Shareholder Release Agreement Template for New Zealand

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Key Requirements PROMPT example:

Shareholder Release Agreement

"I need a Shareholder Release Agreement for my exit from a tech startup, where I'll be transferring 15% shareholding back to the company by March 2025 in exchange for an agreed sum, with specific provisions for maintaining confidentiality about company IP."

Document background

The Shareholder Release Agreement is a specialized legal instrument used in New Zealand corporate practice when a shareholder wishes to completely disengage from a company or resolve disputes through a formal release of rights and claims. This document becomes necessary in various scenarios, including shareholder disputes, corporate restructuring, company acquisitions, or voluntary exit arrangements. The agreement must comply with New Zealand's Companies Act 1993, Contract and Commercial Law Act 2017, and other relevant legislation. It typically includes detailed provisions about the scope of release, consideration, warranties, and ongoing obligations. The document is particularly important in privately held companies where shareholder relationships need careful management and formal documentation. A well-drafted Shareholder Release Agreement helps prevent future disputes by clearly defining the terms of separation and ensuring all parties understand their rights and obligations under New Zealand law.

Suggested Sections

1. Parties: Identifies all parties to the agreement, including the releasing shareholder(s), the company, and any other relevant parties

2. Background: Sets out the context of the agreement, including current shareholding status and reasons for the release

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules

4. Release and Discharge: Core section detailing the scope and terms of the release, including what claims or rights are being released

5. Consideration: Specifies what the releasing shareholder will receive in exchange for the release

6. Warranties and Representations: Statements of fact and promises made by each party regarding their capacity and authority to enter into the agreement

7. Confidentiality: Obligations regarding the confidentiality of the agreement and any related information

8. Further Assurance: Commitment to execute additional documents or take further actions if necessary

9. Governing Law and Jurisdiction: Specifies New Zealand law as governing law and sets jurisdiction for disputes

10. Execution: Formal signing section including execution blocks for all parties

Optional Sections

1. Non-Disparagement: Include when parties wish to prevent negative statements about each other after the release

2. Return of Company Property: Include when the releasing shareholder has possession of company assets or confidential information

3. Continuing Obligations: Include when certain obligations from previous agreements should survive the release

4. Tax Indemnity: Include when there are significant tax implications that need to be addressed

5. Dispute Resolution: Include when parties want to specify alternative dispute resolution methods before litigation

6. Shareholder Rights Termination: Include when specific shareholder rights need to be explicitly terminated

7. Non-Competition: Include when there are concerns about competitive activities post-release

Suggested Schedules

1. Schedule 1 - Share Details: Details of shares held by the releasing shareholder, including share classes and numbers

2. Schedule 2 - Release Payment Details: Specification of any financial consideration, including payment terms and methods

3. Schedule 3 - Released Claims: Detailed list of specific claims or rights being released

4. Schedule 4 - Retained Rights: List of any rights or claims specifically retained by the releasing shareholder

5. Appendix A - Related Agreements: Copies or references to related agreements affected by the release

6. Appendix B - Company Resolution: Copy of company resolution approving the release agreement if required

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

alex.den.21@genieai.co

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