Beruflich Dokumente
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___, by ____________________, an (State)Corporation, (the Company) and _______. (the Purchaser). Sale of Restricted Shares. On terms and conditions set forth in this Agreement, the Company agrees to sell to Purchaser, and the Purchaser agrees to purchase from the Company, (# of shares) Restricted Shares. The sale and purchase shall occur at the offices of the Company on the date set forth above or at such other place and time as the parties may agree.
I)
Purchase. The purchase and sale of the Restricted Shares under this Agreement shall occur at the principal office of the Company simultaneously with the execution of this Agreement or at such other time and place as the Company and Purchaser shall agree (the Purchase Date). On the Purchase Date, the Company will deliver to Purchaser a certificate representing the Restricted Shares to be purchased by Purchaser (which shall be issued in Purchasers name) against payment of the purchase price therefor by cash, check. Limitations on Transfer: In addition to any other limitation on transfer created by applicable securities laws, Purchaser shall not assign, transfer, convey encumber or otherwise dispose of any interest in the Restricted Shares while such Restricted Shares are subject to the Companys Repurchase Option (as defined below), except as provided below. After any Restricted Shares have been released from the Repurchase Option, Purchaser shall not assign, encumber or dispose of any interest in such Restricted Shares except in compliance with the provisions below and applicable securities laws. Repurchase Option. Scope of Option. In the event of voluntary termination, involuntary termination with cause or involuntary termination without cause of Purchasers employment with the Company for any reason (including death or disability]), the Company shall, upon the date of such termination (the Termination Date) have an irrevocable option, but not obligation, for a period of sixty (60) days from such date to repurchase all or any portion of the Restricted Shares held by Purchaser as of the Termination Date which have not yet been released from the Companys Repurchase Option. Repurchase Price. If the Company exercises its Repurchase Option, it shall pay the Purchaser the lesser of an amount equal to $ _______ per share or the price per Share shall be a price set by the Board of Directors of the Company that will reflect the current value of the stock in terms of present earnings and future prospects of the Company (the Fair Market Value )on the date of termination as determined by the Board of Directors annual meeting as set in the Companys bylaws (the Repurchase Price).
Exercise of Repurchase Option. The Repurchase Option shall be exercisable only by written notice delivered to the Purchaser (or his executor or agent) prior to the expiration of the 60-day period specified in Section IV (A)(a) above. The notice shall set forth the date on which the repurchase is to be effected. Such date shall not be more than 30 days after the date of the notice. The certificate(s) representing the Restricted Shares to be repurchased shall, prior to the close of business on the date specified for the repurchase, be delivered to the Company properly endorsed for transfer. The Company shall, concurrently with the receipt of such certificate(s), pay to the Purchaser the Repurchase Price determined according to section IV (A)(b) above. Payment shall be made in (A) cash or cash equivalent or (B) by cancellation for indebtedness equal to the Repurchase Price or (C) by a combination of both (A) and (B). The Repurchase Option shall terminate with respect to any Restricted Shares for which it has not timely exercised pursuant to this Subsection (c). Lapse of Repurchase Option. The Companys Repurchase Option shall lapse immediately upon issuance of Certificate with respect to the first 10% of the Restricted Shares. An additional 30% shall vest upon the employee completing 12 months of continuous service from the date of this Agreement. Thereafter, an additional 10% shall vest for each 6 months of continuous service up to the end of the 36th month. The Repurchase Option shall lapse and all of the remaining Restricted Shares shall become vested if (A) the company is subject to a Change in Control and (B) The Repurchase Option is not assigned to the entity that employs Purchaser immediately after the Change in Control or to its parent or subsidiary. For purposes of this Agreement, "Change in Control" means a merger, consolidation, sale or conveyance of all or substantially all of the Company's shares of capital stock or assets to any person or entity pursuant to which the voting securities of the Company outstanding immediately before the transaction represent immediately after the transaction less than a majority of the outstanding voting securities of the surviving entity (or its parent) or the purchasing entity (or its parent), as the case may be. Additional Shares or Substituted Securities. In the event of the declaration of a stock dividend, the declaration of an extraordinary dividend payable in a form other than stock, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Companys outstanding securities without receipt of consideration, any new, substituted or additional securities or other property (including money paid other than as an ordinary cash dividend) which by reason of such transaction are distributed with respect to any Restricted Shares or into which such Restricted Shares thereby become convertible shall immediately be subject to the Repurchase Option. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number and/or class of the Restricted Shares. After each such transaction, appropriate adjustments shall also be made to the Repurchase Price per share to be paid upon the exercise of the Repurchase Option in order to reflect any change in the Companys outstanding securities effected without receipt of consideration therefor; provided, however, that the aggregate purchase price payable for the Restricted Shares remains the same.
a) Right of First Refusal. Upon the expiration of the Repurchase Option and in the
event that the Purchaser proposes to sell, pledge or otherwise transfer to a third party any Restricted Shares, or any interest in such Restricted Shares, the Company shall have the Right of First Refusal with respect to all or part of such Restricted Shares. If the Purchaser desires to transfer Restricted Shares, the Purchaser shall give a written Transfer Notice to the Company describing fully the proposed transfer, including the number of Restricted Shares proposed to be transferred, the proposed transfer price, the name and address of the proposed Transferee and proof satisfactory to the Company that the proposed sale or transfer will not violate any applicable federal or state securities laws. The Transfer Notice shall be signed by both the Purchaser and the proposed Transferee and must constitute a binding commitment of both parties to transfer the Restricted Shares. The company shall have the right, but not the obligation, to purchase all or a portion of the Restricted Shares on the terms proposed in the proposal described in the Transfer Notice (subject, however, to any change in such terms permitted under subsection IV (B)(b) below) by delivery of a notice of exercise of the Right of First Refusal within 30 days after the date when the Transfer Notice was received by the Company. The Companys rights under this Subsection IV (B)(a) shall be freely assignable, in whole or in part.
b) Transfer of Shares. If the Company fails to exercise its Right of First Refusal
within 30 days after the date when it received the Transfer Notice, the Purchaser may, not later than 90-days following receipt of the Transfer Notice by the Company, conclude a transfer of the Restricted Shares subject to the Transfer Notice on the terms and conditions described in the Transfer Notice, provided that any such sale is made in compliance with applicable federal and state securities laws and not in violation of any other contractual restrictions to which the Purchaser is bound. Any proposed transfer on terms and conditions different from those described in the Transfer Notice, as well as any subsequent proposed transfer by the Purchaser, shall again be subject to the Right of First Refusal and shall require compliance with the procedure described in Subsection IV (B)(a) above. If the Company exercises its Right of First Refusal, the parties shall consummate the sale of the Restricted Shares on the terms set forth in the Transfer Notice within 60 days after the date when the Company received the Transfer Notice (or within such longer period as may have been specified in the
Transfer Notice); provided, however, that in the event the Transfer Notice provided that payment for the Restricted Shares was to be made in a form other than cash or cash equivalents paid at the time of transfer, the Company shall have the option of paying for the Restricted Shares with cash or cash equivalents equal to the present value of the consideration described in the Transfer Notice. If the offered price specified in the Transfer Notice includes consideration other than cash, the cash equivalent of the non-cash consideration shall be determined by the Board of Directors of the Company in good faith. Additional Shares or Substituted Securities. In the event of the declaration of a stock dividend, the declaration of an extraordinary dividend payable in a form other than stock, a spinoff, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Companys outstanding securities without receipt of consideration, any new, substituted or additional securities or other property (including money paid other than as an ordinary cash dividend) which by reason of such transaction are distributed with respect to any Restricted Shares or into which such Restricted Shares subject to this Section (B) or into which such Restricted Shares thereby become convertible shall immediately be subject to this section IV (B).
C) Involuntary Transfer
b) Price for Involuntary Transfer. With Respect to any stock transferred pursuant
to Section IV(C)(a), the price per Share shall be a price set by the Board of Directors of the Company that will reflect the current value of the stock in terms of present earnings and future prospects of the Company. The Company shall notify Purchaser or his or her executor of the price so determined within 30 days after receipt by it of written notice of the transfer of proposed transfer of Restricted Shares. However, if the Purchaser does not agree with the valuation as determined by the Board of Directors of the Company, the Purchaser shall be entitled to have the valuation determined by an independent appraiser to be mutually agreed upon by the Company and the Purchaser and whose fees shall be borne equally by the Company and the Purchaser.
D) Assignment. The right of the Company to purchase any part of the Restricted Shares
may be assigned in whole or in part to any stockholder or stockholders of the Company or other persons.
the Restricted Shares. Purchaser understands that the certificate evidencing the Restricted Shares will be imprinted with a legend that prohibits the transfer of the Restricted Shares unless they are registered or such registration is not required in the opinion of counsel of the Company. d) Purchaser is familiar with the provisions of Rule 144 by the Securities and Exchange Commission under the Securities Act, which permits the limited public resale of securities acquired in a non-public offering, subject to the satisfaction of certain conditions, including (without limitation) the availability of certain current public information about the issuer, the resale occurring only after the holding period required by rule 144 has been satisfied, the sale occurring through an unsolicited brokers transaction, and the amount of securities being sold during any three-month period not exceeding specified limitations. The Purchaser acknowledges and understands that the conditions for resale set forth in Rule 144 have not been satisfied and that the Company has no plans to satisfy these conditions in the foreseeable future. e) The Purchaser will not sell, transfer or otherwise dispose of the Restricted Shares in violation of the Securities Act, the Securities Exchange Act of 1934, or the rules promulgated thereunder, including Rule 144 under the Securities Act of 1933. The Purchaser agrees that he or she will not dispose of the Restricted Shares unless and until he or she has complied with all requirements of this Agreement applicable to the disposition of Restricted Shares and he or she has provided the Company with written assurances, in substance and form acceptable to the Company, that (A) the proposed disposition does not require registration of the Restricted Shares under the Securities Act or all appropriate action necessary for compliance with the registration requirements of the Securities Act or with any exemption from registration available under the Securities Act (including Rule 144) has been taken and (B) the proposed disposition will not result in the contravention of any transfer restrictions applicable to the Restricted Shares under the Rules of the Illinois Business Incorporation Act of 1983.
B) Rights Of the Company. The Company shall not be required to (a) transfer on its
books any Restricted Shares that have been sold or transferred in contravention of this Agreement or (b) treat as the owner of Restricted Shares, or otherwise to accord voting, dividend, or liquidation rights to any transferee to whom Restricted Shares have been transferred in contravention of this Agreement.
C) Legends And Stop Transfer Orders a) Legends. The certificate or certificates representing the Restricted Shares shall
bear the following legends (as well as any legend required by applicable federal or state law): (1) THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND WITH A VIEW TO OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION
THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE COMPANY THAT SUCH REGISTRATION IS NOT RECQUIRED UNDER THE SECURITIES ACT OF 1933. (2) THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.
a) At the appropriate time as determined by the Board of Directors, the company shall purchase and maintain, a term life insurance policy to compensate the family of the Purchaser in the event of death or disability (the Policy). The value of the policy shall be determined by the Board of Directors and adjusted annually. b) The purchaser shall have the right to designate the beneficiary(s) of said policy and the Purchaser and Company agree to execute any and all documents necessary to effect such policy. All premiums required for the Term Life insurance policy shall be borne by the Company. In the event of termination of employment of the Purchaser, whether voluntary or involuntary, and/or the transfer or other disposition of the Restricted Shares, the Company shall be under no obligation to continue payment of premiums for the aforementioned policy and may be terminated in the sole discretion of the Company. c) . III) Miscellaneous.
A) Governing Law. This Agreement and all acts and transactions pursuant hereto and
the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Illinois, without giving effect to conflict of law.
B) Notice. Any notice required or permitted by this Agreement shall be in writing and
shall be deemed sufficient when delivered personally or sent by fax or 48 hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, addressed to the party to be notified at such partys address as set forth below or as subsequently modified by written notice. If to the Corporation:
If to Purchaser:
C) Entire Agreement. This Agreement sets forth the entire agreement and
understanding of the parties relating to the subject matter herein and merges all prior understanding between them. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement shall be effective unless in writing signed by the parties to this Agreement. The failure of either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party.
D) Construction. This Agreement is the result of negotiations between and has been
reviewed by each of the parties hereto and their respective counsel, if any; accordingly, this Agreement shall be deemed to be the product of all the parties hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto.
WHEREFOR the parties have executed this Agreement as of the date first set forth above;
PURCHASER: ______________________________________
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