定制公司股东协议

股东协议

本股东协议（“本协议”）由下列各方于[签署日期]在[签署地]订立：
- 梧桐示例有限公司（“公司”），统一社会信用代码：[________]，住所地：[________]；及
- 公司之各股东（单称“股东”，合称“全体股东”），其姓名/名称、证件/统一社会信用代码、住所/住所地及所持股权比例详见本协议附件一。

鉴于：
A. 公司已依法设立为有限责任公司，相关登记事项以市场监督管理部门登记为准；
B. 各方拟就公司之股权结构、治理安排、增资融资、股权转让、利润分配、信息权、保密与竞业、违约救济及其他相关事项订立本协议，以明确各方权利义务并确保与法律法规及公司章程保持一致。

据此，各方经协商一致，达成如下协议条款：

第一条 定义与解释
1.1 定义
除上下文另有约定，下列术语具有如下含义：
- 章程：指公司不时有效的公司章程。
- 注册资本：指公司依法登记的注册资本总额。
- 出资：指股东认缴或实缴之对公司注册资本的出资，包括但不限于货币、有形资产、知识产权、土地使用权等，依法不得以劳务出资。
- 控制/控制权：指通过持股、协议或其他安排对公司经营、财务或人事产生决定性影响之能力。
- 关联方：指与任何一方存在《公司法》及相关法规所定义关联关系之主体。
- 重大事项：指本协议约定须经特别表决程序方可作出之事项，详见附件三。
- 交易文件：指本协议及其附件、补充协议、对各方有约束力的股东会或董事会决议等。
- 工作日：指中国法定工作日。

1.2 解释
- 本协议之标题仅为阅读便利，不影响条文解释。
- 如本协议与章程存在不一致，股东应促使章程作出相应修订使之与本协议一致；在对内关系中以本协议为准，在对抗第三人时以依法登记并公示之章程为准。

第二条 目的与适用范围
2.1 本协议系为规范股东间及股东与公司之间之权利义务、完善公司治理结构、推动合规运营与稳健发展而订立。
2.2 本协议对各方具有法律约束力，对公司在其章程授权范围内亦具有约束力。

第三条 资本与股权结构
3.1 注册资本与股权比例
- 公司注册资本为人民币[________]元，股东各自认缴数额与出资比例详见附件一。
3.2 出资方式与期限
- 各股东应在章程及公司登记机关备案之期限内，按照认缴出资方式与金额履行出资义务，并配合完成验资或必要的信息披露及变更登记。
- 股东保证其出资为合法取得且不存在权利瑕疵。
3.3 出资不实与违约
- 如股东存在未按期出资、出资不实、抽逃出资等情形，公司或守约股东有权书面催告限期纠正；逾期仍未纠正的，公司可依法减资并追缴，或经股东会依《公司法》作出决议对其持股予以回购、强制转让或予以除名（如法律允许），并要求其承担因此给公司及守约股东造成的损失。
- 出资违约责任不因股权转让、出资权利变动而免除，法律另有规定的除外。

第四条 公司治理
4.1 股东会
- 股东会为公司的最高权力机构，依《公司法》及章程行使职权。
- 会议召集、通知、出席、表决程序依章程执行；涉及重大事项的表决须达到本协议第九条所约定之特别表决比例。
4.2 董事会/执行董事
- 公司设[董事会/执行董事]。[如设董事会：董事会由[3/5/7]名董事组成，其中[甲方]有权提名[__]名董事，[乙方]有权提名[__]名董事，其余由[全体小股东合计/员工代表]提名；董事由股东会选举产生。董事会设董事长1名，由[__方提名]，经董事会过半数选举产生。]
- 董事会行使《公司法》与章程规定之职权。董事会决议原则上以过半数通过；涉及重大事项，适用本协议第九条之特别表决机制。
4.3 监事/审计委员会
- 公司设[监事/监事会]，或由董事会设立审计委员会并承担监督职责，具体按章程执行。
4.4 高级管理人员
- 公司设总经理/首席执行官（CEO）及其他高级管理人员。总经理由董事会聘任或解聘，行使章程赋予之职权。法定代表人由[董事长/总经理/执行董事]担任，变更须经董事会或股东会依章程程序批准。
4.5 关联交易与回避
- 涉及股东、董事、高管及其关联方之交易，应遵循公开、公允、公平原则，履行信息披露与关联回避程序，并经无关联关系的有权机构审议批准。

第五条 信息权与审计
5.1 信息查阅
- 股东有权依法查阅公司章程、股东会/董事会/监事会会议记录、财务会计报告、会计账簿等法定资料；公司应在合理期间内予以提供或安排查阅。
5.2 定期报告
- 公司应在每一会计年度结束后[120]日内向股东提供经具备证券期货相关业务资格的会计师事务所出具的年度审计报告，并按季度提供经营与财务简报。
5.3 审计权
- 经持股合计达[10%]以上股东书面提案，公司应配合对特定事项开展专项审计；审计费用由提案股东或公司按审计结论及股东会决议合理分担。

第六条 利润分配与资金安排
6.1 利润分配原则
- 公司依法弥补亏损、提取法定公积金及其他留存项目后，方可进行利润分配。
- 除非章程及本协议另有约定，利润分配按股东实缴出资比例进行。
- 公司在具备现金流条件且满足持续经营与合规要求时，应力争每一会计年度进行分配；如董事会拟不分配或少分配，应就具体商业理由书面说明并提交股东会特别表决通过。
6.2 资金监管
- 公司重大资金支出（单笔或累计达最近一期经审计净资产[10%]或人民币[____]元的较低者）须经董事会或股东会依本协议第九条审议。

第七条 股权转让与限制
7.1 内部转让
- 股东之间转让其全部或部分股权，无须其他股东同意，但应书面通知公司并办理变更登记。
7.2 对外转让
- 股东向股东以外的第三方转让股权，应事先书面告知其他股东并征求同意；非转让股东过半数不同意转让的，应购买该转让股权；不购买的，视为同意转让。
- 其他股东对拟转让股权享有按同等条件的优先购买权，优先购买期限为自收到转让通知之日起[30]日。
7.3 随售权（Tag-along）
- 若持股[控股股东/合计达50%股权之股东]拟向第三方转让其[≥20%]以上股权，非转让股东有权按其持股比例随同以不劣于相同条款共同出售；转让方应确保第三方受让人同意接受该等随售安排。
7.4 强制随售权（Drag-along）
- 若持股合计达[2/3]以上之股东与独立第三方达成对公司[100%/控制权]之出售，且交易价格不低于经双方一致认可或经独立评估机构确定的公允价值区间[____]，其有权要求其他股东按相同条款出售其股权并配合交割，但须经股东会以[出席会议的2/3以上表决权]通过并满足法律法规的股东保护程序（包括但不限于优先购买权与信息披露）。
7.5 股权质押
- 股东对其股权设定质押，须事先书面通知公司并经董事会或股东会同意，不得影响公司经营稳定和其他股东的合法权益。
7.6 特殊情形
- 股东死亡、丧失行为能力、被强制执行或破产等情形，依法由其合法继承人、受让人或管理人承受其股权；公司及其他股东在法律允许范围内享有同等条件下的优先受让权。

第八条 增资、融资与反稀释
8.1 新增注册资本发行
- 公司因业务发展需增资的，应由董事会提出议案并提交股东会审议；在相同条件下，现有股东按持股比例享有优先认缴权。
8.2 稀释防护
- 如公司拟以低于本协议附件四约定的参考价格或经最近一期融资确定之估值进行新一轮融资，[特定投资人/优先股东（如有）]可选择以下反稀释机制之一：
  - 加权平均法（Broad-based Weighted Average）；或
  - 完全棘轮法（Full Ratchet）
  具体计算方法见附件六。
8.3 资本公积转增与股权激励
- 资本公积转增注册资本、股权激励预留或实施方案，均属重大事项，须按第九条程序审议，并充分保障现有股东的比例权与知情同意权。

第九条 重大事项及特别表决机制
9.1 重大事项列表
- 重大事项包括但不限于：变更公司名称、注册资本、经营范围、公司类型；修改章程实质性条款；合并、分立、解散、清算、破产申请；增资、减资；对外担保、借贷或资产处置达到特定阈值；核心知识产权处置；利润分配政策重大调整；引入战略投资者或控制权变更；设立或撤销重要子公司；关联交易达到一定金额阈值；股权激励与员工持股平台搭建；法定代表人变更；其他对公司或股东权利义务有重大影响之事项（详见附件三）。
9.2 表决要求
- 重大事项须经股东会[出席会议的2/3以上表决权同意/全体同意（就控制权变更等事项）]通过；涉及中小股东保护之事项，应设置[单独计票机制/中小股东单独表决权]。
- 董事会层面的重大事项，须经全体董事的[2/3]以上同意方可通过；涉及关联董事的，由无关联董事审议表决。

第十条 违约与救济
10.1 违约构成
- 任何一方违反本协议或相关交易文件之陈述、保证或承诺，均构成违约。
10.2 救济措施
- 守约方有权要求违约方限期纠正、赔偿损失并支付违约金[违约金标准：____]；必要时，守约方可申请禁令救济、要求强制履行或解除相关安排。
- 对于股权转让类违约，公司与守约股东有权请求法院/仲裁机构裁令强制过户或回购，并可参照独立评估、公允市场价格或本协议附件四之定价机制确定价格。
10.3 连带责任
- 如两名或以上当事方共同违反本协议，对公司或其他股东造成损失的，应依法承担连带赔偿责任。

第十一条 保密与知识产权
11.1 保密义务
- 各方对因本协议及其履行而获悉的商业秘密、技术秘密、客户信息、财务信息及其他保密信息负有保密义务，非经信息提供方书面同意不得向任何第三方披露，法律法规或有权机关要求披露的除外。
11.2 用途限制
- 保密信息仅可用于履行本协议之目的；各方应采取不低于保护其自有同类信息之合理措施予以保护。
11.3 存续
- 保密义务于本协议终止后仍持续[三]年，涉及商业秘密的在秘密存续期间持续有效。
11.4 知识产权归属
- 由公司投入资源形成或与公司业务直接相关的职务成果之知识产权归公司所有，具体可另行签订技术与知识产权归属协议。

第十二条 竞业限制与禁止挖角
12.1 竞业限制
- 控制股东、董事、高级管理人员在任职期间及离任后[两]年内，不得直接或间接从事与公司主营业务相竞争之业务，不得投资、经营或为与公司竞争之企业提供核心技术或管理支持，但持有上市公司不超过[3%]之被动股权除外。
12.2 禁止挖角
- 各股东不得在未经公司书面同意的情况下，于持股期间及本协议终止后[一年]内主动招揽公司的关键员工或核心客户。
12.3 合理性
- 上述限制之地域、期限与范围以合理必要为度，超出法律允许范围者自动缩减至法律允许的最大限度。

第十三条 合规与反腐败
13.1 各方承诺遵守适用之中国法律法规及行业自律规则，包括但不限于公司法、反不正当竞争法、反洗钱与制裁合规、数据与个人信息保护、税收征管、环境与安全生产等。
13.2 各方不得行贿、受贿或实施任何形式的商业贿赂或不当支付；一经发现，公司或守约方有权立即采取纠正措施并追究责任。

第十四条 税务与费用
14.1 因本协议之签署与履行所产生之税费，按法律规定或由各方另行约定承担。
14.2 因股权转让、分红等事项产生的个人所得税、企业所得税、印花税等，由依法应纳税之主体自行承担并办理申报。

第十五条 争议解决与适用法律
15.1 适用法律
- 本协议的订立、效力、解释、履行及争议解决均适用中华人民共和国法律。
15.2 争议解决
- 因本协议引起之或与本协议有关之任何争议，首先由各方友好协商解决；协商不成的，提交中国国际经济贸易仲裁委员会（CIETAC）按其届时有效的仲裁规则在[北京]进行仲裁。仲裁裁决是终局的，对各方均有约束力。
15.3 临时保全
- 在仲裁进行期间，任何一方均可向有管辖权之人民法院申请财产保全或行为保全。

第十六条 期限、生效与终止
16.1 生效
- 本协议自各方授权代表签字/盖章之日生效；如涉及需经股东会批准或监管登记之事项，该等批准或登记为生效或履行条件之一。
16.2 期限
- 本协议在公司存续期间持续有效，但本协议中按其性质应在终止后继续有效之条款（包括但不限于保密、争议解决与法律适用、违约责任等）不因本协议终止而失效。
16.3 终止
- 经全体股东书面同意可以终止本协议；公司依法解散或清算结束之日，本协议自行终止。

第十七条 通知
17.1 本协议项下之通知、同意、批准或其他通讯，应以书面形式通过专人送达、挂号信、电子邮件或经各方认可的其他方式送达至附件一载明之地址或各方书面更新之地址。
17.2 通知的送达时间以实际送达之日、邮件到达对方服务器之日或快递显示签收之日为准。

第十八条 其他
18.1 完整协议
- 本协议及其附件构成各方就本协议项下事项达成之完整协议，并取代此前任何口头或书面之谅解、意向、备忘录或约定。
18.2 修订与弃权
- 对本协议任何修改或补充，须以书面形式经有权主体签署方为有效。任何一方的弃权不应视为对其他违约或同类违约的弃权。
18.3 可分割性
- 如本协议任何条款被认定为无效、非法或不可执行，不影响其他条款的效力；该条款应在法律允许的最大范围内被解释与执行。
18.4 转让限制
- 除非本协议另有约定或经其他方事先书面同意，任何一方不得转让其在本协议项下的权利或义务。
18.5 份数与语言
- 本协议以中文签署，一式[____]份，各方各执[____]份，具同等法律效力；其中至少[____]份用于工商备案或留存。

[以下无正文，为签字页]

签字页

公司（盖章）：
名    称：梧桐示例有限公司
法定代表人/授权代表签字：________________
签署日期：________________

股东一（签字/盖章）：
姓名/名称：________________
证件/统一社会信用代码：________________
签署日期：________________

股东二（签字/盖章）：
姓名/名称：________________
证件/统一社会信用代码：________________
签署日期：________________

[其余股东签字页同上]

附件一：股东清单与资本结构
- 股东姓名/名称、证件信息/统一社会信用代码、通讯地址、认缴出资额、实缴出资额、出资方式、出资期限、出资比例、董事提名权（如有）。

附件二：章程主要条款（示意）
- 公司类型、经营范围、注册资本与股权结构、机关设置与表决机制、利润分配与公积金、财务与审计、关联交易与回避、信息披露、章程修改程序、清算与解散。

附件三：重大事项清单（示意）
- 章程实质性修改
- 变更注册资本、公司类型、经营范围、公司名称
- 合并、分立、解散、破产申请、清算方案
- 对外投资、担保、借款、资产处置单笔或累计达到最近一期经审计净资产[10%]/人民币[____]元（以较低者为准）
- 控制权变更、引入战略投资者、新设重要子公司或分支机构
- 核心知识产权的转让、许可或设定重大负担
- 超出年度预算[20%]以上的资本性支出
- 利润分配政策重大调整、不分配或少分配方案
- 股权激励或员工持股平台搭建/调整
- 法定代表人、总经理等核心管理岗位的聘免
- 重大诉讼仲裁和解或放弃重大权利
- 其他对公司或股东权益产生重大实质影响事项

附件四：定价与估值机制（示意）
- 公允市场价值的确定方式（两家以上有资质机构独立评估取中值；或参考最近一轮融资估值；或以经审计净资产加成等）
- 价格调整、或有对价安排及付款条款

附件五：保密信息范围（示意）
- 技术资料、产品路线图、源代码、接口文档、算法与模型参数
- 商业计划、营销策略、客户与供应商清单、价格与折扣政策
- 财务报表、预算与预测、投融资条款
- 人力资源与薪酬体系
- 任何标注为“保密”的资料或按交易习惯应视为保密的信息

附件六：反稀释计算示例（示意）
- 加权平均法与完全棘轮法的定义、公式、示例参数与边界条件

实务合规提示（非协议条款）
- 本协议以《中华人民共和国公司法》及相关配套规定为基础制定；有限责任公司股权内部转让自由、对外转让需多数非转让股东同意并享有优先购买权等系强行性规则，协议安排应与章程一致并依法办理登记，方能对抗善意第三人。
- 关于监事会与审计委员会的替代安排、利润分配比例及资本缴付进度等事项，请结合最新有效法规与监管口径并在章程中明确。
- 反稀释、随售及强制随售等条款涉及中小股东保护与交易公允，请保留评估、信息披露、程序公正与价格公允的合规机制，并在实施时履行必要的内部决策与外部登记程序。

请根据贵公司股权结构、业务特点与所在地域监管要求补充具体数值与名单，并同步修订公司章程以保持一致性。若需，我可依据实际股权比例、董事席位安排、融资计划与退出路径提供定制化条款与配套章程修订稿。

以下为一份中英双语之股东协议范本草案，供甲辰示例股份有限公司之股东用于谈判与定稿参考。鉴于适用法域未指定，本草案采用中性法律条款与通行市场实践，并设置若干留空项以供根据具体法域与交易结构调整。为确保可执行性与合规性，最终文本应由目标法域之执业律师审阅并与公司章程协调一致。

The following is a bilingual draft Shareholders’ Agreement for use by the shareholders of Jiachen Example Joint Stock Limited Company. As the governing jurisdiction is not specified, this draft employs neutral legal formulations and market-standard provisions with placeholders, to be tailored to the specific jurisdiction and transaction structure. For enforceability and compliance, the final text must be reviewed by counsel qualified in the governing jurisdiction and harmonized with the Articles of Association.

一、协议信息与当事方 Agreement Information and Parties
1.1 协议名称：甲辰示例股份有限公司股东协议
Agreement Title: Shareholders’ Agreement of Jiachen Example Joint Stock Limited Company

1.2 公司信息：
- 公司中文名称：甲辰示例股份有限公司
- 公司英文名称（建议）：Jiachen Example Joint Stock Limited Company
- 注册编号：[•]
- 注册地/适用法域：[•]（以下称“适用法”或“[适用法域]法”）
- 公司住所：[•]
Company Information:
- Chinese Name: 甲辰示例股份有限公司
- English Name (recommended): Jiachen Example Joint Stock Limited Company
- Registration No.: [•]
- Place of Incorporation / Governing Law: [•]
- Registered Address: [•]

1.3 当事方（合称“股东”）：甲方：[姓名/名称，证件号/注册号，地址]；乙方：[•]；丙方：[•]；及公司（就同意与配合义务之目的为协议当事方）。
Parties (collectively, the Shareholders): Party A: [•]; Party B: [•]; Party C: [•]; and the Company (a party solely for purposes of consent and undertaking).

1.4 生效时间：本协议自各方签署且满足前提条件（若有）之日生效。
Effective Date: Upon execution by all parties and satisfaction of any conditions precedent (if any).

二、鉴于条款 Recitals
2.1 各股东系公司之现有股东或拟受让/认购股东，愿依据本协议对公司治理、股权转让、投资者权利及争议解决等事项作出安排。
The Shareholders are existing or incoming shareholders and wish to set out arrangements for corporate governance, share transfers, investor rights, and dispute resolution.

2.2 本协议旨在对股东间关系进行契约化安排，并与公司章程共同构成公司治理文件；如本协议与章程冲突，各方应在法律允许范围内促使章程作相应修订，以使两者一致。
This Agreement contractually governs inter-shareholder relations and, together with the Articles of Association, constitutes the corporate governance framework. In case of conflict, the parties shall procure amendments to the Articles to the extent permitted by law to align with this Agreement.

三、定义与解释 Definitions and Interpretation
3.1 定义
- “章程”指公司的公司章程（经不时修订）。
- “董事会”指公司的董事会。
- “业务计划与预算”指董事会或股东会批准的当期经营计划与年度预算。
- “优先购买权（ROFR）”指第三方转让前的购买优先权。
- “共同出售权（Tag-along）”指少数股东在多数股东对外出售时按比例一同出售之权利。
- “强制随售权（Drag-along）”指达到特定表决/持股门槛之股东可强制其他股东按同等条件一并出售之权利。
- “特别保留事项”指需经特定高标准同意方可决定之重大事项。
- “公允市场价值（FMV）”指由独立估值机构或依约定公式确定之公平价值。
Definitions
- “Articles” means the Articles of Association of the Company (as amended).
- “Board” means the board of directors of the Company.
- “Business Plan and Budget” means the approved operating plan and annual budget.
- “Right of First Refusal (ROFR)” means the pre-emptive purchase right before a third-party transfer.
- “Tag-along Right” means the right of minority holders to sell pro rata alongside a selling majority.
- “Drag-along Right” means the right of requisite majority holders to compel a pro rata sale by others on the same terms.
- “Reserved Matters” means major matters requiring enhanced consent thresholds.
- “Fair Market Value (FMV)” means value determined by an independent valuer or agreed formula.

3.2 解释原则：除非上下文另有要求，单数包括复数，性别包括中性；条款标题仅为阅读便利；对法律、规则之引用包括其修订或替代。
Interpretation: Singular includes plural; headings are for convenience; references to laws include amendments or replacements.

四、股本结构与持股比例 Share Capital and Ownership
4.1 截至本协议签署日之股本结构如下：股本总数为[•]股，每股面值[•]；股东持股如下：甲方[•]股（[•]%）；乙方[•]股（[•]%）；丙方[•]股（[•]%）。
As of the date hereof, the Company has [•] shares of [•] par value each. Shareholders hold: A: [•] ([•]%), B: [•] ([•]%), C: [•] ([•]%).

4.2 股东确认其对所持股份享有完全且无负担之所有权，除本协议与章程所载限制外，毋附设质押、信托或任何优先权。
Each Shareholder warrants full and unencumbered title to its shares, subject only to restrictions in this Agreement and the Articles.

五、协议目的与经营原则 Purpose and Operating Principles
5.1 各方同意共同促使公司依法合规经营，遵循经批准之业务计划与预算，秉持审慎经营、信息透明与对等保护之原则。
The parties shall procure lawful operations in accordance with the approved Business Plan and Budget, applying prudence, transparency, and parity of protection.

六、公司治理 Corporate Governance
6.1 股东会：依法召集并行使职权。除适用法另有规定或本协议特别规定外，普通事项以过半数表决通过；特别保留事项依第七条执行。
General Meeting: Convened per law; ordinary matters by simple majority unless law or this Agreement provides otherwise; Reserved Matters per Section 7.

6.2 董事会组成与提名：
- 董事人数为[•]名。甲方有权提名[•]名董事，乙方[•]名，丙方[•]名。
- 董事罢免与替换：各自提名方得随时书面通知罢免并替换其提名之董事。
Board Composition and Nomination:
- The Board shall have [•] directors. Party A may nominate [•], Party B [•], Party C [•].
- Removal/Replacement: Each nominating shareholder may remove/replace its nominee by notice.

6.3 董事会运作：
- 会议频率：至少每季度一次，必要时可临时会议。
- 召集与通知：由董事长或任一[两名]董事提议，提前[7–14]日书面通知，紧急情形可缩短。
- 法定人数：不少于全体董事的[1/2或2/3]。缺乏法定人数之会议不得表决。
- 表决：除特别保留事项外，以到会董事过半数通过；出现票数相同时，董事长无额外决定票，改以再次表决或提交股东会。
Board Procedures:
- Frequency: At least quarterly; ad hoc as needed.
- Notice: [7–14] days’ written notice; shorter in emergencies.
- Quorum: At least [1/2 or 2/3] of all directors.
- Voting: Majority of directors present, except Reserved Matters; no casting vote; tie escalates per deadlock clause.

6.4 管理层任命：总经理/首席执行官（CEO）由[董事会简单多数/特定股东提名并经董事会通过]任免；关键管理人员名单见附表一，可由董事会调整。
Management: CEO appointed and removed by [Board majority/nominee mechanism]; key management per Schedule 1, adjustable by Board.

6.5 审计与合规：公司应聘请独立审计机构进行年度审计，财务报告应符合[IFRS/PRC GAAP/其他]。
Audit and Compliance: Annual audits by an independent auditor; financials under [IFRS/PRC GAAP/other].

七、特别保留事项 Reserved Matters
7.1 下列事项须经股东会持股比例不低于[2/3或3/4]之同意，或经董事会[2/3]以上同意（以更高标准为准）：
- 变更公司章程、公司名称、注册资本、股本结构或股权类别、权利；
- 发行任何新股或证券（含期权、可转证券）、回购或减资；
- 对外并购、出售或转让实质全部资产、停业/清算、破产申请；
- 重大对外担保、借款或负债，超过单笔或年度累计[金额或净资产比例阈值]；
- 关联交易超过[金额/比例]；
- 股利政策之重大变更；
- 员工股权激励计划（ESOP）之设立、扩大或主要条款变更；
- 诉讼和解或仲裁和解，金额超过[阈值]；
- 任免审计师；变更会计政策之重大事项；
- 其他对股东权利或公司控制有重大影响之事项。
The following require enhanced consent by Shareholders holding at least [2/3 or 3/4], or Board [2/3] (whichever higher): amendments to Articles/name/capital/classes; issuances/repurchases/reductions; M&A, sale of substantially all assets, cessation/liquidation/insolvency; material guarantees/indebtedness above thresholds; related-party transactions above thresholds; material changes to dividend policy; ESOP adoption/expansion/key changes; settlements exceeding thresholds; auditor appointment/removal; major accounting policy changes; other materially affect control or shareholder rights.

八、新发行与反稀释 Issuances and Anti-dilution
8.1 优先认购权（Pre-emptive Right）：公司拟发行任何股权或可转换证券时，除经股东按第七条豁免，现有股东按持股比例享有优先认购权。
Pre-emptive: Existing shareholders have pro rata pre-emptive rights unless waived per Section 7.

8.2 反稀释保护（可选）：
- 采用[加权平均/完全棘轮]机制，适用于稀释性融资（发行价低于调整前每股价格）。
- 调整公式与示例详见附表二；不得违反适用强制性法律或监管限制。
Anti-dilution (optional): [Weighted-average/full ratchet] protection for down-rounds; formula per Schedule 2; subject to mandatory law.

九、股权转让限制 Share Transfer Restrictions
9.1 锁定期：自交割/本协议生效之日起[12–36]个月内，任何股东不得转让其股份，除非经第七条之豁免或向其附属公司内部重组转让（需承继本协议）。
Lock-up: [12–36] months lock-up, except per Section 7 waiver or intra-group transfers with adherence to this Agreement.

9.2 优先购买权（ROFR）：拟向第三方转让者应向其他股东发出通知，载明数量、价格与条件；其他股东得于[15–30]日内按比例行使优先购买权；未行使部分可由其他股东递补；余股方可依不优于通知条件对第三方转让。
ROFR: Offer notice to other shareholders; response within [15–30] days; pro rata exercise with over-allotment; remainder may be sold to the third party on no better terms.

9.3 共同出售权（Tag-along）：任一股东拟向第三方出售其超过[•]%之股份时，其他股东有权按其持股比例参与出售，受让方须同意同时受让该等股份，条件不劣于出售股东条件。
Tag-along: On sales exceeding [•]% by any shareholder, others may participate pro rata on the same terms; buyer must accept co-sale.

9.4 强制随售权（Drag-along）：当持股合计不低于[67%/75%]之股东批准对单一第三方之全面出售或控制权出售时，有权要求其他股东按相同价格与条件出售持股；惟价格须经独立估值或市场化竞价证明公平。
Drag-along: Holders of at least [67%/75%] may compel others to sell on the same terms in a sale of all or control, subject to fairness supported by an independent valuation or market process.

9.5 违反转让限制之后果：任何违反本条之转让无效，公司与股东有权拒绝登记，并有权选择：(i) 按较低者（约定价格或FMV）回购/收购；及/或(ii) 追偿损失并申请禁令救济。
Breach Consequences: Non-compliant transfers are void; refusal to register; optional buyback/purchase at the lesser of agreed price or FMV; damages and injunctive relief.

十、信息权与检查权 Information and Inspection Rights
10.1 信息权：公司应向每一股东提供：
- 月度经营简报与关键经营指标（KPI）；
- 季度财务报表（未审计）及年度经审计财务报表；
- 重大事项即时报告（包括但不限于超预算、重大诉争、监管事件）。
Information: Monthly management updates and KPIs; quarterly unaudited and annual audited financials; prompt notices of material events.

10.2 查阅权：在合理时间与方式下，股东得查阅公司账簿、合同与关键资料，并得自费聘请专业人士协助；该等权利之行使应合理且不不当干扰公司运营。
Inspection: Reasonable access to books and records; may use advisors at own cost; exercise reasonably without undue disruption.

十一、股利政策 Dividend Policy
11.1 在满足营运资金与法定提取之前提下，公司应将年度可分配利润之不低于[•]%作为股利分配；重大偏离须依第七条通过。
Subject to working capital and statutory reserves, not less than [•]% of distributable profits to be paid as dividends annually; material deviations require Section 7 consent.

十二、保密、竞业与不招揽 Confidentiality, Non-compete, Non-solicit
12.1 保密义务：各方对从公司或他方取得之非公开信息负保密义务，仅得为履行本协议或法律所需披露；保密义务在协议终止后存续[3–5]年。
Confidentiality: Non-public information to be kept confidential; disclosure limited to performance or legal necessity; survives [3–5] years post-termination.

12.2 竞业限制（受适用法之合理性与可执行性限制）：在持股期间及离任/转让后[12–24]个月内，任何持有管理信息之股东或其控制之实体不得在[地域范围]从事与公司主要业务直接竞争之活动。若适用法限制，应改为不得使用商业秘密或不正当手段竞争。
Non-compete (subject to enforceability): During shareholding and [12–24] months thereafter, any shareholder with access to management-level information shall not engage in direct competition within [territory]. If restricted by law, this converts to a covenant not to misuse trade secrets or engage in unfair competition.

12.3 不招揽：在持股期间及之后[12–24]个月内，不得直接招揽公司之关键员工或重大客户，合理一般招聘不在此限。
Non-solicit: No solicitation of key employees or major customers for [12–24] months; general advertising excluded.

十三、创始人归属（如适用） Founder Vesting (if applicable)
13.1 创始人所持[授予/期权]之股份自[起始日]起按[四年含一年悬崖等]归属，提前离职或严重违约者未归属部分由公司或指定方按名义价或FMV低者回购。
Founder equity vests on a [4-year with 1-year cliff] schedule; unvested equity subject to repurchase at the lower of nominal value or FMV upon early departure or cause.

十四、违约与补救 Default and Remedies
14.1 违约事由包括：违反本协议之任何陈述、保证或义务；非法转让；未按出资/增资义务履行；重大不当行为或欺诈；破产或资不抵债。
Events of Default: Breach of representations, warranties or covenants; illegal transfers; failure to fund capital calls; gross misconduct/fraud; insolvency.

14.2 补救措施：守约方可选择或并用：(i) 要求特定履行或禁令；(ii) 损害赔偿；(iii) 违约方股份之回购/强制出售，价格为FMV之[•]%或较低者（作为约定违约金，须符合法域之可执行性要求）。
Remedies: Specific performance/injunctive relief; damages; buyback/forced sale of defaulting holder’s shares at [•]% of FMV or lower, as liquidated damages subject to enforceability.

十五、陈述与保证 Representations and Warranties
15.1 各股东分别陈述并保证：其有充分权力签署并履行本协议；签署与履行不违反任何适用法律或对其有约束力之安排；其持股系合法取得且不存在未披露之负担。
Each shareholder has authority; execution does not breach law or binding obligations; title to shares is valid and free from undisclosed encumbrances.

15.2 公司陈述与保证：依法设立并存续；签署与履行本协议已获必要授权；不存在将对履行本协议构成重大不利影响之未披露诉讼或负担。
The Company is duly incorporated; execution is duly authorized; no undisclosed litigation or encumbrances causing material adverse effect on this Agreement.

十六、死锁机制 Deadlock Resolution
16.1 若董事会或股东会就关键事项在连续两次会议（间隔不少于[10–30]日）仍未通过，可触发以下机制（递进适用）：
- 升级谈判：由各方高级代表于[15]日内会谈；
- 调解（可选）：提交[调解机构/规则]；
- 购买权机制：任一方可发出买卖选择通知（俄式轮盘/德式拍卖/德州式扣押条款等机制，详见附表三），以触发公平退出。
If two consecutive meetings fail to resolve a key issue, the parties shall escalate: senior negotiation; optional mediation; then a buy-sell mechanism (Russian roulette/Dutch auction/Texas shoot-out as per Schedule 3).

十七、退出与IPO Exit and IPO
17.1 战略出售：经第七条批准，可实施对第三方之整体出售或控制权出售。
Strategic Sale: Permitted upon Section 7 approval.

17.2 IPO：如公司计划公开发行上市，各方应配合进行公司重组、信息披露、锁定安排与转换机制；若监管规则与本协议冲突，以监管强制性要求为准。
IPO: Parties shall cooperate with restructuring, disclosure, lock-ups, and conversions; mandatory regulatory requirements prevail over conflicting terms.

十八、税务与费用 Tax and Expenses
18.1 各方各自承担其因本协议之谈判、签署与履行而产生之税费与成本，法律另有规定或书面另约者除外。
Each party bears its own taxes and costs unless otherwise mandated or agreed.

十九、期限与终止 Term and Termination
19.1 本协议在公司存续期间有效，除非经第七条之同意或公司清算而终止；保密、争议解决、适用法与司法管辖等条款在终止后继续有效。
This Agreement remains effective while the Company exists, unless terminated per Section 7 or upon liquidation; confidentiality, dispute resolution, and governing law survive.

二十、适用法与争议解决 Governing Law and Dispute Resolution
20.1 适用法：本协议受[适用法域]法管辖并据其解释，但不适用其冲突规范导致之法律适用改变。
Governing Law: This Agreement is governed by the laws of [Jurisdiction], excluding conflict-of-law rules that would mandate another law.

20.2 争议解决：任何争议应提交至[仲裁机构，如CIETAC/HKIAC/SIAC/ICC]，按其届时有效之仲裁规则在[仲裁地/法域]进行仲裁。仲裁语言为[中文/英文/双语]。仲裁裁决为终局并对各方有约束力。为避免争议期间损害扩大，各方有权向有管辖权之法院申请临时禁令或保全。
Dispute Resolution: Disputes shall be finally resolved by arbitration at [Institution] under its rules in force at the time, seated in [Seat], in [Language]. Interim injunctive or conservatory relief may be sought from competent courts.

二十一、通知 Notices
21.1 通知应以书面形式送达至当事方于文首所列地址或其书面变更之地址；可通过专人递送、挂号信、或电子邮件（附送达回执机制）送达；送达时间以[具体规则]计算。
Notices: Written notices to the addresses stated or updated in writing; by courier, registered mail, or email with receipt; deemed delivery per specified rules.

二十二、转让与约束力 Assignment and Binding Effect
22.1 未经其他股东事先书面同意，任何一方不得转让其在本协议项下之权利义务，但向其控制之附属公司转让且确保承继本协议义务者除外。
No assignment without prior written consent, except to controlled Affiliates who accede to this Agreement.

二十三、可分割性与修订 Severability and Amendments
23.1 如本协议任何条款被认定为无效或不可执行，其他条款不受影响；各方应以合法且可执行之条款替代，尽可能实现各方原意。
If any provision is invalid or unenforceable, the remaining provisions remain effective; parties shall replace with a valid provision approximating the original intent.

23.2 本协议之任何修订、豁免或变更均须以书面形式并经符合第七条之同意标准方为有效。
Amendments or waivers must be in writing and approved per Section 7 thresholds.

二十四、效力顺位与完整协议 Entire Agreement and Precedence
24.1 本协议与其附件、补充协议构成完整协议，取代先前关于本协议标的之所有谅解或陈述。本协议与章程不一致时，依第二条安排处理。
This Agreement and its schedules constitute the entire agreement, superseding prior understandings. Conflicts with Articles resolved per Section 2.

二十五、签署与交割 Execution and Counterparts
25.1 本协议可签署多份文本与对等文本，合并构成同一合同；可采用电子签名与电子交付，法律允许时具同等效力。
This Agreement may be executed in counterparts, including electronically, each deemed an original but together one instrument.

附件与附表 Schedules
- 附表一：关键管理人员清单与任免程序
Schedule 1: Key Management List and Appointment Procedures
- 附表二：反稀释调整公式与示例
Schedule 2: Anti-dilution Formula and Examples
- 附表三：死锁买卖机制说明（俄式轮盘/德式拍卖/德州式）
Schedule 3: Deadlock Buy-Sell Mechanisms
- 附件A：特别保留事项阈值（金额、比例）与审批流程图
Annex A: Reserved Matters Thresholds and Approval Flow
- 附件B：信息报告模板与时间表
Annex B: Reporting Templates and Timeline
- 附件C：股东签署之承诺与加入契约（适用于新股东）
Annex C: Deed of Adherence for Incoming Shareholders

签字页 Signature Page
公司（就同意与配合之目的）Company (for consent and undertakings only)
名称/Name：甲辰示例股份有限公司 Jiachen Example Joint Stock Limited Company
法定代表人/授权签字人：________________
Authorized Signatory: ______________________
日期/Date：________________

股东/Shareholder A
名称/Name：________________
签字/Signature：______________
日期/Date：________________

股东/Shareholder B
名称/Name：________________
签字/Signature：______________
日期/Date：________________

股东/Shareholder C
名称/Name：________________
签字/Signature：______________
日期/Date：________________

重要说明与定制要点 Key Notes and Customization Points
- 适用法与争议解决：请确定法域与仲裁机构/地（例如中国法/CIETAC北京席位；香港法/HKIAC香港席位；新加坡法/SIAC新加坡席位），并确认跨境可执行性。
Governing Law/Dispute Resolution: Specify jurisdiction and arbitral forum/seat and confirm cross-border enforceability.
- 章程配套：应同步修订/确认章程以纳入转让限制、表决门槛与董事提名权，确保工商登记或公司秘书实务可行。
Articles Alignment: Amend Articles to reflect transfer restrictions, voting thresholds, and nomination rights; ensure registry or company secretarial feasibility.
- 监管合规：若涉及外资准入、并购审查、国安审查或行业牌照，请增加监管前提条件与交易终止权。
Regulatory: Add conditions precedent and termination rights for FDI, merger control, national security, or licensing.
- 反稀释与估值：根据投资人谈判选择机制并在附表二明确公式（如广义加权平均）与示例，避免争议。
Anti-dilution/Valuation: Choose mechanism and detail formula in Schedule 2 with examples.
- 竞业与违约金：各法域对竞业与约定违约金的可执行性差异较大，须就范围、期限、地域与补偿进行严格合规化设计。
Non-compete/Liquidated Damages: Tailor scope, duration, territory, and compensation to local enforceability standards.

如需，我可根据特定法域（例如中国大陆、香港、新加坡、英格兰或特定州法）提供定制化条款与合规要点，并补充对应法规与判例支持。

Shareholders’ Agreement

This Shareholders’ Agreement (this Agreement) is made on [date] by and among:

(1) Compliance Example Limited (合规示例有限公司), a private company limited by shares incorporated in Hong Kong under the Companies Ordinance (Cap. 622) with company number [•] and registered office at [•] (the Company); and

(2) The persons whose names and details are set out in Schedule 1 (each a Shareholder and together the Shareholders).

Recitals

A. The Shareholders are, or on Completion will become, the legal and beneficial owners of all the issued shares of the Company.

B. The parties wish to regulate their relationship as shareholders of the Company, the management of the Company and certain matters relating to the Company and its business.

It is agreed as follows:

1. Interpretation and definitions

1.1 In this Agreement, unless the context otherwise requires:

Affiliate means, with respect to any person, any other person directly or indirectly controlling, controlled by or under common control with such person, where control means the power (whether by ownership of shares, contract or otherwise) to direct the management or policies of a person, or to appoint or remove a majority of its directors.

Articles means the articles of association of the Company as amended from time to time.

Board means the board of directors of the Company from time to time.

Business means the business of the Company as described in Schedule 4, and any other business ancillary or related thereto as approved in accordance with this Agreement.

Business Day means a day (other than a Saturday, Sunday or public holiday) on which banks are open for general business in Hong Kong.

Completion means the completion of the transactions contemplated by clause 2 (Conditions precedent).

Deed of Adherence means a deed substantially in the form set out in Schedule 3 by which a person agrees to be bound by this Agreement.

Director means a director of the Company from time to time.

Encumbrance means any mortgage, charge, pledge, lien, option, restriction, right of pre-emption, assignment by way of security, retention of title or other security interest or third-party right or interest of any kind.

HK$ means Hong Kong dollars, the lawful currency of Hong Kong.

Investor means each Shareholder identified as an Investor in Schedule 1, and Investor Majority means Shareholders holding at least [50%/60%/75%] of the Shares held by Investors, as specified in Schedule 1.

Law means all applicable laws, statutes, regulations, ordinances, judgments, orders and rules of any competent court or governmental authority having the force of law in Hong Kong or any other jurisdiction applicable to the Company or a Shareholder.

Ordinary Shares means ordinary shares in the capital of the Company having the rights set out in the Articles.

Qualifying IPO means the admission of the Company (or its holding company) to listing on the Main Board or GEM of the Hong Kong Stock Exchange or on another internationally recognized securities exchange, with a public float raising not less than HK$[•] and an implied pre-money equity valuation of not less than HK$[•].

Reserved Matters means the matters listed in Schedule 2.

Shares means the issued shares in the capital of the Company from time to time and Share means any one of them.

Shareholder Loan means any loan made by a Shareholder to the Company pursuant to clause 6.6.

Transfer includes any sale, assignment, transfer, grant of any option or Encumbrance over, or other disposal of legal or beneficial ownership, whether voluntary or involuntary.

1.2 In this Agreement: (a) references to clauses and Schedules are to clauses of and schedules to this Agreement; (b) the Schedules form part of this Agreement; (c) the singular includes the plural and vice versa; (d) references to a person include individuals, bodies corporate, partnerships and unincorporated associations.

2. Conditions precedent and undertakings

2.1 Conditions precedent. Completion of any share subscription or transfer contemplated by the parties in connection with this Agreement is conditional upon:

(a) the adoption by the Company of Articles consistent with this Agreement;

(b) all necessary corporate approvals of the Company and the Shareholders having been obtained;

(c) execution and delivery of this Agreement by all Shareholders and the Company, and any Deeds of Adherence by any incoming Shareholders; and

(d) all required consents and approvals from any governmental authority or third party having been obtained or the relevant waiting periods having expired.

2.2 Precedence and alignment. As between the parties, this Agreement prevails in case of inconsistency with the Articles. The Shareholders shall exercise all voting rights and other powers available to them to procure that the Articles are, and remain, consistent with this Agreement.

2.3 Good faith cooperation. The parties shall in good faith take all actions reasonably necessary to give effect to the provisions of this Agreement in compliance with Law.

3. Representations and warranties

3.1 Each Shareholder represents to the Company and the other Shareholders that: (a) it has full power and authority to enter into and perform this Agreement; (b) this Agreement constitutes its valid and binding obligation enforceable in accordance with its terms; and (c) it is the legal and beneficial owner of the Shares set opposite its name in Schedule 1, free from Encumbrances, and no person has any right to acquire any of those Shares.

3.2 The Company represents to each Shareholder that: (a) it is duly incorporated, validly existing and in good standing under the Laws of Hong Kong; and (b) the execution and performance of this Agreement have been duly authorized.

4. Corporate governance

4.1 Board composition. The Board shall consist of [•] Directors unless otherwise agreed by Investor Majority and Shareholders holding at least [•]% of all Shares. Subject to the foregoing:

(a) Shareholders holding a majority of the Ordinary Shares shall have the right to appoint [•] Director(s);

(b) the Investors (voting as a separate class) shall have the right to appoint [•] Director(s) (each an Investor Director); and

(c) [if applicable] the Founder(s), as defined in Schedule 1, shall have the right to appoint [•] Director(s).

Each appointing Shareholder may remove and replace its appointed Director(s) by written notice to the Company and the other Shareholders.

4.2 Chairperson; observer. The Board shall elect a chairperson from among the Directors. The chairperson shall not have a casting vote. Each Investor may designate a non-voting observer to attend Board meetings, subject to customary confidentiality undertakings.

4.3 Quorum and meetings. The Board shall meet at least [quarterly/monthly]. A quorum requires [a majority] of the Directors then in office, including at least one Investor Director (if any). If a meeting is inquorate due to the absence of an Investor Director, a reconvened meeting held not less than [7] Business Days later with proper notice shall be quorate if a majority of Directors is present, provided that no Reserved Matter is decided without the consent required by clause 5.

4.4 Voting. Each Director has one vote. Board decisions require a simple majority of Directors present and entitled to vote, except where a higher threshold is specified in this Agreement or the Articles.

4.5 Written resolutions. Board resolutions may be passed by unanimous written consent of all Directors then in office.

4.6 Management. The day-to-day management of the Company shall be vested in the chief executive officer, subject to the supervision of the Board and to Reserved Matters.

5. Reserved Matters and shareholder voting

5.1 Reserved Matters. The Company and the Shareholders shall not take or permit any action in respect of any Reserved Matter without:

(a) Board approval including the affirmative vote of at least one Investor Director (if any); and

(b) approval of Shareholders holding not less than [75%] of all Shares in issue and, where specified in Schedule 2, the separate approval of the Investor Majority.

5.2 Shareholder undertakings. Each Shareholder shall exercise all voting rights and other powers available to it to give effect to clause 5.1 and to prevent the doing of any act that would contravene this Agreement.

6. Share capital, funding, and pre-emption

6.1 Authorized capital; option pool. The share capital of the Company is as set out in Schedule 1. An employee equity incentive pool representing [•]% of the fully diluted share capital shall be established in accordance with a plan approved as a Reserved Matter.

6.2 Issue of new securities; pre-emption. Except with the prior approval required under clause 5, the Company shall not issue any Shares or securities convertible into or carrying rights to acquire Shares. Subject to customary exemptions (including issuances under the employee option plan, securities issued as consideration for an acquisition approved as a Reserved Matter, and securities issued in a Qualifying IPO), each Shareholder shall have a right of pre-emption on any proposed issue of equity securities pro rata to its then percentage holding of Shares, on the same terms offered to third parties.

6.3 Pre-emption process. The Company shall give written notice to Shareholders of the principal terms of the proposed issue and an election period of no less than [10–20] Business Days. Any unsubscribed securities may, within [30] days after the election period, be issued to third parties on terms no more favorable to such third parties.

6.4 Dividends. Subject to Law and the Articles, dividends shall be declared at the discretion of the Board, having regard to the Company’s distributable reserves, working capital requirements and agreed budget. Any dividends shall be paid pro rata to holdings of Shares as of the relevant record date.

6.5 Additional funding. If the Board determines that additional funding is required, it may propose, as a Reserved Matter, (a) an equity financing in accordance with clause 6.2, (b) third-party debt financing on arm’s length terms, and/or (c) Shareholder Loans.

6.6 Shareholder Loans. Shareholder Loans shall (a) be offered to all Shareholders pro rata to their Shareholdings, (b) bear interest at [•]% per annum (simple) unless otherwise unanimously agreed by the lending Shareholders, and (c) be subordinated to senior third-party debt if required by the Company’s lenders.

7. Transfer of Shares

7.1 General prohibition. No Shareholder shall Transfer any Share except in accordance with this Agreement and the Articles. Any Transfer in breach is void as between the parties.

7.2 Lock-up. No Shareholder shall Transfer any Share within [12–24] months following Completion, except for Permitted Transfers under clause 7.3.

7.3 Permitted Transfers. A Shareholder may Transfer Shares at any time to an Affiliate, provided that the transferee executes a Deed of Adherence and the transferor remains jointly and severally liable for the transferee’s obligations. Any subsequent Transfer by the Affiliate to a non-Affiliate shall be subject to this clause 7.

7.4 Right of first refusal (ROFR). Subject to clauses 7.2 and 7.3, before Transferring any Shares to a bona fide third party, a selling Shareholder (Seller) must deliver a notice to the Company and the other Shareholders specifying the number of Shares proposed to be Transferred, the price and other material terms. The non-selling Shareholders shall have [10–20] Business Days to elect to purchase all or part of the Offered Shares pro rata to their existing Shareholdings (with over-allotment among electing Shareholders if any do not subscribe). If any Offered Shares remain after the ROFR period, the Seller may, within [30] days, Transfer such Shares to the third party on terms no more favorable than those offered to the Shareholders.

7.5 Tag-along rights. If a Shareholder or group of Shareholders proposes to Transfer, in one transaction or a series of related transactions, Shares representing [20%] or more of the issued share capital to a third party, each other Shareholder shall have the right to require the proposed purchaser to purchase from it up to the same proportion (on an as-converted basis) of its Shares at the same price and on the same terms.

7.6 Drag-along rights. If Shareholders holding at least [75%] of the Shares (including the Investor Majority) approve a bona fide sale of all (or substantially all) of the Shares or the Company’s business (a Drag Sale), then, upon written notice, all other Shareholders shall sell all their Shares to the proposed purchaser on the same terms, subject to customary minority protections: (a) representations limited to title and capacity; (b) several (not joint) liability; (c) pro rata indemnity or escrow for post-closing adjustments; and (d) identical per-Share consideration (subject to liquidation preferences, if any, set out in the Articles).

7.7 Involuntary Transfers. Any involuntary Transfer (including bankruptcy, liquidation or enforcement of Encumbrances) shall trigger the ROFR in clause 7.4.

7.8 Instruments and registration. The parties shall execute all instruments and do all acts necessary to effect a Transfer and procure prompt registration in the Company’s register of members, subject to the Articles.

8. Information rights and inspection

8.1 Financial statements. The Company shall deliver to each Shareholder: (a) within [30] days after each month, unaudited monthly management accounts; (b) within [45] days after each quarter, unaudited quarterly financial statements; and (c) within [120] days after each financial year end, audited annual financial statements prepared in accordance with HKFRS (or other recognized standards).

8.2 Budget and business plan. At least [30] days prior to each financial year, management shall submit to the Board a draft annual budget and business plan for approval as a Reserved Matter.

8.3 Inspection. Upon reasonable prior notice, each Shareholder and its representatives may, at its own cost, inspect the Company’s books and records during normal business hours, subject to confidentiality and reasonable disruption limitations.

9. Confidentiality; announcements

9.1 Confidentiality. Each party shall keep confidential all non-public information concerning the Company or another party obtained in connection with this Agreement and shall not disclose it except: (a) to its Affiliates and its and their officers, employees, auditors, advisors and financing sources on a need-to-know basis who are bound by confidentiality obligations; (b) as required by Law or a competent authority; (c) to prospective permitted transferees or investors who enter into confidentiality undertakings; or (d) information that is or becomes public other than as a result of a breach of this clause.

9.2 Public announcements. No public announcement concerning this Agreement or any transaction contemplated herein shall be made without the prior written consent of the Board, except as required by Law or a stock exchange.

10. Non-compete and non-solicitation

10.1 Restrictive covenants. Each Founder identified in Schedule 1 undertakes that, for so long as he/she holds any Shares and for [12–24] months thereafter, he/she shall not, within [Hong Kong/any territory in which the Company conducts the Business at the relevant time], directly or indirectly: (a) engage in or be concerned with any business that competes with the Business; or (b) solicit or entice away any senior employee, key consultant or key customer or supplier of the Company with whom he/she had material dealings in the [12] months preceding the cessation of involvement. The parties acknowledge that these restrictions are reasonable and necessary to protect the Company’s legitimate interests, and agree that scope, duration and geography shall be interpreted to the minimum extent necessary for enforceability.

11. Compliance and conduct of business

11.1 Compliance with Law. The Company shall conduct the Business in compliance with applicable Law, including anti-bribery and anti-corruption laws (including the Prevention of Bribery Ordinance (Cap. 201)), sanctions and export control laws, anti-money-laundering and data protection laws.

11.2 Related party transactions. Any transaction between the Company and a Shareholder or its Affiliate shall be on arm’s length terms and approved as a Reserved Matter if exceeding HK$[•].

11.3 Insurance. The Company shall maintain appropriate insurance customary for businesses of a similar nature and size, including directors’ and officers’ liability insurance in an amount of not less than HK$[•].

12. Defaults and remedies

12.1 Events of Default. An Event of Default occurs if a Shareholder: (a) commits a material breach of this Agreement that is incapable of remedy or remains unremedied [20] Business Days after notice; (b) breaches clause 7 (Transfer of Shares); (c) becomes insolvent, is wound up or has a receiver appointed over substantially all assets; or (d) is subject to an involuntary Transfer in breach of this Agreement.

12.2 Remedies. Without prejudice to any other rights or remedies: (a) the non-defaulting Shareholders may seek specific performance and injunctive relief; and (b) in the case of a breach of clause 7, the non-defaulting Shareholders shall have an option, exercisable within [30] days after becoming aware of the breach, to require the defaulting Shareholder to sell all or part of its Shares to them pro rata at the lower of the price paid by the defaulting Shareholder for such Shares (as adjusted for splits/dividends) and the price offered to or received from a third party, in each case subject to compliance with Law.

13. Deadlock and dispute resolution

13.1 Deadlock. A Deadlock arises if: (a) the Board fails to approve any Reserved Matter or annual budget within [30] days after first consideration; or (b) Shareholders fail to approve any Reserved Matter requiring shareholder approval within [30] days after Board approval. Upon a Deadlock, the matter shall be escalated to the chairperson of the Board and the Investor Majority (or their designees) for negotiation in good faith for [20] Business Days. Failing resolution, the Investor Majority may require: (i) referral to mediation administered by HKIAC; or (ii) initiation of a sale process for the Company under mutually agreed procedures; or (iii) suspension of the matter for the current financial year.

13.2 Arbitration. Any dispute, controversy or claim arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (HKIAC) under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be Hong Kong law. The seat of arbitration shall be Hong Kong. The tribunal shall consist of [one/three] arbitrator[s]. The language of the arbitration shall be English. Nothing in this clause prevents a party from seeking urgent interim or conservatory measures from the courts of Hong Kong.

14. Term and termination

14.1 Term. This Agreement takes effect on the date first above written and continues in force until the earliest of: (a) a Qualifying IPO; (b) a sale of all or substantially all of the Shares or assets of the Company; or (c) the Company’s winding up.

14.2 Survival. Clauses 1, 7.9, 8, 9, 10 (for its stated duration), 11, 12, 13, 15, 16, 17 and 18 survive termination.

15. Notices

15.1 Any notice under this Agreement shall be in writing and delivered by hand, courier or email to the address or email specified in Schedule 1 (or as updated by notice). Notices are deemed received: (a) if delivered by hand, at the time of delivery; (b) if sent by courier, on the second Business Day after dispatch; and (c) if sent by email, at the time of transmission provided no out-of-office or error message is received, and if sent outside business hours, at 9:00 a.m. on the next Business Day in the place of receipt.

16. Miscellaneous

16.1 Assignment. No party may assign or Transfer its rights or obligations under this Agreement without the prior written consent of the Board and the Investor Majority, except for Permitted Transfers of Shares accompanied by a Deed of Adherence.

16.2 Entire agreement. This Agreement and the documents referred to in it constitute the entire agreement among the parties relating to its subject matter and supersede all prior agreements, understandings and arrangements relating to that subject matter.

16.3 Variation. No variation of this Agreement is effective unless in writing and signed by the Company and Shareholders holding at least [75%] of the Shares (including the Investor Majority), provided that no variation disproportionately and adversely affecting a class of Shareholders shall be effective without the consent of Shareholders holding at least [75%] of that class.

16.4 No partnership. Nothing in this Agreement creates a partnership, joint venture or agency relationship among the parties.

16.5 Further assurance. Each party shall, at its own cost, do all acts and execute all documents reasonably necessary to give full effect to this Agreement.

16.6 Severability. If any provision is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable, and the remaining provisions shall remain in full force and effect.

16.7 Counterparts; electronic signatures. This Agreement may be executed in any number of counterparts, each of which is an original and together constitute one instrument. Execution and delivery may be effected by electronic means.

17. Governing law

This Agreement and any non-contractual obligations arising out of or in connection with it are governed by and construed in accordance with the laws of Hong Kong.

18. Priority to Articles and voting undertaking

18.1 Each Shareholder undertakes to exercise its voting rights and other powers to ensure the Articles are and remain consistent with this Agreement and to procure any necessary amendments promptly.

18.2 In the event of any inconsistency between this Agreement and the Articles, the parties shall cooperate to rectify such inconsistency and, as between the parties, this Agreement shall prevail.

Schedule 1: Parties and initial shareholdings

- The Company: Compliance Example Limited (合规示例有限公司)
Company number: [•]
Registered office: [•]

- Shareholders:
1. [Name], [ID/Registration No.], Address/Email: [•]
Shares: [•] Ordinary Shares ([•]%)
Capacity: [Investor/Founder/Employee]

2. [Name] …
[Add as necessary]

Schedule 2: Reserved Matters

The following actions require approval under clause 5:

A. Share capital and corporate structure
1. Any change to the Articles or share rights.
2. Any issue, allotment, redemption, repurchase or buy-back of Shares or securities convertible into Shares, or the grant of any option or warrant, other than pursuant to the approved employee option plan within the agreed pool.
3. Creation of any Encumbrance over the Company’s share capital.
4. Any consolidation, subdivision, reduction or reorganization of share capital.

B. Business and operations
5. Any change to the nature or scope of the Business.
6. Approval of the annual budget and business plan, and any material deviation therefrom (exceeding [10–15]% in aggregate spending or capex categories).
7. Entry into or termination of any joint venture, partnership or strategic alliance.
8. Acquisition or disposal of any asset, business or company exceeding HK$[•] individually or HK$[•] in aggregate per financial year.

C. Finance
9. Incurrence of indebtedness or granting of any guarantee or indemnity exceeding HK$[•] (other than under the approved budget).
10. Capital expenditure exceeding HK$[•] not contemplated by the approved budget.
11. Declaration or payment of dividends or other distributions not in accordance with clause 6.4.

D. Material contracts and related party matters
12. Entry into, amendment or termination of any contract outside the ordinary course of business or with a contract value exceeding HK$[•].
13. Any transaction with a Shareholder or its Affiliate (related party transaction) exceeding HK$[•] or not on arm’s length terms.

E. Litigation and compliance
14. Commencing or settling any litigation, arbitration or regulatory proceeding involving claims exceeding HK$[•] or seeking injunctive relief (other than debt collection in the ordinary course).
15. Appointment or change of the Company’s auditors.

F. Management and personnel
16. Appointment or removal of the chief executive officer, chief financial officer or other key executives identified by the Board; approval of their remuneration and any material changes thereto.
17. Establishment or material amendment of any employee equity incentive plan.

G. Structural and exit events
18. Winding up, dissolution, voluntary liquidation, or any scheme of arrangement.
19. Any sale of all or substantially all of the Company’s assets, or any merger, consolidation, or reorganization.
20. Any Qualifying IPO or steps to prepare for an IPO.

Schedule 3: Form of Deed of Adherence

Deed of Adherence to the Shareholders’ Agreement dated [•] concerning Compliance Example Limited (合规示例有限公司)

This Deed is made on [•] by [name of adherent] of [address] (the Adherent) in favor of and for the benefit of the Company and each person who is a party to, or who subsequently adheres to, the Shareholders’ Agreement (the Agreement).

The Adherent agrees to be bound by and to perform all the terms of the Agreement as if it were an original party to it, in respect of all Shares it holds or acquires. Capitalized terms have the meanings given in the Agreement. This Deed is governed by Hong Kong law. Executed as a deed.

[Execution blocks]

Schedule 4: Description of Business; initial budget summary

- Business: [Concise description of the Company’s products/services, markets, and strategic objectives.]
- Initial budget: [Attach or cross-refer to Board-approved budget.]

Execution

Executed and delivered as a deed on the date first above written.

For and on behalf of
Compliance Example Limited (合规示例有限公司)
By: ______________________
Name:
Title:

Shareholder:
By: ______________________
Name:
Title:
[Repeat for each Shareholder]

Important notes for implementation

- This Agreement is drafted on the assumption that the Company is a Hong Kong private company limited by shares and that enforcement will be sought under Hong Kong law. Certain governance and transfer restrictions are most effective when mirrored in the Articles; ensure the Articles are amended accordingly on or before Completion.

- Bracketed figures, thresholds, timelines, governance allocations, and restrictive covenant parameters should be finalized to reflect the parties’ commercial agreement and regulatory constraints.

- For enforceability of restrictive covenants under Hong Kong law, ensure scope, duration, and geography go no further than reasonably necessary to protect legitimate business interests. Adjust parameters in clause 10 accordingly.

If your intended jurisdiction is not Hong Kong, please specify so I can tailor the agreement to the relevant corporate law framework and market practice.