A stockholder agreement is legally enforceable agreement amongst the stockholders of a closely held corporation and is instrumental in managing the tensions between the shareholders. In US most of corporations which are not publically traded are closely held corporation in which shareholders are generally big ticket individuals or families and some group of private investors and in order to conduct the business smoothly without any disputes it becomes imperative to enact an effective stockholder agreement detailing the rights of these shareholders.
A stockholder agreement generally deals with rights of investors such as voting rights, right to appoint directors, right to veto and participate in all the important transactions of company such as sale and purchase of shares or any new investment. Even the courts have off late recognized the difference between functioning of public companies and closely held corporations and have started giving due weightage to these agreements enacted between the stockholders.
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