A separate clause on the inclusion of new shareholders and terms and conditions thereof is often written into a shareholder agreement, as the inclusion of new shareholders always dilutes the holding of previous owners (i.e. the holding of the old owners decreases by same order of magnitude as the percentage of shares given to the new shareholders). In some cases it is possible to agree on so-called anti-dilution protection, whereby one or a number of investors for legitimate reasons do not lose their holdings during future rounds.
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