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  DE Founder Stock Purchase Agreement

Document Templates


DE Founder Stock Purchase Agreement
1.6  Delaware Founder Stock Purchase Agreement (certificated or uncertificated stock) v1.6
Public   Published   master   master  (owner)
Permalink: https://valcu.co/users/master/doc_templates/de-founder-stock-purchase-agreement-16
Created: July 24, 2015 11:30:36 EDT | Last modified: October 2, 2015 10:22:49 EDT
 

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Are these shares be subject to vesting?

This is typically the first date of employment or services for the company.

 

Select a vesting schedule


Check yes if you want to type in your own vesting schedule instead

Clearly describe the schedule to be used in the vesting agreement


Will a portion of these shares be immediately vested?

Initial vested share percent

You can set a percentage of the shares that will immediately vest / that are not subject to vesting (this is unusual)


Does this vesting schedule have a cliff?

The number of periods (months) that will need to be completed before any vesting is achieved (aka, the Cliff)

Select a period type for the cliff

Vesting cliff perc


Does this vesting schedule have periodic vesting (e.g., monthly)?

The number of periods (months) that the shares will vest over after the Cliff

Select a period type (month) for the remaining periods

Vesting vesting periodic perccliff perc


Do the shares have acceleration of vesting in the case of an acquisition or this founder is terminated?
 

Select a type of acceleration


Check here if you want to type in your own acceleration schedule instead

Clearly describe the acceleration schedule to be used in the vesting agreement

Select a type of acceleration trigger

Set the number of periods (months) that will be added to the vesting if this acceleration is triggered

Set the number of periods (months) that will be added to the vesting if this acceleration is triggered

Set the number of periods (months) that will be added to the vesting if this acceleration is triggered

Select a period type (month) for any acceleration


Does this acceleration schedule have a Single Trigger (Involuntary Termination)?

Does this acceleration schedule have a Single Trigger (Change of Control)?

Does this acceleration schedule have a Single Trigger (Change of Control) and Double Trigger?

Does this acceleration schedule have a Double Trigger?

THIS FIELD HAS BEEN PRE-SET AND IS NOT EDITABLE ON THIS PAGE. (Date of all shares are vested if service is continued normally)

THIS FIELD HAS BEEN PRE-SET AND IS NOT EDITABLE ON THIS PAGE. (Total number of years over which the shares vest)

Exact Legal Name of the Company

State where company incorporated / organized

Type of entity as incorporated / organized

Date of the agreement. Note that any 83b election MUST be filed within 30 days of purchase/transfer.

Date of the transfer of the shares to the purchaser. Note that any 83b election MUST be filed within 30 days of purchase/transfer.

Name of the purchaser

Street address of the purchaser

City, State and Zip (and Country) address of the purchaser

Number of shares to this shareholder

Name of the spouse


Issue Spouse?

Name of the company corporate secretary

Select the consideration the founder provided/will provide for the shares.

Fair market value of the consideration (as well as one share of the Company's common stock)

Fair market value of the aggregate consideration (as well as the shares of the Company's common stock being issued)

Describe and clearly identify the consideration being provided to the Company.

Amount of consideration per share that is provided in cash

Aggregate amount of consideration that is provided in cash


Whether all or part of the consideration for the shares is technology instead of cash

When the shares are issued, will they be uncertificated (with notices of uncertificated shares rather than stock certificates)?

Include service as a director for purposes of vesting (if subject to vesting)?

Date of execution of the 83b election. Note that any 83b election MUST be filed within 30 days of purchase/transfer!

S83b Copies Data
Is S83b Copies data
 
 

The tax year the 83b election is to be filed (generally this year)

Vesting Schedule and Acceleration
Carefully complete the vesting schedule and any acceleration provisions.
 
 

STOCK PURCHASE AGREEMENT

THIS STOCK PURCHASE AGREEMENT is entered into as of v_field_agmt_date, by v_field_company_name, a v_field_org_state v_field_entity_type (the “Company”), and v_field_purchaser_name (the “Purchaser”).

SECTION 1. ACQUISITION OF SHARES.

(a) Transfer. On the terms and conditions set forth in this Agreement, the Company agrees to transfer v_field_number_shares Shares to the Purchaser. The transfer 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.

(b) Consideration. v_field_consideration_cash_applicability The Purchaser agrees to pay v_field_acquisition_price, or v_field_acquisition_price_per_share for each Purchased Share. Payment shall be made on the transfer date in cash or cash equivalents. v_field_end v_field_consideration_technology_applicability The Purchaser agrees to assign to the Company certain intellectual property rights, pursuant to the Technology Assignment Agreement attached hereto as Exhibit II, in exchange for the Purchased Shares. The Company and the Purchaser agree that the aggregate fair market value of such consideration is v_field_acquisition_price, or v_field_acquisition_price_per_share for each Purchased Share. Payment shall be made on the transfer date by execution and delivery of the Technology Assignment Agreement. v_field_end v_field_consideration_cash_and_technology_applicability The Purchaser agrees to pay cash to the Company and to assign to the Company certain intellectual property rights, pursuant to the Technology Assignment Agreement attached hereto as Exhibit II, in exchange for the Purchased Shares. The Company and the Purchaser agree that the aggregate fair market value of such consideration (including any cash consideration) is v_field_acquisition_price, or v_field_acquisition_price_per_share for each Purchased Share. v_field_consideration_cash_amount of such consideration (or v_field_consideration_cash_amount_per_share per Purchased Share) shall be cash. Payment shall be made on the transfer date by execution and delivery of the Technology Assignment Agreement and wire transfer of delivery of check of the cash or cash equivalents portion. v_field_end v_field_custom_consideration_applicability v_field_custom_consideration The Company and the Purchaser agree that the aggregate fair market value of such consideration is v_field_acquisition_price, or v_field_acquisition_price_per_share for each Purchased Share. v_field_end The Purchase Price is agreed to be at least 100% of the Fair Market Value of the Purchased Shares.

(c) Defined Terms. Capitalized terms not defined above are defined in Section 12 of this Agreement.

v_field_vesting_applicability
SECTION 2. RIGHT OF REPURCHASE.

(a) Scope of Repurchase Right. Until they vest in accordance with Subsection (b) below, the Purchased Shares shall be Restricted Shares and shall be subject to the Company’s Right of Repurchase. The Company, however, may decline to exercise its Right of Repurchase or may exercise its Right of Repurchase only with respect to a portion of the Restricted Shares. The Company may exercise its Right of Repurchase only during the Repurchase Period following the termination of the Purchaser’s Service. The Right of Repurchase may be exercised automatically under Subsection (d) below. If the Right of Repurchase is exercised, the Company shall pay the Purchaser an amount equal to the Purchase Price for each of the Restricted Shares being repurchased.

(b) Lapse of Repurchase Right. v_field_vesting_applicability v_field_custom_vesting_applicability v_field_custom_vesting v_field_else v_field_initial_vested_shares_applicability The Right of Repurchase shall immediately lapse with respect to v_field_vested_shares_initial_perc of the Purchased Shares on the Vesting Commencement Date. v_field_end v_field_vesting_cliff_applicability The Right of Repurchase shall lapse with respect to v_field_vesting_cliff_perc of the Purchased Shares when the Purchaser completes v_field_vesting_cliff_periods v_field_vesting_cliff_period_type_ambipluralize of continuous Service beginning with the Vesting Commencement Date. v_field_end v_field_vesting_periodic_applicability The Right of Repurchase shall lapse with respect to v_field_vesting_periodic_perc of the Purchased Shares when the Purchaser completes each v_field_vesting_periodic_period_type of continuous v_field_vesting_cliff_applicability Service thereafter. v_field_else Service. v_field_end v_field_end v_field_end v_field_else The Purchased Shares shall not be subject to the Right of Repurchase and shall be fully vested on the date hereof. v_field_end v_field_accel_applicability v_field_custom_accel_applicability v_field_custom_accel v_field_else v_field_single_trigger_applicability In addition, if the Purchaser is subject to an Involuntary Termination, then the Restricted Shares subject to the Right of Repurchase shall be determined by adding v_field_vesting_accel_single_trigger_periods v_field_vesting_accel_period_type_ambipluralize to, and deeming as part of, the number of periods of continuous Service completed upon the date of such Involuntary Termination. v_field_end v_field_single_trigger_coc_applicability In addition, if the Company is subject to a Change in Control before the Purchaser’s Service terminates, then the Restricted Shares subject to the Right of Repurchase shall be determined by adding v_field_vesting_accel_single_trigger_coc_periods v_field_vesting_accel_period_type_ambipluralize to, and deeming as part of, the number of periods of continuous Service completed upon the date of such Change in Control. v_field_end v_field_single_trigger_coc_and_double_trigger_applicability In addition, if the Company is subject to a Change in Control before the Purchaser’s Service terminates, then the Restricted Shares subject to the Right of Repurchase shall be determined by adding v_field_vesting_accel_single_trigger_coc_periods v_field_vesting_accel_period_type_ambipluralize to, and deeming as part of, the number of periods of continuous Service completed upon the date of such Change in Control. In addition, if the Company is subject to a Change in Control before the Purchaser’s Service terminates and the Purchaser is subject to an Involuntary Termination within 12 months after the Change in Control, then the Restricted Shares subject to the Right of Repurchase shall be determined by adding v_field_vesting_accel_double_trigger_periods v_field_vesting_accel_period_type_ambipluralize to, and deeming as part of, the number of periods of continuous Service completed upon the date of such Involuntary Termination. v_field_end v_field_double_trigger_applicability In addition, if the Company is subject to a Change in Control before the Purchaser’s Service terminates and the Purchaser is subject to an Involuntary Termination within 12 months after the Change in Control, then the Restricted Shares subject to the Right of Repurchase shall be determined by adding v_field_vesting_accel_double_trigger_periods v_field_vesting_accel_period_type_ambipluralize to, and deeming as part of, the number of periods of continuous Service completed upon the date of such Involuntary Termination. v_field_end v_field_end v_field_end

(c) Escrow. v_field_uncertificated_applicability Upon issuance, the certificate(s) for Restricted Shares, as applicable, together with a Stock Power in the form attached hereto as Exhibit III executed by Purchaser and by Purchaser’s spouse (if required for transfer), in blank, to the Secretary of the Company, or designee of the Secretary (such officer and/or designee, the “Escrow Holder”), shall be deposited in escrow with the Company to be held in accordance with the provisions of, and to effectuate all such transfers and/or releases as are in accordance with the terms of, this Agreement. v_field_else Upon issuance, the certificate(s) for Restricted Shares shall be deposited in escrow with the Company to be held in accordance with the provisions of this Agreement. v_field_end Any additional or exchanged securities or other property described in Subsection (f) below shall immediately be delivered to the Company to be held in escrow. All ordinary cash dividends on Restricted Shares (or on other securities held in escrow) shall be paid directly to the Purchaser and shall not be held in escrow. Restricted Shares, together with any other assets held in escrow under this Agreement, shall be (i) surrendered to the Company for repurchase upon exercise of the Right of Repurchase or the Right of First Refusal or (ii) released to the Purchaser upon his or her request to the extent that the Shares have ceased to be Restricted Shares (but not more frequently than once every six months). In any event, all Purchased Shares that have ceased to be Restricted Shares, together with any other vested assets held in escrow under this Agreement, shall be released within 90 days after the earlier of (i) the termination of the Purchaser’s Service or (ii) the lapse of the Right of First Refusal. v_field_uncertificated_applicability Purchaser hereby acknowledges that the Escrow Holder, is so appointed as the escrow holder with the foregoing authorities as a material inducement to make this Agreement and that said appointment is coupled with an interest and is accordingly irrevocable. Purchaser agrees that Escrow Holder shall not be liable to any party hereof (or to any other party). The Escrow Holder may rely upon any letter, notice or other document executed by any signature purported to be genuine and may resign at any time. Purchaser agrees that if the Escrow Holder, resigns as escrow holder for any or no reason, the Board of Directors of the Company shall have the power to appoint a successor to serve as escrow holder pursuant to the terms of this Agreement. v_field_end

(d) Exercise of Repurchase Right. The Company shall be deemed to have exercised its Right of Repurchase automatically for all Restricted Shares as of the commencement of the Repurchase Period, unless the Company during the Repurchase Period notifies the holder of the Restricted Shares pursuant to Section 9 that it will not exercise its Right of Repurchase for some or all of the Restricted Shares. During the Repurchase Period, the Company shall pay to the holder of the Restricted Shares the purchase price determined under Subsection (a) above for the Restricted Shares being repurchased. Payment shall be made in cash or cash equivalents and/or by canceling indebtedness to the Company incurred by the Purchaser in the purchase of the Restricted Shares. v_field_uncertificated_applicability The certificate(s) representing the Restricted Shares being repurchased, as applicable, together with a Stock Power in the form attached hereto as Exhibit III executed by Purchaser and by Purchaser’s spouse (if required for transfer), in blank, to the Secretary of the Company, or designee of the Secretary, shall be delivered to the Company. v_field_else The certificate(s) representing the Restricted Shares being repurchased shall be delivered to the Company. v_field_end

(e) Termination of Rights as Stockholder. If the Right of Repurchase is exercised in accordance with this Section 2 and the Company makes available the consideration for the Restricted Shares being repurchased, then the person from whom the Restricted Shares are repurchased shall no longer have any rights as a holder of the Restricted Shares (other than the right to receive payment of such consideration). Such Restricted Shares shall be deemed to have been repurchased pursuant to this Section 2, whether or not the certificate(s) for such Restricted Shares v_field_uncertificated_applicability or a Stock Power, as applicable, v_field_end have been delivered to the Company or the consideration for such Restricted Shares has been accepted.

(f) Additional or Exchanged Securities and Property. In the event of a merger or consolidation of the Company with or into another entity, any other corporate reorganization, a stock split, the declaration of a stock dividend, the declaration of an extraordinary dividend payable in a form other than stock, a spin off, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities, any securities or other property (including cash or cash equivalents) that are by reason of such transaction exchanged for, or distributed with respect to, any Restricted Shares shall immediately be subject to the Right of Repurchase. Appropriate adjustments to reflect the exchange or distribution of such securities or property shall be made to the number and/or class of the Restricted Shares. Appropriate adjustments shall also be made to the price per share to be paid upon the exercise of the Right of Repurchase, provided that the aggregate purchase price payable for the Restricted Shares shall remain the same. In the event of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, the Right of Repurchase may be exercised by the Company’s successor.

(g) Transfer of Restricted Shares. The Purchaser shall not transfer, assign, encumber or otherwise dispose of any Restricted Shares without the Company’s written consent, except as provided in the following sentence. The Purchaser may transfer Restricted Shares to one or more members of the Purchaser’s Immediate Family or to a trust established by the Purchaser for the benefit of the Purchaser and/or one or more members of the Purchaser’s Immediate Family, provided in either case that the Transferee agrees in writing on a form prescribed by the Company to be bound by all provisions of this Agreement. If the Purchaser transfers any Restricted Shares, then this Agreement shall apply to the Transferee to the same extent as to the Purchaser.

(h) Assignment of Repurchase Right. The Board of Directors may freely assign the Company’s Right of Repurchase, in whole or in part. Any person who accepts an assignment of the Right of Repurchase from the Company shall assume all of the Company’s rights and obligations under this Section 2.

(i) Part-Time Employment and Leaves of Absence. If the Purchaser commences working on a part-time basis, then the Company may adjust the vesting schedule set forth in Subsection (b) above in accordance with the Company’s part-time work policy or the terms of an agreement between the Purchaser and the Company pertaining to his or her part-time schedule. If the Purchaser goes on a leave of absence, then the Company may adjust the vesting schedule set forth in Subsection (b) above in accordance with the Company’s leave of absence policy or the terms of such leave. Except as provided in the preceding sentence, Service shall be deemed to continue while the Purchaser is on a bona fide leave of absence, if (i) such leave was approved by the Company in writing and (ii) continued crediting of Service is expressly required by the terms of such leave or by applicable law (as determined by the Company). Service shall be deemed to terminate when such leave ends, unless the Purchaser immediately returns to active work.
v_field_else
SECTION 2. [RESERVED]
v_field_end

SECTION 3. RIGHT OF FIRST REFUSAL.

(a) Right of First Refusal. In the event that the Purchaser proposes to sell, pledge or otherwise transfer to a third party any Purchased Shares, or any interest in Purchased Shares, the Company shall have the Right of First Refusal with respect to all (and not less than all) of such Purchased Shares. If the Purchaser desires to transfer Purchased Shares, the Purchaser shall give a written Transfer Notice to the Company describing fully the proposed transfer, including the number of Purchased 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, State or foreign securities laws. The Transfer Notice shall be signed both by the Purchaser and by the proposed Transferee and must constitute a binding commitment of both parties to the transfer of the Purchased Shares. The Company shall have the right to purchase all, and not less than all, of the Purchased Shares on the terms of the proposal described in the Transfer Notice (subject, however, to any change in such terms permitted under Subsection (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.

(b) Transfer of Shares. If the Company fails to exercise its Right of First Refusal within 30 days after receiving the Transfer Notice, the Purchaser may, not later than 90 days after the Company received the Transfer Notice, conclude a transfer of the Purchased 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, State and foreign 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 (a) above. If the Company exercises its Right of First Refusal, the parties shall consummate the sale of the Purchased Shares on the terms set forth in the Transfer Notice within 60 days after 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 Purchased 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 Purchased Shares with cash or cash equivalents equal to the present value of the consideration described in the Transfer Notice.

(c) Additional or Exchanged Securities and Property. In the event of a merger or consolidation of the Company with or into another entity, any other corporate reorganization, a stock split, the declaration of a stock dividend, the declaration of an extraordinary dividend payable in a form other than stock, a spin off, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities, any securities or other property (including cash or cash equivalents) that are by reason of such transaction exchanged for, or distributed with respect to, any Purchased Shares subject to this Section 3 shall immediately be subject to the Right of First Refusal. Appropriate adjustments to reflect the exchange or distribution of such securities or property shall be made to the number and/or class of the Purchased Shares subject to this Section 3.

(d) Termination of Right of First Refusal. Any other provision of this Section 3 notwithstanding, in the event that the Stock is readily tradable on an established securities market when the Purchaser desires to transfer Purchased Shares, the Company shall have no Right of First Refusal, and the Purchaser shall have no obligation to comply with the procedures prescribed by Subsections (a) and (b) above.

(e) Permitted Transfers. This Section 3 shall not apply to (i) a transfer by beneficiary designation, will or intestate succession or (ii) a transfer to one or more members of the Purchaser’s Immediate Family or to a trust established by the Purchaser for the benefit of the Purchaser and/or one or more members of the Purchaser’s Immediate Family, provided in either case that the Transferee agrees in writing on a form prescribed by the Company to be bound by all provisions of this Agreement. If the Purchaser transfers any Purchased Shares, either under this Subsection (e) or after the Company has failed to exercise the Right of First Refusal, then this Agreement shall apply to the Transferee to the same extent as to the Purchaser.

(f) Termination of Rights as Stockholder. If the Company makes available, at the time and place and in the amount and form provided in this Agreement, the consideration for the Shares to be purchased in accordance with this Section 3, then after such time the person from whom such Shares are to be purchased shall no longer have any rights as a holder of such Shares (other than the right to receive payment of such consideration in accordance with this Agreement). Such Shares shall be deemed to have been purchased in accordance with the applicable provisions hereof, whether or not the certificate(s) v_field_uncertificated_applicability or Stock Power, as applicable, v_field_end therefor have been delivered as required by this Agreement.

(g) Assignment of Right of First Refusal. The Board of Directors may freely assign the Company’s Right of First Refusal, in whole or in part. Any person who accepts an assignment of the Right of First Refusal from the Company shall assume all of the Company’s rights and obligations under this Section 3.

SECTION 4. OTHER RESTRICTIONS ON TRANSFER.

(a) Purchaser Representations. In connection with the issuance and acquisition of Shares under this Agreement, the Purchaser hereby represents and warrants to the Company as follows:

(i) The Purchaser is acquiring and will hold the Purchased Shares for investment for his or her account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act.

(ii) The Purchaser understands that the Purchased Shares have not been registered under the Securities Act by reason of a specific exemption therefrom and that the Purchased Shares must be held indefinitely, unless they are subsequently registered under the Securities Act or the Purchaser obtains an opinion of counsel, in form and substance satisfactory to the Company and its counsel, that such registration is not required. The Purchaser further acknowledges and understands that the Company is under no obligation to register the Purchased Shares.

(iii) The Purchaser is aware of the adoption of Rule 144 by the Securities and Exchange Commission under the Securities Act, which permits limited public resales 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 “broker’s 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.

(iv) The Purchaser will not sell, transfer or otherwise dispose of the Purchased 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. The Purchaser agrees that he or she will not dispose of the Purchased Shares unless and until he or she has complied with all requirements of this Agreement applicable to the disposition of Purchased Shares and he or she has provided the Company with written assurances, in substance and form satisfactory to the Company, that (A) the proposed disposition does not require registration of the Purchased 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 Purchased Shares under the securities laws or regulations of any State.

(v) The Purchaser has been furnished with, and has had access to, such information as he or she considers necessary or appropriate for deciding whether to invest in the Purchased Shares, and the Purchaser has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the issuance of the Purchased Shares.

(vi) The Purchaser is aware that his or her investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss. The Purchaser is able, without impairing his or her financial condition, to hold the Purchased Shares for an indefinite period and to suffer a complete loss of his or her investment in the Purchased Shares.

(b) Securities Law Restrictions. Regardless of whether the offering and sale of Shares under this Agreement have been registered under the Securities Act or have been registered or qualified under the securities laws of any State, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of the Purchased Shares (including the placement of appropriate legends on stock certificates v_field_uncertificated_applicability or notices of issuance v_field_end or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any State or any other law.

(c) Market Stand-Off. In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act, including the Company’s initial public offering, the Purchaser or a Transferee shall not directly or indirectly sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree to engage in any of the foregoing transactions with respect to, any Purchased Shares without the prior written consent of the Company or its managing underwriter. Such restriction (the “Market Stand-Off”) shall be in effect for such period of time following the date of the final prospectus for the offering as may be requested by the Company or such underwriter. In no event, however, shall such period exceed 180 days plus such additional period as may reasonably be requested by the Company or such underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of research reports or (ii) analyst recommendations and opinions, including (without limitation) the restrictions set forth in Rule 2711(f)(4) of the National Association of Securities Dealers and Rule 472(f)(4) of the New York Stock Exchange, as amended, or any similar successor rules. The Market Stand-Off shall in any event terminate two years after the date of the Company’s initial public offering. In the event of the declaration of a stock dividend, a spin off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities without receipt of consideration, any new, substituted or additional securities which are by reason of such transaction distributed with respect to any Shares subject to the Market Stand-Off, or into which such Shares thereby become convertible, shall immediately be subject to the Market Stand-Off. In order to enforce the Market Stand-Off, the Company may impose stop-transfer instructions with respect to the Purchased Shares until the end of the applicable stand-off period. The Company’s underwriters shall be beneficiaries of the agreement set forth in this Subsection (c). This Subsection (c) shall not apply to Shares registered in the public offering under the Securities Act.

(d) Rights of the Company. The Company shall not be required to (i) transfer on its books any Purchased Shares that have been sold or transferred in contravention of this Agreement or (ii) treat as the owner of Purchased Shares, or otherwise to accord voting, dividend or liquidation rights to, any transferee to whom Purchased Shares have been transferred in contravention of this Agreement.

SECTION 5. SUCCESSORS AND ASSIGNS.

Except as otherwise expressly provided to the contrary, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and be binding upon the Purchaser and the Purchaser’s legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law, whether or not any such person has become a party to this Agreement or has agreed in writing to join herein and to be bound by the terms, conditions and restrictions hereof.

SECTION 6. NO RETENTION RIGHTS.

Nothing in this Agreement shall confer upon the Purchaser any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining the Purchaser) or of the Purchaser, which rights are hereby expressly reserved by each, to terminate his or her Service at any time and for any reason, with or without cause.

v_field_vesting_applicability
SECTION 7. TAX ELECTION.

The acquisition of the Purchased Shares may result in adverse tax consequences that may be avoided or mitigated by filing an election under Code Section 83(b). Such election may be filed only within 30 days after the date of purchase. The form for making the Code Section 83(b) election is attached to this Agreement as Exhibit I. The Purchaser should consult with his or her tax advisor to determine the tax consequences of acquiring the Purchased Shares and the advantages and disadvantages of filing the Code Section 83(b) election. The Purchaser acknowledges that it is his or her sole responsibility, and not the Company’s, to file a timely election under Code Section 83(b), even if the Purchaser requests the Company or its representatives to make this filing on his or her behalf.
v_field_else
SECTION 7. [RESERVED]
v_field_end

SECTION 8. LEGENDS.

All certificates evidencing Purchased v_field_uncertificated_applicability Shares, or notice or notices of issuance related to uncertificated Purchased Shares, v_field_else Shares v_field_end shall bear the following legends:

“THE SHARES REPRESENTED HEREBY / REFERENCED HEREIN MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE CORPORATION AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE SHARES). SUCH AGREEMENT GRANTS TO THE CORPORATION CERTAIN RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED TRANSFER OF THE v_field_vesting_applicability SHARES AND CERTAIN REPURCHASE RIGHTS UPON TERMINATION OF SERVICE WITH THE CORPORATION. v_field_else SHARES. v_field_end THE SECRETARY OF THE CORPORATION WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.”

“THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE CORPORATION AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.”

If required by the authorities of any State in connection with the issuance of the Purchased Shares, the legend or legends required by such State authorities shall also be endorsed on all such v_field_uncertificated_applicability certificates or notices of issuance related to uncertificated shares. v_field_else certificates. v_field_end

SECTION 9. NOTICE.

Any notice required by the terms of this Agreement shall be given in writing. It shall be deemed effective upon (i) personal delivery, (ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid or (iii) deposit with Federal Express Corporation, with shipping charges prepaid. Notice shall be addressed to the Company at its principal executive office and to the Purchaser at the address that he or she most recently provided to the Company in accordance with this Section 9.

SECTION 10. ENTIRE AGREEMENT.

This Agreement constitutes the entire contract between the parties hereto with regard to the subject matter hereof. It supersedes any other agreements, representations or understandings (whether oral or written and whether express or implied) that relate to the subject matter hereof.

SECTION 11. CHOICE OF LAW.

This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, as such laws are applied to contracts entered into and performed in such State.

SECTION 12. DEFINITIONS.

(a) “Agreement” shall mean this Stock Purchase Agreement.

(b) “Board of Directors” shall mean the Board of Directors of the Company, as constituted from time to time.

v_field_accel_applicability
(c) “Cause” shall mean:

(i) An unauthorized use or disclosure by the Purchaser of the Company’s confidential information or trade secrets, which use or disclosure causes material harm to the Company;

(ii) A material breach by the Purchaser of any agreement between the Purchaser and the Company;

(iii) A material failure by the Purchaser to comply with the Company’s written policies or rules;

(iv) The Purchaser’s conviction of, or plea of “guilty” or “no contest” to, a felony under the laws of the United States or any State thereof;

(v) The Purchaser’s gross negligence or willful misconduct;

(vi) A continuing failure by the Purchaser to perform assigned duties after receiving written notification of such failure from the Board of Directors; or

(vii) A failure by the Purchaser to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested the Purchaser’s cooperation.

(d) “Change in Control” shall mean (i) the consummation of a merger or consolidation of the Company with or into another entity or (ii) the dissolution, liquidation or winding up of the Company. The foregoing notwithstanding, a merger or consolidation of the Company shall not constitute a “Change in Control” if immediately after such merger or consolidation a majority of the voting power of the capital stock of the continuing or surviving entity, or any direct or indirect parent corporation of such continuing or surviving entity, will be owned by the persons who were the Company’s stockholders immediately prior to such merger or consolidation in substantially the same proportions as their ownership of the voting power of the Company’s capital stock immediately prior to such merger or consolidation.
v_field_else
(c) [RESERVED]

(d) [RESERVED]
v_field_end

v_field_vesting_applicability
(e) “Code” shall mean the Internal Revenue Code of 1986, as amended.
v_field_else
(e) [RESERVED]
v_field_end

(f) “Consultant” shall mean a person who performs bona fide services for the Company, a Parent or a Subsidiary as a consultant or advisor, excluding Employees and members of the Board of Directors.

(g) “Employee” shall mean any individual who is a common law employee of the Company, a Parent or a Subsidiary.

(h) “Fair Market Value” shall mean the fair market value of a Share, as determined by the Board of Directors in good faith. Such determination shall be conclusive and binding on all persons.

(i) “Immediate Family” shall mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law and shall include adoptive relationships.

v_field_accel_applicability
(j) “Involuntary Termination” shall mean the termination of the Purchaser’s Service by reason of:

(i) The involuntary discharge of the Purchaser by the Company (or the Parent or Subsidiary employing him or her) for reasons other than Cause; or

(ii) The voluntary resignation of the Purchaser following (A) a change in the Purchaser’s position with the Company (or the Parent or Subsidiary employing him or her) that materially reduces his or her level of authority or responsibility, (B) a reduction in the Purchaser’s base salary by more than 10% or (C) receipt of notice that the Purchaser’s principal workplace will be relocated more than 30 miles.
v_field_else
(j) [RESERVED]
v_field_end

(k) “Parent” shall mean any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

(l) “Purchased Shares” shall mean the Shares purchased by the Purchaser pursuant to this Agreement.

(m) “Purchase Price” shall mean the dollar value of the consideration for which one Share is purchased pursuant to this Agreement, as specified in Section 1(b).

v_field_vesting_applicability
(n) “Repurchase Period” shall mean a period of 180 consecutive days commencing on the date when the Purchaser’s Service terminates for any reason, including (without limitation) death or disability.

(o) “Restricted Share” shall mean a Purchased Share that is subject to the Right of Repurchase.
v_field_else
(n) [RESERVED]

(o) [RESERVED]
v_field_end

(p) “Right of First Refusal” shall mean the Company’s right of first refusal described in Section 3.

v_field_vesting_applicability
(q) “Right of Repurchase” shall mean the Company’s right of repurchase described in Section 2.
v_field_else
(q) [RESERVED]
v_field_end

(r) “Securities Act” shall mean the Securities Act of 1933, as amended.

(s) “Service” shall mean service as v_field_director_service_applicability a member of the Board of Directors, v_field_end an Employee or a Consultant.

(t) “Share” shall mean one share of Stock.

(u) “Stock” shall mean the Common Stock of the Company.

(v) “Subsidiary” shall mean any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

(w) “Transferee” shall mean any person to whom the Purchaser has directly or indirectly transferred any Purchased Share.

(x) “Transfer Notice” shall mean the notice of a proposed transfer of Purchased Shares described in Section 3.

v_field_vesting_applicability
(y) “Vesting Commencement Date” shall mean v_field_vesting_start_date.
v_field_else
(y) [RESERVED]
v_field_end

* * * * *

v_field_doc_template_id | v_field_file_store_id
14
v_field_doc_template_id | v_field_file_store_id

IN WITNESS WHEREOF, each of the parties has executed this Stock Purchase Agreement, in the case of the Company by its duly authorized officer, as of the day and year first above written.

PURCHASER:

V_FIELD_PURCHASER_NAME_UPCASE

v_sig_purchaser_chained_titled

v_field_else


By: _____________________________
Name: __________________________
Title: ___________________________
v_field_end


COMPANY:

V_FIELD_COMPANY_NAME_UPCASE

v_sig_company_chained_titled

v_field_else
By: _____________________________
Name: __________________________
Title: ___________________________
v_field_end


v_field_spouse_applicability
SPOUSAL CONSENT

The undersigned represents and warrants that he/she is the spouse of v_field_purchaser_name (the “Purchaser”). The undersigned acknowledges that he/she has read the foregoing Stock Purchase Agreement entered into as of v_field_agmt_date, by v_field_company_name, a v_field_org_state v_field_entity_type (the “Company”), and Purchaser (such Stock Purchase Agreement, the “Agreement”), and clearly understands its provisions. The undersigned is aware that, by the provisions of the Agreement, he/she and Purchaser have agreed to the restrictions on the transfer of his/her interest in the Company, including any community property interest, in accordance with the terms and provisions of the Agreement. In consideration of the Company’s granting my spouse the right to purchase the Shares as set forth in the Agreement, the undersigned hereby expressly approves of, and agrees to be bound by, and further agree that any community property or similar interest that the undersigned may have in the Shares shall be similarly bound by, the terms and conditions of the Agreement and this Spousal Consent.

If the undersigned divorces Purchaser when Purchaser owns an interest in the Company, he/she hereby agrees to transfer whatever community property interest he/she may have in the Company to Purchaser. If the undersigned predeceases Purchaser when Purchaser owns an interest in the Company, he/she hereby agrees not to devise or bequeath whatever community property interest he/she may have in the Company in contravention of the foregoing Stock Purchase Agreement. The undersigned agrees that the provisions relating to the sales and transfers of the interest in the Company will be binding upon his/her heirs, executors, administrators, successors and assigns.

The undersigned agrees to execute and deliver any documents, and to take any other action, that Purchaser may reasonably request and irrevocably appoints Purchaser with full power of substitution) as his/her agent and attorney-in-fact for the purpose of executing and delivering on the undersigned’s behalf any contract, consent, or other document for the purpose of consummating any transaction contemplated herein.


SPOUSE OF PURCHASER:

v_sig_purchaser_spouse_chained_titled

v_field_else
By: _____________________________
Name: __________________________
Title: ___________________________
v_field_end


v_field_end
v_field_vesting_applicability
v_field_s83b_copy_hashes_each
EXHIBIT I
(COPY v_field_s83b_copy_hashed_name_upcase)
SECTION 83(b) ELECTION

This statement is made under Section 83(b) of the Internal Revenue Code of 1986, as amended, pursuant to Treasury Regulations Section 1.83-2.

(1) The taxpayer who performed the services is:

Name: v_field_purchaser_name
Address: v_field_purchaser_street_address
v_field_purchaser_city_state_zip
Social Security No.: See below

(2) The property with respect to which the election is made is v_field_number_shares share(s) of the common stock of v_field_company_name_no_period.
(3) The property was transferred on v_field_transfer_date.
(4) The taxable year for which the election is made is the calendar year v_field_tax_year.
(5) The property is subject to a repurchase right pursuant to which the issuer has the right to acquire the property at the original purchase price if for any reason taxpayer’s service with the issuer is terminated. The issuer’s repurchase right lapses in a series of installments over a v_field_vesting_total_years-year period ending on v_field_vesting_end_date.
(6) The fair market value of such property at the time of transfer (determined without regard to any restriction other than a restriction that, by its terms, will never lapse) is v_field_acquisition_price_per_share per share.
(7) The amount paid for such property is v_field_acquisition_price_per_share per share.
(8) A copy of this statement was furnished to v_field_company_name, for whom taxpayer rendered the services underlying the transfer of such property.
(9) This statement is executed on v_field_s83b_date.


___________________________ ___________________________
Signature of Spouse (if any) Signature of Taxpayer

___________________________ ___________________________
Social Security Number of Spouse (if any) Social Security Number of Taxpayer

Within 30 days after the date of purchase, this election must be filed with the Internal Revenue Service Center where the Purchaser files his or her federal income tax returns. The filing should be made by registered or certified mail, return receipt requested. The Purchaser must (a) file a copy of the completed form with his or her federal tax return for the current tax year and (b) deliver an additional copy to the Company.

v_field_end


v_field_s83b_date

VIA CERTIFIED MAIL
Return Receipt Requested
Receipt _________________
Internal Revenue Service Center
____________________________
____________________________
____________________________

Re: Election Under Section 83(b) of the Internal Revenue Code

Ladies and Gentlemen:

Enclosed please find an executed form of Election under Section 83(b) of the Internal Revenue Code of 1986, relating to the issuance of v_field_number_shares share(s) of the Common Stock of v_field_company_name_no_period.

Also enclosed is a copy of the 83(b) election and a stamped, self-addressed envelope. Please acknowledge receipt of these materials by stamping the enclosed copy of the 83(b) with the date of receipt and returning it to me.

Thank you for your attention to this matter.

Very truly yours,


v_sig_purchaser

v_field_end
v_field_purchaser_name


Enclosures
cc: v_field_company_name
v_field_else
EXHIBIT I
[RESERVED]
v_field_end


EXHIBIT II

v_field_taa_applicability
TECHNOLOGY ASSIGNMENT AGREEMENT
v_field_else
[RESERVED]
v_field_end
v_field_uncertificated_applicability


EXHIBIT III

STOCK POWER

FOR VALUE RECEIVED and pursuant to that certain Stock Purchase Agreement between v_field_purchaser_name (“Purchaser”) and v_field_company_name, a v_field_org_state v_field_entity_type (the “Company”), dated v_field_agmt_date (the “Agreement”), Purchaser hereby sells, assigns and transfers unto the Company _________________________________ (________) shares of the Common Stock of the Company standing in Purchaser’s name on the Company’s books and represented by Certificate No. _____ or referenced in a notice of issuance and/or held in uncertificated form in the Purchaser’s name on the books of the Company, and does hereby irrevocably constitute and appoint v_field_secretary_name, the Secretary of the Company, individually, to transfer said stock on the books of the Company with full power of substitution in the premises. THIS ASSIGNMENT MAY ONLY BE USED AS AUTHORIZED BY THE AGREEMENT AND THE EXHIBITS THERETO.

Dated:__________________________

PURCHASER:

V_FIELD_PURCHASER_NAME_UPCASE

v_sig_purchaser_chained_titled

v_field_else

By: _____________________________
Name: __________________________
Title: ___________________________
v_field_end

v_field_spouse_applicability
SPOUSE OF PURCHASER:

V_FIELD_SPOUSE_NAME_UPCASE

v_sig_purchaser_spouse_chained_titled

v_field_else

By: _____________________________
Name: __________________________
Title: ___________________________
v_field_end
v_field_end
v_field_end
v_field_doc_template_id | v_field_file_store_id
No data.
Access
Public
Description
Delaware Founder Stock Purchase Agreement (certificated or uncertificated stock) v1.6
Notes
None.
License
Not specified
License Detail
Not specified
Disclaimer
Not specified

INSTRUCTIONS:

1. Who signs? This document should be signed by an officer of the company and the purchaser. If the shares are subject to vesting and an 83b election will be filed, the purchaser and the purchaser's spouse (if any) should sign the 83b election as well. Finally, the purchaser's spouse (if any) should sign the Spousal Consent.

2. Can this document be signed electronically? Yes.

3. Purchase price? Transfer the consideration (cash and/or technology as applicable) and keep a copy of the transfer in the company's records. If the consideration is all or part cash, the purchaser should transfer these funds (however small it may be) to the company, so that the bank records of the company (and ideally the bank records of the purchaser as well) have an entry for the transfer.

4. Who gets copies? Add the agreement to the company's corporate records and provide the purchaser a copy.

5. Filings? IF THE SHARES ARE SUBJECT TO VESTING AND AN 83B ELECTION WILL BE FILED, THE PURCHASER MUST FILE THE 83B ELECTION WITHIN 30 DAYS OF THE PURCHASE/TRANSFER! PLEASE CONSULT YOUR TAX ADVISORS. The purchaser provides the company a copy of the filed 83b election for the company's records.

6. How should I file the 83b election? Make 4 original signed copies: 2 to send to the IRS, 1 to send to the company and 1 to keep. Send to the IRS Service Center where you file your taxes (see http://www.irs.gov/uac/Where-to-File-Paper-Tax-Returns---With-or-Without-a-Payment, by certified mail with return receipt (see http://www.irs.gov/uac/Private-Delivery-Services-(PDS) for other deliver methods). Include a cover letter and self addressed and stamped (postage paid) envelope requesting the IRS file stamp the second copy and return it to you.

7. In addition, the purchaser is required to submit a copy of the 83b election with his or her income tax return for the taxable year in which such property was transferred. Please see http://www.irs.gov/irb/2012-28_IRB/ar12.html for information about the 83b election.

8. Attachments? When I file with the company's corporate records, should I add copies of the documents referenced as attachments? Yes.