Our Startup Incorporated (Delaware C crop) in January of this year - I wanted to bring a developer friend of mine on as a co-founder (CTO) at the time but he was not available to join us. However, we got another dev on the team as our Co-founder and he has been such a blessing for us. However, recently and for good reason, he is unable to continue with us, he is willing to give up all of his options and willing to sign any document as well (he is a great guy) - I have now talked to the first person we wanted to bring on and he has agreed to join us, so now I am wondering, how do we purchase back any options and give it to the new co-founder? Do I really need to involve a lawyer being that we are just 9 months in?
He did a common stock purchase agreement for 17% and a section 83(b).
In our agreement which is pretty boilerplate it says "(iii). 100% of the Shares shall initially be subject to the Repurchase Option (the “Vesting Shares”). 25% of the Vesting Shares shall be released from the Repurchase Option on January 9, 2024,"
He did a common stock purchase agreement for 17% and a section 83(b).
In our agreement which is pretty boilerplate it says "(iii). 100% of the Shares shall initially be subject to the Repurchase Option (the “Vesting Shares”). 25% of the Vesting Shares shall be released from the Repurchase Option on January 9, 2024,"