Sample Portion of Agreement
Assignment of Interest and Release
(Partner Expelled from Agreement)
Short Form
Partner being Expelled: ____________________________________________
(print names)
Date of Expulsion from Partnership: __________________________________
Original Partnership Name: ________________________________________
Date of Origin Partnership Agreement: _______________________________
Remaining Partners Names: _______________________________________
New Partnership Name: ___________________________________________
1. This Agreement is between the above named Partner being expelled from the Partnership (hereafter called the “Expelled Partner”), and the above named remaining partners (herein after called the “Remaining Partners”), to assign the Interests of the Expelled Partner and to Release the Expelled Partner from the Partnership.
2. The reason(s) for the expulsion of the Expelled Partner are detailed in Appendix “A” attached.
NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the mutual covenants and agreements herein contained and subject to the terms and conditions hereafter set out, the parties hereto agree as follows:
3. The Expelled Partner understands that she/he shall receive ______________ compensation for her/his share/interest in the Original Partnership at the Date of Expulsion.
4. The Expelled Partner further understand that by accepting this one time compensation and granting this permission the Expelled Partner is transferring the assets and liabilities of the Partnership to the Remaining Partners: and is irrevocably giving up all rights and claims to monetary compensation and or any other compensation of any kind now and for any future uses of the new Partnership or the Partnership Remaining Partners and/or future Partners, heirs, successors or assigns.
5. The Expelled Partner agrees that that she/he shall keep confident and will not disclose any information owned or licensed by and/or used by the Remaining Partners in connection . . . (continued)
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