Pre-emptive (participation) rights
All shareholders, including the Founders, should have the right to invest in future financing rounds. This does not mean shareholders are required to put more money in, but if they want and are able to, they have that right to maintain their ownership in any future funding round.
Therefore, each shareholder shall have the right (but not the obligation) to subscribe in any share capital increase of the Company or, if the case, any issue of equity-linked instruments which could be converted into shares, on a pro-rata basis and at a subscription price not higher and at terms not less favourable than those offered to any new or existing shareholder. If an existing shareholder does not exercise its pre-emption rights in relation to a duly approved share capital increase/issue of equity-related instruments, such subscription rights will automatically accrue to the other shareholders on a pro-rata basis.