Unanimous Shareholders Agreement.docx

Unanimous Shareholders Agreement.docx

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UnanimousShareholdersAgreement

ThisAGREEMENTmadethe____dayof_______20___between:

_____________________,

of________intheProvinceof________

（hereinafter“________”）

OFTHEFIRSTPART

-and–

_____________________,

of________intheProvinceof________

（hereinafter“________”）

OFTHESECONDPART

-and-

_____________________,

of________intheProvinceof_________

（hereinafter“________”）

OFTHETHIRDPART

-and-

_____________________LTD.,

an_________Corporation

（hereinafterthe“Corporation”）

OFTHEFOURTHPART

UNANIMOUSSHAREHOLDERSAGREEMENT

WHEREAStheCorporationisacorporationunderthelawsoftheProvinceof________;

ANDWHEREAStherehave,asofthedateofthisAgreement,beenissuedandarenowoutstandingthefollowingsharesoftheCorporation;

（a）__Class"A"CommonVotingSharesinthenameof_________;

（b）__Class"A"CommonVotingSharesinthenameof_________;

（c）__Class"A"CommonVotingSharesinthenameof_________;

ANDWHEREASalloftheShareholderswishtoestablishtheirrightsandobligationsinrespectofthesharesnoworhereafterownedbythem,theelectionorremovalofdirectors,themanagementandcontroloftheCorporationandcertainothermattersashereinaftersetforth.

ANDWHEREASthePartiesagreethatitisinthebestinterestsoftheCorporationtoenterintoanagreementprovidingfortheorderlydispositionofsharesupontheoccurrenceofcertainspecificevents.

ANDWHEREASthePartiesheretointendthatthisAgreementshalloperateandbeconstruedasaUnanimousShareholdersAgreementunderthe________BusinessCorporationsAct（the"Act"）;

NOWTHEREFOREthisAgreementwitnesseththatinconsiderationofthepromisesandmutualcovenantsandconditionshereinaftersetforth,thePartiesheretoagreeasfollows:

1.DEFINITIONS

1.01"CommonShare"meansaCommonVotingShareoftheCorporation.

1.02"CommonShareholder"meansatanyparticulartimethoseShareholderswhoatthattimearetheownersofoneormoreCommonSharesoftheCorporation.

1.03"ControllingShareholder"whenusedinrelationtoaCommonShareholderwhichisaCorporationmeansthatIndividualwhoowns,attheparticulartime,thelargestnumberofissuedandoutstandingvotingsharesinthecapitalofthatCommonShareholderprovidedthatifmorethanoneIndividualownsthesamenumberofsuchsharesandeachexceedsanyotherPerson'sshareownershiporifallIndividualsowningsuchsharesownanequalnumberthentheexpressionshallmeantheoldestofsuchIndividuals.

1.04“GuaranteeAgreement"meansanagreementbywayofaguaranteegivenorrequiredtobegivenpursuanttotheprovisionsofthisAgreementbytheCommonShareholderswhichmaybegivenfortherepaymentofanyindebtednessoftheCorporationorfortheperformancebytheCorporationofanyofitsotherobligations.

1.05“Individual"meansanaturalPerson.

1.06"Person"includesanIndividual,apartnership,anincorporatedcompany,atrust,anunincorporatedassociation,agovernmentorotherdepartmentoragencythereofandthelegalrepresentativeofanIndividual.

1.07"Shareholder"meansanyoneoftheShareholdersandwherethecontextsorequiresincludestheControllingShareholderofacorporateShareholder.

1.08“Shareholders"meansatanyparticulartime:

（a）thosePersonswhohavesubscribedtothisAgreementandattheparticulartimearetheregisteredholdersofoneormoresharesinthecapitaloftheCorporation;and

（b）thosePersonswhohavenotsosubscribedbutareboundbyoperationoflawattheparticulartimebytheprovisionsofthisAgreement.

1.09“ShareholderInterest”meansallthesharesoftheCorporationbeneficiallyownedbyaShareholdertogetherwithsuchloansowedbytheCorporationtothatShareholder.

1.10“SpecialResolution”meansaresolutionpassedbyamajorityofnotlessthan2/3ofthevotescastbytheShareholderswhovotedinrespectofthatresolutionorsignedbyalltheShareholdersentitledtovoteonthatresolution.

2.PURPOSEOFTHEAGREEMENT

2.01EachoftheShareholdersentersintothisAgreementwiththeobjectandintentofregulatinganddetermining,inthemannerhereinafterappearingandexpressed,certainoftheirrespectiverightsandobligationsasthebeneficialownerofoneormoresharesoftheCorporationandcertainoftheirrightsandobligationstoeachoftheremainingShareholders.

3.TERMOFAGREEMENT

3.01ThisAgreementshallremaininforceuntilterminatedassetoutinArticle23.01.

4.DIRECTORS

4.01TheShareholderswillvotetheirsharesintheCorporationsoastoinitiallyelecteachofthefollowingasDirectorsoftheCorporation:

（a）________________;

（b）________________;and

（c）________________.

.

4.02ACommonShareholderoraControllingShareholdershallbeentitledtobeaDirectoroftheCorporationforsolongastheCommonShareholderoritsControllingShareholderisfunctioningorcarryingouttheroleandresponsibilityrequiredasaparticipatingdirectoroftheCorporationorforsolongastheCorporationisindebtedtotheCommonShareholderortotheControllingShareholder’scorporation.TheentitlementtobeaDirectormaybeextendedtootherShareholdersorotherPersonsbyaSpecialResolutionoftheShareholders.IntheeventthataShareholderwhoisadirectorwithdrawsfromtheirroleasadirectoroftheCorporationandintheeventthatalloftheShareholder’sloansowingtothatdirectorortothatdirector’scorporationhavebeenpaidinfull,thentheentitlementtobeadirectormaybewithdrawnonthepassageofaSpecialResolutionoftheShareholderstothateffect.

4.03ItistheintentionoftheShareholdersthattheyshallalwayshaveinputintothepolicydecisionsoftheCorporation,bothintheircapacityasShareholdersaswellasthatofdirectors.However,intheeventaPersonisappointedtoberesponsiblefortheday-to-daymanagementoftheCorporationandfortheimplementationofthepolicydecisionsoftheBoardofDirectors,theShareholdersagreetorefrainfromundueinterferencewiththePersonsoappointedinthedischargeoftheirobligations.

4.04SubjecttothefurtherprovisionsofthisAgreement,iftheCommonShareholdersagreetoaCommonShareholderenteringintoanagreementtosellhissharesintheCorporationtoanotherPerson,thesellingCommonShareholderwillnolongerbeentitledtobeaDirectoroftheCorporationnorwillthesellingCommonShareholderbeentitledtoassigntothepurchaseranyentitlementtobecomeaDirector.ThecontinuingShareholdersandDirectorsmayenterintoanagreementwiththepurchasingShareholdertoextendthatprivilegetohim.

5.PERSONALBUSINESSINTERESTS

5.01TheShareholdersmayhaveotherbusinessinterestsfortheirpersonaladvantageprovidedthatthepursuitofsuchpersonalinterestsdoesnotinterferewiththeShareholder’semploymentordirectorshipdutiestotheCorporation.TheShareholdersshalldisclosetoeachothertheirotherbusinessinterests.

6.INITIALADVANCES

6.01TheCommonShareholdersagreethateachofthemwillprovideaninitialadvancetotheCorporationinanamountsetforthonSchedule“A”attachedheretoandpursuanttotheprovisionsofaloanagreement.OtherthaninthecaseofthedeathofaCommonShareholderoraControllingShareholder,thetermsofeachloanagreementwillprovidethateachoftheloansmadebyeachoftheCommonShareholderswillbeonthesametermsandconditionsandtheCorporationwillrepaythesameproportionatelytoeachCommonShareholder.TheShareholder’sloansowingtoadeceasedCommonShareholderortoaControllingShareholderortheircorporationwillberepaidinpriorityinaccordancewiththeprovisionsofArticle18.04hereof.Intheabsenceofaloanagreement,theprovisionsofArticles6.01,6.03andSchedule“A”shallapplytoallsuchinitialadvances.

6.02IntheeventthatanyfinancialorganizationispreparedtoprovidefinancingorsomeotherformoffundingtotheCorporationontheconditionthatcertainShareholdersexecuteapostponementofclaim,thenallofthoseShareholderswillprovidesuchpostponementuponrequest.

6.03Shareholders’loanswillnotbearinterestunlessthereisanagreementtothecontrarybyunanimousagreementofthePartiesorasotherwiseprovidedherein.ThePartiesmaydeterminethattheShareholders’loanswillbearinterestandthattheCorporationshallgrantsecurityforsuchloans.

7.FURTHERADVANCES

7.01TheCommonShareholdersagreethatshouldtheCorporationrequirefurtherfunds,recourseforsuchfundingshallfirstbesoughtfromaconventionallendinginstitution.IftheCorporationrequiresthatfurtherfundsbeadvancedbytheCommonShareholdersthentheCommonShareholdersagreethatsuchfurtheradvanceswillbelimitedto_________（$_______）dollars.IntheeventthattheCommonShareholdersdecidebySpecialResolutionthatsuchfurtherShareholderadvancesarerequired,theneachCommonShareholderagreestoproportionatelyadvancesuchadditionalfundswithintwentythree（23）BusinessDaysofthedateoftheResolution.

7.02AllsuchfurtherCommonShareholderadvancesshallbearinterestataratedeterminedbytheunanimousagreementoftheParties,failingwhichtheCommonShareholderShareholders’loanswillallbearinterestatarateequaltotheprimelendingratechargedbytheCorporation'sbankofrecordfromtimetotime.ThePartiesmayagreethattheCorporationgrantsecurityforsuchloansandthetermsofsuchsecurityshallbedeterminedatthedateoftheadvance.IfthePartiesfailtoagreeonthetermsofsuchsecurity,thennosecuritywillbegrantedforsuchfurtheradvances.

8.DISPROPORT