《元照英美法词典》将“buy-sell agreement”译为“购销协议；买卖协议”，即（1）公司或企业的所有权人之间达成的一种协议，规定继续存在的所有权人同意购买退出或死亡的所有权人所享有的权益；（2）股份转让的一种限制性安排，当特定事情发生时，公司或其他股东以固定价格购买拟出售其所持股份的股东的股份。

“Buy-sell agreement”又称为“buyout agreement”“business will”或“business prenup”，是一种有关合伙人死亡或者以其他方式退出公司之时如何对其享有的份额进行分配的具有法律约束力的合同。这种协议常用于独资企业（sole proprietorships）、合伙企业（partnerships）和封闭式公司（closed corporations），其中规定，该合伙人持有的公司份额将按照预先确定的价格出售给公司或继续存在的合伙人，目的在于确保某一合伙人死亡、退休或决定退出公司之时能够平稳转让所有权。基于互惠互利的目的，每个合伙人都会购买和持有以其他合伙人的生命为保险标的的人寿保险，保费由公司支付（作为业务支出）。一旦某一合伙人死亡，继续存在的合伙人即可获得死亡抚恤金，而后可用于购买已故合伙人持有的份额。

根据受让人的类型，“buy-sell agreement”可分为交叉购买协议（cross-purchase agreement）和企业购买协议（entity-purchase agreement）。前者是由继续存在的所有权人或合伙人购买已故所有权人或合伙人享有的权益，后者（也称为“赎回协议”（redemption agreement））是由企业购买已故所有权人或合伙人享有的权益。当然，有时也会选择将两种协议合二为一，即某些权益可由合伙人购买，其余权益则由公司购买。还有一种协议被称为“wait-and-see agreement”，从字面上可以看出来，这是一种观望协议，也就是说，协议上不会明确指定是由合伙人还是企业购买，需在某一合伙人死亡、退休或退出之时基于企业业务连续性的考量再作出决定。

一般来说，“buy-sell agreement”可能会涉及以下内容：

（1）触发买卖事件，比如，死亡、终身残疾、破产或退休；

（2）相关合伙人或所有权人及其股权；

（3）近期公司净资产估值；

（4）资金调度工具，比如，人寿保险；

（5）有关合伙人和继续存在的受益人的税收和遗产规划事项。

下面有关“触发买卖事件”的规定（来源：https://www.sec.gov/Archives/edgar/data/1514416/000119312517309873/d416018dex43.htm）：

“The Company will have the option (but not the obligation) to purchase or arrange the purchase of the Stockholder’s shares of Company Stock upon the occurrence of any of the following events (“Option Events”):

a. The filing of a petition by the Stockholder for relief as debtor or bankrupt under the U.S. Bankruptcy Code or any similar federal or state law, or other reorganization, arrangement, insolvency, adjustment of debt or liquidation law affording debtor relief proceedings; or the commencement or consent to the filing of any such involuntary action thereunder against the Stockholder (which remains unstayed or effective for a period of sixty (60) days); or the assignment of the Stockholder’s shares or assets (or portion or interest thereof) for the benefit of creditors; or the allowance of such shares (or portion or interest thereof) to become subject to any lien, encumbrance, attachment, garnishment, charging order or similar charge;

b. Any act or omission by the Stockholder constituting a dishonest, immoral, fraudulent or illegal act or omission if such act or omission causes or is reasonably likely to cause the business or financial and/or tax status of the Company or the Company’s stockholders to suffer damage (or such business or financial and/or tax status are threatened with damage by reason thereof); or any breach by the Stockholder of this Agreement or any employment, non-competition, non-disclosure and/or intellectual property agreement or similar arrangement between the Company and the Stockholder; or any breach or default by the Stockholder under any note or other evidence of indebtedness owing to the Company with respect to the purchase of shares of Company Stock;

c. The transfer or attempted transfer to the Stockholder’s spouse pursuant to separation, divorce, equitable distribution or similar proceedings;

d. The Stockholder’s employment with the Company is terminated:

  (i) voluntarily by the Stockholder;

  (ii) by the Company with Cause (as defined in the Option Agreement); or

  (iii) by the Company without Cause;

e. The Stockholder’s delivery to the Company of notice of a Bona Fide Offer (as defined in the Option Agreement), which notice of such Bona Fide Offer will be accompanied by the information and materials described in the Option Agreement;

f. The Stockholder’s death or disability;

g. Any other transfer or attempted transfer by the Stockholder of his shares of Company Stock (or any portion thereof or interest therein) in violation of this Agreement and/or, with respect to any shares of Company Stock to which the Option Agreement may apply, the Option Agreement;

h. The Stockholder’s marriage (or remarriage) after the date hereof if the Stockholder’s spouse has not executed a counterpart to this Agreement prior to such marriage, agreeing to be bound by the terms hereof and an Acknowledgement and Consent in the form attached hereto as Exhibit A; or

i. The threat of occurrence, or the occurrence, of any event with respect to the Stockholder or his Company Stock that would result in the violation of applicable governmental regulations or loan requirements to the detriment of the Company or its stockholders, unless any such occurrence is susceptible to cure and is cured within a period of time which will avoid such termination or violation.”

这是有关“保险”的规定（来源：https://www.sec.gov/Archives/edgar/data/1514416/000119312517309873/d416018dex43.htm）：

“The Company may (but will not be required to) at any time become the applicant, owner and beneficiary of life insurance policies on the Stockholder. In the event such life insurance policies are taken out pursuant to this Agreement, the Company will give proof of payment of premium to the Stockholder whenever requested to do so after the policies are in effect. If the premium is not paid within ten (10) days after it is due, the insured will have the right to pay such premium. The Company will have the right to purchase additional insurance on the life of the Stockholder at its option. In the event such additional policies are purchased, the additional policies together with any policies originally purchased will be listed on Exhibit B attached hereto and made a part of this Agreement, along with any substitutions or withdrawals of life insurance policies subject to this Agreement. In the event the Company decides to purchase one or more life insurance policies either initially or additionally on the life of the Stockholder, the Stockholder hereby agrees to cooperate fully by performing all the requirements of the life insurer which are necessary conditions precedent to the issuance of such life insurance policies. The Company will be the sole owner of the policies issued to it and it may apply any dividends toward the payment of premiums.”

来源：

《元照英美法词典》；

Investopedia；

https://www.sec.gov/Archives/edgar/data/1514416/000119312517309873/d416018dex43.htm