Work For Equity Application

Application of Work for Equity

Work for Equity is applicable depending on the choice of the Management and also on the employee. If Management decides to offer work for equity option in order to sustain the growth of the company without any cash flow problems, the employee can either opt for it or decide to go in for cash for compensation. Work for equity is useful to people who are young and hardworking as they have more probability of their equity growing and on a later date become substantial amount. However, it may not be worthy for senior people who are already at the highest salary brackets and not willing to work hard to get equity options.

It is also true that start-ups may apply work for equity based on performance criteria. Work for Equity will be based on certain conditions like vesting period, separation criteria etc. When you apply for work for equity option be clear on the nature of equity, vesting period and also formalize the equity through an agreement in writing so that there is no ambiguity. It is also very important to be clear on the separation terms and on what conditions you can break the agreement or the management’s powers to remove a person from his role. You should make sure the fine print does not take away any of the benefits that are available with work for equity. It should be applicable to the best interests of both the management and employee.

In essence, work for equity application is the choice of management to issue and employee to accept after understanding the conditions so that both the parties have long term win-win relationship.

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LEASE APPLICATION AND DISCLOSURE NOTICE
Each Applicant 18 Years Or Older Must Complete A Separate Application

PLEASE PRINT –All information must be completed.  Our decision to approve your application will depend in great part on your references and verifiable information.  Only clean, responsible people willing to pay their bills on time need apply.

Address applied For:__________________________________________
How Did you find us: Sign ?:  Newspaper ?:  Friend ?:  Other ?:    Date of Desired Move In:____________
Name:__________________________________Hm Ph__________Wk Ph___________Cell____________
SS#_________________Drivers Lic. #________________State______________Date Of Birth___________
Present Address_____________________City & State______________Zip_______________
From__________To________Rent Amt________________Reason For Moving_______________________
Landlord__________________Hm Ph______________Wk Ph________________
Previous Address____________________City & State____________Zip________________
From__________To___________Rent Amt___________Reason For Moving___________________
Landlord______________Hm Ph____________________Wk Ph____________
Employer:______________________________Wk ________Ph_____________________
Address________________________City & State___________________Zip______________________
Position___________________Dept._________________Supervisor__________Phone________________
From_________________To____________Gross Monthly Income Before Deductions____________________
Former Employer:_______________________Wk Ph_______________________________
Address_______________________City & State_________________Zip________________
Position_______________Dept.___________________Supervisor_____________Phone________________
From_________________________To______________Why Did You Leave?_____________________
BANK INFORMATION:
Bank__________Branch________________Acct #(s)_________________Type________________
City: ______________State______________Balance___________Open Since______________
CREDIT INFORMATION: Including credit cards, rental stores, car loans, other loans, etc.

Account  Type  Account #   Credit Limit   Open Since   Current  Balance  Monthly Pay

OTHER INFORMATION:
Have you ever been convicted of a felony?______________When?_____________Why?______________
Have you ever been evicted?__________________When?_______________Why?______________
Have you ever broken a lease?__________________When?_________________Why?_____________
Have you ever had a foreclosure?__________________When?______________Why?___________
Have you ever filed Bankruptcy?___________________When?____________Why?_____________
Is your paycheck currently being garnished?_______________When?_______________Why?_______________
Have you been convicted of any crimes other than traffic violations?
Please explain any YES answers to the above questions:

Pets Name?    Type?    Weight?    Name:    Type:     Weight
PERSONAL REFERENCES – List two non related persons we may contact as character references
Name          Phone         Address          City          State          Zip

Do you own: Vacuum ?:  Lawnmower ?:  Waterbed ?: Does anyone smoke?
VEHICLES: List all motor vehicles, including recreational vehicles to be kept at the property:
Make     Model     Color     Year     License Plate #     State     Monthly Payment

How much of a down payment do you have available?
Down payment source? Personal Funds ?:  Relatives ?:  Gift ?:  Loan ?:  Other ?
Will You have any Additional Funds in the next 12 months?
Before the application can be processed, this Agreement must be signed by all parties who will be applying to lease, option or purchase the property.  The undersigned expressly agrees that if the application is approved, applicant(s) agrees to lease and/or purchase, owner finance or lease-option (as the case my be) this property in its present “as is” condition.   Applicant(s) further agree that if applicant(s) are accepted by Management and then decide, for any reason, not to move into the premises, then all monies paid herewith shall be retained as liquidated damages.  Processing of the application(s) shall proceed as timely as possible and the results may be delivered via telephone, fax or mail.  If approved, applicant(s) agree(s) to pay the balance of funds due and complete the paperwork by the date listed below, otherwise management shall retain the application and reservation fees and applicant’s reservation shall be terminated.
A PHOTOCOPY OF ALL APPLICAN’T DRIVER’S LICENSE(S) OR PICTURE IDENTIFICATION CARD(S) ARE ATTACHED TO THE APPLICATION [ ],  OR WILL BE PROVIDED [ ].  I (we) warrant that the application is complete, true and correct and I (we) herewith give my (our) permission for anyone contacted to release all credit and personal information of the undersigned applicant(s) to Management or their authorized agents, at any time, now and in the future, for the purposes a credit extension or credit review while under contract.  I (we) further authorize Management or their Authorized Agents to verify the application information, including, but not limited to obtaining criminal records, credit agencies and bureaus, contacting creditors, present or former landlords, employers and personal references, whether listed or not, at the time of the application and at any time in the future, with regard to any agreement entered into with Management.  Any false, inaccurate, misleading or unverifiable information will constitute grounds for rejection of this application, or at any later time, after possession has been delivered to applicant(s), Management may immediately terminate any agreement entered into with applicant(s), if any information on the application is later found to be false, inaccurate, misleading or unverifiable.
I/We have been provided a copy of this Application Receipt and agree to the terms stated herein. Acceptance of this application and any money for the reservation fee does not bind Management in any way until the application is approved by Management.
TO OCCUPY ON OR BEFORE (DATE)
Applicant Signature: ______________________________________________________________    Date: ________________