The Founder Stock Purchase Agreement is a crucial document used when establishing initial ownership in a new company under English and Welsh law. It's typically implemented during company formation or immediately after incorporation when founders are acquiring their initial equity stakes. The agreement details the terms of share purchases, including consideration, vesting schedules if applicable, and any restrictions on transfer. This document is essential for startups and new businesses to clearly document founder ownership, protect both company and founder interests, and ensure compliance with UK corporate law requirements. It forms part of the company's fundamental documentation and often works in conjunction with the shareholders' agreement and articles of association.
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1. Parties: Identification of the company and founding shareholders
2. Background: Context of the agreement and company formation
3. Definitions: Key terms used throughout the agreement
4. Purchase and Sale of Shares: Core terms of the share purchase
5. Purchase Price: Consideration for shares and payment terms
6. Representations and Warranties: Standard assurances from both parties
7. Closing Conditions: Requirements for completing the transaction
8. Governing Law: Jurisdiction and applicable law
1. Vesting Provisions: Details of share vesting schedule and conditions for founders
2. Right of First Refusal: Company's right to purchase shares before third-party sale
3. Drag-Along Rights: Majority shareholders' right to force sale participation
4. Non-Competition Provisions: Restrictions on competitive activities for founders
1. Schedule 1 - Share Details: Schedule detailing share class, numbers, and nominal value
2. Schedule 2 - Vesting Schedule: Details of vesting timeline and conditions if applicable
3. Schedule 3 - Form of Share Certificate: Template for physical share certificates if issued
4. Schedule 4 - Deed of Adherence: Template for new shareholders joining the agreement
5. Schedule 5 - Companies House Forms: Relevant statutory forms for share issuance and transfers
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