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Purchase agreement is a document that allows a company's partners or other shareholders to purchase the interest of a partner. A cross purchase agreement allows a smooth transition of ownership from departing partners or shareholders to others in the company.This CROSS PURCHASE AGREEMENT is dated as of May 16, 2012 (this "Agreement") and is among HICKS ACQUISITION COMPANY II, INC. In this form, the business is obligated to purchase the business interest from a departing or deceased owner or shareholder. One of the main benefits of this document is that it allows the remaining partners in a business to purchase the shares of a partner who is leaving the company. In a cross purchase buy-sell agreement, each business owner buys a life insurance policy on the other owner(s). A cross purchase agreement is a form of buysell agreement, a legal contract between the owners of a closely held business. The. Purchase buysell agreement allows each business partner or shareholder to purchase the interest of a partner if one of several conditions occurs. September 2022 Update. Added together, the policies insuring each owner total the purchase price for that owner's share of the business.
