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ID:50704141
大小:57.00 KB
页数:4页
时间:2020-03-14
《[精品]投资协议条款清单.doc》由会员上传分享,免费在线阅读,更多相关内容在工程资料-天天文库。
1、投资协议条款清单(TermSheet)-强卖权TermSheet:DragAlongThisisoneofthosetermsthathasrecentlyincreasedinimportancetoVCsduetotheallthefinancingandexitdynamicsthatoccurredduringthedownturnof2001一2003.Atypicaldrag-alongagreementisshortandsweetandlooksasfollows:"Drag-AlongAgreement:The[holdersoftheCommonStock
2、]or[Founders]andSeriesAPreferredshallenterintoadrag-alongagreementwherebyifamajorityoftheholdersofSeriesAPreferredagreetoasaleorliquidationoftheCompany,theholdersoftheremciiningSeriesAPreferredandCommonStockshallconsenttoandraisenoobjectionstosuchsale."Astransactionsstartedoccurringthatwere
3、atorbelowthepreferredliquidationpreferences,entrepreneursandfounders-notsurprisingly-startedtoresistdoingthesetransactionssincetheyoftenwereiTtgettinganythinginthedeal.Whilethereareseveralmechanismstoaddresssharingconsiderationbelowtheliquidationpreferences(e.g.thecarveout"-whichwe'11talkmo
4、reextensivelyaboutsomeothertime),thefundamentalissueisthatifatransactionoccursbelowthe1iquidstionpreferences,it'slikelythatsomeoralloftheVCsarelosingmoneyonthetransaction.TheVCpointofviewonthisvarieswidely(andisoftendependentonthesituation)一someVCscandealwiththisandarehappytoprovidesomecons
5、iderationtomanagementtogetadealdone;othersarestubbornintheirviewthatsincetheylostmoney,managementshouldii'treceiveanything.However,inal1ofthesesituations,theVCswouldmuchrathercontroltheirabilitytocompelothershareholderstosupportthetransactionbeingconsidered.Asmoreofthesesituationsappeared,t
6、hemajorholdersofcommonstock(evenwhentheywereintheminorityofownership)beganrefusingtovotefortheproposedtransactionunlesstheholdersofpreferredwaivedpartoftheir1iquidationpreferencesinfavorofthecommon.Needlesstosay,this"holdouttechnique''didnotgooverwellintheventurecommunityand,asaresult,thedr
7、ag-alongbecamemoreprevalent.rveheardfoundersandearlyshareholderssayavarietyofthingswithregardtoadrag-along,butthemostinaneis"it'snotfair-IwanttobeabletovotemystockhoweverIwantto."Rememberthatthistermisoneofabasketoftermsthatarepartofanoveral1negotiationa
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