[精品]投资协议条款清单.doc

《[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