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Drag Along Rights强制出售权条款

强制出售条款是股东协议的常见条款,指强制原始股东卖出股份,通常出于保护投资者和少数股东权益的目的,使其能及时退出。强制出售的前提一般为过半股东同意需提前向原始股东发出书面通知,并保证原始股东获得与卖方股东相同的出售待遇。下面是相关示例:

 

示例一

Three(3) years after Closing Date and before the qualified IPO, if Transferee decides to sell Company, the remaining Shareholders shall agree to the deal and sell their Shares at the same price and under the same conditions.

交割日期三(3)年后,公司仍未首次公开募股,如受让人决定出售公司,其他股东应同意此交易,并在同等条件下以同等价格出售其股份。

 

示例二

1.1 If the holders of fifty-one percent or more of the Shares in issue for the time being(“Selling Shareholders”) wish to transfer all of their Shares(“Sellers' Shares”) to a bona fide purchaser on arm' s length terms(“Proposed Buyer”), the Selling Shareholders may require the other Shareholders(“Called Shareholders”) to sell and transfer all their shares(“Called Shares”) to the Proposed Buyer(or as the Proposed Buyer directs) on the same terms and conditions as for the Selling Shareholders in accordance with the provisions of this Clause(“Drag Along Option”).

如持有当前已发行股票的百分之五十一或以上的股东(卖方股东)希望将其全部股份(卖方股份)在公平的条款下让与善意的买方(拟议买方),卖方股东可根据本条款下的规定(强制出售权)要求剩余股东(被召股东)以提供给卖方股东的条款与条件向拟议买方或按照拟议买方指示出售并让与所持股份(被召股份)。

 

1.2 The Selling Shareholders may exercise the Drag Along Option after the lapse of 2 years from signing of this Agreement, by giving written notice to that effect to the Called Shareholders(“Drag Along Notice”) at any time before the transfer of the Sellers' Shares to the Proposed Buyer. The Drag Along Notice shall specify:

签订合同起两年后的任何时间,卖方股东可行使强制出售权。在向拟议买方让与卖方股份前,卖方股东需向被召股东发出相关书面通知(强制出售通知)。强制出售通知应明确指出:

1.2.1 that the Called Shareholders are required to transfer all their Called Shares pursuant to this clause 1;

根据本条款1,被召股东需让与其全部被召股份;

1.2.2 the person to whom the Called Shares are to be transferred;

被召股份受让人;

1.2.3 the consideration payable for the Called Shares which shall, for each Called Share, be an amount at least equal to the consideration per share offered by the Proposed Buyer for the Sellers' Shares and shall be on the same terms and conditions; and

关于被召股份的应付对价,其每股股价不得少于拟议买方向卖方股份支付的每股股价并应在同等条款和条件下交易。

1.2.4 the proposed date of the transfer.

让与拟议日期。

1.3 Once issued, a Drag Along Notice shall be irrevocable. However, a Drag Along Notice shall lapse if, for any reason, the Selling Shareholders have not sold the Sellers' Shares to the Proposed Buyer within 90 business days of serving the Drag Along Notice. The Selling Shareholders may serve further Drag Along Notices following the lapse of any particular Drag Along Notice.

强制出售通知一旦发出不可撤销。但是,出于任何原因强制出售通知发出的90个营业日内,卖方股东未向拟议买方出售卖方股份,强制出售通知可终止。强制出售通知终止后,卖方股东可另行发出强制出售通知。

 

1.4 In the event the Selling Shareholders wish to transfer their Sellers'  Shares to a Proposed Buyer in accordance with section 1.1 above, the Selling Shareholders shall procure that the  other Parties are given the opportunity to sell Shares at the same price and on the same condition as the Selling Shareholders.

如卖方股东希望根据上述条款1.1向拟议买方让与卖方股份,卖方股东应促使其他协议方获得出售股份的机会,且出售条件与价格与卖方股东相同。

 

示例三

(a) In the event that Party A proposes to Transfer to one or more third parties Party A Shares that represent, in the aggregate, fifty percent(50%) or more of the voting power of the Ordinary Shares of the Company then outstanding, if the price per share of Party A Share to be Transferred represents a price per Company share(on a “ look-through” basis) that is no less than the Minimum Drag-Along Price, Party A shall have the right(a “Drag-Along Right”) to require Party B to Transfer or cause to be Transferred to such third part(ies) a percentage of the Company Shares then beneficially owned by Party B equal to the percentage of the Party A Shares to be Transferred, on the same material terms and conditions and for the same price per share as the Party A Shares being transferred to such third part(ies) ( a transaction described above, a “Drag-Along Sale”)

如甲方拟向一个或多个第三方出售甲方股份,其总和代表公司现已发行普通股表决权的百分之五十(50%)或以上,且甲方待出售的公司股份每股出售价格不低于最低强制出售价格,甲方有权要求乙方向上述第三方让与或促使其让与乙方实质拥有的公司股份,让与股份比例和每股让与价格与甲方相同且应在同等条款和条件下让与(上述交易简称为强制出售交易)。

 

(b) In order to exercise a Drag-Along Right, Party A shall notify Party B by delivering a written notice of the proposed Transfer(a “Drag-Along Notice”) to Party B, which shall specify that Party A is exercising its Drag-Along Right pursuant to this section 1.2, and shall set forth a reasonable description of the material terms and conditions of the proposed Drag-Along Sale, including(i) the name of the proposed transferee(s), (ii) the number of Party A Shares proposed to be Transferred and (iii) the price per share.

行使强制出售权前,甲方应向乙方交付拟让与的书面通知,通知应说明甲方将根据本1.2条行使强制出售权,并列出关于拟进行的强制出售交易的重大条款和条件,包括(i)拟议受让人的姓名,(ii)甲方拟让与的股份数额和(iii)每股价格。

(c) Party B hereby agree to take all actions reasonably requested by Party A in accordance with the consummation of a Drag-Along Sale, including:(i) executing a written consent and voting in favor of such Sale, if applicable, (ii) waiving any dissent, appraisal and similar rights, if any, with respect thereto, (iii) consenting to, and raising no objections against, the Drag-Along Sale or the process pursuant to which it was arranged(iv) executing any documents that Party A may reasonably require in connection therewith and(v) causing the Company Shares subject to such Drag-Along Sale to be sold to such proposed transferee(s) in such Drag-Along Sale.

乙方在此同意采取甲方为完成强制出售交易的一切合理要求,包括:(i)书面同意并投票支持上述交易,如适用,(ii)放弃任何异议、估价及其他与此相关的类似权力(如有),(iii)同意并不对强制出售交易或为其安排的程序表示反对,(iv)执行甲方可能合理要求的相关文件和(v)促使公司股份根据上述强制出售交易出售给交易的拟议受让人。

 

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