The Shareholder Release Agreement is commonly used when a shareholder exits a company, whether through sale, retirement, or other circumstances. This document, governed by U.S. federal and state laws, provides a comprehensive release of rights and potential claims between the parties. It typically includes details about the shares being released, any consideration being provided, and specific terms regarding the release of future claims. The agreement is crucial for maintaining clear corporate records and preventing future disputes, particularly in situations involving closely-held corporations or during corporate restructuring.
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1. Parties: Identification of the releasing shareholder(s) and the company/other shareholders
2. Background: Context of the shareholding and reasons for the release
3. Definitions: Key terms used throughout the agreement
4. Release Provisions: Specific terms of the release, including scope and effectiveness
5. Consideration: Details of any payment or other consideration for the release
6. Representations and Warranties: Statements of fact by both parties regarding their capacity, authority, and ownership
7. Governing Law: Jurisdiction and applicable law governing the agreement
1. Confidentiality: Non-disclosure provisions for sensitive information and terms of the agreement
2. Non-Competition: Restrictions on future competitive activities by the releasing shareholder
3. Tax Indemnity: Provisions for protection against tax liabilities arising from the release
4. Dispute Resolution: Procedures for resolving any disputes related to the agreement
1. Schedule A - Share Certificate Details: Detailed information about the shares being released, including certificate numbers and quantities
2. Schedule B - Payment Schedule: Timeline and terms of consideration payments, if applicable
3. Schedule C - Board Resolution: Copy of the board resolution approving the release agreement
4. Schedule D - Shareholder Resolutions: Copies of any required shareholder resolutions authorizing the release
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