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Business Separation Agreement

November 23, 2011 by agri in Business Agreements with 0 Comments
Business separation agreements are binding legal contracts made between two parties; one of whom is the “Parent Company” and the other is the “Subsidiary Company”. This type of agreement is used when the subsidiary company separates from the parent company to become an entity in its own right.

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Sample business separation agreements

Business Separation Agreement

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This agreement is made between the Parent Company and the Subsidiary Company on the effective date of 12th November, 2011.

Parent Company represented by

Ms. Julie Trevor – Director

NY Financial

Address: 333 East 45th Street #12E, New York NY 10017

Contact number: (212) 867-0399

Subsidiary Company represented by:

Mr. Jonathan Spear – Director

Lucas Financials

Address: 350 West 42nd Street #42H, New York NY 10036

Contact number: (212) 842-7255

Terms and Conditions:

  • Prior to the signing of this Business Separation Agreement, Spear will tender to “NY Financial” Spear’s shares in NY Financial. Simultaneously, Spears will tender resignation from all or any position that he may currently have as Chief Executive Officer or Director, of NY Financial.
  • Prior to the signing of this Business Separation Agreement, Trevor will tender to “Lucas Financials” Trevor’s shares in Lucas Financials. Simultaneously, Trevor will tender resignation from all or any position that she may currently have as Chief Executive Officer or Director, of Lucas Financials.
  • Both the parties “NY Financials” and “Lucas Financials” shall enter into a non-disclosure, confidential and limited business separation agreement with each other.
  • Except as referenced herein, this Business Separation Agreement will contain all of the essential terms and conditions, undertakings and covenants of “NY Financials” and “Lucas Financials” with respect to various transactions contemplated hereby.

IN WITNESS WHEREOF, the parties “Parent Company” and “Subsidiary Company” have executed this Business Separation Agreement as on the date set forth which is 11/12/2011 (MM/DD/YY).

SIGNED FOR AND ON BEHALF OF PARENT COMPANY BY:

…………………………………………………………….

Name:

SIGNED FOR AND ON BEHALF OF SUBSIDIARY COMPANY BY:

…………………………………………………………….

Name:

—————-

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