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I can imagine that a good way to address this is to include a clause that existing shareholders have a first right to do a shotgun-clause kind of bid on the sha
by stingraycharles 9y ago
I can imagine that a good way to address this is to include a clause that existing shareholders have a first right to do a shotgun-clause kind of bid on the shares.
- cperciva 9y agoI was wondering about shotgun clauses; also possibly whether "shares cannot be transferred without board approval" would apply, whether there might be a share buyback if shares come into the hands of a non-{founder, employee, VC}, or even if there might be a share-class trick where the non-founder spouse's shares would become non-voting.
- manyxcxi 9y agoWhen starting our company this is exactly the type of clause we had. To roughly summarize; In the event of divorce the partner has no claim and in the event of death the company has the option to buy them out or leave them with no voting rights at all. All founders' spouses had to sign. It's basically an extremely focused post nup.