The Buy Sell Agreement Cross Purchase is essential for businesses with multiple owners seeking to maintain control over ownership transitions and ensure business continuity. This agreement, commonly used in the United States, establishes a pre-arranged plan where remaining owners directly purchase the interests of departing owners, rather than the company making the purchase. It typically addresses various triggering events such as death, disability, retirement, or voluntary departure, and often utilizes life insurance as a funding mechanism. The agreement provides certainty regarding ownership succession, prevents unwanted third-party ownership, and establishes clear valuation methods for ownership interests.
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1. Parties: Identifies all participating shareholders/owners who are party to the agreement
2. Background/Recitals: States the purpose of the agreement and basic information about the business entity
3. Definitions: Defines key terms used throughout the agreement
4. Purchase Obligation: Details the obligation to buy/sell shares upon triggering events
5. Triggering Events: Specifies events that trigger the buy-sell provisions (death, disability, retirement, etc.)
6. Valuation Method: Establishes how the purchase price will be determined
7. Payment Terms: Specifies how and when payment will be made
8. Insurance Provisions: Details requirements for life insurance policies funding the agreement
1. Right of First Refusal: Gives existing owners first right to purchase shares before outside sale - use when owners want to control who can become a shareholder
2. Disability Provisions: Specific terms for buyout in case of disability - use when disability insurance is part of the funding mechanism
3. Divorce Provisions: Handles allocation of shares in case of owner's divorce - use when protecting against involuntary transfer through divorce
4. Bankruptcy Provisions: Addresses handling of shares in bankruptcy - use when additional protection against creditors is desired
1. Schedule A - Current Ownership: Lists current owners and their shareholdings
2. Schedule B - Valuation Formula: Detailed methodology for business valuation
3. Schedule C - Insurance Policies: Details of life insurance policies funding the agreement
4. Appendix A - Certificate of Corporate Resolution: Corporate approval of the agreement
5. Appendix B - Spousal Consent: Consent forms signed by spouses of owners if required
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