Spousal Consent Form Sample: Fill & Download for Free

2 quick thoughts:1. Some buy-sell agreements, founder's agreements or operating agreements (in the case of an LLC) will have an involuntary transfer section that operates like a right of first refusal section but triggers upon an involuntary transfer (like that which occurs during a divorce). In addition to having that, you will want a spousal consent and to be sure that the price that must be paid can be defended as related to the fair value of the interest at the time. Even then, be aware that the estranged spouse may challenge the validity of the operation of the section (which is why getting the spousal consent and having a defensible valuation method is helpful). See bottom for a sample of an LLC operating agreement with an involuntary transfer section.2. Not all startup founders do this. Sometimes the shares can go to the estranged spouse as long as they agree to continue to be bound by the same provisions that the founder had. For instance, if you look up the startup documents that TheFunded drafted a bit ago and look at the Restricted Stock Purchase Agreement that Wilson provided for the issuance of employee/founder shares you'll see it does not have an involuntary transfer section I believe (although I did review an old set so maybe they have updated it).Complete Set of Founder Friendly Legal DocsInvoluntary Transfers of Equity Interests; Seller’s Notice. If an individual who is a Member, or who is in control of a Person who is a Member, involuntarily transfers, directly or indirectly, any or all of the Equity Interests owned or controlled by the individual and such transfer is not otherwise permitted pursuant to the terms of this Agreement, such individual shall promptly give written notice of such involuntary transfer (the “Involuntary Transfer Notice”) to the Company, with a copy to the transferee (the “Involuntary Transferee”), stating that the involuntary transfer occurred and the reason therefor, the date of the transfer, the name and address of the transferee and the number and type of Equity Interests acquired by the Involuntary Transferee.Right to Purchase Upon Involuntary Transfer. For a period of ninety (90) calendar days from the date of receipt of the Involuntary Transfer Notice or, failing receipt of such notice, ninety (90) calendar days from the date the Company sends written notice to the Involuntary Transferee that the transfer is deemed to be an involuntary transfer subject to repurchase under this Agreement, the Company shall have the irrevocable and exclusive option to buy all of the Equity Interests so transferred (“Option One”). In the event the Company does not exercise its right to purchase all of the Equity Interests so transferred, Class A Unit Members shall have the irrevocable and exclusive option (“Option Two;” Option One and Option Two are hereinafter collectively referred to as the “Options”) for a second period of ninety (90) calendar days, to buy all of the Equity Interests so transferred. Each of the Options shall be subject to the condition that it may only be exercised if it is exercised for all, and not less than all, of the Equity Interests involuntarily transferred. Until Option Two lapses, the Equity Interests involuntarily transferred will continue to be subject to all of the provisions and restrictions set forth in this Agreement; provided, however, that in the event that Option Two is not exercised during its term, the Equity Interests may be transferred to the Involuntary Transferee. In any such event, the Involuntary Transferee shall execute a counterpart of this Agreement prior to the Company giving effect to any such transfer. The price for the exercise of the Options to purchase the Equity Interests involuntarily transferred shall equal the fair market value thereof as determined in good faith by the Management Board as (the “Option Fair Market Value”) of the date of the involuntary transfer and shall be made by the Management Board as soon as practicable after the date of the involuntary transfer, but in no event more than sixty (60) calendar days after such date.

→ TLDR ANSWER ←If you read your grant documents they will tell you how to exercise your options. Usually that's sending in a grant notice along with payment for the option price, and then executing a bunch of agreements relating to the stock. The company then sends you a certificate and records the stock certificate and your contact information in its ledgers.These days, the agreements and signatures are moving online, the ledgers are all in a spreadsheet or database, and the certificates themselves may be online / electronic or there may be no certificates at all. The whole thing can be on the cloud with a service like eShares.→ LONG BACKGROUND ←Options are issued under an option plan, a program managed by a plan administrator designated by the company. The plan is governed by plan documents drafted by the firm's lawyers and approved by the company's stockholders, board of directors, and typically also approved by the company's investors. A number of the company's common shares are reserved (set aside) for use by the plan, generally by a board resolution that has also been approved by company investors. Nothing tangible happens when the shares are reserved, it's just that the company keeps track of those shares and promises not to issue or reserve them for any other purpose.Once the option plan is in place company executives may grant options to various people, and the company records those grants in its records, generally keeping an option table, typically in a spreadsheet or database (these used to be in paper ledgers). Companies issue grant notices to inform each grantee of the terms of their option: exercise price (also known as "strike" price), grant date, number of shares, vesting and vesting acceleration terms, exercise procedures, and so on. There is often a grant agreement by which the employee acknowledges and approves all of the terms and conditions with respect to the options they receive. The grant package also typically includes a copy of the option plan documents, and a set of documents to use in the event they decide to exercise: an exercise notice and a sample stock purchase agreement (a "SPA") together with all of the attachments associated with the SPA: a stockholder agreement, spousal consent, and in cases of "early exercise" a share escrow agreement, assignment in lieu of certificate, and 83(b) form.Ideally, the option plan documents and option grant agreements specify that the form of exercise notice and procedure is only an illustration for the grantee's convenience, and that the company may establish new agreements and procedures as technology advances and as the company's structure evolves, for example a new stockholder agreement put in place in connection with a funding round.When the optionee decides to exercise, they sign the grant agreement and all of the stock purchase documents necessary for them to hold shares. Depending on the company and how it is running its stock plan they may sign paper or online documents or else sign through a hosted service. Exercising also requires paying the exercise price by cash, check, etc. Some cashless exercise options may be available for well-regarded employees: the company may loan the money to cover the exercise, or else allow for a "net issuance" exercise where the optionee turns in some option shares as payment for exercising the others.The company first verifies that the optionee is eligible to exercise, for example due to vesting, and making sure the options have not expired. If all looks good it becomes a standard stock purchase at that point: they record the transaction in their books and if they are using stock certificates they send one to the new shareholder. Sometimes companies permit "early exercise" of unvested options, and the whole structure for dealing with unvested shares comes into play: the share certificate is held in escrow by the company rather than issued (generally a filing cabinet, or simply not printing the certificate until needed), and there are vesting terms and additional documents to sign.All of this is moving online, so it may be just a matter of clicking on a website until the website tells you that you have clicked enough.If the optionee is exercising in connection with an acquisition of the company, or an IPO, the procedure is often abbreviated with intermediate steps skipped. The optionee just signs a few documents and then gets their payment of the merger consideration (a wire transfer and possibly new share certificates or a brokerage account record in the acquiring company)* * *Whew, I did this all from memory, which means I've seen a few too many stock plans!

Adoption isn't just for children. Actually, adult adoption (adopting a person aged 18 or over) is quite common. But many people still wonder, "Can I adopt an adult?"Adopting an adult person creates a parent and child relationship, and legally terminates the parental relationship of the parent who is being displaced. After adoption, the same benefits and responsibilities exist as if the adoptee was born to the adopting parent.ADULT STEP PARENT ADOPTION IS THE MOST COMMON TYPE OF ADULT ADOPTION.Most adult adoptions are by a step-parent. Often they did not do the adoption when the adoptee was a child due to the fact the absent parent would not consent. An adult adoption does not require the absent parent's consent, however. Also, if desired, an adult adoption even gives you the chance to do a free name change (such as the adoptee taking the last name of the adopting parent). But not every adult adoption is a step-parent adoption, as where the adoptee has formed a strong relationship with replacement parenting figures, whether a couple or a single woman or man.DOES LOS ANGELES COUNTY REQUIRE A HOME STUDY OR INVESTIGATION?No. Because there are no children involved, there is no legal requirement for a home study or investigation in adult adoptions. This saves time and money. Without the requirement of a home study or investigation, most clients are able to finalize their adoption without ever having to go to court, and take only one-two months of starting the process.WHAT PAPERWORK IS REQUIRED WHEN ADOPTING AN ADULT IN LOS ANGELES COUNTY?The only negative thing when you adopt an adult is it actually involves more legal paperwork than some other types of adoption. The Los Angeles Superior Court does not have pre-printed forms for adult adoption as exists for the adoption of a minor, as the laws and procedures are completely different. This means that each document must be custom drafted, outside the realm of most non-attorneys. There are usually 7-10 documents to be prepared and filed, including the Adult Petition for Adoption (to see a sample click here), the Adult Adoption Agreement, the Spousal Consent to Adult Adoption (if the adoptive parent or adoptee is married), the Order of Adoption, and the VS-44 (to create the amended birth certificate if desired). In the rare cases where the adoptee wants to be adopted and also have their existing parents keep their parental rights (so the adoptee could have three or four legal parents) this is now possible effective January 1, 2020, due to a new law.