Future Equity Agreement

Future Equity Agreement Template for Denmark

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Document background

The Future Equity Agreement (SAFE) under Danish law serves as a streamlined investment instrument designed to facilitate early-stage funding for startups while deferring complex valuation discussions to a later date. This document type emerged as an alternative to convertible notes and has been adapted to comply with Danish legal requirements while maintaining its essential simplicity. It is particularly useful when companies need quick access to capital without the immediate need to determine company valuation or issue shares. The agreement typically includes provisions for conversion during qualified financing rounds, exit events, or dissolution events, all structured within the framework of Danish corporate and securities laws. This version incorporates specific Danish legal requirements regarding share issuance, corporate governance, and investor rights, making it suitable for use by Danish companies or foreign companies seeking investment under Danish jurisdiction.

Suggested Sections

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

2. Background: Context of the agreement, including company status and investment purpose

3. Definitions: Key terms used throughout the agreement, including technical and financial definitions

4. Investment Amount: Specification of the investment sum and payment terms

5. Conversion Rights: Terms governing when and how the investment converts to equity

6. Conversion Price: Formula and mechanisms for determining the price at which the investment converts

7. Company Representations: Essential company warranties about its legal status and authority

8. Investor Representations: Basic investor warranties about investment capacity and understanding

9. Information Rights: Investor's rights to receive company information and reports

10. Assignment and Transfer: Rules regarding transfer of rights under the agreement

11. Notices: Communication requirements and contact details

12. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction

13. Execution: Signature blocks and execution requirements

Optional Sections

1. Most Favored Nation: Optional provision ensuring investor gets best terms offered to future investors, used when requested by sophisticated investors

2. Pro-rata Rights: Right to participate in future funding rounds, included for strategic investors

3. Board Observation Rights: Rights to attend board meetings, typically for larger investments

4. Confidentiality: Detailed confidentiality provisions, needed when not covered in separate NDA

5. Tax Treatment: Specific tax-related provisions, included when particular tax structure is desired

6. Dispute Resolution: Alternative dispute resolution procedures, included when arbitration is preferred over court proceedings

7. Founder Commitments: Specific obligations of founders, included when founder involvement is crucial

Suggested Schedules

1. Cap Table: Current capitalization table of the company

2. Conversion Calculations: Detailed examples of conversion calculations under different scenarios

3. Company Information: Detailed company information including corporate documents and structure

4. Investment Terms Summary: Summary of key commercial terms for quick reference

5. Form of Conversion Notice: Template for executing conversion rights

6. Required Corporate Approvals: List of corporate approvals needed for agreement execution

7. Disclosure Schedule: Company disclosures against representations and warranties

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