The Advisory Shares Agreement is commonly used by U.S. companies, particularly startups and growth-stage businesses, to attract and retain experienced advisors without requiring cash compensation. This agreement type is essential when companies want to align advisor interests with long-term company success through equity ownership. The document typically includes specific details about the advisory relationship, equity compensation structure, vesting terms, and related obligations. An Advisory Shares Agreement must be carefully structured to comply with U.S. federal securities laws, state regulations, and tax requirements, particularly regarding equity compensation and securities registration exemptions. It serves as a critical tool for formalizing advisory relationships while protecting both the company's and advisor's interests through clear terms and conditions.
Advisory Shares Agreement for the United States
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Key Requirements PROMPT example:
Advisory Shares Agreement
"I need an Advisory Shares Agreement for a California-based tech startup to bring on a senior industry expert as an advisor, offering 1% equity vesting over 24 months with a 6-month cliff, starting January 2025."
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1. Parties: Identification of the company and the advisor
2. Background: Context of the advisory relationship and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Advisory Services: Scope and nature of advisory services to be provided
5. Share Grant: Details of equity compensation, including number of shares and type
6. Vesting Schedule: Terms and timeline for share vesting
7. Confidentiality: Provisions regarding confidential information
8. Term and Termination: Duration of agreement and termination conditions
1. Non-Competition: Restrictions on competitive activities when advisor has access to sensitive competitive information
2. IP Assignment: Transfer of intellectual property rights when advisor may create IP during service
3. Expenses: Terms for expense reimbursement when advisor will incur reimbursable expenses
4. Board Observer Rights: Rights to attend board meetings for strategic advisors with significant involvement
1. Schedule A - Services Description: Detailed outline of advisory services
2. Schedule B - Vesting Schedule: Detailed vesting terms and milestones
3. Schedule C - Share Details: Specific information about share class and rights
4. Form of Stock Power: Document for transferring share ownership
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