随售权与拖售权英文翻译

Tag Along Rights随售权与Drag Along Right拖售权

Tag Along Right是公司法中的一个概念，通常在风险投资交易中用来保护少数股东(minority shareholder)的权益，多数股东在出售其股票时，少数股东有权加入交易，以出售少数股东持有的公司少数股权。

举例：共同创始人、天使投资人或风投公司等等通常依赖随售权。例如3名共同创始人创办一家新的科技公司。公司业务经营良好且创始人认为可以以种子期融资的方式寻求外部投资。一家私募股权天使投资人看到了该公司的价值并且要约购买公司60%的股份，共同投资人接受该投资，并使天使投资人成为最大股东。投资人和一些更大的上市科技公司有重要关系。创始人知晓这一点并且在投资协议中约定了随售权。经过三年时间，公司业绩持续增长，天使投资人在规模较大的科技公司中寻求买家，购买其在公司中的股份。该买家愿意以每股30美元购买投资人在公司的60%的股份，此时共同创始人也可以跟随投资人以每股30美元的价格卖出剩余股份。（此例子翻译自外网，方便大家理解随售权）

Drag Along Right是指多数股东出售其股份，少数股东强制参与交易，又称“强制出售权”，旨在保护多数股东(majority shareholder)的权益。

举例：If, for example, a technology startup opens a series-A investment round, it does so to sell ownership of the company to a venture capital firm in return for capital infusion. In this specific example, majority ownership resides with the CEO of the company, who owns 51% of the firm. The CEO wants to maintain majority control and also wants to protect himself in the case of an eventual sale. To do so, he negotiates a drag-along right with the venture capital firm, giving him the option to force the firm to sell its interest in the company, if a buyer ever presents itself.（例子出自investopedia）

例句1

The Company shall notify the Tag Offerees of the terms of the Tag Offer (including the consideration offered and the date, time and place on which the sale and purchase of the Tag Securities is to be completed, which date shall be on or about the date of Transfer of the Shares and Other Securities (if any) pursuant to the Qualifying Sale) promptly upon receiving notice of the same from the Proposed Buyer, following which any such holder who wishes to Transfer its Tag Securities to the Proposed Buyer Group pursuant to the Tag Offer (a "Tagging Shareholder") shall serve notice on the Company to that effect (the "Tag Notice") at any time before the Tag Offer Period closes (the "Tag Closing Date").

公司从拟议的购买方收到随售权要约的通知后，应当在第一时间将随售权要约的条款告知随售权受要约人（包括要约的对价，随售权证券的出售和购买完成的日期、时间与地点，该日期应当在按照符合资格要求的出售转让股份和其他证券（若有）的日期或者左右），依照所述随售权要约通知，希望按照随售权要约转让其随售权证券给拟议的购买方集团的任何该类持有人（以下称随售权股东），应当在随售权要约期间以前的任何时间（以下称随售权结束日期）就此通知（以下称随售权通知）公司。

例句2

Drag-Along Rights强制出售权

If X proposes to Transfer any portion of its Shares (the “Drag-Along Transaction”)to any Person other than in connection with a Permitted Transfer or a Transfer to the Company or any of its Subsidiaries, prior to the Drag-Along Transaction, X shall have the right (the “Drag-Along Right”) to require each other Stockholder (each a“Dragged Stockholder”) to sell that number of Shares equal to (i) the total number of Shares held by the Dragged Stockholder multiplied by (ii) a fraction, the numerator of which is the aggregate number of Shares to be sold by X inconnection with the Drag-Along Transaction and the denominator of which is the aggregate number of Shares held by X on the same terms, conditions and price per Shareas those applicable to X.

如果X拟将其持有的部分股份转让给任何人，并且该转让与许可转让或者对公司或公司的任何子公司进行的转让无关（以下称“强制出售交易”），在该强制出售交易之前，X有权（以下称“强制出售权”）要求所有其他股东（该等股东均称“拖售股东”）按照适用于X的同等条款、条件和每股价格，出售等于下列数量的股份：(i)拖售股东持有的股份总数，乘以(ii)X 在该强制出售交易中出售的股份总数占X持有的股份总数的比例。

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