Michigan Sample Founder Stock Repurchase Agreement between Machine Communications, Inc. and Michael Solomon This Founder Stock Repurchase Agreement ("Agreement") is entered into between Machine Communications, Inc. ("Company") and Michael Solomon ("Founder") in the state of Michigan, to outline the terms and conditions of the repurchase of Founder's stock in the Company. Background: The Founder is a significant shareholder and key contributor to the success and growth of the Company. The Company acknowledges Founder's contribution and is committed to providing an avenue for a mutually agreed repurchase of Founder's stock. Terms and Conditions: 1. Repurchase Price: The repurchase price of the Founder's stock shall be determined based on the fair market value as agreed upon by both parties. The fair market value shall be determined by an independent, third-party appraiser appointed by the Company. 2. Repurchase Schedule: The repurchase of Founder's stock shall be conducted in installments over a specified period. The schedule and timing of each installment shall be mutually agreed upon by the Company and the Founder. 3. Founder's Representations and Warranties: The Founder represents and warrants that they are the lawful owner of the stock being repurchased and have full power and authority to enter into this Agreement. 4. Restriction on Transfer: The Founder shall not transfer, sell, or encumber any of the stock being repurchased unless otherwise agreed in writing by the Company. 5. Right of First Refusal: In the event the Founder intends to sell, transfer, or encumber any of the stock being repurchased, the Company shall have a right of first refusal to purchase such stock on the same terms and conditions offered by any third party. 6. Governing Law and Jurisdiction: This Agreement shall be governed by and construed in accordance with the laws of the state of Michigan. Any disputes arising out of or related to this Agreement shall be resolved in the state or federal courts located in Michigan. Types of Michigan Sample Founder Stock Repurchase Agreements: 1. Vesting Schedule Agreement: This type of Agreement outlines the repurchase of Founder's stock based on a predetermined vesting schedule. The Founder's stock becomes eligible for repurchase after a specified period of time or upon the achievement of certain milestones. 2. Performance-based Agreement: In this type of Agreement, the repurchase of Founder's stock is contingent upon the Company achieving specific performance targets or milestones. The stock is repurchased at predetermined intervals based on the Company's performance. It is important to note that the specific terms and conditions of each Founder Stock Repurchase Agreement may vary based on the needs and circumstances of the Company and the Founder. Consulting with legal professionals is advised to ensure compliance with Michigan state laws and protect the interests of both parties involved.
Michigan Sample Founder Stock Repurchase Agreement between MachOne Communications, Inc. and Michael Solomon
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