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Cross Option Agreement Shareholder

Cross Option Agreement Shareholder Template for India

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Key Requirements PROMPT example:

Cross Option Agreement Shareholder

"I need a Cross Option Agreement Shareholder for my family-owned manufacturing business with 4 shareholders, including provisions for share transfer upon death or permanent disability, with share valuation to be determined by our company's annual auditor."

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Document background
The Cross Option Agreement Shareholder is a critical document in Indian corporate practice, designed to provide a clear framework for managing shareholding transitions in private companies. It becomes particularly relevant when shareholders wish to establish predetermined mechanisms for share transfers upon specific events such as death, incapacity, or retirement. The agreement operates within the framework of Indian company law, particularly the Companies Act, 2013, and must comply with relevant SEBI regulations if applicable. It typically includes detailed provisions on valuation methodologies, payment terms, and completion procedures, often incorporating life insurance policies as funding mechanisms. This type of agreement is especially common in family-owned businesses and closely-held companies where maintaining control within a specific group of shareholders is important.
Suggested Sections

1. Parties: Identification of all shareholders participating in the cross option agreement

2. Background: Context of the agreement, including company details and existing shareholding structure

3. Definitions and Interpretation: Key terms used throughout the agreement, including definition of trigger events

4. Grant of Options: Establishment of put and call options between shareholders

5. Option Period: Timeframe within which options can be exercised after a trigger event

6. Exercise Price: Method of determining the price for shares when options are exercised

7. Exercise of Options: Procedure for exercising options, including notice requirements

8. Completion: Process for completing the transfer of shares after option exercise

9. Warranties and Representations: Standard warranties about share ownership and authority to enter agreement

10. Confidentiality: Obligations to keep agreement terms and company information confidential

11. Notices: Format and method for giving formal notices under the agreement

12. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, and entire agreement

Optional Sections

1. Tag-Along Rights: Optional protection allowing minority shareholders to join in sale of shares on same terms - relevant for agreements with majority shareholders

2. Drag-Along Rights: Optional right for majority shareholders to force minorities to join in sale - relevant for potential company sale scenarios

3. Insurance Provisions: Required when life insurance policies are used to fund share purchases following death

4. Valuation Mechanism: Detailed valuation procedures - needed when complex business interests are involved

5. Non-Competition Covenants: Restrictions on competing activities - relevant when shareholders are also employees/directors

6. Dispute Resolution: Alternative dispute resolution procedures - recommended for high-value agreements

7. Power of Attorney: Enables other shareholders to execute transfers if a shareholder is unable - useful for ensuring completion

Suggested Schedules

1. Schedule 1 - Details of the Company: Company registration details, share capital structure, and current shareholdings

2. Schedule 2 - Form of Option Notice: Template notice for exercising put or call options

3. Schedule 3 - Deed of Adherence: Template for new shareholders to join the agreement

4. Schedule 4 - Share Valuation Rules: Detailed methodology for calculating share value

5. Schedule 5 - Completion Requirements: Checklist of documents and actions required for share transfer completion

6. Appendix A - Insurance Policy Details: Details of any life insurance policies linked to the agreement

7. Appendix B - Shareholders' Particulars: Detailed information about each shareholder including contact details and shareholding

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions







































Clauses






























Relevant Industries

Professional Services

Manufacturing

Technology

Family Businesses

Private Healthcare

Retail

Real Estate

Construction

Financial Services

Consulting

Education

Relevant Teams

Legal

Corporate Secretarial

Finance

Compliance

Risk Management

Board of Directors

Executive Leadership

Corporate Governance

Relevant Roles

Chief Executive Officer

Managing Director

Company Secretary

Chief Financial Officer

Legal Counsel

Corporate Lawyer

Business Owner

Shareholder

Director

Board Member

General Counsel

Risk Manager

Compliance Officer

Financial Controller

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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