Use this template to prepare a Share Purchase Agreement for Canada, which provides for a portion of the purchase price to be paid by the purchaser to the vendor over time, secured by a promissory note. Provisions of the agreement include:

• If the purchaser defaults, the promissory note will become due and the vendor may take back ownership of the shares (this is called "vendor take-back").
  
• If the purchaser postpones consecutive payment, the second postponement will incur a late payment fee.
  
• The vendor's accountants will prepare closing financial statements.
  
• The purchaser must provide personal and corporate guarantees.
  
• The corporation's income taxes will be allocated between the parties in accordance with the closing.

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