前回の続きです。
⑥ Drag-Along Right：米国などでは、別にIPOのみがFinancial Investorのexit戦略ではないですね。IPOの時に売出できる株式数は限定されますので、その前に創業者などが会社売却することもあります。その場合は、少数株主はDrag-Along Rightがないと困ります。この条項は、合弁契約にも入ることも多いですね。
Notwithstanding anything contained in this Article II to the contrary, at any time prior to an IPO of the Company, if (i) a bona fide firm offer has been made by an unaffiliated third party to acquire at least sixty-six percent (66%) of the Securities, on a fully diluted basis (such acquisition, a "Drag Transaction ") and (ii) the holders of Securities (the "Transferring Holders") that (A) together beneficially own at least sixty-six percent (66%) of the outstanding Shares and (B) include at least one (1) of the Founders (the "Transferring Founder(s)") accept such offer, the Transferring Founder(s) shall have the right, on behalf of the Transferring Holders, to require the Investors and their respective controlled Affiliates who beneficially own any Securities (the "Drag-Along Parties") to Transfer all or a portion of their respective Securities to the third party Transferee in such Drag Transaction, all in accordance with the following provisions:
⑦ Election of Directors：Pre-IPOで、shareholding-spreadの調整などで入るfinancial investorには取締役選任権はありませんが、比較的初期、あるいは事業拡大期には、企業育成経験やネットワークを保有する人を取締役として選任します。日本では、知見もないがめついだけの取締役を監視役として送り込もうとすることもありますので要注意ですね。
Two (2) directors shall be elected by the holders of the Preferred, voting as a separate class. One (1) director shall be elected by the holders of Common, voting as a separate class. The remaining directors shall be elected by all stockholders on an as-converted-to-Common basis.
⑧ Protective Provisions（投資家保護規定）：投資家の権利や利益に影響を及ぼす事項は投資家の同意が必要という規定ですね。
Consent of the holders of at least a majority of the Preferred shall be required for any action that (i)adversely alters or changes the rights, preferences or privileges of the Preferred, (ii) increases or decreases the authorized number of shares of Common or Preferred, (iii) creates, authorizes or issues (by reclassification or otherwise) any new class or series of shares having rights, preferences or privileges equal to or senior to the Preferred, (iv) results in the redemption of any shares of Common or Preferred (other than pursuant to equity incentive agreements with service providers giving the Company the right to repurchase shares upon the termination of services)(償還), (v) results in any merger, other corporate reorganization, sale of control, or any transaction in which all or substantially all of the assets of the Company are sold,(vi) amends or waives any provision of the Company's Certificate of Incorporation or Bylaws relative to the Preferred, (vii) increases the authorized size of the Company's Board, or (viii) results in the payment or declaration of any dividend on any shares of Common or Preferred.
⑨ Redemption (償還条項): 償還株式にして回収を図れるようにしています。Mayつまり、要求してもよいとしていますが、こんなことしたら投資先のcash flowに重大な影響がありますので、規定としてはあっても実際行使するのは難しい場合が多いと思います。Subject to any legal restrictions on the Company's redemption of shares, beginning on the third anniversary of the Closing, the Investors may require the Company to redeem all of the outstanding shares of Preferred. The redemption price for each share of Preferred would be the Purchase Price, plus all declared but unpaid dividends thereon to the date of redemption (the "Redemption Price"). The Redemption Price would be proportionally adjusted for stock splits, stock dividends, etc. Cash payments for such redemption may be made in installments as mutually agreed upon at such time by the Company and the investors. The Company shall have 60 days after an Investor's election to redeem its shares to pay the first installment of the redemption price to the Investor.
⑩ Preemptive Rights (新株引受権): 合弁契約には出資比率に応じた新株引受権を有する旨の規定を入れますが、投資契約ではMajor Investorsだけが権利を取得するという規定が入る場合がありますね。それと従業員へのstock optionが一般的な米国では、その分は除かれるのが一般的ですね。
Investors who together with affiliates hold at least 500,000 shares of Registrable Securities (as defined below) (as adjusted to stock splits or stock dividends and the like) (the “Major Investors”) shall have a preemptive right in the event the Company proposes to offer equity securities to any person (excluding up to an aggregate of 2,000,000 shares issued pursuant to outstanding and reserved employee options from the Closing Date and other customary exclusions) to purchase their pro rata portion of such shares. For any securities not subscribed for by an eligible Major Investor, the Company must offer such securities to the other eligible Major Investors who are participating, on a pro rata basis. Such preemptive rights will terminate upon a Qualified IPO or a change of control.
以上ぐらいの規定が、合弁契約等の類似の契約との違いでしょうか。
⑥ Drag-Along Right：米国などでは、別にIPOのみがFinancial Investorのexit戦略ではないですね。IPOの時に売出できる株式数は限定されますので、その前に創業者などが会社売却することもあります。その場合は、少数株主はDrag-Along Rightがないと困ります。この条項は、合弁契約にも入ることも多いですね。
Notwithstanding anything contained in this Article II to the contrary, at any time prior to an IPO of the Company, if (i) a bona fide firm offer has been made by an unaffiliated third party to acquire at least sixty-six percent (66%) of the Securities, on a fully diluted basis (such acquisition, a "Drag Transaction ") and (ii) the holders of Securities (the "Transferring Holders") that (A) together beneficially own at least sixty-six percent (66%) of the outstanding Shares and (B) include at least one (1) of the Founders (the "Transferring Founder(s)") accept such offer, the Transferring Founder(s) shall have the right, on behalf of the Transferring Holders, to require the Investors and their respective controlled Affiliates who beneficially own any Securities (the "Drag-Along Parties") to Transfer all or a portion of their respective Securities to the third party Transferee in such Drag Transaction, all in accordance with the following provisions:
⑦ Election of Directors：Pre-IPOで、shareholding-spreadの調整などで入るfinancial investorには取締役選任権はありませんが、比較的初期、あるいは事業拡大期には、企業育成経験やネットワークを保有する人を取締役として選任します。日本では、知見もないがめついだけの取締役を監視役として送り込もうとすることもありますので要注意ですね。
Two (2) directors shall be elected by the holders of the Preferred, voting as a separate class. One (1) director shall be elected by the holders of Common, voting as a separate class. The remaining directors shall be elected by all stockholders on an as-converted-to-Common basis.
⑧ Protective Provisions（投資家保護規定）：投資家の権利や利益に影響を及ぼす事項は投資家の同意が必要という規定ですね。
Consent of the holders of at least a majority of the Preferred shall be required for any action that (i)adversely alters or changes the rights, preferences or privileges of the Preferred, (ii) increases or decreases the authorized number of shares of Common or Preferred, (iii) creates, authorizes or issues (by reclassification or otherwise) any new class or series of shares having rights, preferences or privileges equal to or senior to the Preferred, (iv) results in the redemption of any shares of Common or Preferred (other than pursuant to equity incentive agreements with service providers giving the Company the right to repurchase shares upon the termination of services)(償還), (v) results in any merger, other corporate reorganization, sale of control, or any transaction in which all or substantially all of the assets of the Company are sold,(vi) amends or waives any provision of the Company's Certificate of Incorporation or Bylaws relative to the Preferred, (vii) increases the authorized size of the Company's Board, or (viii) results in the payment or declaration of any dividend on any shares of Common or Preferred.
⑨ Redemption (償還条項): 償還株式にして回収を図れるようにしています。Mayつまり、要求してもよいとしていますが、こんなことしたら投資先のcash flowに重大な影響がありますので、規定としてはあっても実際行使するのは難しい場合が多いと思います。Subject to any legal restrictions on the Company's redemption of shares, beginning on the third anniversary of the Closing, the Investors may require the Company to redeem all of the outstanding shares of Preferred. The redemption price for each share of Preferred would be the Purchase Price, plus all declared but unpaid dividends thereon to the date of redemption (the "Redemption Price"). The Redemption Price would be proportionally adjusted for stock splits, stock dividends, etc. Cash payments for such redemption may be made in installments as mutually agreed upon at such time by the Company and the investors. The Company shall have 60 days after an Investor's election to redeem its shares to pay the first installment of the redemption price to the Investor.
⑩ Preemptive Rights (新株引受権): 合弁契約には出資比率に応じた新株引受権を有する旨の規定を入れますが、投資契約ではMajor Investorsだけが権利を取得するという規定が入る場合がありますね。それと従業員へのstock optionが一般的な米国では、その分は除かれるのが一般的ですね。
Investors who together with affiliates hold at least 500,000 shares of Registrable Securities (as defined below) (as adjusted to stock splits or stock dividends and the like) (the “Major Investors”) shall have a preemptive right in the event the Company proposes to offer equity securities to any person (excluding up to an aggregate of 2,000,000 shares issued pursuant to outstanding and reserved employee options from the Closing Date and other customary exclusions) to purchase their pro rata portion of such shares. For any securities not subscribed for by an eligible Major Investor, the Company must offer such securities to the other eligible Major Investors who are participating, on a pro rata basis. Such preemptive rights will terminate upon a Qualified IPO or a change of control.
以上ぐらいの規定が、合弁契約等の類似の契約との違いでしょうか。
