A Cross Purchase Agreement is essential for businesses operating under English and Welsh law that wish to maintain control over their ownership structure and ensure smooth transition of shares between shareholders. This document becomes particularly crucial when shareholders want to prevent shares from being transferred to unknown third parties or when they need a clear framework for share transfers upon significant events. The agreement typically details the purchase obligations, valuation methods, funding mechanisms, and procedural requirements for share transfers. It's commonly used alongside shareholders' agreements and articles of association to provide comprehensive protection for both the business and its shareholders.
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1. Parties: Identification of all participating shareholders and the company
2. Background/Recitals: Context of the agreement and current shareholding structure
3. Definitions: Key terms used throughout the agreement
4. Purchase Obligation: Core obligations to purchase shares upon triggering events
5. Purchase Price: Methodology for determining share value and payment terms
6. Triggering Events: Events that activate the purchase obligation (death, disability, retirement, etc.)
7. Closing Procedures: Process and requirements for completing the share transfer
8. Representations and Warranties: Standard assurances from all parties
1. Insurance Provisions: Details of life insurance policies funding the purchase
2. Right of First Refusal: Process for offering shares to existing shareholders before external sale
3. Disability Provisions: Specific terms for purchase upon disability
4. Dispute Resolution: Procedures for resolving disagreements
1. Current Shareholding Schedule: Details of existing share ownership
2. Valuation Methodology: Detailed formula or process for share valuation
3. Insurance Policies Schedule: Details of life insurance policies and beneficiaries
4. Share Transfer Form: Template stock transfer form
5. Deed of Adherence: Template for new shareholders to join the agreement
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