A Buy Sell Life Insurance Agreement is essential for businesses seeking to establish a clear succession plan while ensuring financial security. This document is particularly relevant for Malaysian private companies and partnerships where the continuity of business operations is crucial following the death, disability, or departure of key stakeholders. The agreement operates under Malaysian jurisdiction, specifically complying with the Financial Services Act 2013, Contracts Act 1950, and Companies Act 2016. It details the insurance policies required, valuation methods, trigger events, and payment mechanisms, while ensuring all parties' interests are protected. The document is commonly used in family businesses, professional practices, and closely-held companies where maintaining control over ownership transfer is vital. It provides certainty regarding business continuation, fair value realization for departing shareholders' interests, and protection against external parties gaining control of the business.
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1. Parties: Identification of all parties to the agreement including the business entity, shareholders/partners, and insurance company
2. Background: Context of the agreement, existing business relationship, and purpose of the buy-sell arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Purchase Obligation: Mandatory purchase and sale obligations upon triggering events
5. Insurance Policy Requirements: Details of required insurance policies, coverage amounts, and maintenance obligations
6. Premium Payments: Responsibilities and arrangements for payment of insurance premiums
7. Triggering Events: Definition and description of events that activate the buy-sell provisions
8. Valuation Method: Agreed method for determining the purchase price of business interests
9. Payment Terms: Structure and timing of payments for purchased business interests
10. Policy Proceeds Distribution: Rules for distribution and use of insurance proceeds
11. Representations and Warranties: Standard declarations about the authority to enter agreement and accuracy of information
12. Termination: Circumstances and procedures for terminating the agreement
13. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction for disputes
1. Cross-Purchase Provisions: Used when multiple owners may purchase shares directly from each other rather than through the company
2. Entity Purchase Provisions: Used when the business entity will purchase the shares directly
3. Hybrid Purchase Provisions: Used when combining both cross-purchase and entity purchase arrangements
4. Disability Buy-Out Provisions: Additional provisions for purchase obligations triggered by disability
5. Shariah Compliance: Required for agreements involving Islamic insurance (Takaful) arrangements
6. Tag-Along Rights: Optional protection for minority shareholders in certain transfer scenarios
7. Drag-Along Rights: Optional provision allowing majority shareholders to force minority participation in a sale
1. Schedule A - Insurance Policy Details: Specific details of each insurance policy including policy numbers, insurers, and coverage amounts
2. Schedule B - Premium Payment Schedule: Detailed breakdown of premium payment obligations and timing
3. Schedule C - Business Valuation Formula: Specific formula or methodology for calculating business value
4. Schedule D - Shareholders/Partners Information: Current ownership percentages and contact information
5. Schedule E - Company Information: Detailed company information including registration numbers and business address
6. Appendix 1 - Sample Notice Forms: Template forms for various notices required under the agreement
7. Appendix 2 - Medical Information Release Forms: Standard forms for release of medical information for insurance purposes
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