投融资协议中的8个代表性核心术语(2)——跟售权 (Tag-Along Right)

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跟售权

Tag-Along Right

也称共同出售权，即Co-Sale Right。基本上是与领售权(Drag Along Right)相对应的权利, 指持有大多数股权的股东向第三方转让或出售其所持有的公司股权时,持少数股权的股东有权要求根据相同条件，按照其出资比例共同参与到本次转让出售公司股权交易中。

其英文释义为“Tag-along rights also referred to as "co-sale rights," are contractual obligations used to protect a minority shareholder, usually in a venture capital deal. If a majority shareholder sells his stake, it gives the minority shareholder the right to join the transaction and sell their minority stake in the company. Tag-alongs effectively oblige the majority shareholder to include the holdings of the minority holder in the negotiations so that the tag-along right is exercised.”

下面请看一个典型的跟售权条款示例:

翻译示例

4.Tag-Along Rights

跟售权

4.1 Subject to Sections 4.1 and 4.8, if XYZ Company (the “Tag-Along Seller”) proposes to Transfer more than ten percent (10%) of its Company Securities to any Third Party or Third Parties (a “Tag-Along Sale”),

在遵守本第4.1和4.8条规定的前提下，如XYZ公司（“跟售卖方”）拟议向任何第三方转让其公司证券，且份额超过10%（“跟售”），则

(i) the Tag-Along Seller shall provide each Other Stockholder written notice of the terms and conditions of such proposed Transfer (“Tag-Along Notice”) and offer each Other Stockholder the opportunity to participate in such Transfer in accordance with this Section 4.1, and

跟售卖方应按照本第4.1条规定向任一其他股东提供载明此拟议转让条款和条件的书面通知（以下简称“跟售通知”）并向任一其他股东提供参与此次转让的机会。

(ii) each Other Stockholder may elect, at its option, to participate in the proposed Transfer in accordance with this Section 4.01 (each such electing Other Stockholder, a “Tagging Person”).

任一其他股东均可根据本第4.1条规定选择参加拟议转让（每一选择参与的其他股东均称为“跟售人”）。

The Tag-Along Notice shall identify the number and class of Company Securities proposed to be sold by the Tag-Along Seller and all other Company Securities subject to the offer (“Tag-Along Offer”), the consideration for which the Transfer is proposed to be made, and all other material terms and conditions of the Tag-Along Offer, including the form of the proposed agreement, if any, and a firm offer by the proposed Third Party transferee to purchase Company Securities from the Stockholders in accordance with this Section 4.01.

跟售通知应标明跟售卖方拟议出售的和所有其他受要约（“跟售要约”）约束的公司证券数量和类别，拟议转让对价，以及跟售要约的所有其他重要条款和条件，包括拟议协议的形式（如有），以及拟议第三方受让人根据本第4.1条规定向股东购买证券的实价。

通过领售权与跟售权两个术语的对比和分析，不难看出，领售权和跟售权针对的都是转让出售时股东的权利，不同的是，领售权多针对大股东，而拖售权多针对中小股东。领售权条款要解决的问题是：在私募股权投资者作为企业股东想要出售公司时，他们可以强制企业创始人以及其他原始股东一起卖股权。而跟售权条款要解决的问题是：如果企业创始人或其他原始股东想要卖股权时，作为小股东的私募股权投资者有权与这些股东一起出售，一般需要遵守同比例原则。

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注：此文中的部分中文解释内容来自于网络。