Call and put clauses can be used to arrange for the retirement of a shareholder. The clause may provide for a call and/or put option, whether reciprocal or not, which will come into effect as soon as a shareholder reaches a certain age for a certain period of time or not.
When a shareholder reaches the age in question, he can either force the other shareholders to buy his shares from him (put option) or the other shareholders can force him to sell his shares to them (call option). It is also possible to opt for one of these options only.
A clause can also be included that limits the age up to which shareholders can remain active in the company in stages. A rule can be included that determines that at a certain age the shareholder can still work part-time for the company and at a certain age he/she must stop working completely.
This clause prevents certain shareholders from continuing to work for the company, and thus claiming remuneration for doing so, without yet having the capacity to do so.
