Illinois Stockholders Agreement between Schick Technologies, Inc., David Schick, Allen Schick, and Greystone Funding Corp

• Category: Corporations - Public - Stockholder
• State: Multi-State
• Control #: US-EG-9097
• Format: Word; Rich Text

Description

Stockholders Agreement among Schick Technologies, Inc., David Schick, Allen Schick and Greystone Funding Corporation dated December 27, 1999. 5 pages The Illinois Stockholders Agreement is a legally binding agreement between Schick Technologies, Inc., David Schick, Allen Schick, and Grey stone Funding Corp that outlines the rights, obligations, and responsibilities of the shareholders and their relationship with the corporation. It is an essential document that safeguards the interests of all parties involved and helps ensure smooth operations and decision-making within the corporation. Key terms and elements included in the Illinois Stockholders Agreement include the following: 1. Shareholder Rights and Responsibilities: The agreement details the rights and powers of each shareholder, such as voting rights, participation in meetings, access to corporate information, and the appointment of directors. It also outlines the responsibilities of each shareholder and their duty to act in the best interest of the corporation. 2. Transfer of Shares: The agreement regulates the transfer of shares among the shareholders, ensuring that any sale, transfer, or assignment of shares complies with specific conditions. This may include provisions for preemptive rights, rights of first refusal, approval processes, and restrictions on transfers to outside parties. 3. Shareholders' Obligations: The agreement establishes the duties and obligations of the shareholders towards the corporation, including capital contributions, restrictions on competing interests, confidentiality obligations, and non-compete clauses. It ensures that shareholders act in good faith and in the best interest of the corporation. 4. Management and Decision-Making: The agreement may specify the composition and selection process for the board of directors, including the rights of each shareholder to nominate and appoint directors. It may also outline decision-making processes, voting procedures, and mechanisms for resolving disputes among shareholders. 5. Dividend Policy: If applicable, the agreement may address the distribution of dividends, including the frequency, method, and allocation of profits among the shareholders. It provides clarity on how dividends will be calculated and distributed. Different types of Stockholders Agreements specific to the Illinois jurisdiction may include variations in terms depending on the specific circumstances of the parties involved. Some variations may include: 1. Voting Agreement: A voting agreement may be incorporated within the Stockholders Agreement, providing detailed provisions on voting rights, agreements on how voting should be conducted, and any special voting arrangements among the shareholders. 2. Buy-Sell Agreement: In some cases, the Stockholders Agreement may include a buy-sell agreement, also known as a buyout agreement or a shotgun clause. This agreement stipulates the process and terms for the purchase or sale of shares in case of specific triggering events, such as death, disability, retirement, or disagreement among the shareholders. 3. Shareholders' Rights Agreement: This type of agreement may focus more explicitly on delineating the rights and protections of shareholders, including minority shareholder rights, inspection rights, and rights to access financial statements and other corporate records. It is important to note that the exact contents of the Illinois Stockholders Agreement will vary depending on the specific agreements made between Schick Technologies, Inc., David Schick, Allen Schick, and Grey stone Funding Corp.

The Illinois Stockholders Agreement is a legally binding agreement between Schick Technologies, Inc., David Schick, Allen Schick, and Grey stone Funding Corp that outlines the rights, obligations, and responsibilities of the shareholders and their relationship with the corporation. It is an essential document that safeguards the interests of all parties involved and helps ensure smooth operations and decision-making within the corporation. Key terms and elements included in the Illinois Stockholders Agreement include the following: 1. Shareholder Rights and Responsibilities: The agreement details the rights and powers of each shareholder, such as voting rights, participation in meetings, access to corporate information, and the appointment of directors. It also outlines the responsibilities of each shareholder and their duty to act in the best interest of the corporation. 2. Transfer of Shares: The agreement regulates the transfer of shares among the shareholders, ensuring that any sale, transfer, or assignment of shares complies with specific conditions. This may include provisions for preemptive rights, rights of first refusal, approval processes, and restrictions on transfers to outside parties. 3. Shareholders' Obligations: The agreement establishes the duties and obligations of the shareholders towards the corporation, including capital contributions, restrictions on competing interests, confidentiality obligations, and non-compete clauses. It ensures that shareholders act in good faith and in the best interest of the corporation. 4. Management and Decision-Making: The agreement may specify the composition and selection process for the board of directors, including the rights of each shareholder to nominate and appoint directors. It may also outline decision-making processes, voting procedures, and mechanisms for resolving disputes among shareholders. 5. Dividend Policy: If applicable, the agreement may address the distribution of dividends, including the frequency, method, and allocation of profits among the shareholders. It provides clarity on how dividends will be calculated and distributed. Different types of Stockholders Agreements specific to the Illinois jurisdiction may include variations in terms depending on the specific circumstances of the parties involved. Some variations may include: 1. Voting Agreement: A voting agreement may be incorporated within the Stockholders Agreement, providing detailed provisions on voting rights, agreements on how voting should be conducted, and any special voting arrangements among the shareholders. 2. Buy-Sell Agreement: In some cases, the Stockholders Agreement may include a buy-sell agreement, also known as a buyout agreement or a shotgun clause. This agreement stipulates the process and terms for the purchase or sale of shares in case of specific triggering events, such as death, disability, retirement, or disagreement among the shareholders. 3. Shareholders' Rights Agreement: This type of agreement may focus more explicitly on delineating the rights and protections of shareholders, including minority shareholder rights, inspection rights, and rights to access financial statements and other corporate records. It is important to note that the exact contents of the Illinois Stockholders Agreement will vary depending on the specific agreements made between Schick Technologies, Inc., David Schick, Allen Schick, and Grey stone Funding Corp.