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The Shareholders are all the stockholders of the Corporation, a state-incorporated corporation, and serve as the Corporation's sole Directors and Officers.
The Shareholders are going to enter into this Shareholder Agreement and provide for the monitoring and administration of the Corporation's matters, such as business administration, distribution of profits, share disposition, and investment distribution upon liquidation.
The above-mentioned shareholders own the following number of shares of common stock, as well as an approximate percentage of the company's ownership.
The shares listed above represent the Corporation's entire issued and outstanding capital stock. The Corporation acknowledges receipt of full consideration for the respective shares listed above from each Shareholder, and each Shareholder admits receipt of credentials representing his or her shares.
Every one of the shares listed earlier in this section, as well as any additional shares of the Company's capital stock which the Shareholders could obtain in the coming years, are subject to this Agreement.
What exactly is a term sheet?All term sheets include information about the assets, the initial purchase price, any contingencies that may affect the price, a timeframe for a reaction, and other pertinent information. Term sheets are most commonly associated with new businesses.
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