The Business Shares Agreement is a fundamental document for private companies operating in Canada, essential for establishing clear rules and procedures regarding share ownership and transfers. It becomes particularly important when companies have multiple shareholders, are planning for growth, or need to protect various stakeholder interests. This agreement must comply with the Canada Business Corporations Act (CBCA) and relevant provincial legislation, making it crucial for establishing share classes, transfer restrictions, shareholder rights, and governance mechanisms. Typically used during company formation, bringing in new shareholders, or restructuring share ownership, the agreement helps prevent future disputes by clearly defining all parties' rights and obligations.
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1. Parties: Identification of all parties to the agreement, including the company and all shareholders
2. Background: Context of the agreement, including company details and purpose of the share arrangement
3. Definitions: Defined terms used throughout the agreement
4. Share Capital Structure: Details of authorized and issued share capital, classes of shares, and rights attached
5. Consideration: Price and payment terms for the shares
6. Share Transfer Restrictions: Limitations and procedures for transferring shares
7. Right of First Refusal: Process for existing shareholders to purchase shares before offered to third parties
8. Drag-Along and Tag-Along Rights: Rights of majority shareholders to force sale and minority shareholders to join sale
9. Management and Decision Making: Governance structure and voting rights
10. Representations and Warranties: Statements of fact and promises by all parties
11. Confidentiality: Protection of company and shareholder confidential information
12. Dispute Resolution: Process for resolving disagreements between shareholders
13. Termination: Circumstances and process for terminating the agreement
14. General Provisions: Standard legal clauses including notices, amendments, and governing law
1. Pre-emptive Rights: Rights of existing shareholders to maintain ownership percentage in new share issuances
2. Share Vesting Provisions: For agreements involving employee shareholders or founders with vesting schedules
3. Non-Competition and Non-Solicitation: Restrictions on shareholders competing with the company or soliciting employees/customers
4. Death and Incapacity: Procedures for handling shares in event of shareholder death or incapacity
5. Mandatory Sell Provisions: Circumstances requiring shareholders to sell their shares
6. Dividend Policy: Framework for determining and distributing dividends
7. Information Rights: Shareholders' rights to company financial and operational information
8. Board Composition: Structure and appointment rights for board of directors
1. Schedule A - Share Capital Table: Detailed breakdown of share ownership, including number and class of shares held by each shareholder
2. Schedule B - Shareholders' Contact Information: Complete contact details for all shareholders and notice requirements
3. Schedule C - Share Transfer Form: Standard form for executing share transfers
4. Schedule D - Deed of Adherence: Form for new shareholders to become bound by the agreement
5. Schedule E - Company Valuation Method: Agreed methodology for valuing shares for transfer purposes
6. Schedule F - Special Rights and Restrictions: Detailed terms of different share classes if applicable
7. Appendix 1 - Company Articles: Copy of or reference to company's articles of incorporation
8. Appendix 2 - Related Agreements: List or copies of other relevant agreements (employment, IP, etc.)
Relevant legal definitions
Clauses
Relevant Industries
Technology
Manufacturing
Professional Services
Retail
Real Estate
Healthcare
Financial Services
Construction
Media and Entertainment
Agriculture
Energy
Mining
Transportation and Logistics
Education Services
Biotechnology
Relevant Teams
Legal
Finance
Corporate Governance
Executive Leadership
Board of Directors
Compliance
Corporate Affairs
Investment Relations
Corporate Development
Administrative
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Corporate Lawyer
Legal Counsel
Company Secretary
Business Development Director
Investment Manager
Board Member
Managing Director
Compliance Officer
Corporate Governance Manager
Shareholder Relations Manager
Finance Director
Business Owner
Entrepreneur
Corporate Advisory Manager
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