Sample Buy-Sell Agreement Template

ADVERTISEMENT

Sample Buy-Sell Agreement
Section 1: Introduction
The legal existence of the company shall not terminate upon the addition of a new owner
or the transfer of an owner's interest under this agreement, or the death, withdrawal,
bankruptcy, or expulsion of an owner.
Section 2: Limiting the Transfer of Ownership Interests
Right of First Refusal
(a)
No owner ("transferring owner") shall have the right to sell, transfer, or dispose of
any or all of an ownership interest, for consideration or otherwise, unless he or she
delivers to the company written Notice of Intent to Transfer the interest stating the
name and the address of the proposed transferee and the terms and conditions of the
proposed transfer. Delivery of this notice shall be deemed an offer by the
transferring owner to sell to the company and the continuing owners the interest
proposed to be transferred.
If the proposed transfer is a sale of the owner's interest, these terms shall include
the price to be paid for the interest by the proposed transferee, and a copy of the
offer to purchase the interest on these terms, dated and signed by the proposed
transferee, shall be attached to the notice.
(b)
The company and the non-transferring owners then have an option, but not an
obligation (unless otherwise stated in this agreement), to purchase the interest
proposed for transfer, and may do so within sixty (60) days after the date on which
the company receives notice or becomes aware of the event triggering the Option to
Purchase.
If the company and the non-transferring owners do not elect to purchase all of
the interest stated in the notice, the transferring owner may then transfer his or her
interest to the proposed transferee stated in the notice within sixty (60) days after
the non-transferring owners' purchase option ends.
Sample Buy-Sell Agreement

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Business