The Spousal Consent Shareholder Agreement is a critical document used when a married individual holds or acquires shares in a corporation. This agreement becomes particularly important in US jurisdictions where marital property laws could affect corporate ownership rights. The document ensures that both spouses understand and agree to the terms of share ownership, preventing potential future disputes during divorce proceedings or estate distributions. It typically includes specific provisions about share transfer restrictions, voting rights, and acknowledgment of the original shareholder agreement terms.
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1. Parties: Identification of spouse, shareholder, and corporation
2. Background: Context of share ownership and reason for spousal consent
3. Definitions: Key terms used throughout the agreement
4. Acknowledgment of Ownership: Recognition of shares owned and rights attached
5. Consent Provisions: Explicit spousal consent to shareholder agreement terms
6. Binding Effect: Statement of agreement's binding nature
1. Transfer Restrictions: Specific limitations on share transfers, used when additional transfer restrictions beyond the shareholder agreement are needed
2. Community Property Provisions: Specific provisions regarding community property rights, applicable in community property states only
3. Divorce Provisions: Handling of shares in case of divorce, used when parties want specific arrangements for divorce scenarios
1. Schedule A - Share Details: Details of shares owned and their classification
2. Schedule B - Original Shareholder Agreement: Copy of the main shareholder agreement being consented to
3. Appendix A - Spousal Information: Detailed information about the consenting spouse
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