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VERSION HISTORY
Version When Who What

1.0 2015-03-31 Erik Byrenius, Mattias Larsson First version

1.01 2015-05-16 Erik Byrenius Fixed typo

BOLAGSORDNING FR [BOLAGSNAMN] ([ORG. NR.])

ARTICLES OF ASSOCIATION OF [COMPANY NAME]
([REG. NO.])

1. BOLAGETS FIRMA / NAME OF THE COMPANY

Bolagets firma r [Bolagsnamn].

The corporate name of the company is [Company name].

2. STYRELSENS STE / REGISTERED OFFICE

Styrelsen ska ha sitt ste i [Kommun].

The registered office of the company is situated in [Municipality].

3. VERKSAMHET / BUSINESS ACTIVITIES Commented [A1]: Keep this quite broad.

Bolaget ska [Verksamhetsbeskrivning] samt drmed frenlig verksamhet.

The Company shall [Business activities description] as well as other business activities
consistent therewith.

4. AKTIEKAPITAL / SHARE CAPITAL

Bolagets aktiekapital ska utgra lgst [Nuvarande aktiekapital, t.ex. 50 000] kronor och
hgst [Nuvarande aktiekapital gnger 4] kronor. Commented [A2]: You must set an upper limit. Keep this
high so you don't have to update the articles of association
every time you make a new share issue or issue warrants.
The share capital of the company shall be not less than SEK [Current share capital, e.g.
50,000] and not more than SEK [Current share capital times 4].

N.B. The English text is an unofficial translation. In case of any discrepancies

between the Swedish text and the English translation, the Swedish text shall prevail. 1 (7)
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5. ANTAL AKTIER / NUMBER OF SHARES

Antal aktier ska vara lgst [Nuvarande antal aktier, t.ex. 1 000 000 (uppns genom en
aktiesplit)] och hgst [Nuvarande antal aktier gnger 4] stycken.
The number of shares shall be not less than [Current number of shares, e.g. 1,000,000
(achieved by making a share split)] and not more than [Current number of shares times 4]
shares.
Commented [A3]: The more shares, the less effect
rounding errors will have. If you have too few shares and
every share is worth a lot, you might run into problems with
rounding in the next financing round or when several parties
want to exercise their right of first refusal.

6. STYRELSE / BOARD OF DIRECTORS Commented [A4]: This is regulated in more detail in the
shareholders' agreement so leave this wording.

Styrelsen ska best av lgst [1] och hgst [10] ordinarie ledamter med hgst [10]
suppleanter. Bestr styrelsen av en eller tv ledamter ska minst en styrelsesuppleant
utses.

The board of directors shall consist of at least [1] and no more than [10] ordinary members
with no more than [10] deputy members. Where the board of directors comprises of one or
two board members, at least one deputy board member must be appointed.

7. REVISOR / AUDITOR
Bolaget ska ha [en] revisor, eller ett registrerat revisionsbolag.

The company shall have [one] auditor, or a registered public accounting firm.

8. KALLELSE TILL BOLAGSSTMMA / NOTICE TO CONVENE

A GENERAL MEETING
Kallelse till bolagsstmma ska ske genom brev med posten eller e-post till aktiegarna
tidigast sex och senast [tv] veckor fre stmman.

Notices convening a shareholders meeting shall be made to the shareholders not earlier
than six weeks and not later than [two] weeks prior to the meeting.

9. PPNANDE AV BOLAGSSTMMA / OPENING OF THE

GENERAL MEETING
Styrelsens ordfrande, eller den styrelsen drtill utser, ppnar bolagsstmman och leder
frhandlingarna till dess ordfrande vid stmman valts.

The chairman of the board of directors, or a person appointed by the board of directors for
this purpose, opens the general meeting and presides over the proceedings until a
chairman of the general meeting is elected.

10. RENDEN P RSSTMMA / MATTERS TO BE DEALT WITH

AT THE ANNUAL GENERAL MEETING
P rsstmma ska fljande renden frekomma:

N.B. The English text is an unofficial translation. In case of any discrepancies

between the Swedish text and the English translation, the Swedish text shall prevail. 2 (7)
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1. Val av ordfrande vid stmman.

2. Upprttande och godknnande av rstlngd.
3. Val av en eller tv justeringsmn att jmte ordfranden justera protokollet.
4. Prvning av om stmman blivit behrigen sammankallad.
5. Godknnande av dagordningen.
6. Framlggande av rsredovisningen och revisionsberttelsen samt i frekommande
fall koncernredovisningen och koncernrevisionsberttelsen.
7. Beslut om
a. faststllande av resultatrkningen och balansrkningen samt i
frekommande fall koncernresultatrkningen och koncernbalansrkningen
b. dispositioner betrffande bolagets vinst eller frlust enligt den faststllda
balansrkningen
c. ansvarsfrihet fr styrelsens ledamter och verkstllande direktren.
8. Faststllande av arvoden till styrelsen och, i frekommande fall, revisorerna.
9. Val av styrelseledamter och styrelsesuppleanter samt, i frekommande fall,
revisorer och revisorssuppleanter eller registrerat revisionsbolag.
10. Annat rende, som ankommer p stmman enligt aktiebolagslagen (2005:551)
eller bolagsordningen.

At the annual general meeting the following matters shall be dealt with:

1. Election of a chairman of the meeting.

2. Preparation and approval of the voting list.
3. Election of one or two persons to verify the minutes.
4. Determination as to whether the meeting has been duly convened.
5. Approval of the agenda for the meeting.
6. Presentation of the annual report and the auditors report and, when applicable, the
consolidated annual report and the consolidated auditors report.
7. Decision concerning
a. adoption of the profit and loss statement and the balance sheet and, when
applicable, the consolidated profit and loss statement and consolidated
balance sheet;
b. allocation of the companys profit or loss in accordance with the adopted
balance sheet;
c. discharge from liability of the directors and the managing director.
8. Decision in respect to the fees for the members of the board of the directors and
for the auditor.
9. Election of members of the board of the directors and, when applicable, of the
auditor.
10. Other matters which according to the Companies Act (2005:551) or the articles of
association shall be dealt with at the meeting.

11. RKENSKAPSR / FISCAL YEAR

Bolagets rkenskapsr ska vara [1 januari 31 december].

The fiscal year of the company shall be [January 1 December 31].

N.B. The English text is an unofficial translation. In case of any discrepancies

between the Swedish text and the English translation, the Swedish text shall prevail. 3 (7)
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12. HEMBUDSFRBEHLL / POST SALE PURCHASE RIGHT Commented [A5]: Keep this in the articles of association,
even if is mentioned in the shareholders' agreement. This is
an additional security layer, preventing unwanted third parties
Har aktie vergtt till annan person, ska aktien genom skriftlig anmlan hos bolagets from becoming shareholders without the other shareholders'
consent.
styrelse genast hembjudas aktiegarna till inlsen. tkomsten av aktien ska drvid styrkas
samt, dr gandertten vergtt genom kp, uppgift lmnas om kpeskillingen. Samtliga
slag av vergng av aktie omfattas av hembudsfrbehll. Lsen fr ske av ett mindre antal
n hembudet omfattar.

If a share has been transferred to another person (Transferee), the share shall immediately
be offered for sale to the other shareholders by written notification to the board of directors
of the company. The acquisition of the share by the new owner shall then be verified and, if
the share has been transferred by purchase, the purchase price shall be stated. All types of
transfer shall be subject to post sale purchase right. The post sale purchase right may be
exercised in respect of a lesser number of shares than the shares covered by the post sale
purchase right offer.

Nr anmlan gjorts om akties vergng, ska styrelsen genast skriftligen meddela detta till
varje lsningsberttigad, vars postadress r infrd i aktieboken eller eljest knd fr bolaget,
med anmodan till den, som nskar begagna sig av lsningsrtten, att skriftligen framstlla
lsningsansprk hos bolagets styrelse inom tv mnader, rknat frn anmlan hos
styrelsen om aktiens vergng.

When transfer of a share has been notified, the board of directors shall immediately inform
in writing, each shareholder with a post sale purchase right, whose address is registered in
the companys share register or is otherwise known to the company, with a request to
those who wish to exercise their post sale purchase right to notify the board of directors
thereof in writing within two months from the board of directors receipt of notification of the
transfer of a share.

Anmler sig flera lsningsberttigade, ska fretrdesrtten dem emellan s lngt det r
mjligt frdelas i frhllande till deras tidigare innehav av aktier i bolaget. terstende
aktier frdelas genom lottning av bolagets styrelse.

If several shareholders register for post sale purchase right, the right of priority among
them shall, as far as possible, be determined in proportion to their current holding of shares
in the company. Any remaining shares shall be distributed by the drawing of lots performed
by the board of directors of the company.

Lsenbeloppet ska, dr frvrvet skett genom kp, utgras av kpeskillingen. Har

gandertten vergtt p annat stt ska lsenbeloppet bestmmas s att det motsvarar
det pris som kan prknas vid frsljning under normala frhllanden.

If a share has been transferred by way of purchase, the amount to be paid when exercising
a post sale purchase right shall be the purchase price. If the share was not transferred by
way of purchase, the amount to be paid when exercising a post sale purchase right shall
correspond to the price determined upon a sale under normal market conditions.

Kommer frvrvaren och den som har begrt att f lsa in aktierna inte verens i frga om
inlsen, fr den som har begrt inlsen vcka talan inom tv mnader frn den dag
lsningsansprket framstlldes hos bolaget. Tvist ska slutligt avgras genom
skiljedomsfrfarande administrerat vid Stockholms Handelskammares Skiljedomsinstitut

N.B. The English text is an unofficial translation. In case of any discrepancies

between the Swedish text and the English translation, the Swedish text shall prevail. 4 (7)
Download the latest version at Legal questions?
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enligt deras regler om frenklat skiljefrfarande. Skiljefrfarandet ska ga rum dr

styrelsen har sitt ste.

If the Transferee and a shareholder who has registered his wish to exercise his post sale
purchase right fail to reach an agreement in respect of the matter of post sale purchase
right, the shareholder may initiate legal proceedings within two months from the date of
such notification of the board of directors of the company. Any dispute shall be finally
settled by arbitration administrated by the Arbitration Institute of the Stockholm Chamber of
Commerce according to its Rules for Expedited Arbitrations. The seat of arbitration shall be
where the company has its registered office.

Lsenbeloppet ska erlggas kontant inom en mnad frn den tidpunkt, d lsenbeloppet
blev bestmt genom verenskommelse mellan parterna eller genom dom.

The purchase price shall be paid in cash within one month of the date on which the
purchase price was determined by agreement by the parties or by arbitral award.

Om inte ngon drtill berttigad framstllt lsningsansprk inom stadgad tid eller om, aktie
inte inlses inom en mnad frn det att lsningsbeloppet i behrig ordning blivit faststllt,
ger den som har gjort hembudet rtt att bli infrd i aktieboken.

If no person with a post sale purchase rights has presented a claim to such right within the
prescribed period of time or if a share is not purchased within one month of the day on
which the amount to be paid for the share was duly determined, the Transferee is entitled
to be entered into the companys share ledger.

Under hembudstiden fr varken verltare eller frvrvare utva rstrtten eller drmed fr
aktien sammanhngande rttigheter.

During the post sale purchase right period, the right to vote, other rights pertaining to the
share, may not be exercised by either the Transferee or the acquirer.

13. FRKPSFRBEHLL / RIGHT OF FIRST REFUSAL Commented [A6]: This clause is not always used, since it
among other things should be in line with similar terms in the
shareholders agreement (which otherwise risk to make things
Aktie fr verltas till ny gare endast efter att den genom skriftlig anmlan hos bolagets ambiguous).
styrelse erbjudits vriga aktiegare till frkp.

A share may only be transferred after it has been offered to the other shareholders by way
of written application to the board of directors.

Samtliga slag av verltelser omfattas av frkpsfrbehll. Av anmlan ska framg vilka

aktier som omfattas, priset samt de vriga villkor som gller fr frkpet. Sdan anmlan
ska genast antecknas i aktieboken med uppgift om dagen fr anmlan.

All kinds of transfer are subject to this right of first refusal. The application shall state which
shares are comprised, the price and other terms applicable to the right of first refusal. Such
application shall immediately be recorded in the share register stating the date of the
application.

Om inte annat anges i erbjudandet, fr frkpsrtten inte utnyttjas fr ett mindre antal
aktier erbjudandet omfattar.

N.B. The English text is an unofficial translation. In case of any discrepancies

between the Swedish text and the English translation, the Swedish text shall prevail. 5 (7)
Download the latest version at Legal questions?
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In not otherwise stated in the offer, the right of first refusal may not be exercised for a
lesser number of shares than comprised by the offer.

Nr anmlan gjorts om erbjudande till frkp, ska styrelsen genast skriftligen meddela
detta till varje aktiegare vars postadress r infrd i aktieboken eller p annat stt knd fr
bolaget, med anmodan till den som nskar frvrva aktierna att skriftligen framstlla sdan
begran hos bolagets styrelse inom tv mnader, rknat frn anmlan hos styrelsen om
frkpserbjudandet. Anmlan om att frkpsrtt nskas utvas ska antecknas i bolagets
aktiebok.

When an application has been made, the board of directors shall immediately inform in
writing, each shareholder whose address is entered into the share register, or otherwise
known to the company, instructing a shareholder who wishes to acquire shares, to present
such request in writing within two months from the date of the application. A request to
exercise a right of first refusal shall be recorded in the share register.

Anmler sig flera aktiegare, ska fretrdesrtten dem emellan s lngt det r mjligt
bestmmas i frhllande till deras tidigare innehav av aktier i bolaget. terstende aktier
frdelas genom lottning av bolagets styrelse.

If several shareholders apply, the right of priority among them shall be determined in
relation to their current holding of shares in the company. The remaining shares shall be
allotted by the drawing of lots by the board of directors.

Aktie som frkps ska betalas kontant inom en mnad frn den tidpunkt, d priser fr
aktierna blev bestmt.

A share that has been acquired under a right of first refusal shall be paid in cash within one
month from the time when the price for the share was determined.

Kommer den som har erbjudit aktie till frkp och den som har begrt frkp inte verens i
frgan om frkp, fr den som begrt frkp vcka talan inom tv mnader frn den dag
d behrig begran om frkp gjordes till bolagets styrelse genom pkallande av
skiljefrfarande vid Stockholms Handelskammares Skiljedomsinstitut enligt deras regler om
frenklat skiljefrfarande. Skiljefrfarandet ska ga rum dr styrelsen har sitt ste.

Where the shareholder and a person wishing to exercise a right of first refusal cannot
agree on the terms of the purchase, the person invoking the right to first refusal may initiate
proceedings within two months from the date when the application was duly submitted to
the board of directors by initiating arbitration proceedings administrated by the Arbitration
Institute of the Stockholm Chamber of Commerce according to its Rules for Expedited
Arbitrations. The seat of arbitration shall be where the company has its registered office.

Utvas inte frkpsrtten inom stadgad tid ger den som har erbjudit aktie till frkp rtt att
under sex mnader frn utgngen av sagda tid, eller, vid tvist om frkp, frn den dagen
tid fr talan lpte ut eller dagen d det blev faststllt att den som begrt frkp inte hade
frkpsrtt, lta aktie verg till tredje man. Sdan verltelse fr inte ske till ett lgre pris
eller p fr frvrvaren frdelaktigare villkor n de villkor som gllde fr erbjudandet om
frkp.

N.B. The English text is an unofficial translation. In case of any discrepancies

between the Swedish text and the English translation, the Swedish text shall prevail. 6 (7)
Download the latest version at Legal questions?
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If the right of first refusal is not exercised within the stipulated time, the shareholder who
has offered his/her shares is entitled to transfer shares to a third party. Such entitlement
may only be exercised for a period of six months from the expiry of such time, or in the
event of a dispute, from the final date upon which proceedings could have been initiated or
the date upon which it was determined that no right of first refusal existed for the person
invoking such right. Such transfer may not take place at a price or terms more favourable
to the acquirer than those terms applied to the initial offer under the right of first refusal.

Denna bolagsordning har antagits vid extra bolagsstmma den [Datum].

These articles of association were adopted by the extraordinary general meeting on [Date].

N.B. The English text is an unofficial translation. In case of any discrepancies

between the Swedish text and the English translation, the Swedish text shall prevail. 7 (7)