IRA Provision Scanner

Annual audited financial statements

Company must deliver audited financials within 90-120 days of fiscal year end

Quarterly unaudited financial statements

Unaudited financials within 45 days of each quarter end

Monthly financial statements

Monthly P&L and balance sheet (less common, more investor-friendly)

Annual budget / operating plan

Board-approved budget delivered 30 days before fiscal year end

Capitalization table updates

Updated cap table provided upon request or with financial statements

Inspection rights

Investors can inspect books and records during business hours

Demand registration rights

Investors can demand company file S-1 registration statement

S-3 registration rights

Short-form registration when company becomes S-3 eligible

Piggyback registration rights

Investors can include shares in any company registration

Registration expenses paid by company

Company bears registration costs (standard)

Lock-up provisions

Investors agree to lock-up period around IPO (typically 180 days)

Pro rata / preemptive rights

Right to participate in future rounds to maintain ownership percentage

Major Investor threshold defined

Dollar threshold that triggers enhanced rights (typically $250K-$1M)

Right of first refusal on transfers

Company and/or investors have ROFR on secondary sales

Co-sale / tag-along rights

Investors can participate in founder secondary sales

Board observer rights

Non-board investors can attend board meetings as observers

Key person provisions

Obligations triggered if key founder/executive leaves

D&O insurance requirement

Company must maintain directors' and officers' insurance

Employee proprietary information agreements

Company must have all employees sign PIIA/CIIAA

Termination provisions

When the IRA terminates (IPO, acquisition, or specified date)

Market standoff agreement

All stockholders agree to lock-up around IPO

Amendment provisions

How the IRA can be amended (majority of preferred, etc.)