Subscription Agreement: established business multiple investors

Shareholders agreement following the investment in an established 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?

What are the key features?

  • full form shareholders agreement
  • 27 clauses and 4 schedules over 30 pages
  • investor rights: exercisable by a majority of the investors
  • directors:
    • investor director: investors’ entitlement to appoint a director
    • other directors: the founder shareholder(s) rights to appoint a director
  • board proceedings: how proceedings of the board will be conducted
  • information rights: rights to information for the investors and other shareholders 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 from the investors (acting by investor majority) and other shareholders
  • 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 an established business with multiple investors, see

For a standalone Shareholders Agreement for an established business with a single investor, see

For standalone Shareholders Agreements for start-up business, see 

When do I use this document?

  • secured loan agreement for a secured loan of a fixed amount to be drawn in a single advance
  • for a borrower which is a company incorporated in England and Wales
  • for a loan repayable on a single repayment date or in instalments

What are the key features?

  • easy to edit, with 21 clauses over 13 pages
  • single advance of specified loan amount
  • regular interest payments at either fixed or floating interest rate by reference to specified bank’s base rate of interest
  • repayment either on a single repayment date or in instalments
  • undertakings from the borrower, including to provide information to the lender and prohibition on granting security and additional borrowings
  • events of default, including a failure by the borrower to repay the loan or interest, leading to the lender having the right to demand immediate repayment

What else do I need to know?

The security would need to be created and governed by a separate security document between the borrower and the lender, depending on the nature of the secured property or assets.  Examples of security documents include:

  • a charge over property
  • a charge over shares
  • a debenture, containing fixed and floating charges over all of the borrower’s assets and undertaking

What other documents are available?

For a form of unsecured loan document, see

For forms of unsecured and secured facility agreements, for advances of loans in several lump sums, see

Explanatory Guides

As with all of our document templates, your purchase will include access to clear explanatory guidance on the document and its use.

Updated by a lawyer on 02/07/2025

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