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Non Compete Shareholders Agreement

Non Compete Shareholders Agreement Template for New Zealand

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Key Requirements PROMPT example:

Non Compete Shareholders Agreement

"I need a Non-Compete Shareholders Agreement for my Auckland-based software development company, with specific focus on protecting our AI technology intellectual property and preventing shareholders from starting competing businesses in New Zealand and Australia for 24 months after share disposal."

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Document background
The Non Compete Shareholders Agreement is a crucial document for New Zealand companies seeking to protect their business interests from competitive activities by their shareholders. It is particularly important when shareholders have access to sensitive information, trade secrets, or strategic knowledge that could be detrimental to the company if used competitively. The agreement typically includes detailed provisions on restricted activities, geographical limitations, duration of restrictions, and consequences of breach. It should be carefully drafted to ensure enforceability under New Zealand law, particularly considering the Commerce Act 1986 and Companies Act 1993. This document is commonly used during company formations, shareholder buyouts, or when new shareholders join an existing business.
Suggested Sections

1. Parties: Identifies all shareholders and the company as parties to the agreement

2. Background: Sets out the context of the agreement, including existing shareholdings and business relationship

3. Definitions and Interpretation: Defines key terms and establishes rules for interpreting the agreement

4. Non-Compete Obligations: Details the specific restrictions on competitive activities, including scope, duration, and geographical limits

5. Confidentiality Obligations: Outlines the duties regarding confidential information and trade secrets

6. Duration of Restrictions: Specifies the timeframe for which the non-compete and confidentiality obligations apply

7. Shareholding Obligations: Details shareholders' rights, obligations, and restrictions regarding their shareholding

8. Transfer Restrictions: Specifies conditions and processes for transferring shares

9. Enforcement and Remedies: Sets out consequences of breach and available remedies

10. Governing Law and Jurisdiction: Specifies New Zealand law as governing law and jurisdiction for disputes

11. General Provisions: Standard boilerplate clauses including notices, amendments, and severability

Optional Sections

1. Employee Shareholder Provisions: Additional provisions specifically for shareholders who are also employees

2. Intellectual Property Rights: Specific provisions regarding IP ownership and usage when relevant to the business

3. Exit Mechanisms: Detailed procedures for shareholder exit, including tag-along and drag-along rights

4. Dispute Resolution: Alternative dispute resolution procedures such as mediation before litigation

5. Non-Solicitation Provisions: Additional restrictions on soliciting employees, customers, or suppliers

6. Digital Assets and Social Media: Provisions regarding digital presence and social media competition

7. International Operations: Additional provisions for businesses operating across multiple jurisdictions

Suggested Schedules

1. Schedule 1: Shareholder Details: List of shareholders with their shareholdings and contact details

2. Schedule 2: Restricted Activities: Detailed list of specific activities prohibited under the non-compete provisions

3. Schedule 3: Restricted Territory: Geographic areas where non-compete restrictions apply

4. Schedule 4: Confidential Information: Detailed description of what constitutes confidential information

5. Schedule 5: Pre-existing Commitments: List of any pre-approved activities that would otherwise breach the non-compete

6. Appendix A: Share Transfer Form: Standard form for executing share transfers

7. Appendix B: Deed of Adherence: Template for new shareholders to join the agreement

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





































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Relevant Industries

Technology

Professional Services

Manufacturing

Healthcare

Financial Services

Retail

Consulting

Software Development

Biotechnology

Engineering

Media and Entertainment

E-commerce

Research and Development

Relevant Teams

Legal

Corporate Governance

Executive Leadership

Board

Company Secretariat

Compliance

Corporate Affairs

Risk Management

Business Development

Mergers and Acquisitions

Relevant Roles

Chief Executive Officer

Managing Director

Company Director

Business Owner

Corporate Lawyer

Legal Counsel

Company Secretary

Chief Financial Officer

Chief Operating Officer

Shareholder

Business Development Manager

Investment Manager

Venture Capitalist

Private Equity Manager

Start-up Founder

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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