Subscription and Shareholders’ Agreement
After you have agreed on the term sheet (signed or not), the investor will start the final parts of the due diligence while the subscription agreement (Swedish: investeringsavtal) and shareholders’ agreement (Swedish: aktieägaravtal) are drafted. When the due diligence is complete it’s time to sign the subscription agreement and shareholders’ agreement. We have a series of three different shareholders’ agreements, which one to use depends and I suggest you read up on it a bit.
Our term sheet is a balanced and standardized term sheet for your seed round. Both VC firms, angel investors, entrepreneurs and lawyers have been involved in the process of creating this new Swedish standard.
Articles of Association
The articles of association (Swedish: bolagsordning) can be described as a very basic version of the shareholders’ agreement, including some formalities regarding number of shares in the company, company name etc. They can also contain pre-emption right (very common) and right of first refusal (quite common).