This stock purchase agreement is between ABC and DEF and relates to the transfer of shares from ABC to DEF. ABC shall be referred to as the company and DEF shall be referred to as the purchase for the purpose of this stock purchase agreement.
1. Sale of Shares
As is customary with stock purchase agreements, a clear statement of sale and purchase of shares is outlined. This section covers the details relating to acquisition of sales by the purchaser.
1.1 Number of Shares
Following the successful signing of this stock purchase agreement, the company agrees to sell XXXX shares to the purchaser and the purchaser agrees to buy the said XXXX shares from the seller.
1.2 Modalities of Transfer of Shares
According to stock purchase agreements, the transfer of shares shall take place at the head office of the company located at the address below unless otherwise agreed by both parties.
1.3 Price of Shares
This stock purchase agreement specifies that in return for the shares mentioned in section 1.1 of this document, the purchaser agrees to pay an amount of $ XXX per share amounting to a total of $ XXX for all shares.
1.4 Modality of Payment
As is customary with stock purchase agreements, on signing of this agreement, the purchaser shall make payment for half of the total amount payable. The balance shall be paid when the transfer is executed.
2. Repurchase Rights
This stock purchase agreement affords the company the following rights of repurchase:
2.1 As is customary with stock purchase agreements, the company enjoys the right to repurchase the shares sold to the purchaser. These shares shall be categorized as restricted shares. The purchaser may not transfer or sell these shares to any party other than his lawful heirs or spouse.
2.2 The stock purchase agreement specifies that the company is not obligated to repurchase the shares. The company holds only a right to repurchase them.
2.3 This stock purchase agreement requires that the shares shall be restricted for period of 90 days from the date of transfer of the shares from the company to the purchaser.
3. General Conditions
As is customary with stock purchase agreements, the following general conditions shall apply to the contract between these two parties:
3.1 Compliance with General Law
According to stock purchase agreements, this contract shall be governed by the laws of state and country in which it has been signed. In case of any conflict between the contents of the agreement and the prevailing laws of the land, the governing laws shall prevail.
As is usually applicable in stock purchase agreements, in case of any unenforceability of one of the provisions contained in the agreement, that clause alone shall be amended or disregarded. The remaining document shall remain valid.
Both parties have agreed to the terms and conditions outlined in the stock purchase agreement detailed above.