Cross Purchase Agreement Template for Denmark

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Cross Purchase Agreement

Document background

A Cross Purchase Agreement is essential for Danish businesses seeking to maintain control over ownership succession and transfer of shares. This document is particularly relevant for closely-held companies and family businesses operating under Danish jurisdiction, where maintaining continuity and controlling ownership transitions is crucial. The agreement specifies trigger events (such as death, disability, or retirement) that activate share purchase obligations, details valuation methodologies compliant with Danish accounting standards, and outlines funding mechanisms including insurance policies. It ensures compliance with Danish corporate law while providing a clear framework for ownership transitions, protecting both departing shareholders and continuing owners. The agreement typically includes provisions for payment terms, transfer procedures, and may incorporate life insurance or other funding mechanisms to ensure financial feasibility of share purchases.

Suggested Sections

1. Parties: Identification of all current shareholders/business owners entering into the agreement

2. Background: Context of the agreement, including current ownership structure and purpose of the cross purchase arrangement

3. Definitions: Key terms used throughout the agreement, including technical and financial terms

4. Purchase Obligation: Core obligation of surviving/remaining owners to purchase shares upon trigger events

5. Trigger Events: Specific events that activate the purchase obligation (death, disability, retirement, voluntary departure)

6. Valuation Method: Agreed methodology for determining the purchase price of shares

7. Payment Terms: Structure and timing of payments, including any installment arrangements

8. Funding Mechanism: Sources of funding for share purchases, including insurance policies if applicable

9. Transfer Procedure: Step-by-step process for executing the share transfer

10. Representations and Warranties: Standard declarations by all parties regarding their capacity and authority

11. Confidentiality: Provisions protecting sensitive business information

12. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction

13. General Provisions: Standard boilerplate clauses including notices, amendments, and severability

Optional Sections

1. Tag-Along Rights: Include when protecting minority shareholders' rights to join in sales is desired

2. Drag-Along Rights: Include when majority shareholders need the right to force minority participation in sales

3. Right of First Refusal: Include when parties want additional protection against external sales

4. Dispute Resolution: Include detailed arbitration or mediation procedures if preferred over court proceedings

5. Life Insurance Provisions: Include when life insurance will be used to fund purchases

6. Disability Insurance Provisions: Include when disability insurance will be used to fund purchases

7. Competition Restrictions: Include when non-compete provisions are needed for departing shareholders

8. Third Party Rights: Include when rights need to be extended to or restricted from non-parties

Suggested Schedules

1. Current Shareholding Structure: Details of current share ownership and classes of shares

2. Valuation Formula: Detailed calculation method and examples for share valuation

3. Insurance Policies: Details of life, disability, or other insurance policies funding the agreement

4. Share Certificate Form: Template for share certificates to be issued

5. Transfer Notice Form: Standard form for initiating share transfers

6. Company Information: Key company details, registration numbers, and corporate structure

7. Deed of Adherence: Template for new shareholders to join the agreement

8. Payment Schedule Template: Standard format for installment payment arrangements

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