SUBJECT: &NAME &NAME &NAME . Follow up on &NAME / &NAME Comments &NUM We need the name , address and if applicable , company no. of the legal entity at &NAME &NUM &NAME have asked whether they will be founder . I do n't think that this makes any difference as pre emption rights ( i.e. shares are offered to the existing shareholders before being offered to new shareholders ) will be waived for the shares to be granted . &NUM I have been asked to re-draft the wording under ( &NUM ) : For so long as &NAME remains a shareholder in the Company , for a period of up to &NUM years from the date of this agreement : The Company may grant &NAME totalling between &NUM &NAME considers this to be ambiguous , but I do n't see it ! &NUM ( &NUM &CHAR ) ' between ' to be changes to ' up to ' OK with me , but please check . &NAME has also asked that the wording be changed so that anti-dilution applies in the event of any issue of any shares to anybody ( presumably provided this falls below the £ 100k funding limit . &NAME &NAME comment , it seems to me that &NAME will apply if shares are sold at a price to &NAME and &NAME at par value which is below market value , howsoever that market value is caused e.g. purchase of &NAME , or price established by new investor purchasing at a premium . I am not a tax expert . To entirely resolve any tax issues we would have to employ a full blown shareholder 's agreement having taken appropriate advice . &NUM days to decide whether to take up the shares is fine with me . &NUM ( 2iii ) The level of £ 100k is established as funds are difficult to obtain nowadays and onerous conditions are likely to be imposed . &NUM &NAME has asked whether we could enter into a full shareholders agreement which could apply also to any new investor . Generally I find that any substantive investor will wish to impose their own agreement whatever . I should reiterate that the draft was created on the basis that there is a shortage of funds to pay for a complex agreement and that my instructions were on the basis that a short and straightforward version would do . This is not designed with individual shareholder 's interests , such as tax effectiveness , in mind and is an outline for discussion . &NAME regards &NAME &NAME &NAME &CHAR &NAME &CHAR &NUM ( &NUM ) &NUM &NUM Principal Consultant &CHAR &NUM ( &NUM ) &NUM &NUM Legal Surfing &NAME &CHAR &NUM &NUM &NUM &NUM &NAME Street &CHAR &EMAIL &NAME &NAME &NAME &CHAR &WEBSITE