[{"id":"ad1994d4-4546-4918-a47f-0186457a6853","order":1,"text":"SHAREHOLDERS' AGREEMENT","fontSize":"22","textAlign":"center","bold":true,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"191623e1-d5ee-4400-bba6-0b181215d7fa","order":2,"text":"relating to","fontSize":"14","textAlign":"center","bold":false,"underline":false,"marginBottom":"5","cflou":false,"active":true},{"id":"30885567-333d-4018-b95c-24855f36a25f","order":3,"text":"[Company name]","fontSize":"16","textAlign":"center","bold":true,"underline":false,"marginBottom":"30","cflou":false,"active":true},{"id":"c06f962d-8776-434f-b92e-325c19c96341","order":4,"text":"DATE","fontSize":"14","textAlign":"left","bold":true,"underline":false,"marginBottom":"5","cflou":false,"active":true},{"id":"9e614d8f-5876-407c-8b0d-801169c0d724","order":5,"text":"This Agreement is dated [Date of this Agreement].","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"449702af-c04f-4abd-bc28-824531bae1d0","order":6,"text":"PARTIES","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"10"},{"id":"b8ab4d40-a06e-4f96-850c-fc286b404308","order":7,"text":"(1) THE COMPANY","fontSize":"14","textAlign":"left","bold":true,"underline":false,"marginBottom":"5","cflou":false,"active":true},{"id":"c8ecb8cf-5643-40ac-9672-6f6cdbd19dbc","order":8,"text":"[Company name], a company incorporated in England and Wales under registered number [Company registration number] whose registered office is at [Registered office address] (the \"Company\").","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true},{"id":"a6ebc2a8-7c0e-4c1b-aa33-0c2e4f10a3fe","order":9,"text":"(2) THE SHAREHOLDERS","fontSize":"14","textAlign":"left","bold":true,"underline":false,"marginBottom":"5","cflou":false,"active":true},{"id":"b95e0863-c4f7-4fbb-9601-8ce5cb2c9e46","order":10,"text":"Shareholder 1: [Full name of Shareholder 1] of [Address of Shareholder 1].","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"1f1dd870-c471-4c6a-aec9-188542b23208","order":11,"text":"Shareholder 2: [Full name of Shareholder 2] of [Address of Shareholder 2].","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"b036cbd4-9124-4c13-bc90-d832a2f77863","order":12,"text":"Shareholder 3: [Full name of Shareholder 3] of [Address of Shareholder 3].","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"11d29595-dcfc-46ba-b54a-473755062525","value":"2","type":"remove","operator":"="}]},{"id":"4f9bb265-31c3-437e-b372-0f7a0b88fead","order":13,"text":"Shareholder 4: [Full name of Shareholder 4] of [Address of Shareholder 4].","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"11d29595-dcfc-46ba-b54a-473755062525","value":"4","type":"add","operator":"="}]},{"id":"acc8b23c-9cb9-48e1-b9ce-42c4873bdb2d","order":14,"text":"Each of the above shareholders is a \"Shareholder\" and together they are the \"Shareholders\". The Shareholders and the Company are together the \"Parties\" and each is a \"Party\".","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true},{"id":"79cad787-614e-44c4-ab0a-96efe57be498","order":15,"text":"BACKGROUND","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"10"},{"id":"317eebe6-7ef4-45ff-90b2-d4ac400d635b","order":16,"text":"(A) The Company was incorporated in England and Wales and carries on or intends to carry on the Business.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"862aa7f4-0e14-49ae-b952-acd2d24634be","order":17,"text":"(B) The issued share capital of the Company at the date of this Agreement is [Issued share capital, e.g. £100 divided into 100 ordinary shares of £1 each], held by the Shareholders in the numbers and proportions set out in Schedule 1.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"7393db7e-759f-498c-9d42-207ab77ec59d","order":18,"text":"(C) The Shareholders have agreed to regulate their relationship with each other, and certain aspects of the affairs of and their dealings with the Company, on the terms set out in this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true},{"id":"1fa152de-45c6-4e46-8b57-302f9579f7ac","order":19,"text":"AGREED TERMS","fontSize":"16","textAlign":"center","bold":true,"underline":false,"marginBottom":"15","cflou":false,"active":true,"marginTop":"10"},{"id":"cd664509-76c7-4ce9-898b-5d9e9658b8e9","order":20,"text":"1. DEFINITIONS AND INTERPRETATION","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S01"},{"id":"d33a5d09-b09a-4e2e-b4ed-28342e247ea5","order":21,"text":"In this Agreement, unless the context otherwise requires, the following definitions apply:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"c6beec9d-8c86-446a-9325-18635500a1b2","order":22,"text":"\"Acceptance Period\" means the period (being not less than the number of days specified in the relevant Article) within which an offer of Shares must be accepted.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"adf0238e-ec4d-4ef7-b0ea-86e132af4050","order":23,"text":"\"Articles\" means the articles of association of the Company in force from time to time.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"53bb7f75-7ed3-48cd-9dbd-d88398cd21e7","order":24,"text":"\"Board\" means the board of directors of the Company from time to time.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"09484165-810a-4120-ab49-dac43f700d2c","order":25,"text":"\"Business\" means the business of the Company described in the Article entitled \"Business of the Company\", and any other business carried on by the Company from time to time with the approval of the Shareholders.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"f10c3370-481b-4021-93a6-88b0f156c620","order":26,"text":"\"Business Day\" means a day other than a Saturday, Sunday or public holiday in England when banks in London are open for business.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"d599cd81-43df-41f5-8e89-924a2531b414","order":27,"text":"\"Business Plan\" means the annual business plan and budget of the Company adopted by the Shareholders from time to time in accordance with the Reserved Matters.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"96215229-ea98-4640-a053-22508b4a2665","order":28,"text":"\"Companies Act\" means the Companies Act 2006.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"770aab6c-fff5-4e85-8d79-e384f06ad109","order":29,"text":"\"Connected Person\" has the meaning given in sections 1122 and 1123 of the Corporation Tax Act 2010.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"74bc13fc-16cf-4829-8da0-84056151556d","order":30,"text":"\"Control\" has the meaning given in section 1124 of the Corporation Tax Act 2010, and \"Controlled\" is construed accordingly.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"da482c41-9974-4de4-b2ff-47e32443aacd","order":31,"text":"\"Deed of Adherence\" means a deed of adherence to this Agreement in the form set out in Schedule 2.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"bae68960-633d-411c-b060-e4cf784d09da","order":32,"text":"\"Director\" means a director of the Company from time to time.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"eb43e010-efc1-4f78-8bcf-21244288cdd1","order":33,"text":"\"Encumbrance\" means any mortgage, charge, pledge, lien, option, restriction, right of first refusal, right of pre-emption, third party right or interest, other encumbrance or security interest of any kind, and any agreement to create any of the foregoing.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"eecfee07-f29d-44d3-add4-fde05d9dca7d","order":34,"text":"\"Equity Proportion\" means in relation to a Shareholder, the proportion which the number of Shares held by that Shareholder bears to the total number of Shares in issue.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"d7fa26da-e5d9-4d8b-842c-0491acd5475b","order":35,"text":"\"Fair Value\" means the fair value of the relevant Shares determined in accordance with the Article entitled \"Fair Value\".","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"7ca642c1-72bf-4320-bc49-1e7c2a400f03","order":36,"text":"\"Family Trust\" means a trust under which the only persons capable of being beneficiaries are the relevant Shareholder and their Connected Persons.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"b90052e1-e01c-472f-8593-5b5e6a3c1e9d","order":37,"text":"\"Group\" means in relation to a company, that company, its subsidiaries, its holding company and any subsidiary of its holding company from time to time.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"798ce0e8-5974-4f92-b4e0-b5e2be08fd6f","order":38,"text":"\"Holding Company\" has the meaning given in section 1159 of the Companies Act, and \"Subsidiary\" is construed accordingly.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"75b6b58c-30cc-48b3-8c80-90f9adc04a50","order":39,"text":"\"Insolvency Event\" means in relation to a Shareholder, that Shareholder being unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986, the appointment of a receiver, administrator or liquidator over it or any of its assets, the passing of a resolution or the making of an order for its winding up (other than a solvent reorganisation), or, in the case of an individual, that Shareholder being made bankrupt or entering into an individual voluntary arrangement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"63ba7f72-98e2-4781-bd91-f6de639b103e","order":40,"text":"\"Permitted Transferee\" means in relation to a Shareholder, a Connected Person of that Shareholder, a member of its Group, or the trustees of a Family Trust of that Shareholder, in each case to whom Shares are transferred in accordance with the Article entitled \"Permitted Transfers\".","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"5b7f878d-32da-4d0e-b8ec-8144814f10e1","order":41,"text":"\"Reserved Matters\" means the matters listed in the Article entitled \"Reserved Matters\", which require the consent specified in that Article.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"f36e1b99-eb54-48cb-ae00-af4292559b7e","order":42,"text":"\"Sale Shares\" means the Shares the subject of a Transfer Notice.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"a1f2d268-6f3c-4445-a2b7-3cb071f235f2","order":43,"text":"\"Selling Shareholder\" means a Shareholder who serves or is deemed to serve a Transfer Notice.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"45c92ca8-d921-4018-98e6-df71f5baafa0","order":44,"text":"\"Shares\" means the shares in the capital of the Company in issue from time to time.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"0ffdc930-6489-4903-a2a3-0038611c4362","order":45,"text":"\"Surplus Shares\" means Sale Shares not accepted by the Shareholders within the Acceptance Period.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"3a783740-226e-4125-bee8-0e6e263c728b","order":46,"text":"\"Transfer Notice\" has the meaning given in the Article entitled \"Pre-emption Rights on Transfer\".","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"0358e5a4-6f51-4eb3-babe-5dfb81a16813","order":47,"text":"A reference to legislation is a reference to it as amended, extended or re-enacted from time to time, and to any subordinate legislation made under it. Clause, Schedule and paragraph headings do not affect interpretation. Words in the singular include the plural and vice versa, and a reference to one gender includes the other. A reference to writing or written includes email. The Schedules form part of this Agreement and have the same force and effect as if set out in the body of this Agreement. Any words following \"including\", \"include\", \"in particular\" or any similar expression are illustrative and do not limit the words preceding them.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"9bc0fc17-487a-468f-a9af-b4ba162fb3c5","order":48,"text":"2. BUSINESS OF THE COMPANY","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S02"},{"id":"cc2ce83f-5670-4c82-a19a-9f8ba648754c","order":49,"text":"The business of the Company is [Describe the business of the Company].","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"5c463fa1-1165-45cf-a66d-1fde2fe3571e","order":50,"text":"The Shareholders shall use their respective powers to procure that the Business is conducted in accordance with sound and prudent commercial practice, in the best interests of the Company, on arm's length terms with third parties, and in compliance with all applicable laws and the Articles.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"eaa6e9bf-dae9-4601-be2f-cd3c35246ecb","order":51,"text":"3. SHAREHOLDINGS AND CAPITAL","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S03"},{"id":"2d1e8e24-0b76-4ac7-826a-a34a54d83e89","order":52,"text":"The Shares are held by the Shareholders in the numbers and proportions set out in Schedule 1. Each Shareholder is the legal and beneficial owner of, and has the right to exercise all voting and other rights over, the Shares set against its name free from all Encumbrances.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"c2505447-bc73-4a2b-b980-90968d0cc147","order":53,"text":"No Shareholder shall create or permit to subsist any Encumbrance over any of its Shares, or any interest in them, except as expressly permitted by, or with the prior written consent given in accordance with, this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"4f2f4d29-f7c6-4ce4-b894-bb0b895659ca","order":54,"text":"The Shareholders shall procure, so far as they lawfully can, that no rights of pre-emption conferred by section 561 of the Companies Act apply to any allotment of Shares made in accordance with this Agreement, and that any such statutory rights are disapplied to that extent.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"c96c684f-536c-4faa-96db-e97cb2426ae5","order":55,"text":"4. RESERVED MATTERS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S04"},{"id":"2dd78476-d953-4d8b-b7f4-c9bc38c31508","order":56,"text":"The Company shall not, and the Shareholders shall procure that the Company does not, take any of the following actions without the prior written consent of Shareholders holding not less than 75% of the Shares (or such of them as are entitled to vote):","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"96bf1006-909b-44c5-966d-0faea3101704","order":57,"text":"(a) altering the Articles or the rights attaching to any class of Shares;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"cd41d083-26ca-4b6c-891b-68d67bb3ddfc","order":58,"text":"(b) creating, allotting, issuing, redeeming or buying back any shares or other securities, or granting any option or right to subscribe for them, except as permitted by this Agreement;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"b10cc472-bf8c-4bd3-929c-73026f415882","order":59,"text":"(c) altering the share capital of the Company or any rights of pre-emption;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"1937134e-6695-44db-889a-ddeff5b01d7b","order":60,"text":"(d) adopting or amending the annual business plan or budget, or materially departing from it;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"7f474df6-2ee4-417a-b29a-d14bd7a4c07a","order":61,"text":"(e) incurring any borrowing, indebtedness or capital expenditure exceeding [Threshold amount, e.g. £25,000] in aggregate in any financial year;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"62c2bfed-a7a7-4d6f-9ea6-8f4b2f90740e","order":62,"text":"(f) giving any guarantee, indemnity or security other than in the ordinary course of the Business;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"d7f58292-c574-4444-930e-e9327243ffa0","order":63,"text":"(g) entering into, amending or terminating any contract or arrangement with a Shareholder or any of its Connected Persons, or any transaction otherwise than on arm's length terms;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"61d515dc-c8e6-4095-9ca8-55838b36c4e0","order":64,"text":"(h) appointing or removing the auditors, or changing the accounting reference date or any material accounting policy of the Company;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"3b5a297a-e639-4100-83de-2b9238c62189","order":65,"text":"(i) commencing, settling or compromising any litigation or arbitration material to the Company;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"8f547fcc-6bf6-4d9b-b762-e6c991a0ac6f","order":66,"text":"(j) acquiring or disposing of any business or any material asset of the Company, or incorporating or acquiring any subsidiary;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"d557e6c7-dcb8-47a8-a745-1818671b9f50","order":67,"text":"(k) making any loan (other than credit given in the ordinary course of the Business) or establishing any pension or share incentive scheme;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"7d533947-d223-4d17-85d0-9c07a52a5ceb","order":68,"text":"(l) appointing or dismissing any senior employee, or materially varying the terms of employment of any Director or senior employee;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"a6ab2ceb-d9fb-4293-9c08-e36e4f009eca","order":69,"text":"(m) winding up the Company or presenting any petition, or passing any resolution, for its winding up, administration or other insolvency process; and","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"19f617d5-0730-495c-a885-a0e70b95975f","order":70,"text":"(n) declaring or paying any dividend or other distribution otherwise than in accordance with this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"a34c3728-b945-413a-b266-3d6fbd4a476c","order":71,"text":"5. DIRECTORS AND MANAGEMENT","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S05"},{"id":"649215a1-4b9b-4d9e-8a2c-1a78986198ee","order":72,"text":"Each Shareholder holding not less than 25% of the Shares is entitled to appoint one Director and to remove any Director appointed by it, in each case by notice in writing to the Company. Appointments and removals take effect on receipt of the notice or on the date specified in it.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"38ea0967-6601-4c21-89b4-ccdcd4c26557","order":73,"text":"The quorum for the transaction of business at a meeting of the Board is two Directors present throughout the meeting. If a quorum is not present within 30 minutes of the time appointed for a Board meeting, the meeting shall be adjourned to the same time and place five Business Days later.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"b84cc487-b188-40b8-b610-3a856d0ffe80","order":74,"text":"Board meetings shall be held at least quarterly, and a Director may require a meeting to be convened on not less than five Business Days' notice. Resolutions of the Board are passed by a simple majority of votes, subject always to the Reserved Matters; no Director has a casting vote.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"27b7b751-cedf-476d-bf1d-45540782b3e2","order":75,"text":"The day-to-day management of the Business is delegated to the Directors and, where appointed, the managing director, subject to the annual business plan and budget, the Reserved Matters and the directions of the Board.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"b9b57056-7a9a-496e-9b82-d54c7f3ad566","order":76,"text":"The Company shall maintain directors' and officers' liability insurance on terms approved by the Board to the extent available on reasonable commercial terms.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"47f5ee65-c0c2-4222-837a-554deb0ca781","order":77,"text":"6. CONFLICTS OF INTEREST","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S06"},{"id":"0699abb2-1f76-4b68-8371-8ed85aaeeb76","order":78,"text":"Each Director shall declare the nature and extent of any direct or indirect interest in any matter or proposed transaction with the Company in accordance with sections 177 and 182 of the Companies Act. A Director who has declared such an interest may, to the extent permitted by the Articles and the Companies Act, be counted in the quorum and vote, but the Shareholders shall keep the position under review and may by ordinary consent require the Director not to vote on the relevant matter.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"5d93ef8d-d70a-4cb2-8652-004957e7a114","order":79,"text":"Each Shareholder shall procure that the Director appointed by it complies with its duties under Part 10 of the Companies Act, and nothing in this Agreement requires a Director to act in breach of those duties.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"d0bf2ac9-e545-41ab-b02a-aed133b59eb1","order":80,"text":"7. SHAREHOLDER DECISIONS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S07"},{"id":"a364392b-6c1a-4150-9289-b0e73fd73be3","order":81,"text":"The quorum for a general meeting of the Company is Shareholders holding not less than two-thirds of the Shares, present in person or by proxy. Matters reserved by law to the Shareholders shall be decided in accordance with the Companies Act and the Articles, subject to the Reserved Matters and the other provisions of this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"4f40b4cb-1ebc-41f5-a73d-cd8cdaa371a2","order":82,"text":"A resolution in writing signed by or on behalf of all Shareholders entitled to vote is as valid and effective as a resolution passed at a duly convened and quorate general meeting.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"90d0605d-7bdf-4ff5-a157-f81f897c00f4","order":83,"text":"8. ACCOUNTS AND INFORMATION","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S08"},{"id":"72337566-2920-4127-a7b6-5b34370f1e60","order":84,"text":"The Company shall keep accurate accounting records and shall prepare audited or, where permitted by law, unaudited annual accounts in accordance with applicable law and generally accepted accounting principles in the United Kingdom.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"c7e625db-5e16-41eb-8d9f-ee6a372bef24","order":85,"text":"The Company shall provide to each Shareholder: (i) management accounts within 30 days of the end of each month or quarter as the Board determines; (ii) the annual accounts within the period required by law; and (iii) such other information relating to the Business as a Shareholder may reasonably request. Each Shareholder is entitled, on reasonable notice and during business hours, to inspect the books and records of the Company.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"30a0212b-1b56-46c5-aa02-5ad174133d3f","order":86,"text":"9. DIVIDEND POLICY","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S09"},{"id":"081ec5ee-d022-4b18-a6fd-ff7c82e7b1e1","order":87,"text":"Subject to the Companies Act, the retention of such reserves as the Board considers prudent for the proper conduct of the Business, and to the Reserved Matters, the Shareholders intend that the Company shall distribute by way of dividend not less than [Percentage, e.g. 50]% of its distributable profits in respect of each financial year. Dividends shall be paid to the Shareholders in proportion to their respective Equity Proportions.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"e52852a8-8f4f-4284-9a43-f65915b009ba","order":88,"text":"10. FUNDING OF THE COMPANY","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S10"},{"id":"b1247508-df28-4150-b3e9-fe1c824af56a","order":89,"text":"No Shareholder is obliged to provide further finance to the Company. If the Board determines that the Company requires additional funding, it shall first be sought from third parties on arm's length terms. Any funding to be provided by the Shareholders shall, unless they unanimously agree otherwise, be offered to all Shareholders pro rata to their Equity Proportions and on the same terms.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"dd9a8d88-8862-43c3-955e-b571cc9794c5","order":90,"text":"No Shareholder shall be required to give any personal guarantee or security in respect of the Company's obligations except with its prior written consent. Where Shareholders give guarantees, they shall (so far as practicable) do so in proportion to their Equity Proportions and have rights of contribution accordingly.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"b0b4a4cd-7fea-45d9-b0b0-690191362580","order":91,"text":"11. ISSUE OF NEW SHARES","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S11"},{"id":"8085c588-3d75-4705-b999-8378e2f55ad2","order":92,"text":"Subject to the Reserved Matters and the Articles, any new Shares to be issued by the Company shall first be offered to the existing Shareholders in proportion to their Equity Proportions, at the same price and on the same terms, by written notice specifying the number of Shares, the price and a period of not less than 21 days within which the offer may be accepted.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"9420e09b-91c6-4f61-a377-1db5ede3ea6f","order":93,"text":"Shares not taken up by a Shareholder within the offer period may be offered to the other Shareholders who accepted their entitlement in full, pro rata to their respective holdings, and any Shares still not taken up may then be issued to a third party on terms no more favourable than those offered to the Shareholders, subject always to the Reserved Matters and to that third party first entering into a Deed of Adherence.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"dd2ccb7b-9371-4521-95d7-47d4e54ec9cf","order":94,"text":"12. RESTRICTIONS ON TRANSFER OF SHARES","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S12"},{"id":"e7d7c5cd-84a9-4282-aa2e-a506edb7a01f","order":95,"text":"No Shareholder shall transfer, or agree to transfer, any Share or any interest in any Share except in accordance with this Agreement and the Articles. Any purported transfer in breach of this Agreement is void and shall not be registered by the Company.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"e8cc0244-ce25-4308-bac3-6c5c046d8613","order":96,"text":"No Shareholder shall transfer any Shares unless the transfer is of all (and not some only) of the Shares held by it, except a transfer made with the consent of all the other Shareholders or expressly permitted by this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"eccf9e98-a6b0-4c38-a4a5-86564bdacdc0","order":97,"text":"13. PERMITTED TRANSFERS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S13"},{"id":"dd8f7c99-b3c0-478b-8843-d19753242ae9","order":98,"text":"A Shareholder may transfer all of its Shares to a Permitted Transferee without complying with the pre-emption rights on transfer, provided that the Permitted Transferee first enters into a Deed of Adherence.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"a4bc9855-0a5b-43de-8e6f-5e7bd6a28042","order":99,"text":"If a Permitted Transferee is about to cease to be a Permitted Transferee of the original transferring Shareholder, it shall, before doing so, transfer the relevant Shares back to that Shareholder or to another Permitted Transferee of that Shareholder; if it fails to do so, it shall be deemed to have served a Transfer Notice in respect of those Shares.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"c21d7ec1-5c41-4541-a95a-ac3f4a7f8fc5","order":100,"text":"14. PRE-EMPTION RIGHTS ON TRANSFER","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S14"},{"id":"fd45fbe2-1861-40ee-aa58-6f358f9f8462","order":101,"text":"A Shareholder wishing to transfer Shares other than to a Permitted Transferee shall give written notice to the Company (a \"Transfer Notice\") specifying the number of Shares to be transferred (the \"Sale Shares\"), the price per Share and the identity of any proposed transferee. A Transfer Notice may not be withdrawn except with the consent of the Board, and constitutes the Company the agent of the Selling Shareholder for the sale of the Sale Shares on the terms of this Article.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"660a768e-c727-41c4-9986-82e0f9ebd0fb","order":102,"text":"On receipt of a Transfer Notice, the Company shall offer the Sale Shares to the other Shareholders pro rata to their Equity Proportions at the price specified in the Transfer Notice (or, if the price is in dispute or no price is specified, at Fair Value). The other Shareholders shall have not less than 21 days (the Acceptance Period) to accept the offer, and may apply for Surplus Shares.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"6fbc9943-18c9-4709-b889-47d312990181","order":103,"text":"If applications are received for all the Sale Shares, the Company shall allocate them to the applicants pro rata to their existing holdings (but so that no Shareholder is allocated more than it applied for) and notify the Selling Shareholder and the applicants. Completion of the sale of the allocated Sale Shares shall take place within 14 days of allocation.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"2c3adc1a-4332-4641-aeff-aefe29163953","order":104,"text":"If the other Shareholders do not, within the Acceptance Period, apply for all of the Sale Shares, the Selling Shareholder may, within 60 days afterwards, transfer the Surplus Shares to the proposed transferee at a price not less than, and on terms no more favourable than, those set out in the Transfer Notice, subject to the tag-along and drag-along provisions of this Agreement and to the transferee first entering into a Deed of Adherence.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"09cc4ffc-1197-4116-887e-f0f1d4d0f466","order":105,"text":"15. FAIR VALUE","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S15"},{"id":"ab28220b-2d84-4f9a-9551-ceeba75cb0c0","order":106,"text":"Where Shares are to be valued at Fair Value, the price is such amount as is agreed between the transferor and the Board within 20 Business Days or, failing agreement, as determined by an independent chartered accountant nominated by agreement between them or, failing agreement within a further 10 Business Days, nominated by the President for the time being of the Institute of Chartered Accountants in England and Wales on the application of either party (the \"Expert\").","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"c6b2f93f-25d5-4a57-96b9-120ee4efd764","order":107,"text":"The Expert acts as expert and not as arbitrator, and shall determine the Fair Value as the price which a willing buyer would pay a willing seller for the relevant Shares on an arm's length sale, valuing the Company as a going concern as between such buyer and seller, and without applying any premium or discount for the size of the holding or the fact that the Shares represent a minority or majority interest. The Expert's determination is final and binding in the absence of manifest error, and its costs shall be borne as it directs or, in default, equally by the transferor and the transferee.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"78fc12af-caa0-4dfc-a50e-052865663045","order":108,"text":"16. TAG-ALONG RIGHTS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S16"},{"id":"fb2eb180-a15a-4f80-9498-d6af2b4120ea","order":109,"text":"If one or more Shareholders (the \"Proposed Sellers\") propose to transfer Shares to a bona fide third party purchaser which would, together with Shares already held by that purchaser and its Connected Persons, result in the purchaser holding more than 50% of the Shares (a \"Proposed Sale\"), no such transfer shall be made unless the purchaser has first offered to buy from each other Shareholder, on the same terms and at the same price per Share, that proportion of its Shares which corresponds to the proportion of the Proposed Sellers' Shares being sold.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"6a97a041-8085-4ca1-b519-0e2c8e1b3f0a","order":110,"text":"The Proposed Sellers shall give each other Shareholder not less than 14 days' written notice of the Proposed Sale, specifying the price, terms and identity of the purchaser, and each other Shareholder may exercise its tag-along right by written notice given within that period.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"ef77e84b-3b4b-41e1-a469-5757bd98b9cb","order":111,"text":"17. DRAG-ALONG RIGHTS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S17"},{"id":"121072d4-9db4-43ec-90cd-1cc75fa55514","order":112,"text":"If Shareholders holding not less than 75% of the Shares (the \"Dragging Shareholders\") wish to transfer all of their Shares to a bona fide third party purchaser on arm's length terms, the Dragging Shareholders may require all other Shareholders (the \"Dragged Shareholders\") to transfer all of their Shares to that purchaser (or as it directs) on the same terms and at the same price per Share, by giving written notice (a \"Drag Notice\") to the Dragged Shareholders.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"faf0ea0d-db78-42e9-9843-4ae8ba53cd7a","order":113,"text":"Each Dragged Shareholder shall, within 10 Business Days of the Drag Notice, deliver duly executed stock transfer forms and the relevant share certificates (or an indemnity for any lost certificate) against payment of the consideration due to it.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"0b51f91f-4675-4a5d-b8e9-ee0b503fd858","order":114,"text":"If a Dragged Shareholder fails to comply, any Director is irrevocably and by way of security for its obligations appointed as that Shareholder's attorney to execute, complete and deliver the necessary transfers on its behalf, and the Company shall register the transfers and hold the consideration on trust for that Shareholder (without interest) pending delivery of its share certificate.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"e673d51b-ab77-424a-b484-61768613ee9a","order":115,"text":"18. COMPULSORY TRANSFERS AND LEAVER PROVISIONS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S18"},{"id":"b4d0dee0-5a56-45de-bdcd-b6694dd3800c","order":116,"text":"This Article applies to any Shareholder who is also an employee, director or consultant of the Company (an \"Employee Shareholder\") and who ceases to hold that office or employment (a \"Leaver\"), and to any Shareholder which suffers an Insolvency Event, commits a material breach of this Agreement which (if capable of remedy) is not remedied within 20 Business Days, or on whose Shares an Encumbrance is enforced. On the relevant event, that Shareholder shall be deemed to have served a Transfer Notice in respect of all of its Shares (the \"Compulsory Transfer Shares\").","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"a31988d8-7f42-4140-acbb-41f44b3253fa","order":117,"text":"A Leaver is a \"Good Leaver\" if they cease to be employed or engaged by reason of death, permanent ill health or disability, retirement at normal retirement age, redundancy, or termination by the Company otherwise than for cause; and a \"Bad Leaver\" in any other case, including resignation or termination by the Company for cause or for material breach.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"ccace7a9-e925-4f61-a80b-2600785e758b","order":118,"text":"The price for the Compulsory Transfer Shares is: (i) for a Good Leaver, the Fair Value of those Shares; and (ii) for a Bad Leaver, the lower of Fair Value and the subscription price paid for them, in each case determined in accordance with the Article entitled \"Fair Value\".","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"21a3820f-22fd-416c-ab11-98e9ae754243","order":119,"text":"The Compulsory Transfer Shares shall be offered to the continuing Shareholders pro rata to their Equity Proportions in accordance with the pre-emption procedure set out in the Article entitled \"Pre-emption Rights on Transfer\", and any Shares not taken up may be transferred to such person as the Board directs or, failing which, held in treasury or cancelled to the extent permitted by law.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"2fd3c2cf-7170-40c3-97d0-b0e437872508","order":120,"text":"19. DEADLOCK","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","displayConditions":[{"field":"11d29595-dcfc-46ba-b54a-473755062525","value":"2","type":"add","operator":"="}],"sectionNum":"S19"},{"id":"23d007f9-5782-4750-b6d5-9a8931d52419","order":121,"text":"A \"Deadlock\" arises if a Reserved Matter or a matter requiring Board or Shareholder approval is proposed at two consecutive meetings and is not approved because the Shareholders or their appointed Directors are unable to agree.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true,"displayConditions":[{"field":"11d29595-dcfc-46ba-b54a-473755062525","value":"2","type":"add","operator":"="}]},{"id":"d8637d01-3b0d-4a53-ab2e-1f7793f3f9f6","order":122,"text":"On a Deadlock, either Shareholder may refer the matter to the chief executives (or equivalent senior representatives) of the Shareholders, who shall meet within 10 Business Days and attempt in good faith to resolve it. If the Deadlock is not resolved within 20 Business Days of referral, either Shareholder may serve a notice (a \"Deadlock Notice\") offering to buy all of the other's Shares, or to sell all of its own Shares, at a specified price per Share; the recipient may within 20 Business Days elect either to sell at that price or to buy the offeror's Shares at that price, and completion shall take place within 20 Business Days of that election.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true,"displayConditions":[{"field":"11d29595-dcfc-46ba-b54a-473755062525","value":"2","type":"add","operator":"="}]},{"id":"09699b4e-1c6c-492b-b950-e013b48362ab","order":123,"text":"20. CONFIDENTIALITY","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S20"},{"id":"dddc9887-828c-43c7-89c6-5e6bcc01fc4b","order":124,"text":"Each Party shall keep confidential, and shall not use or disclose other than for the proper performance of this Agreement, all information of a confidential nature relating to the Company, the Business or any other Party, except: (i) as required by law, any court or any regulatory authority; (ii) to its professional advisers under a duty of confidence; or (iii) information which is or becomes publicly available other than through breach of this Agreement. This obligation continues for three years after a Party ceases to be a Shareholder.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"a353403c-6286-42dd-bb4d-001298c0300b","order":125,"text":"21. INTELLECTUAL PROPERTY","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S21"},{"id":"b8e929a5-90b0-429b-b401-75cf5874ef22","order":126,"text":"Each Shareholder which is or becomes engaged in the Business shall ensure that all intellectual property rights created by it, or by any person engaged by it, in the course of or in connection with the Business are owned by the Company, and shall, at the Company's request and cost, execute all documents and do all things necessary to vest such rights in the Company.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"c7c58824-46b7-4549-87f7-3f7f389b28de","order":127,"text":"22. DATA PROTECTION","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S22"},{"id":"aaa8c3c3-d628-42cc-9083-cede6b27ca80","order":128,"text":"Each Party shall comply with the UK General Data Protection Regulation and the Data Protection Act 2018 in relation to any personal data processed in connection with this Agreement, and shall process such personal data only to the extent necessary for the performance of this Agreement and the operation of the Business.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"2f8ac67f-7f15-4e46-b613-bcfbc15e085b","order":129,"text":"23. ANTI-BRIBERY AND COMPLIANCE","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S23"},{"id":"b32647fd-ba41-45ab-81f7-ba3e19a04847","order":130,"text":"Each Party shall comply with all applicable laws relating to anti-bribery and anti-corruption, including the Bribery Act 2010, and shall not engage in any activity, practice or conduct which would constitute an offence under that Act. The Shareholders shall procure that the Company maintains adequate procedures designed to prevent bribery by persons associated with it.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"cdaf21f7-add2-41be-8326-bb2b9fe6ebe7","order":131,"text":"24. RESTRICTIVE COVENANTS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","displayConditions":[{"field":"d11f9740-f931-4ce8-b431-2c021e7d82ee","value":"1","type":"add","operator":"="}],"sectionNum":"S24"},{"id":"5c638ebb-f0fc-4b50-9576-11d582a0be32","order":132,"text":"Each Shareholder which is also actively involved in the management of the Business undertakes that, while it is a Shareholder and for 12 months afterwards, it shall not, within [Territory, e.g. the United Kingdom], directly or indirectly: (i) carry on or be engaged or interested in any business which competes with the Business; (ii) solicit or entice away any employee, customer or supplier of the Company with whom it dealt during the 12 months before ceasing to be a Shareholder; or (iii) use any name or mark confusingly similar to that of the Company.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true,"displayConditions":[{"field":"d11f9740-f931-4ce8-b431-2c021e7d82ee","value":"1","type":"add","operator":"="}]},{"id":"69664330-c140-4c0b-a416-7335ff212382","order":133,"text":"Each restriction in this Article is a separate and severable undertaking; if any restriction is found to be void but would be valid if its duration or extent were reduced, it applies with such modification as is necessary to make it valid. The Shareholders acknowledge that these restrictions are reasonable and necessary to protect the legitimate interests of the Company.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true,"displayConditions":[{"field":"d11f9740-f931-4ce8-b431-2c021e7d82ee","value":"1","type":"add","operator":"="}]},{"id":"b7dde3bf-9909-442d-b76a-319a807f1a05","order":134,"text":"25. WARRANTIES","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S25"},{"id":"85e5c855-7d23-49e7-a416-9ebd2aed99db","order":135,"text":"Each Party warrants to each other Party that it has full power and authority to enter into and perform this Agreement, that this Agreement constitutes its legal, valid and binding obligations, and (in the case of a Shareholder) that it is the sole legal and beneficial owner of its Shares free from Encumbrances.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"26132f0b-895d-4873-b276-6bbce485eeaa","order":136,"text":"26. DURATION AND TERMINATION","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S26"},{"id":"76781375-580a-4a89-80e1-2ac8d6efd853","order":137,"text":"This Agreement takes effect on the date of this Agreement and, subject as set out below, continues until it is terminated by the unanimous written agreement of the Shareholders or until only one Shareholder remains bound by it.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"6d338689-0bc6-46e9-b2dd-6baded8c94ea","order":138,"text":"This Agreement ceases to bind a Shareholder (other than in respect of obligations which expressly survive, including confidentiality and any restrictive covenants) when that Shareholder ceases to hold any Shares, having complied with all its obligations on the transfer of those Shares; but it continues in full force between the remaining Parties.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"a088e1e9-a2d0-4832-8c2e-6acba87101e0","order":139,"text":"Termination does not affect any rights, remedies, obligations or liabilities of the Parties that have accrued up to the date of termination.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"56237ce1-706e-4f9b-9bbf-ebd1e74adc94","order":140,"text":"27. RELATIONSHIP WITH THE ARTICLES","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S27"},{"id":"6499b803-f094-471e-86f9-16c05b6bfa30","order":141,"text":"If there is any conflict or inconsistency between the provisions of this Agreement and the Articles, this Agreement prevails as between the Shareholders to the extent permitted by law, and the Shareholders shall, so far as they lawfully can, exercise their voting and other rights to amend the Articles to remove the conflict. Nothing in this Agreement constitutes the Company as agent of any Shareholder or fetters any statutory power of the Company.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"c84e5189-c9b5-4821-bb1d-a12e3b85b3fb","order":142,"text":"28. ANTI-EMBARRASSMENT","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","displayConditions":[{"field":"88fe92dd-7223-4fb6-bf63-d9478441ec7a","value":"1","type":"add","operator":"="}],"sectionNum":"S28"},{"id":"d6320626-6763-444c-a985-f5bd91d8d498","order":143,"text":"If, within 12 months after a Shareholder transfers Shares under the pre-emption, tag-along or drag-along provisions, that Shareholder (or the purchaser of its Shares) sells those Shares, or the Company is sold, at a higher price per Share, the transferring Shareholder is entitled to receive from the original buyer an amount equal to the difference between the price it received and the higher price, on a per Share basis, within 10 Business Days of the later sale.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true,"displayConditions":[{"field":"88fe92dd-7223-4fb6-bf63-d9478441ec7a","value":"1","type":"add","operator":"="}]},{"id":"139454b8-5fb2-446a-be1c-556c44b43a1f","order":144,"text":"29. COSTS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S29"},{"id":"62a84963-568e-48e6-8a95-041bf238f72e","order":145,"text":"Except as otherwise provided in this Agreement, each Party shall bear its own costs and expenses incurred in connection with the negotiation, preparation and execution of this Agreement. Any stamp duty payable on a transfer of Shares shall be borne by the transferee.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"fa27633a-736e-4b07-b852-baacb63787f2","order":146,"text":"30. NOTICES","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S30"},{"id":"454177d6-da90-4f28-a58e-a48be31a4748","order":147,"text":"Any notice given under this Agreement shall be in writing and delivered by hand, by pre-paid first-class post or by email to the relevant Party at the address (or email address) set out in this Agreement or notified in writing from time to time. A notice is deemed received: if delivered by hand, at the time of delivery; if by post, on the second Business Day after posting; and if by email, at the time of transmission, provided that, if deemed receipt would fall outside business hours, it is deemed received when business hours next resume. This Article does not apply to the service of any document in proceedings.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"1d5762b8-a804-4a1f-b2fc-d8b6e4ed82b4","order":148,"text":"31. GENERAL","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S31"},{"id":"9e5ddcd5-52e1-4174-8957-c520e84b07e8","order":149,"text":"Entire agreement: This Agreement and the documents referred to in it constitute the entire agreement between the Parties and supersede all previous agreements, arrangements and understandings between them relating to its subject matter. Each Party acknowledges that it has not relied on any statement or representation not set out in this Agreement, but nothing limits any liability for fraud.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"87e4d116-ff3c-4641-927d-8da1b491e790","order":150,"text":"Variation: No variation of this Agreement is effective unless it is in writing and signed by or on behalf of each Party.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"748667fb-4b77-47d8-a30a-34fc2ea96ceb","order":151,"text":"Assignment: Except as expressly permitted by this Agreement, no Party may assign, transfer or otherwise deal with any of its rights or obligations under this Agreement without the prior written consent of the other Parties.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"c0a41afc-764e-4d9d-8f7d-12d7e1ff8f6d","order":152,"text":"No partnership: Nothing in this Agreement creates a partnership or agency between the Parties or makes any Party liable for the acts or omissions of another Party.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"ca6da6a9-bb87-4eab-8c58-162372bb82fd","order":153,"text":"Third party rights: Except for a Permitted Transferee (which may enforce the provisions relating to it), a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"ced33656-c9f4-4350-b2b1-71a02787a17c","order":154,"text":"Severance: If any provision of this Agreement is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, or, if such modification is not possible, deemed deleted, without affecting the validity of the remaining provisions.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"10702581-bc06-49c3-ae9c-48d127a1960f","order":155,"text":"Waiver: No failure or delay by a Party to exercise any right or remedy is a waiver of that or any other right or remedy, and no single or partial exercise prevents any further exercise.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"ded4c46d-a835-4276-ac52-00a59ff30df9","order":156,"text":"Counterparts: This Agreement may be executed in any number of counterparts, each of which when executed constitutes a duplicate original, but all the counterparts together constitute one agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"616d3727-4876-4204-8926-1e8ad2b25f7a","order":157,"text":"Further assurance: Each Party shall, at the request and cost of the requesting Party, do all acts and execute all documents necessary to give full effect to this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"d0287c5f-4f1b-429d-b0cd-c55dbd8c968f","order":158,"text":"32. GOVERNING LAW AND JURISDICTION","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20","sectionNum":"S32"},{"id":"0cb7f329-8e5e-44a4-9209-179a5950abf0","order":159,"text":"This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) are governed by and construed in accordance with the law of England and Wales.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"3d620d62-1784-45ed-a031-d30103681db6","order":160,"text":"Before commencing court proceedings, the Parties shall first attempt in good faith to settle any dispute by negotiation between their senior representatives and, failing resolution within 20 Business Days, by mediation under the model mediation procedure of a recognised mediation provider. Subject to that, the courts of England and Wales have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"70a29414-5024-44ad-8b09-dc4ae526d52a","order":161,"text":"EXECUTION","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"marginTop":"20"},{"id":"8a2a5cf2-30db-4e31-8838-b6eb4ca59de1","order":162,"text":"This Agreement has been entered into on the date stated at the beginning of it.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true},{"id":"c64762ea-f169-4dce-99a7-9f6b87fdf595","order":163,"text":"Signed for and on behalf of THE COMPANY:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"a490920a-e850-4d93-9f0a-f0a3407b4d36","order":164,"text":"....................................................","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"c9cb0ef6-2f4e-44d1-a647-3e29c0e2342e","order":165,"text":"Name: [Name of authorised signatory]","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"0338154c-60f0-4c5e-98f5-7a722fb0c49c","order":166,"text":"Title: Director, duly authorised","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"ada05015-78fe-473d-8f88-1826ac6a6c49","order":167,"text":"Signed by SHAREHOLDER 1:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"0da05c2e-dc43-4416-9887-26e08979aaf4","order":168,"text":"....................................................","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"6ca83962-44dc-4bbc-9847-83b25eafd578","order":169,"text":"Name: [Full name of Shareholder 1]","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"735383ea-7259-4588-8986-ed60a789e643","order":170,"text":"Signed by SHAREHOLDER 2:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"435cae4b-490e-4c9f-b6b2-32390cbed88f","order":171,"text":"....................................................","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"49f089eb-e9e6-44f8-8b33-b304a2e985ed","order":172,"text":"Name: [Full name of Shareholder 2]","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"f340fbd1-1f5b-4118-8c66-4eba29ef1008","order":173,"text":"Signed by SHAREHOLDER 3:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[{"field":"11d29595-dcfc-46ba-b54a-473755062525","value":"2","type":"remove","operator":"="}]},{"id":"db736002-e581-42f0-8c74-4cc8a3be6825","order":174,"text":"....................................................","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true,"displayConditions":[{"field":"11d29595-dcfc-46ba-b54a-473755062525","value":"2","type":"remove","operator":"="}]},{"id":"f71605ff-5c32-4188-9937-e733438b2ce5","order":175,"text":"Name: [Full name of Shareholder 3]","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[{"field":"11d29595-dcfc-46ba-b54a-473755062525","value":"2","type":"remove","operator":"="}]},{"id":"80527f1e-9949-4914-883c-78dd61bf7e41","order":176,"text":"Signed by SHAREHOLDER 4:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[{"field":"11d29595-dcfc-46ba-b54a-473755062525","value":"4","type":"add","operator":"="}]},{"id":"dc705c3f-3a5d-457a-b7d3-c470b245b4f7","order":177,"text":"....................................................","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true,"displayConditions":[{"field":"11d29595-dcfc-46ba-b54a-473755062525","value":"4","type":"add","operator":"="}]},{"id":"b97e1499-d43d-4f3d-aadd-eee7c95452f3","order":178,"text":"Name: [Full name of Shareholder 4]","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[{"field":"11d29595-dcfc-46ba-b54a-473755062525","value":"4","type":"add","operator":"="}]},{"id":"37d2acee-54be-4e90-9805-e9ef0f7fb401","order":179,"text":"SCHEDULE 1","fontSize":"16","textAlign":"center","bold":true,"underline":false,"marginBottom":"5","cflou":false,"active":true,"marginTop":"20"},{"id":"88bf2ee6-2063-4e76-9eba-697a600bd4a5","order":180,"text":"THE SHAREHOLDERS AND THEIR SHAREHOLDINGS","fontSize":"14","textAlign":"center","bold":true,"underline":false,"marginBottom":"15","cflou":false,"active":true},{"id":"89c82105-70dd-432c-b64d-61bfe249f91c","order":181,"text":"Shareholder 1 — [Full name of Shareholder 1]: [Number of Shares] Shares ([%]%).","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"320237fd-2afa-4799-aab5-ed7df7376067","order":182,"text":"Shareholder 2 — [Full name of Shareholder 2]: [Number of Shares] Shares ([%]%).","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"b9f7f4a7-f760-43a3-9a90-68ce0075eb32","order":183,"text":"Shareholder 3 — [Full name of Shareholder 3]: [Number of Shares] Shares ([%]%).","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"11d29595-dcfc-46ba-b54a-473755062525","value":"2","type":"remove","operator":"="}]},{"id":"dbbf5ad5-2870-4a3e-b7de-f17a4510948a","order":184,"text":"Shareholder 4 — [Full name of Shareholder 4]: [Number of Shares] Shares ([%]%).","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"11d29595-dcfc-46ba-b54a-473755062525","value":"4","type":"add","operator":"="}]},{"id":"00961a10-f7d5-4ec4-a4f3-16c84ba4b7f0","order":185,"text":"Total: [Total number of Shares] Shares (100%).","fontSize":"14","textAlign":"left","bold":true,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"216ea42e-b91b-449a-a4ce-88756be19a36","order":186,"text":"SCHEDULE 2","fontSize":"16","textAlign":"center","bold":true,"underline":false,"marginBottom":"5","cflou":false,"active":true,"marginTop":"20"},{"id":"1f95566e-734b-42bb-85b6-75cb5f66aa61","order":187,"text":"FORM OF DEED OF ADHERENCE","fontSize":"14","textAlign":"center","bold":true,"underline":false,"marginBottom":"15","cflou":false,"active":true},{"id":"5da0eae7-4eda-4d65-a4f7-f86a31d0f3a6","order":188,"text":"THIS DEED OF ADHERENCE is made on [date] by [name of new shareholder] of [address] (the \"New Shareholder\") and is supplemental to the shareholders' agreement relating to [Company name] dated [Date] (the \"Agreement\").","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"dcb8ba05-8aa6-4e04-8177-01bea4e10dd4","order":189,"text":"The New Shareholder confirms that it has been supplied with a copy of the Agreement and covenants with each existing party to the Agreement to observe, perform and be bound by all the terms of the Agreement which are capable of applying to the New Shareholder, as if the New Shareholder were a party to it in place of (or, as the case may be, in addition to) the transferring Shareholder, with effect from the date of this Deed.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"41262a25-8631-4e9d-8e9a-775aec54688f","order":190,"text":"This Deed is governed by the law of England and Wales, and the courts of England and Wales have exclusive jurisdiction in connection with it.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"fa33543b-fec1-4fa1-8685-1e0858d066ee","order":191,"text":"IN WITNESS of which this Deed of Adherence has been executed and delivered as a deed on the date stated above.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"0","cflou":false,"active":true}]