The LLC Shareholder Agreement is a fundamental document for any Nigerian Limited Liability Company with multiple shareholders. It becomes particularly crucial when establishing new business relationships, bringing in investors, or formalizing existing shareholder arrangements. This agreement, governed by Nigerian law and compliant with CAMA 2020, provides essential protection for all parties by clearly defining shareholders' rights, responsibilities, and relationships. It typically includes provisions for share transfers, voting rights, dividend distribution, management participation, and dispute resolution. The document is especially important in the Nigerian business context, where clear corporate governance structures and shareholder protection mechanisms are vital for attracting both domestic and foreign investment. It serves as a crucial tool for preventing and resolving potential conflicts while ensuring smooth company operations and protecting shareholder interests.
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1. Parties: Identification of all shareholders and the company as parties to the agreement
2. Background: Context of the agreement, including company formation details and purpose
3. Definitions: Definitions of key terms used throughout the agreement
4. Share Capital and Shareholders: Details of share capital structure, classes of shares, and current shareholding
5. Share Transfer Restrictions: Procedures and restrictions for transferring shares, including right of first refusal
6. Corporate Governance: Board composition, appointment of directors, and decision-making processes
7. Shareholders' Meetings: Procedures for calling and conducting shareholder meetings, voting rights
8. Reserved Matters: Decisions requiring special majority or unanimous shareholder approval
9. Dividend Policy: Framework for declaring and distributing dividends
10. Information Rights: Shareholders' rights to company information and financial statements
11. Confidentiality: Obligations regarding confidential information
12. Non-compete and Non-solicitation: Restrictions on competitive activities and solicitation of employees/customers
13. Dispute Resolution: Procedures for resolving disputes between shareholders
14. Term and Termination: Duration of the agreement and circumstances for termination
15. General Provisions: Standard boilerplate clauses including notices, amendments, governing law
1. Tag-Along Rights: Used when minority shareholders need protection to join in sale of majority stakes
2. Drag-Along Rights: Include when majority shareholders may need to force minorities to join in company sale
3. Anti-dilution Provisions: Important when new share issues are likely or for protecting existing shareholding percentages
4. Put and Call Options: Include when shareholders want rights to force sale/purchase of shares in specific circumstances
5. Dead-Lock Resolution: Necessary for companies with 50/50 ownership or high risk of management deadlock
6. Special Rights for Founder Shareholders: Include when founders retain special voting or management rights
7. Foreign Investment Provisions: Required when agreement involves foreign shareholders
8. Share Vesting Provisions: Important for agreements involving employee shareholders or staged investment
1. Schedule 1: Details of the Company: Company registration details, registered office, directors
2. Schedule 2: Share Capital and Shareholders: Detailed breakdown of shareholding structure and share classes
3. Schedule 3: Deed of Adherence: Template for new shareholders to join the agreement
4. Schedule 4: Reserved Matters List: Comprehensive list of decisions requiring special approval
5. Schedule 5: Business Plan: Initial business plan and strategic objectives
6. Schedule 6: Share Valuation Methodology: Agreed method for valuing shares for transfers or exits
7. Appendix A: Board Regulations: Detailed procedures for board operations and meetings
8. Appendix B: Share Transfer Notice: Template for notifying share transfers
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