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Form #1392COMPLEX SHAREHOLDER AGREEMENT WITH CERTIFICATE OF AGREED VALUE
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COMPLEX SHAREHOLDER AGREEMENT WITH CERTIFICATE OF AGREED VALUE
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COMPLEX
SHAREHOLDER AGREEMENT WITH CERTIFICATE OF AGREED VALUE
STATE OF __________________
COUNTY OF ________________
SHAREHOLDER AGREEMENT
THIS AGREEMENT is made and entered
into this _____ day of ______________, by and between
________________________________________ (Name of Corporation), a
____________________________ Corporation, whose principal offices are located
at ______________________________________________ (address), and the
individuals and entities whose names and addresses are listed on Exhibit A
attached hereto and made a part hereof, all of whom are shareholders of the
Corporation.Â
W I T N E S S
E T H:
WHEREAS, the present distribution of
shares of the Corporation is as follows:
Name                                                                                   Shares
_____________________________________Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â _____________
_____________________________________Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â _____________
_____________________________________Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â _____________
WHEREAS, the parties have agreed that to
promote the good conduct of the Corporation and avoid the difficulties that
might result from the passing of shares to outsiders, it is desirable to make
this Agreement concerning the conduct of the Corporation and restrictions upon
the transfer of its shares;
NOW, THEREFORE, in consideration of
the promises herein made to one another, and for other good and valuable
consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties
agree as follows:
1. No shares shall be voluntarily
sold, pledged, hypothecated, or otherwise transferred or permitted to be
transferred in any manner or by any means whatsoever except as follows:
Any shareholder intending to transfer
any shares shall first offer such shares for sale at the Purchase Value as
hereinafter defined to the Corporation for a period of thirty (30) days, and
then, to the extent such offer is rejected or not accepted by the Corporation
within that period, such shares have been offered for sale at the Purchase
Value for a period of ten (10) days to all other shareholders in proportion to
the number of such shares held by them. Each such offer shall be in writing
and shall specify the number of shares being offered, the name and address of each
person to whom such shares are proposed to be transferred, and the price per
share and other terms upon which each such transfer is intended to be made; and
each such offer may be accepted by the offeree in whole or in part at any time
during the continuance of the offer. If any shares are not purchased pursuant
to the aforesaid offers, the Offeror shall for a period of ninety (90) days
thereafter be free to transfer such shares to the person or person so named at
the price per share and upon the other terms so named; provided that any such
transferee of those shares shall thereafter be bound by all of the provisions
of this Agreement.Â
2. (a)Â
Upon the happening of any of the events enumerated below, the Corporation shall
purchase at Purchase Value as hereinafter defined all of the shares of the
shareholder so affected: (i) If any shareholder shall be adjudged incompetent
or a general guardian or guardian of his estate shall be appointed for him by
any court; or (ii) If any shareholder makes any assignment for the benefit of
creditors or applies for the appointment of a trustee, a liquidator, or a
receiver, or commences any proceeding related to himself under any bankruptcy
or arrangement of similar law; or if any such application is filed or proceedings
commenced against the shareholder and the shareholder consents thereto or an
order is entered allowing such application and remains in effect for sixty (60)
days; or (iii) If the shares of any shareholder are purported to be transferred
involuntarily, including, without limitation, any purported transfer by or
pursuant to bankruptcy,
attachment, divorce, equitable
distribution, or operation of law; or (iv) If any shareholder shall die.
(b)Â This duty to purchase or retire
shall apply to all, but not less than all of the shares, and shall be exercised
by the Corporation by serving written notice upon such shareholder or such
shareholder's legal representative within thirty (30) days after the
Corporation receives notice of the occurrence of such event or the
qualification of such legal representative, whichever is later.
3. (a) Purchase Value as used
herein shall mean the Purchase Value of the shares of the Corporation
established by a certificate of agreed value signed by each shareholder and
filed with the Corporation. If, at any time when it becomes necessary to
determine Purchase Value of the shares of the Corporation, a certificate of
agreed value is in existence and such certificate of agreed value is dated less
than two (2) years before the date as of which the Purchase Value is to be
determined, then the agreed value set forth in such certificate shall be
conclusive as to the Purchase Value and shall be accepted as the Purchase Value
as of the date on which Purchase Value is to be determined, and no accountant's
determination of book value shall be required or made. In no event shall a
certificate of agreed value be effective unless signed by all the
shareholders. The shareholders may at any time execute a new certificate of
agreed value which shall automatically replace all prior certificates of agreed
value and in no event shall any but the last certificate of agreed value be
effective, if at all, for the purpose herein specified.
(b)Â In the event there is no
certificate of agreed value or in the event the same is more than two (2) years
old, then, and in that event, Purchase Value shall mean book value of the
shares of the Corporation.
Book value
of the shares of the Corporation shall mean as determined by the accountant or
accounting firm then servicing the Corporation, and such determination when
made, certified, and delivered to the Corporation shall be binding upon the
Corporation and upon all parties bound by the terms of the Agreement. Such
determination shall be made in accordance with sound accounting practice and
the following shall be observed: (i) No
allowance of any kind shall be made
for goodwill, trade name, or any similar intangible asset. (ii) All accounts
payable shall be taken at the face amount, less discounts deductible therefrom,
and all accounts receivable shall be taken at the face amount thereof, less
discounts to the customers and a reasonable reserve for bad debts. (iii) All
machinery, fixtures, and equipment shall be taken at the valuation appearing on
the books of the Corporation. (iv) Inventory of merchandise and supplies shall
be computed at cost or market value, whichever is lower. (v) All unpaid and
accrued taxes shall be deducted as liabilities.
4. (a) Whenever under this
Agreement the Corporation or the shareholders exercise any option or right to
redeem or purchase shares of any shareholder, the Purchase Value shall be paidÂ
immediately upon the receipt by the Corporation of the proceeds of any
insurance on the life of a deceased shareholder owned by and payable to the
Corporation, to the extent of such proceeds.Â
(b)Â Whenever under this Agreement
the Corporation or the shareholders exercise any option or right to redeem or
purchase shares of any shareholder, the Purchase Value shall be paid to the
shareholder in cash, ________ percent within thirty (30) days of the exercise
of any such right or option and the balance in installments as follows:
______________________________________________________________
5. (a) If, under the terms of this
Agreement, the shares of the shareholders are purchased or retired, such
shareholder, or the legal representative of such shareholder, shall execute and
deliver all necessary documents that may be reasonably required for
accomplishing a complete transfer of such shares for the purpose of the
purchase
 transaction.
(b)Â Every
transferee of restricted shares that are transferred in accordance with the
provisions of this Agreement shall be deemed a shareholder and be bound by all
of the provisions of this Agreement. Any purported or attempted transfer of
restricted shares that does not comply with the provisions of this Agreement
shall be null and void and the
purported transferee shall not be
deemed to be a shareholder of the Corporation and shall not be entitled to
receive a stock certificate or any dividends or other distributions on or with
respect to such restricted shares. For the purposes of this Agreement, a
purported transfer of shares that causes such shares to be subject to an option
under Paragraph 1 shall be deemed to comply with the provisions of this
Agreement only after the expiration of such option.Â
6. The provisions of Paragraph 1
shall not apply to the bona fide, good faith pledge of any shares as collateral
for a loan, but the provisions of Paragraph 1 shall apply to any attempted sale
or other disposition of shares under any such pledge (whether by foreclosure,
consent, public or private sale, or otherwise).Â
7. This Agreement shall terminate
and all rights and obligations hereunder shall cease upon the happening of any
one of the following events:
(a)Â The adjudication of the
Corporation as bankrupt, the execution by it of any assignment for the benefit
of creditors, or the appointment of a receiver for the Corporation;
(b)Â The voluntary or involuntary
dissolution of the Corporation;
(c)Â By a written Agreement signed by
all the shareholders to terminate this Agreement.
8.     If the Corporation reasonably
determines that any proposed transferee is not
eligible as a shareholder of a
Subchapter S Corporation or that such transfer would cause the Corporation to
lose its qualification as a Subchapter S Corporation, then the Corporation may
so notify the shareholder of that determination and thereby forbid the
consummation of the transfer. Nothing in this paragraph, however, shall
preclude the Corporation's and the shareholders' rights of refusal under this
Agreement.
9. The certificates for shares
subject hereto shall be surrendered to the Corporation and endorsed as follows:
"The shares represented by this
certificate are subject to and are transferable only on compliance with a
Shareholders Agreement dated the ____ day of ________________, among
shareholders, a copy of which is on file in the office of the Secretary of the
Corporation."
10. Whenever under this Agreement
notice is required to be given, it shall be given in writing served in person
or by registered mail, return receipt requested, and it shall be deemed to have
been given upon personal delivery or on the date notice is posted.
11. This Agreement embodies the
entire representations, Agreements and conditions in relation to the subject
matter hereof and no representations, understandings or Agreements, oral or
otherwise, in relation thereto exist between the parties except as herein
expressly set forth. The Agreement may not be amended or terminated orally but
only as expressly provided herein or by an instrument in writing duly executed
by the parties hereto.
12. This Agreement and the various
rights and obligations arising hereunder shall inure only to the benefit of and
be binding upon the parties hereto and their respective heirs, successors and assigns.
13. The invalidity or
unenforceability of any term or provision of this Agreement or
the non-application of such term or
provision to any person or circumstance shall not impair or affect the
remainder of this Agreement, and its application to other persons and
circumstances and the remaining terms and provisions hereof shall not be
invalidated but shall remain in full force and effect.Â
14. Whenever in this Agreement any
pronoun is used in reference to any shareholder, purchaser or other person or
entity, natural or otherwise, the singular shall include the plural, and the
masculine shall include the feminine or the neuter, as required by context.Â
15. This Agreement shall be governed
by and construed in accordance with the laws of the State of _________________.
IN WITNESS WHEREOF, the parties
hereto have executed this Agreement the date and place first above mentioned.
____________________________________
(Name of Corporation
By:Â Â Â _______________________________
____________________________________
President
____________________________________
(SEAL)
____________________________________
Shareholder
____________________________________
(SEAL)
____________________________________
Shareholder
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These forms are provided to assist business owners and others in understanding important
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that no legal advice, accounting, or other professional service is being offered
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