The Share Pledge Agreement is a vital security document used in Saudi Arabian financing transactions where shares serve as collateral. It is commonly employed in corporate financing, acquisition financing, and general secured lending arrangements. The document must strictly comply with Saudi Arabian law, particularly the Commercial Pledge Law of 2018 and the Companies Law of 2015, while ensuring Sharia compliance. The agreement captures essential details including the identification of pledged shares, secured obligations, voting rights, dividend arrangements, and enforcement mechanisms. It requires specific formalities for validity, including possible notarization and registration with relevant Saudi authorities. The document is particularly important in cross-border transactions involving Saudi companies and international financing arrangements where shares of Saudi entities are offered as security.
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1. Parties: Identification of Pledgor, Pledgee, and Company whose shares are being pledged
2. Background: Context of the transaction and relationship between parties
3. Definitions: Key terms used throughout the agreement, including specific Saudi law references
4. Pledge: Core provisions creating the pledge over the shares, compliant with Saudi Commercial Pledge Law
5. Secured Obligations: Description of the obligations secured by the share pledge
6. Representations and Warranties: Standard and Saudi-specific confirmations regarding share ownership, authority, and compliance
7. Covenants: Ongoing obligations of the Pledgor regarding the pledged shares
8. Rights and Obligations: Parties' respective rights and obligations during the pledge period
9. Voting and Dividends: Provisions governing exercise of voting rights and receipt of dividends
10. Events of Default: Circumstances constituting default under the agreement
11. Enforcement: Sharia-compliant enforcement mechanisms and procedures
12. Term and Release: Duration of pledge and conditions for release
13. Notices: Communication procedures between parties
14. Governing Law and Jurisdiction: Confirmation of Saudi law governance and jurisdiction
15. Miscellaneous: Standard boilerplate provisions adapted for Saudi law
1. Security Agent Provisions: Required when pledge is granted in favor of multiple beneficiaries through a security agent structure
2. CMA Compliance: Required for pledges over shares in listed companies
3. Share Transfer Restrictions: Required when there are pre-existing restrictions on share transfers
4. Payment Provisions: Required when there are specific arrangements for handling payments in a Sharia-compliant manner
5. Further Assurance: Optional section for additional cooperation requirements
6. Power of Attorney: Optional section granting specific powers to Pledgee, if required under transaction structure
1. Details of Pledged Shares: Schedule listing share certificates, numbers, and percentage of company ownership
2. Form of Notice to Company: Template notice informing company of the pledge creation
3. Form of Acknowledgment: Template company acknowledgment of pledge notice
4. Shareholder Documents: List of required shareholder certificates and documents
5. Registration Requirements: Checklist of documents required for pledge registration with relevant authorities
6. Form of Release Notice: Template for pledge release notification
7. Existing Security Interests: List of any pre-existing security interests over the shares
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