Noncompetition. Even in corporations that have only a small number of shareholders, a Shareholder Agreement should be created. The Parties will do all acts and things and execute all documents that are reasonably necessary or advantageous to enforce this Agreement according to its tenor and intent and each Party will bear that Party's own expenses in connection with the same. Each Shareholder agrees that while a Shareholder, director, officer or employee of the Corporation and for a period of 6 months after ceasing to be a Shareholder, director, officer or employee of the Corporation, the Shareholder will not in any way, directly or indirectly, induce any Shareholder, director, officer or employee of the Corporation to leave their position with the Corporation or to compete in any way with the Corporation and will not interfere with the Corporation's relationship with its other Shareholders, directors, officers or employees. Moreover, since this agreement is a private document, you don’t have to place it along with the company’s files. 5.1. If the Corporation's registered address changes, the Corporation may, on written notice to all Shareholders, change its address for notice under this Agreement. The mediator or arbitrator will determine the liability among the parties to the dispute for the cost of the dispute resolution process and for the payment of the mediator or arbitrator. Apply a document theme that matches your company brand. Track opens, views, and time spent on each page. Procedures for dissolution. The proceeds from any such life insurance will be used for the sole purpose of purchasing a deceased Shareholder's Shares. TemplateLab is not a law firm or a substitute for an attorney or law firm. 10.6. IN WITNESS WHEREOF the Parties have executed this Agreement on this ________ day of ________________, ________. create a safe relationship among the shareholders. In the event of mandatory or voluntary buy-sell under this Section, the non-departing or surviving Shareholder shall have the right of first refusal to purchase all shares that would otherwise be repurchased by the Corporation at the purchase price set forth above. Words in the singular mean and include the plural and vice versa. PandaTip: Modify according to the number of shareholders; sometimes there are only two. Subject to any retained earnings and to the statutory requirements related to corporate distributions, the net income of the Corporation may be distributed quarterly to the Shareholders in proportion to the number of shares of the Corporation owned by them. If the dispute is not resolved within a reasonable period, then any or all outstanding issues may be submitted to mediation in accordance with any statutory rules of mediation. LawDepot® is not a law firm and cannot provide legal advice. Each Shareholder acknowledges that the customer lists, trade secrets, processes, methods, and technical information of the Corporation and any other matters designated by the President or by the written consent of all Shareholders are valuable assets. Disclaimer. Determination of Net Income and Loss. The Shares remaining after Offer Two may be offered to any person or entity (the "Third Party Offer") for a period of 180 days from the date on which Offer Two was made for not less than the price specified in Offer Two and on terms not more favorable than those in Offer One. The Shareholders will share the cost of valuating the Shares, and each Shareholder will pay an equal amount of the cost of valuation. We provide information and software, and you are responsible for appropriately using this material. Typically, Shareholder Agreements are completed on incorporation or when a company is registered, where all parties are fully committed. Dividends will be distributed annually. The Valuation Notice will specify the reason for the valuation and will name three (3) firms or persons that specialize in and have substantial experience in business valuation that are at arm's-length from all Parties (the "Potential Valuators"). If no Shareholder objects by written notice to the proposed mediator or arbitrator within 15 Business Days of receiving the Notice of Dispute, the proposed mediator or arbitrator will be presumed acceptable. Board of Directors. Consider seeking our expert help while drafting a shareholder agreement samples. The Shareholders listed above own the number of shares of common stock, and approximate percentage of company ownership, as listed below: Name                         Number of Shares                 Percentage of Ownership, [SHAREHOLDER 1]                    [SHARES 1]           [PERCENT 1], [SHAREHOLDER 2]                    [SHARES 2]           [PERCENT 2], [SHAREHOLDER 3]                    [SHARES 3]           [PERCENT 3], [SHAREHOLDER 4]                    [SHARES 4]           [PERCENT 4].

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