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Are there contracts I can send to my lawyer?
Yes. We use two different sets of contracts, depending on whether you're using SPVs or the Custodian. Most new raises starting March 15, 2021 will use SPVs.
Contracts for raises using SPVs:
1. Investor Agreement (Section 7 applies to SPVs). Investors agree that their investment will be through an SPV and grant a power of attorney to the Lead Investor.
2. SPV Subscription Agreement. Investors agree to buy an interest in the SPV. The appendix contains information about the terms of the investment.
3. Lead Investor Agreement. Appoints the Lead Investor and describes what happens if the Lead Investor quits, is removed, or has a conflict of interest.
4. Independent Contractor Agreement. Wefunder Admin, LLC (the manager of the SPV) delegates voting ability to the Lead Investor.
5. Rule 3a-9 Undertakings Agreement. The SPV and company make some legally-required representations.
Contracts for raises using the Custodian:
1. Investor Agreement (Section 6 applies to the Custodian). Investors agree that their investment will be made via the Custodian and grant a power of attorney to XX Team LLC.
2. Custodial and Voting Agreement. Investors agree to the Custodian relationship and voting arrangements.
3. Transfer Agent Agreement. Investors appoint the Custodian as transfer agent.
4. Lead Investor Agreement. Appoints the Lead Investor, appoints XX Team LLC as a consultant, and describes what happens if the Lead Investor is removed.
5. Independent Contractor Agreement. XX Team LLC delegates voting ability to the Lead Investor.