Nebraska 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 Nebraska Sample Founder Stock Repurchase Agreement: A Comprehensive Overview Introduction: The Nebraska Sample Founder Stock Repurchase Agreement refers to a legally binding contract made between Machine Communications, Inc. (referred to as the "Company") and Michael Solomon (referred to as the "Founder"). This agreement outlines the terms, conditions, and procedures related to the repurchase of founder stock by the Company. Key Terms and Provisions: 1. Purpose: The key objective of this agreement is to establish a mechanism allowing the Company to repurchase founder shares under certain circumstances, such as the Founder's departure, termination, or other triggering events outlined in the agreement. 2. Purchase of Founder Stock: This section details the terms under which the Company may buy back the founder's stock, including the repurchase price, payment terms, and procedure for executing the transaction. 3. Triggering Events: Various triggering events are defined in the agreement, such as the Founder's voluntary resignation, termination for cause, or incapacitation. Each event triggers the right of the Company to initiate the repurchase process. 4. Repurchase Price: The repurchase price is a vital component of the agreement. It specifies the amount the Company will pay to repurchase the founder's stock. The valuation mechanism or formula used to determine the price is outlined in this section. 5. Repurchase Procedure: This section outlines the step-by-step process by which the repurchase will be executed, including providing notice to the founder, initiating payment, and transferring ownership of the repurchased shares back to the Company. 6. Timeframes and Termination: The agreement establishes specific timeframes within which the repurchase process must be completed. Furthermore, it defines conditions under which the agreement can be terminated, such as the return of certain benefits or upon reaching an agreed-upon milestone. Types of Nebraska Sample Founder Stock Repurchase Agreements: 1. Nebraska Sample Founder Stock Repurchase Agreement — Voluntary Resignation: This type of agreement governs the circumstances where the Founder voluntarily resigns from their position within the Company, triggering the repurchase process. 2. Nebraska Sample Founder Stock Repurchase Agreement — Termination for Cause: This variation of the agreement addresses scenarios in which the Founder's employment is terminated due to a material breach of their obligations, fraudulent activities, or any other cause specified explicitly in the agreement. 3. Nebraska Sample Founder Stock Repurchase Agreement — Incapacitation: This agreement variant covers situations where the Founder becomes incapacitated, rendering them unable to fulfill their responsibilities, leading to the repurchase of their stock. Conclusion: The Nebraska Sample Founder Stock Repurchase Agreement serves as a critical legal framework for Machine Communications, Inc. and Michael Solomon in dealing with the repurchase of founder stock. With its comprehensive provisions and defined triggering events, the agreement aims to protect the interests of both parties and establish a clear process for the repurchase transaction.

Nebraska Sample Founder Stock Repurchase Agreement: A Comprehensive Overview Introduction: The Nebraska Sample Founder Stock Repurchase Agreement refers to a legally binding contract made between Machine Communications, Inc. (referred to as the "Company") and Michael Solomon (referred to as the "Founder"). This agreement outlines the terms, conditions, and procedures related to the repurchase of founder stock by the Company. Key Terms and Provisions: 1. Purpose: The key objective of this agreement is to establish a mechanism allowing the Company to repurchase founder shares under certain circumstances, such as the Founder's departure, termination, or other triggering events outlined in the agreement. 2. Purchase of Founder Stock: This section details the terms under which the Company may buy back the founder's stock, including the repurchase price, payment terms, and procedure for executing the transaction. 3. Triggering Events: Various triggering events are defined in the agreement, such as the Founder's voluntary resignation, termination for cause, or incapacitation. Each event triggers the right of the Company to initiate the repurchase process. 4. Repurchase Price: The repurchase price is a vital component of the agreement. It specifies the amount the Company will pay to repurchase the founder's stock. The valuation mechanism or formula used to determine the price is outlined in this section. 5. Repurchase Procedure: This section outlines the step-by-step process by which the repurchase will be executed, including providing notice to the founder, initiating payment, and transferring ownership of the repurchased shares back to the Company. 6. Timeframes and Termination: The agreement establishes specific timeframes within which the repurchase process must be completed. Furthermore, it defines conditions under which the agreement can be terminated, such as the return of certain benefits or upon reaching an agreed-upon milestone. Types of Nebraska Sample Founder Stock Repurchase Agreements: 1. Nebraska Sample Founder Stock Repurchase Agreement — Voluntary Resignation: This type of agreement governs the circumstances where the Founder voluntarily resigns from their position within the Company, triggering the repurchase process. 2. Nebraska Sample Founder Stock Repurchase Agreement — Termination for Cause: This variation of the agreement addresses scenarios in which the Founder's employment is terminated due to a material breach of their obligations, fraudulent activities, or any other cause specified explicitly in the agreement. 3. Nebraska Sample Founder Stock Repurchase Agreement — Incapacitation: This agreement variant covers situations where the Founder becomes incapacitated, rendering them unable to fulfill their responsibilities, leading to the repurchase of their stock. Conclusion: The Nebraska Sample Founder Stock Repurchase Agreement serves as a critical legal framework for Machine Communications, Inc. and Michael Solomon in dealing with the repurchase of founder stock. With its comprehensive provisions and defined triggering events, the agreement aims to protect the interests of both parties and establish a clear process for the repurchase transaction.