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Non Compete Shareholders Agreement

Non Compete Shareholders Agreement Template for Denmark

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Non Compete Shareholders Agreement

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Document background
The Non Compete Shareholders Agreement is a crucial document for companies operating under Danish jurisdiction seeking to protect their business interests and maintain competitive advantage. This agreement is typically implemented when companies have multiple shareholders who have access to sensitive business information or could potentially compete with the company. The document combines elements of Danish corporate law, competition law, and contract law to create binding non-compete obligations while ensuring compliance with local regulations. It's particularly important for companies with employee-shareholders, international operations, or in sectors with high intellectual property value. The agreement includes detailed provisions on restricted activities, geographical limitations, and duration of non-compete obligations, all structured within the framework of Danish legal requirements.
Suggested Sections

1. Parties: Identification of all shareholders and the company, including registration numbers and addresses

2. Background: Context of the agreement, including company structure and purpose of the non-compete arrangements

3. Definitions: Key terms used throughout the agreement, including 'Competitive Business', 'Confidential Information', and 'Territory'

4. Scope and Duration: Temporal and geographical scope of the non-compete obligations

5. Non-Compete Obligations: Detailed restrictions on competitive activities, including specific prohibited actions

6. Confidentiality Obligations: Protection of company information and trade secrets

7. Transfer of Shares: Rules and restrictions regarding the transfer of shares, including right of first refusal

8. Enforcement and Penalties: Consequences of breach and enforcement mechanisms

9. Termination: Circumstances under which the agreement can be terminated and consequences

10. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction for disputes

11. Signatures: Execution blocks for all parties

Optional Sections

1. Tag-Along Rights: Rights of minority shareholders to join in sale of shares by majority shareholders

2. Drag-Along Rights: Rights of majority shareholders to force minority shareholders to join in sale

3. Employee-Shareholder Provisions: Special provisions for shareholders who are also employees

4. Non-Solicitation: Additional restrictions on soliciting employees, customers, or suppliers

5. Dispute Resolution: Alternative dispute resolution procedures like mediation before litigation

6. Garden Leave: Provisions for paid leave during notice period to protect business interests

7. Severability: Provisions ensuring rest of agreement remains valid if parts are found unenforceable

Suggested Schedules

1. Schedule 1 - Shareholder Details: Complete list of shareholders with their shareholding percentages and classes of shares

2. Schedule 2 - Restricted Territory: Detailed definition of geographical areas covered by non-compete restrictions

3. Schedule 3 - Competitive Business Definition: Detailed description of business activities considered competitive

4. Schedule 4 - Share Transfer Procedures: Detailed procedures for implementing share transfers

5. Schedule 5 - Confidential Information: Detailed list of information types considered confidential

6. Appendix A - Company Information: Current company details including business areas and market position

7. Appendix B - Calculation of Penalties: Formula and methods for calculating penalties for breach

Authors

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Relevant legal definitions
Agreement
Affiliate
Board
Business
Business Day
Company
Competitive Business
Confidential Information
Control
Effective Date
Encumbrance
Group
Intellectual Property Rights
Material Interest
Non-Compete Period
Parties
Permitted Transfer
Restricted Business
Restricted Period
Restricted Territory
Shares
Shareholder
Subsidiary
Territory
Trade Secrets
Transfer
Competing Activities
Connected Person
Corporate Opportunity
Danish Business Day
Direct Competitor
Exit Event
Fair Market Value
Good Leaver
Bad Leaver
Indirect Interest
Market Area
Material Customer
Material Supplier
Minority Interest
Original Shareholders
Permitted Activities
Privileged Information
Professional Advisers
Relevant Interest
Reserved Matters
Share Capital
Strategic Information
Termination Date
Voting Rights
Relevant Industries
Relevant Teams
Relevant Roles
Industries
Danish Companies Act (Selskabsloven): Primary legislation governing corporate entities in Denmark, including shareholders' rights, obligations, and corporate governance structures
Danish Competition Act (Konkurrenceloven): Regulates competition law aspects including restrictions on anti-competitive agreements and reasonableness of non-compete clauses
Danish Contracts Act (Aftaleloven): Governs contract formation, validity, and enforcement, including general principles of contract law and good faith
Danish Employment Contracts Act (Ansættelsesbevisloven): Relevant for shareholders who are also employees, particularly regarding restrictions on post-employment competition
Danish Marketing Practices Act (Markedsføringsloven): Protects trade secrets and regulates unfair competition, relevant for confidentiality provisions in shareholder agreements
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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