Cross Option Agreement (Private Limited Company)
Publisher one
Genie AIJurisdiction
England and WalesCost
Free to useContract party
Relevant sectors
Type of legal document
🍰 Cross options agreementBusiness activity
Grant options to shareholdersA cross options agreement is a contract that outlines the terms and conditions of an options trading strategy involving the simultaneous purchase of options on two different underlying assets. The agreement typically covers the cost of the options, the expiration date, and the strike price.
The purpose of this agreement is to enable the surviving shareholders to have a fair opportunity to acquire the shares of a deceased or seriously ill shareholder, while also ensuring that the family or estate of the affected shareholder is adequately compensated.
This legally binding document sets out the terms and conditions under which the surviving shareholders or the company itself will have the option to buy or sell the shares in such circumstances. It typically includes provisions for notification of the event triggering the agreement, valuation of the shares, the process for exercising the options, and the funding mechanisms for the purchase.
By entering into this agreement, shareholders can protect their investment by ensuring that the ownership of the company remains within a select group of individuals who understand its operations and goals. It provides a practical and efficient solution to address the potential disruption that may arise due to the unexpected departure of a shareholder.
It is important to note that this template is specifically tailored for private limited companies operating under UK law, and accordingly, it may not be suitable for other jurisdictions or types of companies. Moreover, the template should be customized to reflect the specific circumstances and requirements of the company and its shareholders.
Individuals seeking to establish a clear process for the transfer of shares in the event of death or serious illness within a private limited company in the UK can utilize this legal template as a starting point to ensure their business interests are protected and the ownership transition is conducted according to agreed upon terms.
How it works
Try using Genie's Free AI Legal Assistant
Generate quality, formatted contracts with AI
Can’t find the right template? Create the bespoke agreement in minutes by conversing with our AI and tailoring to your needs
Let our Legal AI make edits for you
Ask Genie to edit your document in the same way you’d ask a paralegal. Genie makes track changes, and explains its thinking just like a junior lawyer would.
AI review
Can’t find the right template? Create the bespoke agreement in minutes by conversing with our AI and tailoring to your needs
Book your personalised demo now
Similar legal templates
Software Licence Contract (Pro-Supplier)
Publisher
Genie AIJurisdiction
England and WalesSolution Engineer Contract
This Solution Engineer contract template is designed for a commercial solutions engineering organisation (or an individual solution engineer) to use when contracting out their skills and services in exchange for payment. This contract sets out the type of solutions engineering and solutions-engineering-related services to be completed by the solution engineer on behalf of the client, with consideration for expectations around quality and delivery timescales, as well as any mitigating circumstances. This contract allows for payment to be made by the client to the solutions engineering firm or individual solution engineer on a weekly or monthly basis but can easily be edited to account for other payment schedules and could be altered to include bonuses conditional on performance. It can also be fully customised with the details of the two parties and the duration of the contract and can be printed, downloaded and edited freely as part of our mission to open source business legals. This is a template for contractors who fit outside of the UK's off-payroll working rules (IR35).
Publisher
Genie AIJurisdiction
England and WalesStandard Borrower Board Meeting Minutes To Approve Completing An Acquisition Finance Transaction (Bilateral)
An acquisition finance transaction refers to the process of obtaining funding to acquire another company or assets in pursuit of growth or strategic objectives. This template aims to document the crucial board meeting where the borrower's directors gather to deliberate and ultimately authorize the completion of such a transaction.
The meeting minutes record the discussions, resolutions, and decisions made during the board meeting. These minutes serve as an official record that provides legal certainty and transparency regarding the board's actions and compliance with relevant corporate governance requirements under UK law.
The template likely includes sections to capture essential information such as the meeting's date, time, and location, as well as a list of directors present or in attendance. It may also outline the agenda items for discussion, which could encompass topics such as the terms and conditions of the proposed acquisition finance transaction, its potential impact on the borrower's financials, and any associated risks.
The minutes would further detail pertinent deliberations, questions, and answers raised by directors and the subsequent resolutions passed. These resolutions ultimately determine whether the borrower proceeds with, modifies, or rejects the acquisition finance transaction, reflecting the board's official mandate.
The template's purpose is to provide a standardized format for documenting the borrower's board meetings, ensuring consistent record-keeping practices and compliance with legal norms. It may help streamline the administrative process involved in obtaining necessary approvals, while also serving as a valuable reference for internal and external stakeholders, auditors, or legal counsel.
As this template is tailored for use under UK law, it is likely designed to align with the legal requirements and corporate governance guidelines prescribed by UK legislation, such as the Companies Act 2006. Users of this template would need to modify and adapt it to accurately reflect the specific details and circumstances of their acquisition finance transaction and align with their organization's internal policies and procedures.
