for cause, death, disability, or other triggering events defined in the agreement. The purchase price may be predetermined or determined based on a specified valuation method. 3. Hybrid Repurchase Agreement: In some cases, a combination of vesting-based and trigger-based repurchase provisions may be included in the agreement. This allows the Company to repurchase the Founder's stock upon the occurrence of triggering events before the vesting period is completed. In conclusion, the Colorado Sample Founder Stock Repurchase Agreement between Machine Communications, Inc. and Michael Solomon is a legally binding document that provides a framework for the repurchase of the Founder's stock. It outlines the rights, procedures, and purchase price associated with such repurchase agreements.