Founders Restricted Rights Agreement创始人限制权利的协议.docx

Founders Restricted Rights Agreement创始人限制权利的协议.docx

《Founders Restricted Rights Agreement创始人限制权利的协议.docx》由会员分享，可在线阅读，更多相关《Founders Restricted Rights Agreement创始人限制权利的协议.docx（16页珍藏版）》请在冰点文库上搜索。

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