Founders Restricted Rights Agreement创始人限制权利的协议.docx
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Founders Restricted Rights Agreement创始人限制权利的协议.docx
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FoundersRestrictedRightsAgreement创始人限制权利的协议
FOUNDERS’RESTRICTEDRIGHTSAGREEMENT
THISAGREEMENTdatedasofthe___dayof____,20__.
AMONG:
[enternameofFounderOne](“[Smith]”)
of[Toronto],Ontario
AND:
[enternameofFounderTwo](“[Jones]”)
of[Toronto],Ontario
AND:
COMPANYNAME
acorporationincorporatedunderthelaws
[ofCanadaortheProvinceofOntario](the“Corporation”)
WHEREASeachof[Smith]and[Jones](each,a“Founder”)istheholderofrecordofcertaincommonshares(the“CommonShares”)inthecapitaloftheCorporation;
ANDWHEREASeachoftheFoundersarekeyemployeesoftheCorporation;
ANDWHEREAStheFoundershaveagreedthatinrespectofthemattersdealtwithherein,thevotingoftheCommonSharesandanyothersecuritiesoftheCorporationheldorsubsequentlyacquiredbyanyFounder(collectively,the“Securities”)shallbegovernedbythisAgreement;
NOWTHEREFOREthisAgreementwitnessesthatinconsiderationofthemutualcovenantsandagreementshereinaftercontained,thepartiesheretocovenantandagreeasfollows:
ARTICLE1
INTERPRETATION
“BoardNominee”meansthememberoftheBoardofDirectorsoftheCorporationappointedbytheBoardofDirectorstoexercisethevotingrightsassetoutinthisAgreement.
“ChangeofControl”meansanytransactionorseriesoftransactionswhichresultinthetransferofthedirectorindirectownershipofmorethan50%oftheissuedandoutstandingvotingshares,oranysecuritiesconvertibleintovotingshares,oftheCorporation,otherthanachangeofcontrolresultingfromafinancinguponsuchtermsastheFounders,theotherinvestorsandtheCorporationmayagree.
“ConstructiveDismissal”shallbedeemedtohaveoccurredifthereexistsanymaterialadversechangewithouttheconsentoftheExecutiveinthetitle,status,position,jobfunctionandreportingresponsibilitiesoftheExecutivefromthosesetoutinthisAgreement.
“EffectiveDate”means:
(a)inthecaseofdeathofaFounder,thedateofdeath;
(b)inthecaseofPermanentDisability,thedatethatthedeterminationofPermanentDisabilityismadebyacourtofcompetentjurisdictioninCanadaorasotherwisedeterminedinaccordancewiththedefinitionofPermanentDisabilitybelow;
(c)iftheFounder’semployment,servicesorBoardofDirectorspositionisterminatedbyreasonofretirementbytheFounder,thedatewhichisdesignatedbytheFounderastheeffectivedateofretirementwhichdateshallbenolaterthanthelastdaythatsuchFounderisemployedbyorprovidesservicestotheCorporationonafull-timebasis;
(d)iftheFounder’semployment,servicesorBoardofDirectorspositionisterminatedbyreasonofresignationbytheFounder,thedatewhichisdesignatedbytheCorporationastheeffectivedateofresignation;
(e)inthecaseoftheInsolvencyofaFounder,thedateanyassignmentforthebenefitofcreditorsismadebysuchFounder,thedateanydeclarationofbankruptcyismadebyacourtofcompetentjurisdiction,thedatethatsuchFoundertakesthebenefitofanylegislationforthebenefitofbankruptorinsolventdebtors,thedatethatareceiverorotherofficerofthecourtisappointed,orthedatethatproceedingsarecommencedagainstaFounderbywayofexecution,distress,seizure,possession,saleorforeclosurebyanysecuredcreditororjudgmentcreditorofsuchFounder;
(f)iftheFounder’semploymentorservicesisterminatedbytheCorporationwithoutcause,thelaterof:
(i)thedatewhichisthelastdayofanyminimumstatutorynoticeperiod,ifany,applicabletotheFounderpursuanttoapplicableemploymentstandardslegislation;and
(ii)thedatewhichisdesignatedbytheCorporationasthelastdayoftheFounder’semploymentorservices;or
(g)iftheFounder’semploymentorservicesisterminatedbytheCorporationforcause,thedatewhichisdesignatedbytheCorporationastheeffectivedateofsuchtermination.
“Insolvency”means:
(a)themakingofanassignmentforthebenefitofaFounder’screditors;
(b)anydeclarationofbankruptcyofaFounder;
(c)theappointmentofareceiverorotherofficerwithsimilarpowerswithrespecttoaFounderforasubstantialpartoftheassetsbelongingtosuchFounderunlesssuchappointmentisunderdispute;and
(d)thecommencementofproceedingsagainstaFounderbywayofexecution,distress,seizure,possession,saleorforeclosurebyanysecuredcreditororjudgmentcreditorofsuchFounder.
“PermanentDisability”and“PermanentlyDisabled”meansaFounderwhoisdeclaredmentallyincompetentorincapableofmanaginghisorheraffairsbyacourtofcompetentjurisdictioninCanadaor,ifnoapplicationisbroughtforsuchadeclaration,whoiscertifiedbystatutorydeclarationoftwodulyqualifiedmedicalpractitionerstobementallyincompetent.
“RemainingFounder”meanstheFounderorFounders,asthecasemaybe,whichreceiveaProxyandPowerofAttorneyinaccordancewiththetermsofthisAgreement.
“ShareholdersAgreement”meanstheunanimousshareholdersagreement,datedasof_____,20__amongtheFoundersandtheCorporationandanyotherpersonwhosubsequentlyacquiresanySecuritiesoftheCorporation,asamendedfromtimetotime.
“TriggeringEvent”means,withrespecttoaFounder,the:
(a)death;
(b)PermanentDisability;
(c)retirement;
(d)resignationotherthanaresignationfollowingConstructiveDismissal;
(e)voluntaryorinvoluntaryInsolvency;or
(f)terminationofemploymentofsuchFounder,withcause,bytheCorporation,providedthatsuchFounderisnotthereafteremployedbytheCorporation;
ofsuchFounder.
ARTICLE2
PURCHASEANDSALEOFSHARES
[NOTE:
Thisagreementcontemplatesfounderssharesvesting25%upfrontand25%moreoneachanniversaryofthisagreementwithallfounders’sharesfullyvestedonthirdanniversary;however–founders,investorsandcompanymaywanttoconsideradifferentvestingschedule.Inaddition,thisagreementallowsfor100%vestinginthefollowingcircumstances:
deathorpermanentdisabilityoffounder,terminationoffounder’semploymentwithoutcauseanduponFounders’resignationasaresultofaConstructiveDismissalpostChangeofControlevent–thesespecialconditionsmayormaynotbeapplicabletoyoursituation.]
2.1CorporationRepurchaseOption
(a)EachoftheFoundersherebyagreesthatduetothefactthattheCommonShareswereissuedtoeachoftheFoundersatanominalfacevalue,suchCommonSharesshallbesubjecttothefollowingoptions(eacha“RepurchaseOption”)infavouroftheCorporation,exercisableatanytimewithinninety(90)daysaftertheEffectiveDateoftheapplicableTriggeringEvent.
(b)Subjecttothefurtherprovisionsofthissection2.1,intheeventthataTriggeringEventoccurswithrespecttoaFounderthentheCorporationmayexercisetheRepurchaseOptionwithrespectto:
(i)[75%]oftheCommonSharesownedbysuchFounder,iftheEffectiveDateoftheTriggeringEventoccursonorbeforethe[first]anniversaryofthedateofthisAgreement;
(ii)[50%]oftheCommonSharesownedbysuchFounder,iftheEffectiveDateoftheTriggeringEventoccursafterthe[first]anniversarybutonorbeforethe[second]anniversaryofthedateofthisAgreement;or
(iii)[25%]oftheCommonSharesownedbysuchFounder,iftheEffectiveDateoftheTriggeringEventoccursafterthe[second]anniversarybutonorbeforethe[third]anniversaryofthedateofthisAgreement.
(c)IntheeventthattheemploymentofaFounderisterminatedbytheCorporationwithoutcauseundercommonlawortheFounderresignsfollowingaConstructiveDismissalsubsequenttoaChangeinControl,theRepurchaseOptionwithrespecttosuchFoundershallbedeemedtohaveexpiredonthedayimmediatelypriortotheEffectiveDateofsuchterminationorresignationandtheCorporationshallhavenofurtherRepurchaseOptionwithrespecttosuchFounder.
(d)IntheeventthattheTriggeringEventrelatestothedeathorPermanentDisabilityofaFounder,thentheRepurchaseOptionshallbedeemedtohaveexpiredonthedayimmediatelypriortotheEffectiveDateandtheCorporationshallhavenofurtherRepurchaseOptionwithrespecttosuchFounder.
(e)TheRepurchaseOption,ifexercisedbytheCorporation,shallbeexercisedbywrittennoticesignedbyanofficeroftheCorporationanddeliveredormailedtotheFounder.UponexerciseoftheRepurchaseOptionbytheCorporation,suchFoundershallbeentitledtoreceivefromtheCorporationthepriceperCommonSharepaidbysuchShareholderappropriatelyadjustedforanysubsequentstocksplit,dividend,combinationorotherrecapitalization(the“RepurchasePrice”),providedthatintheeventoftheterminationoftheemploymentoftheFounderwithoutcauseortheFounderresignsfollowingConstructiveDismissal,theRepurchasePriceshallbethethen-currentfairmarketvalueoftheCommonShares.
(f)TheCorporationmaypayforCommonSharesthatithaselectedtorepurchasehereunderbydeliveringtotheShareholderinquestionwithintwenty(20)daysofdeliveringnoticeoftheCorporation’sexerciseoftheRepurchaseOption,achequeintheamountoftheaggregateRepurchasePriceforthenumberofCommonSharesbeingrepurchasedhereunder,and/orintheeventthatsuchShareholderhasanyoutstandingloanorindebtednesstotheCorporation,byforgivingallorthatproportionofanysuchloanorindebtednesswhichmaybeequaltotheRepurchasePricefortheCommonSharesrepurchasedfromsuchShareholder.
2.2RestrictionsonSale
TheFoundersrighttoselltheirsharesshallbegovernedunderthetermsoftheShareholders’Agreementdated_____,2011.
2.3SaletothePublic
TheprovisionsofSection2.1and2.2shallterminateupontheente
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