Shareholders' agreement (pacte d’associés)
A shareholders' agreement is a private contract between shareholders that organizes their rights and obligations beyond the company’s articles. It covers pre-emption rights, exit clauses, drag-along rights, and governance conditions.
In practice
In a growing network, the founder often negotiates a bad-leaver clause that reduces the valuation of shares if a partner departs early. An investor may demand a veto right over strategic decisions above a certain spending threshold. The agreement stays confidential, unlike the articles filed at the commercial registry, allowing tailored arrangements without public exposure.