The Cross Option Agreement Shareholder document is essential for businesses seeking to maintain control over ownership following a shareholder's death or critical illness. Under English and Welsh law, it creates a binding framework for share transfers, typically supported by life insurance policies to ensure financial capability for purchase. This agreement is particularly crucial for private companies where maintaining specific ownership structures is important, and it helps prevent shares from passing to unintended parties while ensuring fair value for the deceased shareholder's estate.
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1. Parties: Identification of all shareholders involved in the agreement
2. Background: Context of the agreement, including company details and reason for the cross option arrangement
3. Definitions: Key terms used throughout the agreement including 'Critical Illness', 'Share Value', 'Option Period'
4. Grant of Options: Details of put and call options granted between shareholders
5. Exercise of Options: Procedures and timeframes for exercising options upon death or critical illness
6. Share Valuation: Method for determining share value when options are exercised
7. Completion Requirements: Process for completing share transfers once options are exercised
8. Payment Provisions: Terms for payment of share purchase price
1. Insurance Provisions: Details of associated life insurance policies when the agreement is insurance-backed
2. Tax Provisions: Specific tax treatment agreements when specific tax arrangements need to be documented
3. Drag Along Rights: Rights forcing minority shareholders to join in sale, used in agreements with multiple shareholders
4. Tag Along Rights: Rights allowing minority shareholders to join in sale, used in agreements with multiple shareholders
1. Share Ownership Schedule: Current shareholding details of all parties
2. Insurance Policy Details: Specifics of associated insurance policies
3. Valuation Methodology: Detailed process for share valuation
4. Form of Option Notice: Template notice for exercising options
5. Deed of Adherence: Template for new shareholders to join the agreement
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