The subscription and shareholders’ agreement is based on the term sheet. It's everything you need for your seed round. After you have agreed on the term sheet (signed or not), the investor will start the final parts of the due diligence while you draft a subscription agreement and shareholders’ agreement. When the due diligence is complete it’s time to sign the subscription agreement and shareholders’ agreement. The subscription agreement regulates the terms of the investment itself, what happens in connection to the investment and what warranties the founders give to the new investors. The shareholders’ agreement, on the other hand, stipulates the terms for the future partnership and is not directly related to the investment itself.
In the quest for establishing a Danish standard for startup documents, we're supporting our friends at StartupTools who are doing an incredible job of formulating these documents. You'll find the very agreements at our friends at StartupTools.org.