The Cross Purchase Buy Sell Agreement is a crucial document for Malaysian companies with multiple shareholders who want to maintain control over ownership succession and ensure business continuity. This agreement is particularly relevant when shareholders want to prevent shares from being transferred to unwanted third parties or when they need to establish a clear exit mechanism. The document, compliant with Malaysian legislation including the Companies Act 2016, typically includes provisions for share valuation, payment terms, and funding mechanisms (often through life insurance). It's commonly used in private companies, family businesses, and professional practices where maintaining control over ownership is critical. The agreement helps prevent potential disputes by establishing clear procedures for share transfers and provides certainty for business succession planning.
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1. Parties: Identification of all shareholders entering into the agreement
2. Background: Context of the agreement, including company details and current shareholding structure
3. Definitions: Key terms used throughout the agreement including triggering events, fair market value, and other critical concepts
4. Purchase Obligation: Core obligations of surviving shareholders to purchase shares upon triggering events
5. Triggering Events: Detailed description of events that activate the buy-sell provisions (death, disability, retirement, etc.)
6. Purchase Price: Methodology for determining the share price and valuation mechanisms
7. Payment Terms: Structure and timing of payments for purchased shares
8. Funding Mechanism: Details of how the purchase will be funded (typically life insurance)
9. Transfer Restrictions: Limitations on share transfers outside of this agreement
10. Notice Requirements: Procedures for notifying parties of triggering events and purchase obligations
11. Confidentiality: Provisions regarding confidential information
12. Governing Law: Specification of Malaysian law as governing law
13. Dispute Resolution: Procedures for resolving disputes between parties
1. Tag-Along Rights: Optional provision allowing minority shareholders to join in sale of shares under certain conditions
2. Drag-Along Rights: Optional provision allowing majority shareholders to force minority shareholders to join in sale
3. Right of First Refusal: Optional provision giving existing shareholders first right to purchase shares before third-party sales
4. Insurance Requirements: Detailed section on insurance obligations if funding through life insurance
5. Non-Competition: Restrictions on competing business activities after share sale
6. Family Member Provisions: Special provisions for family-owned businesses regarding inheritance and family transfers
1. Schedule 1 - Current Shareholding: Details of current shareholders and their shareholding percentages
2. Schedule 2 - Valuation Formula: Detailed methodology for calculating share value
3. Schedule 3 - Insurance Policies: List of insurance policies and their details if applicable
4. Schedule 4 - Company Information: Key company details including registration number, registered address
5. Appendix A - Share Transfer Form: Template for share transfer documentation
6. Appendix B - Notice Forms: Ƶ for various notices required under the agreement
Relevant legal definitions
Clauses
Relevant Industries
Professional Services
Manufacturing
Technology
Family Businesses
Retail
Healthcare
Construction
Real Estate
Financial Services
Agriculture
Food & Beverage
Consulting
Relevant Teams
Legal
Corporate Secretarial
Finance
Risk Management
Compliance
Executive Leadership
Board of Directors
Relevant Roles
CEO
Managing Director
Company Secretary
Chief Financial Officer
Legal Counsel
Business Owner
Partner
Shareholder
Director
Corporate Lawyer
Financial Controller
Risk Manager
Board Member
Company Founder
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