Fill and Sign the Shareholder Agreement Template Sample Form Online

SHAREHOLDERS AGREEMENT This agreement is entered into by and between **, ** and ** for the purposes herein stated. For valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties do hereby covenant, contract and agree as follows: 1. On April 5, 19__, the parties entered into a shareholders agreement regarding ** and ** becoming a shareholder therein upon payment of a purchase price. 2. As part of the agreement, ** executed a promissory note payable to ** and ** in the amount of $50,000.00 with interest of ten percent (10%) per annum. 3. ** paid $25,000.00 as a down payment on the purchase price of the equipment owned by ** and ** in the amount of $75,000.00. ** has made no payment on interest due on the $50,000.00 indebtedness other than credits received for emergency and after hours services. 4. **, ** and ** have incurred indebtedness in the furtherance of their relationship to ** in the amount of $30,000.00 with a present balance of $27,183.00, for which they are jointly and severely liable. 5. The parties desire to terminate their relationship and ** desires to withdraw from his employment at **, effective April 30, 19__ and after said date ** will be paid on a salary basis. 6. As of April 30, 19__ an accounting shall be made which shall consist of the following: (A) Interest payable by ** to ** and ** through the date of his termination. (B) Credits due ** for emergency and after hour services to be applied toward the interest due. (C) Indebtedness due by ** to ** in the amount of $9,061.00. (D) Repurchase of the interest of ** in the equipment of ** in the amount of $25,000.00. (E) Accounts payable attributable to expenses incurred prior to April 30, 19__. 7. Any sums due pursuant to the accounting above shall be evidenced by a promissory note, the terms of which shall be agreed upon by and between the parties. 8. This agreement terminates the professional relationship between **, ** and ** and by execution hereof ** reconveys all interest in ** to ** and **. 9. Nothing contained herein shall revoke the non-compete provisions of prior agreements of the parties. 10. In the event it is necessary to enforce this agreement by judicial process, the prevailing party shall be entitled to collect their reasonable attorney fees. 11. This agreement shall be binding upon the heirs and assigns of the parties hereto. Witness our signatures this the ____ day of _______________, 19__. ____________________________ ** ____________________________ ** ____________________________ **