Put option agreement

The following Corporate precedent provides comprehensive and up to date legal information covering:

  • Put option agreement
  • background:
  • 1 Definitions
  • 2 Option
  • 3 Option period
  • 4 Exercise of Put Option
  • 5 Purchase Price
  • 6 Completion
  • 7 Reorganisation
  • 8 Duration of obligations
  • More...

Put option agreement

This Agreement is made [as a deed] on [insert date]

Parties

  1. 1

    [insert name of buyer] [incorporated and registered in [insert place of incorporation] under number [insert company number] whose registered office is at [insert address] OR of [insert address]] (the Buyer); and

  1. 2

    [insert name of seller] [incorporated and registered in [insert place of incorporation ] under number [insert company number] whose registered office is at [insert address] OR of [insert address]] (the Seller).

background:

    1. (A)

      The Seller has full legal and beneficial ownership of the Put Option Shares.

    1. (B)

      The Seller and Buyer have agreed to enter into a put option on the terms, conditions and provisions of this agreement.

    1. (C)

      [The parties intend to execute this agreement as a deed.]

It is agreed as follows:

    1. 1

      Definitions

      1. 1.1

        In this agreement the following expressions shall have the following meanings:

        Articles

        1. means the articles of association of the Company from time to time;

        Auditors

        1. means the auditors of the Company from time to time;

        Business Day

        1. means a day on which clearing banks generally are open for business in the City of London;

        [Change of Control

        1. means in relation to a Shareholder:

          1. (a)

            a Person acquiring Control of that Shareholder where no Person previously has that Control; or

          2. (b)

            the Controller of that Shareholder ceasing to have Control of that Shareholder; or

          3. (c)

            a Person acquiring Control of the Controller of that Shareholder; or

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