The Shareholders Agreement For Private Limited Company is a fundamental document used in Nigerian business operations to establish a clear framework for shareholder relationships and corporate governance. This agreement becomes essential when incorporating a new company or when new shareholders join an existing private limited company in Nigeria. It must comply with the Companies and Allied Matters Act (CAMA) 2020 and other relevant Nigerian legislation, including the Investment and Securities Act and the Nigerian Investment Promotion Commission Act for foreign investments. The document typically includes provisions for share transfers, voting rights, dividend policies, management structure, dispute resolution, and exit mechanisms. It serves as a crucial tool for preventing and resolving conflicts between shareholders while protecting both majority and minority interests in accordance with Nigerian corporate law.
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1. Parties: Identifies all shareholders and the company as parties to the agreement
2. Background: Sets out the context of the agreement, including company details and purpose
3. Definitions and Interpretation: Defines key terms and establishes interpretation rules for the agreement
4. Share Capital and Shareholding: Details the company's share capital structure and current shareholding
5. Shareholders' Rights and Obligations: Outlines basic rights and duties of shareholders
6. Management and Decision Making: Establishes governance structure and decision-making processes
7. Transfer of Shares: Sets out rules and restrictions for share transfers
8. Pre-emption Rights: Details shareholders' rights of first refusal on share transfers
9. Tag-Along and Drag-Along Rights: Mechanisms for minority protection and majority exit rights
10. Dividend Policy: Establishes principles for dividend declarations and payments
11. Information Rights: Specifies shareholders' rights to company information and records
12. Deadlock Resolution: Procedures for resolving fundamental disagreements
13. Confidentiality: Obligations regarding company and shareholder confidential information
14. Term and Termination: Duration of agreement and circumstances for termination
15. General Provisions: Standard boilerplate clauses including notices, amendments, governing law
1. Anti-dilution Protection: Used when there are investors requiring protection against future dilution of their shareholding
2. Vesting Provisions: Included when shares are subject to vesting schedules, typically for founder or employee shareholders
3. Put and Call Options: When specific shareholders have rights to force purchase or sale of shares
4. Non-compete and Non-solicitation: Used when shareholders need to be restricted from competing activities
5. Intellectual Property Rights: Important when the company's IP is significant and needs specific protection
6. Employee Share Scheme: When the company has or plans to implement employee share ownership plans
7. Foreign Investment Provisions: Required when there are foreign shareholders to ensure compliance with NIPC Act
8. Reserved Matters: When certain decisions require special majority or unanimous approval
1. Schedule 1: Details of the Company: Company registration details, registered office, directors, and share capital structure
2. Schedule 2: Initial Shareholders: List of all shareholders with their shareholding details and contact information
3. Schedule 3: Deed of Adherence: Template for new shareholders to agree to be bound by the agreement
4. Schedule 4: Reserved Matters: Detailed list of decisions requiring special approval
5. Schedule 5: Business Plan: Initial business plan and strategy of the company
6. Schedule 6: Tag and Drag Procedures: Detailed procedures for implementing tag-along and drag-along rights
7. Schedule 7: Valuation Methods: Agreed methods for share valuation in various circumstances
8. Schedule 8: Company Policies: Key corporate policies referenced in the agreement
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