A founder’s restricted stock purchase agreement is the agreement defining the powers of vesting of shares by the founder of the company. The agreement provides the details of the do’s and don’ts of transacting in the shares allocated by the company to the founder.
The shares of the company are vested in the name of the founder in return of some contribution in the form of cash or providing service for the betterment of the company. The shares are issued at a concessional price to the founder of the company.
As the shares of the company are being offered to the founder at a concessional rate an agreement is entered into between the company and the founder. This agreement is known as founder’s restricted stock purchase agreement. The agreement provides the restrictions of time on the re-purchase of the shares. There is a time cap on the shares wherein the founder can get the release of the shares only after the stipulated time specified in the agreement.
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