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Претензия по выходу инвестора (Investor Exit / Liquidity Rights)
Досудебное требование к стартапу о предоставлении liquidity для minority investor: drag-along rights, tag-along rights, redemption rights, participation при M&A. Enforcement investor protection provisions при sale или IPO.
5-7 лет Типичный fund lifecycle
Drag/Tag Rights Key exit protections
Redemption Last resort for liquidity
📄 Обзор прав 📝 Шаблоны ❓ FAQ
Exit rights для minority investors
Почему exit rights важны

Как minority investor (Series A/B, angel, early-stage fund) у вас нет control над company decisions. Majority shareholders/Board могут держать компанию indefinitely, refuse M&A offers, или структурировать exit так, чтобы benefit founders/management но exclude minorities. Exit rights в Investors Rights Agreement, Stock Purchase Agreement защищают ваше право на liquidity.

Основные exit protection mechanisms
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Drag-Along Rights
Majority shareholders могут "drag" minority в sale of company при определённых условиях (обычно Board + majority preferred approval). Защищает от minority blocking reasonable exit. Dispute: terms unfair, notice inadequate, price below preference stack.
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Tag-Along Rights (Co-Sale)
Если majority shareholders продают свои shares третьей стороне, minority имеет право "tag along" (продать свои shares на тех же terms). Company denies tag-along право или structuring transaction чтобы avoid trigger (asset sale вместо stock sale).
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Redemption Rights
После определённого срока (обычно 5-7 лет) или events, preferred shareholders могут требовать redemption (company repurchases shares по original price + dividends). Company отказывает, citing "не financially able" или disputing trigger.
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Participation Rights при M&A
Participating preferred: при M&A получаете liquidation preference PLUS pro-rata share of остатка. Company или acquirer пытаются characterize transaction как не triggering participation (merger vs asset sale, "deemed liquidation" definition disputes).
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Blocking Rights Abuse
Protective provisions дают minority veto над major transactions (M&A, new financing). Majority shareholders circumvent через структурирование transaction чтобы avoid trigger, или minority abuse blocking rights требуя unreasonable terms.
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IPO Registration Rights
Demand registration rights: можете требовать company провести IPO. Piggyback rights: участвовать в IPO если company решает провести. Company отказывает citing market conditions или underwriter objections.
Когда отправлять demand letter
  • Company получила acquisition offer или планирует M&A, но ваши tag-along/participation rights игнорируются
  • Majority shareholders продают shares третьей стороне, denying your co-sale rights
  • Redemption trigger date наступила (5-7 years post-investment) и company отказывает в redemption
  • Company structuring transaction чтобы circumvent ваши protective provisions или drag-along notice inadequate
  • IPO планируется но ваши registration rights не honored (piggyback denial, lock-up unfairly long)
Timing критичен при M&A

Exit rights enforcement наиболее urgent при pending M&A transaction. Closing может произойти в 30-60 дней после signing. После closing чрезвычайно трудно unwind или recover - proceeds distributed, acquirer не хочет renegotiate. Demand letter должен быть sent немедленно при announcement или discovery of sale process.

Шаблоны pretензий
Tag-Along Rights - Denial of Co-Sale
I represent [INVESTOR NAME], holder of [X] shares of Series [A] Preferred Stock of [COMPANY], in connection with [INVESTOR]'s co-sale rights under the Investors Rights Agreement dated [DATE] (the "IRA"). [INVESTOR] has learned that [FOUNDER / MAJOR SHAREHOLDER] is selling [Y] shares of common stock to [THIRD PARTY BUYER] at $[Z] per share. Under Section [X] of the IRA, this constitutes a "Proposed Transfer" triggering [INVESTOR]'s tag-along rights. [INVESTOR] was not provided the required notice under Section [X](a), which mandates at least [30] days' written notice before closing. Moreover, [COMPANY/SELLER] has refused to include [INVESTOR]'s shares in the transaction despite timely exercise of tag-along rights on [DATE]. [INVESTOR] demands: (a) Immediate delivery of proper notice with transaction terms; (b) Inclusion of [INVESTOR]'s pro-rata portion of shares ([NUMBER] shares) in the sale on identical terms; (c) Suspension of the transaction closing until [INVESTOR]'s rights are honored. Failure to comply will result in injunctive relief to block the transaction and damages for breach of contract.
Tag-along критичны для exit - enforce агрессивно
Drag-Along - Unfair Terms Challenge
On [DATE], [INVESTOR] received a drag-along notice pursuant to Section [X] of the [Voting Agreement / SPA] requiring [INVESTOR] to sell [his/her/its] shares in connection with the proposed acquisition of [COMPANY] by [ACQUIRER]. While [INVESTOR] acknowledges the drag-along provisions, the proposed terms violate the requirements of Section [X]: (a) The purchase price of $[X] per share is substantially below the liquidation preference of $[Y] per share, and [INVESTOR] is not receiving the full liquidation preference as required by the Certificate of Designation; (b) The transaction imposes [indemnification obligations / escrow holdbacks / earn-out provisions] on [INVESTOR] that are materially more burdensome than those imposed on [founders/management shareholders]; (c) The notice period of [X] days is insufficient under Section [X] which requires [Y] days for minority shareholders to evaluate and respond; (d) No fairness opinion or independent valuation was provided despite the below-preference pricing. [INVESTOR] will not consent to the drag-along unless the terms are modified to ensure equal treatment and full payment of liquidation preferences. If [COMPANY] proceeds without addressing these issues, [INVESTOR] will seek injunctive relief and damages.
Drag-along не означает любые terms - есть fairness requirements
Redemption Rights - Demand for Payment
Pursuant to Section [X] of the Certificate of Designation for the Series [A] Preferred Stock, [INVESTOR] hereby exercises [his/her/its] redemption rights with respect to all [NUMBER] shares of Series [A] Preferred Stock. The redemption trigger date of [DATE] (five years from the original issue date) has passed. Under Section [X], [INVESTOR] provided written notice of redemption demand on [DATE], which triggered [COMPANY]'s obligation to redeem within [90/180] days. Redemption calculation: - Original purchase price: $[X] per share - Accrued dividends ([Y]% per annum): $[Z] per share - Total redemption price per share: $[TOTAL] - Total redemption amount for [NUMBER] shares: $[TOTAL AMOUNT] [COMPANY] has failed to redeem despite the passage of the redemption deadline. [COMPANY]'s assertion that it is "not financially able" to redeem requires detailed financial disclosure and Board determination pursuant to Delaware law. [INVESTOR] demands immediate redemption or, in the alternative, detailed financials and Board minutes demonstrating inability to redeem. If redemption is not financially feasible, [INVESTOR] demands alternative liquidity arrangements including [participation in any future M&A / senior security interest / mandatory dividend payments].
Redemption rights редко exercised но powerful negotiation tool
Liquidation Preference - M&A Participation Dispute
[COMPANY] has entered into an Agreement and Plan of Merger with [ACQUIRER] for total consideration of $[X MILLION]. This constitutes a "Deemed Liquidation Event" under Section [X] of the Certificate of Designation, triggering [INVESTOR]'s liquidation preference and participation rights. [INVESTOR] holds [NUMBER] shares of Series [A] Preferred Stock with: - Liquidation preference: $[X] per share (1x original purchase price) - Participation rights: "participating preferred" - entitled to liquidation preference PLUS pro-rata share of remaining proceeds Correct distribution: 1. Series A holders receive liquidation preference: [NUMBER] shares × $[X] = $[TOTAL] 2. Remaining proceeds: $[TOTAL M&A VALUE] - $[TOTAL PREF] = $[REMAINDER] 3. [INVESTOR]'s pro-rata share of remainder ([Y]% fully-diluted): $[Z] 4. Total to [INVESTOR]: $[PREF + PRO-RATA] [COMPANY]'s proposed distribution allocates only $[AMOUNT] to [INVESTOR], apparently treating the preferred as non-participating. This violates Section [X] of the Certificate of Designation. [INVESTOR] demands corrected distribution calculation and establishment of escrow for disputed amounts pending resolution.
Participating preferred может удвоить your proceeds - enforce тщательно
IPO Registration Rights - Piggyback Demand
[COMPANY] filed a registration statement on Form S-1 with the SEC on [DATE] for an initial public offering of common stock. Pursuant to Section [X] of the Investors Rights Agreement, [INVESTOR] has piggyback registration rights allowing participation in any registered offering. On [DATE], [INVESTOR] delivered written notice requesting inclusion of [NUMBER] shares in the IPO registration. Section [X](b) requires [COMPANY] to include all requested shares subject only to underwriter cutbacks for legitimate marketing reasons. [COMPANY] has denied [INVESTOR]'s piggyback request, citing [underwriter objections / lock-up requirements / other reasons]. This denial is improper: (a) Section [X] permits cutbacks only if the underwriter provides a written opinion that inclusion would materially adversely affect the offering. No such opinion has been provided. (b) The proposed [180-day / 12-month] lock-up period for [INVESTOR] is discriminatory - founders and management have only [90-day] lock-ups. (c) [INVESTOR]'s [X]% of the offering is well within typical institutional selling and would not impact the IPO. [INVESTOR] demands immediate inclusion in the S-1 registration with lock-up terms no more restrictive than those imposed on founders. If [COMPANY] refuses, [INVESTOR] will seek a preliminary injunction delaying the IPO until piggyback rights are honored.
IPO registration rights - best opportunity для liquidity, enforce агрессивно
Нужна помощь с exit rights enforcement?
Помогаю minority investors защищать liquidity rights при M&A, IPO, redemption disputes.
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FAQ

Participating preferred даёт double-dip при liquidation: сначала получаете liquidation preference ($1-3x invested amount), потом ТАКЖЕ pro-rata share из оставшихся proceeds как будто converted в common. Non-participating preferred: либо preference, либо conversion - что больше.

Example: invested $2M для 20% при $10M post-money. Company sells за $20M. Participating: $2M preference + 20% × ($20M - $2M total prefs) = $2M + $3.6M = $5.6M. Non-participating: max($2M preference, 20% × $20M = $4M) = $4M.

Delaware law: company может redeem только если "legally available funds" (не insolvent, не impair capital). Если company не profitable или has limited cash, redemption может быть deferred. Однако company обязана demonstrate inability через financials и Board resolution.

Практика: redemption rights редко enforced через litigation (слишком дорого для company comply). Используются как leverage в переговорах: "redeem OR give us liquidity через M&A/secondary sale".

Попытки: (1) asset sale вместо stock sale - drag-along обычно applies только к sale of stock, (2) merger with consideration в stock acquirer (не "sale for cash"), (3) restructuring before sale.

Защита: хорошо drafted drag-along includes "deemed liquidation" definition covering asset sales, mergers, majority control changes. Certificate of Designation должен align. Если company circumvents через technicalities - argue breach of implied covenant good faith.

Tag-along (co-sale rights) позволяют minority shareholders продать свои акции на тех же условиях, когда majority продаёт свои. Triggers: обычно при продаже определенного % (например, 20%+). Enforce: требуйте notice от продающего shareholder, подайте election участвовать в срок (обычно 15-30 дней), проверьте что получаете same price и terms.

При IPO preferred обычно converts в common (mandatory conversion). Проверьте: (1) registration rights - demand или piggyback право включить ваши акции в offering, (2) lock-up period (обычно 180 дней - не можете продать сразу), (3) anti-dilution adjustments перед conversion, (4) minimum IPO price threshold для auto-conversion.

Контакты

Помогаю venture investors enforcement exit rights при M&A, IPO, redemption.

Email: owner@terms.law

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