What kind of vesting do the standard post-incorporation setup forms have?
Each Clerky template may vary so be sure you understand the terms provided for in the template you are using. The stock purchase agreement in Clerky's standard Post-Incorporation Setup template typically includes:
- A default “Vesting Provision” that provides for (i) vesting of unvested shares each month over a period of 4 years with a 1 year vesting cliff and (ii) commencement of vesting on the date the shares are issued.
- A 100% Double Trigger Acceleration provision that cannot be modified by a user.
Though modifications to the default “Vesting Provision” are uncommon, it is possible for experienced users to modify the vesting terms, usually in consultation with an attorney because it can be subtly difficult to write the language properly.