Shareholders Agreement: start-up business multiple investors
Shareholders agreement following the investment in a start-up business by multiple investors under a separate subscription agreement. The agreement acts as the shareholders agreement between the investors and the founders of the company post-investment.
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When do I use this document?
- for the shareholders agreement between multiple investors and the founders
- where the investment is being documented in a separate subscription agreement
- in conjunction with a Subscription Agreement and new Articles of Association
- for Paper Rock’s associated Subscription Agreement and Articles of Association, see
- for a private limited company incorporated in England and Wales
What are the key features?
- full form shareholders agreement
- 25 clauses and 4 schedules over 28 pages
- investor rights: exercisable by a majority of the investors
- investor director: investors’ entitlement to appoint a director
- board proceedings: how proceedings of the board will be conducted
- information rights: investors’ rights to information about the company and its finances
- future share issues: pre-emption rights on the issue of new shares
- share transfers: rules governing the transfer of shares, including:
- pre-emption rights on share transfers
- compulsory transfer events, including founder good and bad leaver clauses
- tag-along and drag-along rights
- reserved matters: matters requiring prior approval of the investor majority
- restrictive covenants: restrictions on the founders from competing with the company and soliciting the company’s customers, suppliers and employees
What other documents are available?
For a combined Investment & Shareholders Agreement for a start-up business with multiple investors, see
For a standalone Shareholders Agreement for a start-up business with a single investor, see
For standalone Shareholders Agreements for an established business, see
When do I use this document?
- for the shareholders agreement between multiple investors and the founders
- where the investment is being documented in a separate subscription agreement
- in conjunction with a Subscription Agreement and new Articles of Association
- for Paper Rock’s associated Subscription Agreement and Articles of Association, see
- for a private limited company incorporated in England and Wales
What are the key features?
- full form shareholders agreement
- 25 clauses and 4 schedules over 28 pages
- investor rights: exercisable by a majority of the investors
- investor director: investors’ entitlement to appoint a director
- board proceedings: how proceedings of the board will be conducted
- information rights: investors’ rights to information about the company and its finances
- future share issues: pre-emption rights on the issue of new shares
- share transfers: rules governing the transfer of shares, including:
- pre-emption rights on share transfers
- compulsory transfer events, including founder good and bad leaver clauses
- tag-along and drag-along rights
- reserved matters: matters requiring prior approval of the investor majority
- restrictive covenants: restrictions on the founders from competing with the company and soliciting the company’s customers, suppliers and employees
What other documents are available?
For a combined Investment & Shareholders Agreement for a start-up business with multiple investors, see
For a standalone Shareholders Agreement for a start-up business with a single investor, see
For standalone Shareholders Agreements for an established business, see
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Updated by a lawyer on 27/04/2023
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