EBAN is happy to share the new Template Convertible Loan Agreement for Angel Investments, by Austrian Angel Investor Association (AAIA). The template below. Template Convertible Loan Agreement

EBAN is happy to share in the below link a template termsheet for the issue of ordinary shares. Template Termsheet

A shareholder’s agreement regulates the relationship between shareholders in connection with the company’s business. The purpose of the agreement is to define the relationship between the different shareholders, their share of the undertaking, the management of the business, the disposal of shareholder rights and commitments, and to structure the mechanism in management of a company. EBAN, with the support of its Law & IP Working Committee, is delighted to share with you below in the links guidelines to better understand shareholder agreements, together with an example of a shareholder’s agreement for reference. Shareholder Agreement Guidelines Example Shareholder Agreement

Due Dilligence is an important stage in the investment decision process. It is realistically the last chance to spot that a potential investment has major problems and that as investors we should not proceed. Alternatively the due dilligence might identify serious weaknesses in the business, and lead to conditions on the investment to deal with these. Below in the links, practical guidelines and a template to carry out your due diligence as an early stage investor. Due Diligence Guidelines Due Diligence Template Due Diligence Checklist

EBAN is very pleased to present to its members a template of articles of association for business angel networks and a code of conduct for business angel networks. These legal documents are essential for the running of a business angel network and will henceforth be of great help to our members. Are you about to launch a Business Angel Network? Download here below our suggested template articles of association and code of conduct for your BAN! Articles-of-Association Template Code-of-Conduct Template Both documents have been produced by EBAN and reviewed by the EBAN Law Committee consisting of Şafak Herdem that has a broad legal background in corporate, business and finance law in global market and is acting as managing partner of Herdem & Co, Alexander Korenberg from Kilburn & Strode LLP who counsels start-ups, SMEs and multinational corporate clients on all aspects of patent law and Dr. György Halmos that is a creative legal counsel, with solid privacy knowledge and experience and working as managing director at Help2StartUp. The articles of association is part of the network’s constitution and defines for example the kind of activities to be undertaken by the network, the responsibilities of the board of directors and the secretariat and the rules regarding membership. This is a key document to be able to set up a business angel network. A code of conduct is a document that outlines the behavioral and ethical framework of the business angel network and should be used as a guideline for the members of the business angel network to make sure that they conduct their business in accordance with the mission, values and principles of the business angel network. Consequently, a code of conduct is a necessary document to assure the smooth functioning of a business angel network.

Below you will find the 4 term sheets produced for the NACO Common Docs project Common Shares A Common Share deal aligns founders and funders with the same class of shares, and fully negotiates all rights and terms in the Shareholders Agreement. It may be used at any stage of deal before a Series A, as long as valuation can be agreed on. Read the full Common Share educational notes  Series Seed Preferred Shares This Preferred Share term sheet is sometimes also called “Preferred Light”. It is commonly used for a later and larger Seed round. Read the full Preferred Shares educational notes Convertible Loan Convertible Debt is commonly used as part of the first financing of a company when valuation can’t be agreed on, or as a bridge ahead of a larger seed or Series A round. Read the full Convertible Loan educational notes Canadian SAFE The Canadian Simple Agreement for Future Equity (SAFE) is modelled after the Y Combinator SAFE. We have included a cap and a discount in this default template, and have also added a maturity date, as we believe that is more appropriate for the Canadian market. Read the full Canadian SAFE educational notes Visit the NACO website to access the 4 term sheets produced for the NACO Common Docs project.

EBAN has compiled an essential list of resources targeted to angel investors: 2014 Earn Money with SMEs (French) This guideprovides an  explanation on investment  in SMEs. It is presented and recommended as a resource for BAs, where you can answer questions like: What is an SMEs? Why and How investing in a small business? Seven Tips to enhance your knowledge about the  SMEs ecosystem. [private_Member Level]Earn Money with SMEs (French)[/private_Member Level] Introduction to Shareholder Agreements The EBAN Law & IP Working Committee drafted an introductory guide to Shareholders Agreements. A shareholder’s agreement regulates the relationship between shareholders in connection with the company’s business. The purpose of the agreement is to define the relationship between the different shareholders, their share of the undertaking, the management of the business, the disposal of shareholdering rights and commitments, and to structure the machanism in management of a company. The shareholder’s agreement should be regarded as a complement to the articles of association and the two agreements should not conflict with each other in any manner. [private_Member Level]Introduction to Shareholder Agreements[/private_Member Level] Angel Reporting guidelines and best practices This is a 6-page booklet, with practical steps for CEOs and investors to follow aimed at making their relationship stronger, and more effective. Stephen Findlay, CEO of Invrep commented: “it can be difficult and time consuming for an angel-backed company to create and agree a reporting structure with their investors.  With this booklet, we are helping to solve that problem”. [private_Member Level]Angel Reporting guidelines and best practices[/private_Member Level] Patenting Strategy: A Pocket Guide This booklet is aimed at anyone who has to deal with patents at practical level, with particular emphasis on companies new to IP such startups. [private_Member Level]Patenting Strategy: A Pocket Guide[/private_Member Level] 2013 Early-Stage Global Impact Investing Toniic Institute Introduces New 7-Step Framework to Global Early-Stage Impact Investing: Impact investing in early-stage enterprises, although challenging, can be extremely rewarding and potentially provide both financial and social or environmental returns. It allows investors to improve the lives of the poor or vulnerable—locally and globally—while providing a return on capital. Sourced from the experiences of the Toniic Network’s member investors, this e-guide is a fundamental reference for anyone seeking to understand how to successfully invest at the early stage for both a financial return and social or environmental impact. [private_Member Level] Early Stage Global Impact Investing [/private_Member Level] Equity Financing of Early Stage Growth Firm in Skane. This master’s thesis attempts to map the equity market of Skåne for early stage growth companies. The providers of capital in this market are primarily venture capital firms, business angels and family offices. Family offices are excluded from the study in favor of the other two investor categories, of which business angels is the category most thoroughly investigated. [private_Member Level] Equity Financing of Early Stage Growth Firms in Skåne. Karl Fogelström and Christoer Nilsson[/private_Member Level] Society and Business Angels – a Partnership made in heaven? Why many European governments care so much about Business Angels ! – The economy and the trends of angel investing in Europe. By Paulo Andrez, President EBAN Co-Investment funds in Europe. By Bjom Tremmene, Head ERP-Dachfonds, European Investment Fund. The Tax System as catalyst for early stage Investing. By Modwenna Rees -Mogg. Founder,CEO, AngelNews Panel debate (in danish).  Joachim B. Olsen, Liberal Alliance  Benny Engelbrecht, Socialdemokraterne  Brian Mikkelsen, Det Konservative Folkeparti  Andreas Steenberg, Radikale Venstre   [private_Member Level] Society and Business Angels -a Partnership made in heaven? [/private_Member Level] 2012 Best Practices for BA. FiBANs “Best Practices for Business Angels” has developed over time and is continuing to live and change; we are regularly adding good advice as we learn. FiBAN is the biggest network of private investors in Finland, and actually one of the biggest ones in Europe in terms of the amount of members. The first version of these Best Practices is based on the collective work of a team of experienced FiBAN founding members, who together have experience of making over 100 investments, leading dozens of start-ups and succeeding to do several profitable exits We have in 7 chapters collected Best Practices and advice to consider as a Business Angel when looking and preparing for an investment, managing the investment and exiting the investment. [private_Member Level] Best Practices for BA [2012].  Suomen Yksityissijoittajat [/private_Member Level] Venture Capital Term Sheets 101: Understanding Critical Terms of your Early Stage Venture Deal. Shelowitz & Associates is a business law firm with extensive expertise representing U.S. and international entrepreneurs and businesses in a diverse range of industries. Objectives of this presentation is to provide: Overview of venture capital investment transaction. Understanding of critical deal terms. Foundation for win-win venture transaction [private_Member Level] Venture Capital Term Sheets 101: Understanding Critical Terms of your Early Stage Venture Deal [2012]. Mitchell C. Shelowitz [/private_Member Level] Financing  Social Impact – Funding social innovation in Europe – mapping the way forward. This report argues that improved access to funding is crucial for social innovation to grow and develop, and that the European Union has a critical role to play in mobilising financial resources and coordinating activity. This report comes at time when Europe is at a critical juncture, and it shows how the European Commission can use social innovation to deliver on Europe’s priorities for the future. [private_Member Level] Financing Social Impact – Funding social innovation in Europe – mapping the way forward.  European Commission [/private_Member Level] Code of Conduct for Syndicated Cross-border Investments. The following Code of Conduct establishes a minimum set of principles and standards for the business angel, seed and venture capital industry, in order to build trustworthy and reliable relationships in the framework of cross-border syndicated investments. [private_Member Level] EASY: Code of Conduct for Syndicated Cross-border Investments. [/private_Member Level] Executive Summary of a Shareholder’s Agreement. The purpose of this Executive Summary of the Shareholders’ Agreement is to cover and summarize the main terms and conditions to be defined and agreed by the parties involved in a cross-border syndicated investment in an early stage initiative (hereinafter referred to as the Initiative or the Company) as regards among others the terms of the investment,  relations between the parties,  governance of

EBAN has compiled an essential list of resources devoted to Business Angel Networks management. 2014 [private_Member Level] Code of Conduct for BANs proposed by EBAN’s Law & IP Working Committee [/private_Member Level] [private_Member Level] Articles of Association for BANs proposed by EBAN’s Law & IP Working Committee [/private_Member Level] 2013 [private_Member Level] Code of Conduct (EBAN) [/private_Member Level] [private_Member Level] Code of Conduct (UKBAA) [/private_Member Level] [private_Member Level]  Winter University Training [/private_Member Level] 2011 [private_Member Level] Peter Braun: A New Tool to Develop the Ecosystem [/private_Member Level] [private_Member Level] BAN Vlaanderen [/private_Member Level] [private_Member Level] Pitch Presentation Template – London Business Angels  [/private_Member Level] [private_Member Level] Halo – Rebooting a BAN and Ecosystem [/private_Member Level] 2010 [private_Member Level] Investment Readiness Programmes and Access to Finance: A Critical Review of Design Issues [/private_Member Level] [private_Member Level] Bill Payne International Report Final – Operation Payne [/private_Member Level] [private_Member Level] Swedish ERDF Supported Co-Investment Funds [/private_Member Level] [private_Member Level] EASY Investment Forum: Pitching Template for Entrepreneurs [/private_Member Level] 2009 [private_Member Level] BBAA Angel Awareness Campaign 2009-2010 [/private_Member Level] [private_Member Level] BBAA – BA Investing – A Guide to the Legal, Tax and Regulatory Issues [/private_Member Level] [private_Member Level] Scottish Enterprise:  Co-Investing with BA [/private_Member Level] [private_Member Level] The University of The West of Scotland: Angel Gatekeepers Report [/private_Member Level] [private_Member Level] EBAN Toolkit [/private_Member Level] [private_Member Level] The Mersin Project: Starting a Regional BAN [/private_Member Level] Miscellaneous [private_Member Level] BAN & Entrepreneur Contract – English [/private_Member Level] [private_Member Level] BAN & Entrepreneur Contract – French [/private_Member Level] [private_Member Level] BAN & Entrepreneur Contract – Italian [/private_Member Level] [private_Member Level] BAN & Investor Contract – English [/private_Member Level] [private_Member Level] BAN & Investor Contract – French [/private_Member Level] [private_Member Level] BAN & Investor Contract – Italian [/private_Member Level] [private_Member Level] Business Planning Tool – Business Cube Methodology [/private_Member Level]