A Cross Option Agreement (Private Limited Company) is a legal template designed for use in the United Kingdom to regulate the ownership and transfer of shares in a private limited company. This agreement provides a mechanism to protect the interests of shareholders in the event of the death or serious illness of one of the shareholders.

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

Create doc / use template

Chat to our AI Legal Assistant

Edit, collaborate & share

Export to .docx

PRODUCT HUNT
#1 Product of the Day

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

See Genie AI in action

Book your personalised demo now

Schedule a live, interactive demo with a Genie expert
Understand the most valuable features of Genie based on your workflow
Find out exactly how your business will benefit, from hours saved to faster revenue



Click here to book your personalised demo now.

Thank you for requesting a demo. You can book one immediately using the following link if you'd like to: https://bit.ly/GenieAIDemo

If you'd like to, you can now fill in our ROI calculator - you'll get instant results, which we'll use to make your demo even more specific.

Calculate now
Oops! Something went wrong while submitting the form.

Similar legal templates

Tax Covenant

The Tax Covenant under UK Law legal template is a comprehensive document that outlines the terms and conditions agreed upon between two parties (typically a buyer and a seller) regarding various tax-related matters. This legally binding agreement primarily aims to mitigate potential tax risks and uncertainties associated with a particular transaction or business arrangement and ensure the parties' compliance with the UK tax law.

This template typically covers essential aspects, such as identifying the specific taxes applicable to the transaction, addressing potential tax liabilities, apportioning tax obligations between the parties, and setting out the mechanisms for handling any tax-related disputes or discrepancies. It may also detail the responsibilities and obligations of both parties concerning tax compliance, reporting, and disclosure requirements.

In addition, the Tax Covenant template may outline specific warranties, representations, and indemnification provisions related to tax matters. These provisions serve to protect the interests of both parties, ensuring that neither party intentionally misrepresents their tax position to the other and that the appropriate party compensates for any tax-related losses, costs, or penalties incurred.

Furthermore, this legal template may include provisions related to the potential disclosure of tax-related information and the confidentiality of such information. The document may also specify any restrictions on the party's ability to make tax planning decisions or take specific actions that could affect their tax position during the term of the agreement.

Overall, the Tax Covenant under UK Law legal template acts as a safeguard for both parties involved in a transaction, ensuring clarity and transparency regarding tax obligations and liabilities. It provides a structured framework to address potential tax issues, minimize uncertainties, and foster compliance with the UK tax legislation, thereby promoting a smooth and legally sound business transaction.
Read More

Publisher

Genie AI

Jurisdiction

England and Wales
TEMPLATE
USED BY
5
RATINGS
1
DISCUSSIONS
1

System Administrator Contract

This System Administrator contract template is designed for a commercial system administration organisation (or an individual system administrator) to use when contracting out their skills and services in exchange for payment. This contract sets out the type of system administration and system-administration-related services to be completed by the system administrator 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 system administration firm or individual system administrator 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).

Read More

Publisher

Genie AI

Jurisdiction

England and Wales
TEMPLATE
USED BY
5
RATINGS
1
DISCUSSIONS
0

Tenancy at Will

The legal template about "Tenancy at Will under UK law" is a document that provides a framework for establishing a tenancy arrangement between a landlord and a tenant in the United Kingdom, under the specific legal category of "Tenancy at Will."

A tenancy at will is an informal and flexible agreement where both parties agree to the tenancy on a temporary and revocable basis. This means that either the landlord or the tenant can terminate the tenancy at any time without the need for a formal notice or legal process, as long as they provide reasonable notice to the other party.

The template would typically cover essential aspects such as the duration of the tenancy, rent payment arrangements, deposit requirements, rights and responsibilities of the tenant and landlord, maintenance obligations, and any additional terms agreed upon by both parties. It is essential to ensure that the document complies with the relevant laws and regulations in the UK regarding tenancy agreements.

By using this legal template, both parties can establish a transparent and mutually agreed upon tenancy arrangement without the complexities and long-term commitments associated with more formal lease agreements. It provides flexibility for short-term housing or situations where the parties are not willing to engage in long-term commitments, providing a practical solution for both landlords and tenants.
Read More

Publisher

Genie AI

Jurisdiction

England and Wales
TEMPLATE
USED BY
2
RATINGS
0
DISCUSSIONS
2