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: Tennessee Sample Restricted Stock Purchase Agreement between Intermark, Inc. and Purchasers Keywords: Tennessee, Sample Restricted Stock Purchase Agreement, Intermark, Inc., Purchasers, types Introduction: This article provides a detailed description of a Tennessee Sample Restricted Stock Purchase Agreement between Intermark, Inc. (the "Company") and Purchasers (the "Investors"). The agreement outlines the terms and conditions for the purchase of restricted stock issued by Intermark, Inc. and serves as a legally binding contract between the Company and the Investors. This article explores the various components and key provisions typically included in such agreements. 1. Agreement Parties: The Agreement identifies Intermark, Inc. as the Company offering the restricted stock and the Purchasers, who are the Investors interested in purchasing the said stock. It establishes their roles and responsibilities throughout the agreement. 2. Purchase Terms: This section covers the specifics of the stock purchase, including the number of shares to be purchased by each Investor, the purchase price per share, any restrictions on the transferability of the stock, and the total consideration to be provided by the Investors. 3. Vesting Schedule: The Vesting Schedule outlines the timeframe and conditions under which the purchased shares will become fully vested and transferable. It may include provisions related to time-based vesting, milestone achievements, or other performance-related criteria. 4. Shareholder Rights and Restrictions: This clause defines the rights and restrictions associated with the ownership of the restricted stock. It typically covers topics such as voting rights, dividend entitlements, stock splits, dilution protection, and limitation on stock transfers. 5. Termination and Forfeiture: This section addresses the circumstances under which the agreement may be terminated, leading to a forfeiture of the restricted stock. It may include provisions related to voluntary termination, breach of the agreement, or changes in control of the Company. 6. Governing Law and Dispute Resolution: The agreement establishes that it is governed by the laws of the state of Tennessee and specifies the mechanisms for resolving disputes, such as negotiation, mediation, or arbitration. Types of Tennessee Sample Restricted Stock Purchase Agreements between Intermark, Inc. and Purchasers: 1. Employee Restricted Stock Purchase Agreement: This type of agreement is specifically tailored for employees of Intermark, Inc. who are granted the opportunity to purchase restricted stock as part of their compensation package. 2. Investor Restricted Stock Purchase Agreement: This agreement is intended for external investors interested in purchasing restricted stock from Intermark, Inc. It includes additional provisions to address investment-related considerations and the rights of outside investors. Conclusion: A Tennessee Sample Restricted Stock Purchase Agreement between Intermark, Inc. and Purchasers defines the terms and conditions for the purchase of restricted stock. It outlines the purchase terms, vesting schedule, shareholder rights, termination, and dispute resolution mechanisms. Depending on the parties involved, there can be different types of agreements such as those catered towards employees or external investors.
Title: Tennessee Sample Restricted Stock Purchase Agreement between Intermark, Inc. and Purchasers Keywords: Tennessee, Sample Restricted Stock Purchase Agreement, Intermark, Inc., Purchasers, types Introduction: This article provides a detailed description of a Tennessee Sample Restricted Stock Purchase Agreement between Intermark, Inc. (the "Company") and Purchasers (the "Investors"). The agreement outlines the terms and conditions for the purchase of restricted stock issued by Intermark, Inc. and serves as a legally binding contract between the Company and the Investors. This article explores the various components and key provisions typically included in such agreements. 1. Agreement Parties: The Agreement identifies Intermark, Inc. as the Company offering the restricted stock and the Purchasers, who are the Investors interested in purchasing the said stock. It establishes their roles and responsibilities throughout the agreement. 2. Purchase Terms: This section covers the specifics of the stock purchase, including the number of shares to be purchased by each Investor, the purchase price per share, any restrictions on the transferability of the stock, and the total consideration to be provided by the Investors. 3. Vesting Schedule: The Vesting Schedule outlines the timeframe and conditions under which the purchased shares will become fully vested and transferable. It may include provisions related to time-based vesting, milestone achievements, or other performance-related criteria. 4. Shareholder Rights and Restrictions: This clause defines the rights and restrictions associated with the ownership of the restricted stock. It typically covers topics such as voting rights, dividend entitlements, stock splits, dilution protection, and limitation on stock transfers. 5. Termination and Forfeiture: This section addresses the circumstances under which the agreement may be terminated, leading to a forfeiture of the restricted stock. It may include provisions related to voluntary termination, breach of the agreement, or changes in control of the Company. 6. Governing Law and Dispute Resolution: The agreement establishes that it is governed by the laws of the state of Tennessee and specifies the mechanisms for resolving disputes, such as negotiation, mediation, or arbitration. Types of Tennessee Sample Restricted Stock Purchase Agreements between Intermark, Inc. and Purchasers: 1. Employee Restricted Stock Purchase Agreement: This type of agreement is specifically tailored for employees of Intermark, Inc. who are granted the opportunity to purchase restricted stock as part of their compensation package. 2. Investor Restricted Stock Purchase Agreement: This agreement is intended for external investors interested in purchasing restricted stock from Intermark, Inc. It includes additional provisions to address investment-related considerations and the rights of outside investors. Conclusion: A Tennessee Sample Restricted Stock Purchase Agreement between Intermark, Inc. and Purchasers defines the terms and conditions for the purchase of restricted stock. It outlines the purchase terms, vesting schedule, shareholder rights, termination, and dispute resolution mechanisms. Depending on the parties involved, there can be different types of agreements such as those catered towards employees or external investors.