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Family Business Shareholders Agreement

Family Business Shareholders Agreement Template for New Zealand

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Key Requirements PROMPT example:

Family Business Shareholders Agreement

"I need a Family Business Shareholders Agreement for our third-generation manufacturing business with 5 family shareholders and 2 non-family minority shareholders, focusing heavily on succession planning as our CEO plans to retire in March 2025."

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Document background
The Family Business Shareholders Agreement is a crucial document for family-owned enterprises operating under New Zealand law. It is typically implemented when establishing a family business structure, during succession planning, or when formalizing existing family business arrangements. The agreement covers essential aspects such as share ownership, transfer restrictions, management rights, dividend policies, and dispute resolution mechanisms. It is designed to protect both the business interests and family relationships, incorporating provisions for succession planning and next-generation involvement. The document ensures compliance with New Zealand corporate law while addressing the unique challenges of family business governance, including the balance between family and business interests, professional management integration, and long-term sustainability. It serves as a foundational document that helps prevent potential conflicts and provides clear guidelines for business operation and family member participation.
Suggested Sections

1. Parties: Identification of all shareholders, the company, and any other relevant parties

2. Background: Context of the family business, history, and purpose of the agreement

3. Definitions and Interpretation: Key terms used throughout the agreement and rules for interpretation

4. Company Management: Board composition, appointment rights, and management structure

5. Shareholders' Rights and Obligations: Core rights, voting requirements, and obligations of shareholders

6. Share Capital and Funding: Share structure, classes, and future funding obligations

7. Transfer of Shares: Rules and restrictions on share transfers, including pre-emptive rights

8. Family Succession Planning: Guidelines for generational transfer of ownership and management

9. Decision Making: Required majorities for different types of decisions and reserved matters

10. Dividend Policy: Framework for profit distribution and dividend declarations

11. Dispute Resolution: Procedures for resolving conflicts between family members/shareholders

12. Exit Mechanisms: Procedures for shareholder exit, including valuation methods

13. Confidentiality: Protection of company and family confidential information

14. General Provisions: Standard boilerplate clauses including governing law and notices

Optional Sections

1. Family Council: Structure and role of a family council for larger family businesses

2. Employment of Family Members: Rules and policies for family member employment in the business

3. Family Constitution Integration: Integration with separate family constitution if one exists

4. Intellectual Property Rights: Special provisions for family-owned IP and usage rights

5. Family Trust Provisions: Special provisions when family trusts are shareholders

6. Non-Family Shareholders: Special provisions for non-family minority shareholders

7. Business Ethics and Values: Statement of family business values and ethical principles

8. Related Party Transactions: Rules for handling business dealings between family members

9. Emergency Succession: Procedures for unexpected death or incapacity of key family members

Suggested Schedules

1. Schedule 1: Details of Shareholders: Current shareholders, shareholdings, and share classes

2. Schedule 2: Company Information: Key company details, structure, and subsidiaries

3. Schedule 3: Reserved Matters: List of decisions requiring special majority or unanimous approval

4. Schedule 4: Share Valuation Methods: Detailed methodology for share valuation

5. Schedule 5: Tag and Drag Rights: Detailed procedures for tag-along and drag-along rights

6. Schedule 6: Family Employment Policy: Detailed policies for family member employment

7. Schedule 7: Deed of Adherence: Template for new shareholders joining the agreement

8. Schedule 8: Business Plan: Current business plan and strategy

9. Appendix A: Family Tree: Current family structure showing relationships between shareholders

10. Appendix B: Company Constitution: Copy of the current company constitution

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions












































Clauses










































Relevant Industries

Retail

Manufacturing

Agriculture

Hospitality

Professional Services

Construction

Real Estate

Food and Beverage

Wholesale Trade

Transport and Logistics

Family Office Services

Relevant Teams

Legal

Corporate Governance

Board of Directors

Family Office

Executive Management

Company Secretariat

Compliance

Strategy

Finance

Business Development

Relevant Roles

Chief Executive Officer

Managing Director

Family Office Manager

Corporate Lawyer

Company Secretary

Board Director

Family Council Chair

Chief Financial Officer

Succession Planning Advisor

Governance Consultant

Family Business Advisor

Trustee

General Counsel

Business Development Director

Family Relationship Officer

Industries







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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