Shareholder Agreement Sample.docx

Shareholder Agreement Sample.docx

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ShareholderAgreementSample

ShareholderAgreement

AGREEMENTmadeandenteredintoasofthe________dayof____________,2XXX,byandamongJohnDoe,residingat[specifyaddress]（hereinafter"Doe"）,andMarkSmith,residingat[specifyaddress]（hereinafter"Smith"）,andXYZ,Inc.（"theCorporation"）.

WITNESSETH:

WHEREAS,alloftheissuedsharesandoutstandingstockoftheCorporationareownedinthefollowingpercentages:

Doe50%

Smith50%

WHEREAS,theShareholdersheretodeemittobeinthebestinterestoftheCorporationtoacttogetherconcerningthemanagementoftheCorporationaswellastomakeprovisionforthecontingencyofthedeathordisabilityofanyShareholderandtosetforththemannerandmethodbywhichaShareholdermaysellhisstockduringhislifetime.

NOW,THEREFORE,ITISMUTUALLYAGREEDASFOLLOWS;

FIRST:

MANAGEMENTANDOPERATIONOFTHECORPORATION

1.1.DirectorsandOfficers.ForthedurationandtermofthisAgreement,theShareholderswillelectandcontinueinofficeasDirectorsoftheCorporationthefollowing:

Smith

Doe

TheOfficersoftheCorporationshallbe:

Smith-President;Treasurer

Doe-VicePresident;Secretary

2.Voting.AlldecisionswithintheordinarycourseofbusinessshallbemadebytheunanimousconsentofboththePresidentandtheVicePresident,whoshallhaveequalsayinthemanagementoftheordinarycourseofbusinessoftheCorporation.Inaddition,forthepurposesofselling,terminating,liquidating,enteringloansorchangingthebasicpurposesoftheCorporation,thequorumandvotingrequirementsshallbe100percentofallshareholdersand/ordirectors.SimultaneouslyherewiththeCertificateofIncorporationisbeingamendedtoprovideforthetermsofthissection.

3.Checks.Allcash,checksandinstrumentsforthepaymentofmoniesaretobedepositedintheCorporation'sbankaccount.AllchecksdrawnuponsuchaccountaretobesignedjointlybythePresidentandVicePresidentand/ortheirnominees.

4.Salaries.ThePresidentandVicePresidentagreetodrawequalsalaries,asvoteduponbytheBoardofDirectorsoftheCorporation.

5.Employment.ThePresidentandVicePresidentagreetoworkfull-timeandexclusivelyfortheCorporation.Neitherpartyshallbepermittedtoownaninterestin,operate,join,control,participateindirectlyorindirectly,orbeconnectedasanofficer,employee,agent,independentcontractor,partner,stockholderorprincipaloforinanycorporation,partnership,firm,association,personorotherentitysolicitingordersfor,selling,distributingorotherwisemarketingproducts,goods,equipmentand/orserviceswhichdirectlyorindirectlycompetewiththebusinessoftheCorporation,withouttheexpresswrittenconsentoftheother,whichconsentshallnotbeunreasonablywithheld.

BothpartiesshallprovidesuchservicestotheoperationoftheCorporationandCorporatebusinessasshallbedeemedproperandnecessary,includingkeepingeachotherinformedofallletters,accounts,writingsandotherinformationwhichshallcometotheirattentionconcerningthebusinessoftheCorporation.

BothpartiesshallkeeporcausetobekeptfullrecordsofeachtransactionoftheCorporationandshallmaintainsuchrecordsattheprincipalofficeoftheCorporationat[specifyaddress],orattheprincipalofficeoftheCorporation'saccountant.Saidrecordsshallbeopenforinspectionandexaminationbyeachofthem,ortheirdulyauthorizedrepresentative,atallreasonabletimes.

Notwithstandingtheforegoing,eachoftheExecutiveofficersabovenamedagreetobeemployedbytheCorporationandtheCorporationagreestoemploythemunderthefollowingtermsandconditions:

1.TheemploymentofeachsuchOfficershallcontinuesolongasheisaShareholderoftheCorporation.

2.EachExecutiveOfficerdevotesallofhisworkingtime,energyandattentionsolelyandexclusivelytothebusinessoftheCorporation,andnoneofhisworkingtimetoanyotherfirmorbusinesswithoutthewrittenconsentoftheother.

3.IntheeventanyExecutiveOfficerterminateshisemploymentwiththeCorporationoritisdeterminedbyarbitrationashereinafterprovidedthatsuchOfficerhasbreachedthetermsofhisemploymenthereunder,bycommittingactsconstitutingjustcausetoterminatesuchemploymentasdeterminedbythearbitrators,orbyfailingtorenderexclusivetimeandattentiontothebusinessoftheCorporation,orbyparticipating,eitherdirectlyorindirectly,inanotherbusinesscompetitivewiththebusinessoftheCorporation,theneitherofanysuchoccurrencesshallbedeemedanoffertosellallofthesharesthatsuchOfficerownsintheCorporationattheprice,termsandconditionssetforthinthisAgreement.

6.Disability.IntheeventeitherShareholderisunabletoperformthenormaldutiesofhisemploymentduetophysicalormentaldisability,thenthefollowingshallapply:

1.Duringthefirstthreehundredsixtyfive（365）consecutivedaysofsuchdisabilitytheCorporationshallpaytothedisabledShareholdersuchweeklysalaryandcompensationaswasthenbeingpaidtothedisabledShareholderpriortotheonsetofdisability.

2.Afterthreehundredsixtyfive（365）consecutivedaysofdisability,nofurthercompensationorsalaryshallbepaidtothedisabledShareholder.

3.Afterthreehundredsixtyfive（365）daysofsuchdisability,theCorporationandtheremainingshareholdershall,atanytimethereafterandpriortotheresumptionofthenormaldutiesofemploymenthavetherighttopurchaseallsharesofstockofthedisabledShareholderasifthedisabledShareholderofferedtosellallofhissharesintheCorporationatthesameprice,termsandconditionssetforthintheArticleofthisAgreemententitledLifetimeSaleofShares.

4.ThereshallbedeductedfromanysalarypaidtoadisabledShareholderallpaymentsreceivedbythedisabledShareholderfromanyprivateorpublicdisabilityinsurance,thepremiumsofwhichwerepaidforbytheCorporation.

7.Indemnity.IntheeventanyShareholderisheldpersonallyliableforanyliabilityoftheCorporation,thentheotherShareholdershallindemnifyhimagainstfiftypercent（50%）ofanysuchpersonalliability.

8.DeathOfAShareholder.IntheeventofthedeathofaShareholder,thelegalrepresentativeofhisEstateshallberequiredtosellallofdecedent'ssharesofstockoftheCorporationandheshallbedeemedtohaveofferedallofsaidsharestotheCorporationandsurvivingShareholder.

1.Acceptance.TheCorporationshallbedeemedtohaveacceptedtheoffertopurchaseasmanysharesasitmaylegallypurchase.IntheeventtheCorporationisunabletolegallypurchaseallofsuchshares,thesurvivingShareholdershallpurchasethoseshareswhichtheCorporationcannotlegallypurchase.

2.Closing.ClosingshallbeheldattheofficeoftheattorneyfortheCorporation,[specifyattorney],onadateandtimetobemutuallyagreeduponbutnolaterthanten（10）daysaftereitherthedeterminationofthepurchasepriceorappointmentofalegalrepresentativeforthedecedent'sestate,whicheverislater.ThearticleofthisAgreemententitledMannerOfPayment,setsforththedocumentsandpaperstobeexecutedand/ordeliveredatclosing.

3.PurchasePrice.ThepurchasepriceofadeceasedShareholder'sstockshallbedeterminedbytheShareholdersinwritingeverysix（6）months.Ifnosuchwrittendeterminationhasbeenagreeduponwithinsix（6）monthsfromdateofdeath,thenthepriceshallbefixedatthegrosscommissionincomereceivedbytheCorporationduringtheprecedingfullfiscalyear.

4.TheCorporationmayobtainlifeinsurancepoliciesonthelivesofeachoftheShareholders.Intheeventsuchlifeinsurancepoliciesaresoobtained,thentheCorporationshallcollecttheproceedsthereof,holdsameastrusteeandturnsameimmediatelyovertothelegalrepresentativeofthedeceasedShareholderaspaymentonaccountfordecedent'sshareofstock.Intheeventsaidinsuranceproceedsexceedtheamountofthepurchasepriceashereinaboveprovided,thenthelegalrepresentativeofthedecedentshallretaintheamountofsaidproceedsaspaymentinfullfordecedent'sstock.Intheeventthepurchasepriceofdecedent'sstockashereinaboveprovidedexceedstheproceedsofinsurance,thenthebalanceofthepurchasepriceshallbepaidpursuanttothearticleofthisAgreemententitledDeferredPayment.TheamountoftheinsurancecollectedbytheCorporationondecedent'slifeshallinalleventsconstitutetheminimumpurchasepricetobepaidbytheCorporationforthesharesofthedecedent.

5.Ifoneofthetwo

（2）Shareholdersshoulddie,andiftheremainingShareholdershoulddiewithinninety（90）daysafterthedeathofthefirstShareholder,then,notwithstandinganyagreementtothecontrary,neithertheCorporationnortheEstateoftheseconddeceasedShareholdershallbeobligatedtopurchase,norshalltheEstateofthefirstdeceasedShareholderbeobligatedtosellthestockheldbysaidEstate.Insuchevent,theproceedsofthelifeinsuranceonthelivesofbothShareholdersshallbedeliveredtotheCorporationandshallbelongexclusivelytotheCorporation,whichshallbeimmediatelyliquidatedanddissolved,andtheproceedsofliquidation,afterpaymentinfulloftheliabilitiesoftheCorporationshallbepaidtotheEstatesofthedeceasedShareholders,proportionatelytothestockinterestofthedeceasedShareholdersintheCorporation.

6.IntheeventtheCorporationisnotlegallyabletopurchaseallorpartofsaidsharesandthesurvivingShareholderfailsorrefusestopurchaseallorthebalanceofsuchsharesashereinaboveprovided,andsuchfailure