A Promissory Note For Stock Purchase is commonly used when a buyer wishes to purchase company stock but needs to defer payment over time. This instrument, governed by U.S. federal and state securities laws, provides a structured way to document both the debt obligation and the stock transfer terms. The document typically includes payment schedules, interest rates, stock details, and any security arrangements. It's particularly useful in closely-held companies, employee stock purchase programs, or when facilitating internal ownership transfers.
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1. Parties: Identification of the maker (borrower) and payee (lender) of the promissory note
2. Background: Context of the stock purchase and reason for the promissory note
3. Definitions: Key terms used throughout the document including 'Principal Amount', 'Interest Rate', 'Maturity Date', etc.
4. Promise to Pay: Clear statement of the promise to pay, including principal amount and payment terms
5. Interest Rate and Calculation: Specification of interest rate, calculation method, and payment frequency
6. Payment Terms: Details of payment schedule, method of payment, and application of payments
7. Stock Details: Description of shares being purchased, including class, number, and price per share
8. Maturity Date: Specification of when the full amount must be paid
9. Events of Default: Circumstances that constitute default under the note
10. Remedies: Rights and remedies available to the payee in case of default
11. Governing Law: Specification of which state's laws govern the note
1. Security Interest: Terms relating to any collateral securing the note
2. Acceleration Clause: Conditions under which the full payment becomes immediately due
3. Prepayment Provisions: Terms governing early payment of the note, including any penalties or restrictions
4. Transfer Restrictions: Any limitations on the transfer or assignment of the note or underlying shares
5. Representations and Warranties: Statements of fact and guarantees by the maker regarding their ability to pay and authority to purchase shares
1. Schedule A - Payment Schedule: Detailed amortization schedule showing payment dates and amounts
2. Schedule B - Stock Certificate Details: Copy or details of the stock certificate(s) being purchased
3. Schedule C - Corporate Authorization: Corporate resolution or other authorization for the stock sale
4. Schedule D - Securities Compliance Documentation: Required securities law compliance documentation and disclosures
Relevant legal definitions
Agreement
Business Day
Closing Date
Company
Default
Event of Default
Interest Rate
Maturity Date
Principal Amount
Promise to Pay
Promisor
Promisee
Purchase Price
Shares
Stock Certificate
Securities
Transfer Agent
Transfer Restrictions
Voting Rights
Governing Law
Interest Payment Date
Late Payment Charge
Payment Schedule
Prepayment
Security Interest
Stock Rights
Successor Entity
Business Day
Closing Date
Company
Default
Event of Default
Interest Rate
Maturity Date
Principal Amount
Promise to Pay
Promisor
Promisee
Purchase Price
Shares
Stock Certificate
Securities
Transfer Agent
Transfer Restrictions
Voting Rights
Governing Law
Interest Payment Date
Late Payment Charge
Payment Schedule
Prepayment
Security Interest
Stock Rights
Successor Entity
Clauses
Promise to Pay
Interest Rate and Calculation
Payment Terms
Stock Description
Transfer of Shares
Security Interest
Default
Acceleration
Remedies
Representations and Warranties
Transfer Restrictions
Voting Rights
Prepayment
Late Payment
Notices
Assignment
Amendment
Waiver
Governing Law
Jurisdiction
Severability
Integration
Counterparts
Stock Rights
Registration Rights
Tag-Along Rights
Drag-Along Rights
Interest Rate and Calculation
Payment Terms
Stock Description
Transfer of Shares
Security Interest
Default
Acceleration
Remedies
Representations and Warranties
Transfer Restrictions
Voting Rights
Prepayment
Late Payment
Notices
Assignment
Amendment
Waiver
Governing Law
Jurisdiction
Severability
Integration
Counterparts
Stock Rights
Registration Rights
Tag-Along Rights
Drag-Along Rights
Relevant Industries
Relevant Teams
Relevant Roles
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