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Share Surrender Agreement

Share Surrender Agreement Template for Nigeria

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Key Requirements PROMPT example:

Share Surrender Agreement

"I need a Share Surrender Agreement for our departing CTO who will surrender 5,000 ordinary shares back to our Nigerian tech company on March 15, 2025, as part of their exit arrangement from our employee share scheme."

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Document background
The Share Surrender Agreement is a crucial document used in Nigerian corporate transactions when a shareholder voluntarily returns their shares to the company. This typically occurs in scenarios such as corporate restructuring, employee share scheme terminations, share capital reduction, or resolution of shareholder disputes. The agreement must comply with the Companies and Allied Matters Act (CAMA) 2020 and other relevant Nigerian legislation, including securities laws if applicable. It contains essential provisions regarding the surrender process, any consideration involved, and necessary corporate approvals. The document is particularly important for maintaining proper corporate records and ensuring the legal validity of the share surrender transaction.
Suggested Sections

1. Parties: Identification of the surrendering shareholder(s) and the company receiving the surrendered shares

2. Background: Context of the share surrender, including company details and reason for surrender

3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement

4. Share Details: Specific details of shares being surrendered, including class, number, and nominal value

5. Surrender Terms: Core terms of the surrender, including timing and mechanism of surrender

6. Consideration: Details of any consideration (if applicable) or confirmation that shares are being surrendered without consideration

7. Completion: Actions to be taken on completion, including delivery of share certificates and updating of registers

8. Representations and Warranties: Standard warranties regarding ownership, authority to surrender, and absence of encumbrances

9. Tax Matters: Allocation of responsibility for any tax liabilities arising from the surrender

10. Confidentiality: Obligations regarding confidentiality of the transaction

11. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

12. Execution: Signature blocks and execution formalities

Optional Sections

1. Regulatory Compliance: Required for public companies or when specific regulatory approvals are needed

2. Third Party Rights: Include when there are other shareholders with pre-emptive or other rights that need to be addressed

3. Share Rights: Needed when surrendering shares have special rights or restrictions that need to be documented

4. Director Approval: Include when specific board approval mechanisms need to be documented

5. Corporate Guarantees: Required when parent company or other corporate guarantees are involved

6. Future Rights: Include when addressing any future rights of the surrendering shareholder

7. Costs: Include when there's a specific agreement about transaction costs

Suggested Schedules

1. Share Certificate Details: Copy or details of share certificates being surrendered

2. Board Resolution: Copy of board resolution approving the share surrender

3. Shareholder Resolution: If required, copy of shareholder resolution approving the surrender

4. Regulatory Approvals: Copies of any required regulatory approvals or confirmations

5. Power of Attorney: If applicable, power of attorney authorizing the surrender

6. Share Register Extract: Current extract of the company's share register showing the relevant shareholding

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Financial Services

Banking

Insurance

Manufacturing

Technology

Oil and Gas

Professional Services

Real Estate

Telecommunications

Retail

Healthcare

Mining

Relevant Teams

Legal

Corporate Secretariat

Finance

Compliance

Corporate Affairs

Risk Management

Investment

Board Secretariat

Regulatory Affairs

Relevant Roles

Chief Executive Officer

Company Secretary

Legal Counsel

Corporate Lawyer

Compliance Officer

Chief Financial Officer

Finance Director

Corporate Governance Officer

Board Director

Share Registrar

Legal Director

Corporate Affairs Manager

Investment Manager

Risk Manager

Industries
Companies and Allied Matters Act (CAMA) 2020: The primary legislation governing company operations in Nigeria, including share capital, transfer of shares, and corporate documentation requirements
Investment and Securities Act 2007: Regulates the securities market in Nigeria and provides framework for share transactions, particularly relevant if the company is publicly listed
Companies Income Tax Act: Governs the taxation aspects of corporate transactions, including potential tax implications of share surrender
Stamp Duties Act: Requires certain documents, including share transfer instruments, to be properly stamped to be admissible as evidence
SEC Rules and Regulations: Relevant if the company is publicly listed, governing disclosure requirements and regulatory compliance for share transactions
Money Laundering (Prevention and Prohibition) Act 2022: Provides anti-money laundering requirements that may apply to share transactions, especially for due diligence purposes
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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