Share Eligibility and Ownership Rules
Share Grants Are Conditional Gifts
The Paybuyer LLC Membership Units (Shares) you receive are gifts from the founder, Michael Rossides, to you. Paybuyer.com, the website, is facilitating these gifts and takes no fee.
Membership units will be converted 1-1 into shares of Paybuyer, Inc. upon the following Eligibility Conditions and Conditions of Success being met.
There are 1 billion membership units and this number will not rise, except if there is a financing event. If a financing event results in units or shares being created/issued, dilution will be equal among all holders, including the founder.
Only Real Boulder Residents, 14 and Over, Are Eligible
To be eligible for a grant, you must live year-round at an address recognized by the US Post Office as in the city of Boulder, CO.
You or your spouse must receive a cell phone or utility bill at your Boulder address. If you live with your parents, the phone or utility bill may be in a parent's name.
UC Boulder students are not eligible at this time unless they're full time residents of Boulder.
The name you use when you sign up must be real and match a government or student ID.
The phone number you sign up with must be a phone number that is in your name or your spouse's or parent's name.
You must be at least 14 years old.
You may not make more than one account.
Conditions for Shares to Transfer to You
For shares to transfer to you, the following Conditions of Success must be met within one year of Paybuyer's launch in Boulder:
- The Boulder advertiser count on Paybuyer averages above 250 for 60 days.
- There are at least 3 advertisers in 50 of the advertiser (search term) categories. And the top 3 advertisers in those categories have each paid at least $64 to buyers.
- OR, Paybuyer LLC or Paybuyer, Inc. is sold or receives financing of $500,000 or more before these first two Conditions of Success are met.
Shares granted will transfer to you upon your providing proof of eligibility, i.e., at minimum, a copy of your cell phone or utility bill by email. Additional proof may be requested.
How Shares Become Void
Your share grant is void if the Conditions of Success are not met within one year of Paybuyer's launch in Boulder.
Your share grant is void if you do not submit proof of eligibility within 90 days of the Conditions of Success being met.
Selling Your Shares
Your shares will automatically be tendered in a sale if Paybuyer LLC or Paybuyer, Inc. is acquired.
If there is an equity investment in Paybuyer LLC or Paybuyer, Inc., you can keep your shares or sell them to the investor(s).
You may sell your shares in a private party transaction if the Conditions of Success are met. Once the Conditions of Success are met, a change of ownership form will be provided to all shareholders who desire to transfer ownership.
Grant Can Be Cancelled If Grantor Believes You Have Gamed the Rules
If Mr. Rossides, the founder of Paybuyer, believes you have violated the spirit or letter of the rules/conditions above to "game the system," he can cancel any grant made to you at his sole discretion, for any reason, with no recourse or remedy by you to any third party, arbitrator, or the courts. Reasons for cancellation include, for example, impersonation of a Boulder resident, and multiple user names being employed by a single Boulder resident.