The Shareholder Contract, formally known as a Shareholders' Agreement under Nigerian law, is a fundamental document used to establish and maintain the relationship between shareholders in a Nigerian company. This agreement becomes essential when two or more shareholders wish to formalize their rights, obligations, and responsibilities in relation to company ownership and management. It complies with the Companies and Allied Matters Act (CAMA) 2020 and other relevant Nigerian legislation, providing mechanisms for share transfers, voting arrangements, dividend distributions, and dispute resolution. The document is particularly important for companies with multiple shareholders, joint ventures, or when bringing in new investors, as it helps prevent future conflicts by clearly defining shareholders' rights and responsibilities. It should be drafted in conjunction with the company's Articles of Association and can be modified to accommodate specific business needs while maintaining compliance with Nigerian corporate law.
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1. Parties: Identification of all shareholders and the company as parties to the agreement
2. Background: Context of the agreement, including company information and purpose of the agreement
3. Definitions and Interpretation: Detailed definitions of terms used throughout the agreement and interpretation rules
4. Share Capital and Shareholders: Details of company's share capital structure and shareholding percentages
5. Directors and Management: Appointment rights, board composition, and management structure
6. Shareholders' Meetings: Procedures for calling and conducting shareholders' meetings, voting rights and quorum requirements
7. Reserved Matters: Decisions requiring special majority or unanimous shareholder approval
8. Transfer of Shares: Restrictions on share transfers and pre-emptive rights
9. Dividend Policy: Agreement on distribution of profits and dividend declaration
10. Information Rights: Shareholders' rights to company information and financial reports
11. Confidentiality: Obligations regarding confidential information and trade secrets
12. Non-Competition and Non-Solicitation: Restrictions on competitive activities and employee solicitation
13. Deadlock Resolution: Procedures for resolving fundamental disagreements between shareholders
14. Termination: Circumstances under which the agreement can be terminated
15. Dispute Resolution: Procedures for resolving disputes, including arbitration provisions
16. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law
1. Tag-Along Rights: Rights of minority shareholders to join in sale of shares by majority shareholders
2. Drag-Along Rights: Rights of majority shareholders to force minority shareholders to join in sale of shares
3. Anti-Dilution Protection: Protection for existing shareholders against dilution from new share issues
4. Put and Call Options: Rights to force purchase or sale of shares under specific circumstances
5. Employee Share Scheme: Provisions for employee share ownership programs
6. Industry-Specific Compliance: Additional provisions for regulated industries (e.g., banking, insurance)
7. Intellectual Property Rights: Specific provisions regarding ownership and use of IP
8. Foreign Investment Provisions: Special provisions when foreign shareholders are involved
9. Environmental and Social Responsibility: Specific commitments to environmental and social standards
10. Exit Strategy: Detailed provisions for IPO or trade sale scenarios
1. Schedule 1: Details of the Company: Company registration details, address, and current directors
2. Schedule 2: Share Capital and Shareholders: Detailed breakdown of shareholding structure and share classes
3. Schedule 3: Deed of Adherence: Template for new shareholders to join the agreement
4. Schedule 4: Reserved Matters: Detailed list of matters requiring special approval
5. Schedule 5: Business Plan: Initial business plan and strategy
6. Schedule 6: Company's Articles of Association: Copy of or reference to the current articles of association
7. Schedule 7: Share Valuation Methodology: Agreed method for valuing shares for transfers or exits
8. Schedule 8: Key Performance Indicators: Agreed metrics for measuring company performance
9. Schedule 9: Competing Businesses: List of businesses considered competitors or restricted activities
10. Schedule 10: Initial Directors: List of initial board members and their details
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