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content/legal-snippets/_index.md

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+---
+title: "Legal Snippets"
+description: "Legal documents and frameworks for community transitions"
+---
+

content/legal-snippets/airbnb-compensatory.md

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+---
+title: Airbnb RFC on compensatory offerings
+description: In 2018, as it approached an IPO, Airbnb submitted a letter to the US Securities and Exchange Commission requesting permission to distribute shares to users. The permission was not granted.
+tags:
+- Exit
+- Filing
+- Public-policy
+- United-States
+type: legal-snippet
+layout: single
+external_url: https://www.sec.gov/comments/s7-18-18/s71818-4403356-175575.pdf
+files_media: ../../Exit%20to%20Community%20Stories%20&%20Strategies%202ee6f9c491af45648511f5df33c5cfc5/s71818-4403356-175575.pdf
+---

content/legal-snippets/alkemio.md

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+---
+title: Alkemio
+description: Investment terms for a steward-owned company where investors have no voting rights but significant upside potential.
+tags:
+- Investment
+- Netherlands
+- Steward-ownership
+type: legal-snippet
+layout: single
+external_url: https://www.alkemio.org/structure/
+files_media:
+- ../../Exit%20to%20Community%20Stories%20&%20Strategies%202ee6f9c491af45648511f5df33c5cfc5/Alkemio-PurchaseAgreement.pdf,
+- ../../Exit%20to%20Community%20Stories%20&%20Strategies%202ee6f9c491af45648511f5df33c5cfc5/Alkemio-ShareholderAgreement.pdf
+---

content/legal-snippets/co-op-builder.md

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+---
+title: Co-op Builder
+description: Online tool for developing legal documents for Australian cooperatives.
+tags:
+- Australia
+- Bylaws
+- Cooperative
+type: legal-snippet
+layout: single
+external_url: https://bccm.coop/co-op-builder-tool/
+---

content/legal-snippets/collabland.md

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+---
+title: Collab.Land
+description: Co-op bylaws for a blockchain project that transitioned to a multi-tiered user ownership model through an airdrop event, including tradable and non-tradable tokens.
+tags:
+- Bylaws
+- Cooperative
+- LCA
+- United-States
+type: legal-snippet
+layout: single
+external_url: https://help.collab.land/governance/charter
+---

content/legal-snippets/fair-return-terms.md

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+---
+title: Investment terms for a “fair return”
+description: Aiming to find a middle ground between a for-profit and not-for-profit, this term sheet provides for a “fair return” along with a mission lock mechanism, the “Guardian share.” A UK startup successfully raised around £1 million using this term sheet, mainly from individuals.
+tags:
+- Investment
+- UK
+type: legal-snippet
+layout: single
+files_media: ../../Exit%20to%20Community%20Stories%20&%20Strategies%202ee6f9c491af45648511f5df33c5cfc5/Sample_term_sheet__guardian_share.docx
+---

content/legal-snippets/financing-shared-ownership.md

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+---
+title: Financing Shared Ownership
+description: How policymakers can support the financing of shared ownership across the economy, intended for state-level policymakers in the United States.
+tags:
+- Public-policy
+- United-States
+type: legal-snippet
+layout: single
+external_url: https://democracypolicy.network/the-agenda/policy_kit/financing-shared-ownership
+---

content/legal-snippets/ginkgo-bioworks.md

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+---
+title: Ginkgo Bioworks
+description: IPO with Class B Common Stock which grants employees and directors 10x voting power over ordinary stock.
+tags:
+- Filing
+- United-States
+type: legal-snippet
+layout: single
+external_url: https://www.sec.gov/Archives/edgar/data/1830214/000119312521275407/d172577d424b3.htm#rom172577_78
+---

content/legal-snippets/indievc-term-sheet.md

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+---
+title: Indie.vc term sheet
+description: Revenue-based equity financing term sheet with a 3x cap on return to the original investment.
+tags:
+- Investment
+- United-States
+type: legal-snippet
+layout: single
+external_url: https://github.com/indievc/terms
+---

content/legal-snippets/legge-marcora.md

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+---
+title: "The Italian Road to Creating Worker Cooperatives from Worker Buyouts"
+description: Legal framework for enabling worker-ownership buyouts of endangered businesses in Italy.
+tags:
+- Italy
+- Public-policy
+type: legal-snippet
+layout: single
+external_url: https://www.researchgate.net/profile/Marcelo-Vieta/publication/316360529_THE_ITALIAN_ROAD_TO_RECUPERATING_ENTERPRISES_AND_THE_LEGGE_MARCORA_FRAMEWORK_Italy's_Worker_Buyouts_in_Times_of_Crisis/links/58fb664e0f7e9ba3ba5237d4/THE-ITALIAN-ROAD-TO-RECUPERATING-ENTERPRISES-AND-THE-LEGGE-MARCORA-FRAMEWORK-Italys-Worker-Buyouts-in-Times-of-Crisis.pdf
+---

content/legal-snippets/main-street-phoenix-project.md

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+---
+title: Main Street Phoenix Project
+description: Key learnings from the governance, operational, and financial documents for a worker-owned cooperative holding company designed to acquire and operate food-service businesses.
+tags:
+- Bylaws
+- Cooperative
+- Investment
+- LCA
+- United-States
+type: legal-snippet
+layout: single
+external_url: https://www.dropbox.com/scl/fo/20gqmeee9j2zgn4sibt4r/AIEsVgetO6b4HJ7pGUfmHFI?rlkey=os0dz2a3pevaodbnj7btdwag8&e=7&st=lr1yadcj&dl=0
+---

content/legal-snippets/right-to-own.md

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+---
+title: 'Right To Own: A Policy Framework to Catalyze Worker Ownership Transitions'
+description: Reviews and proposes polices to encourage employee ownership conversions.
+tags:
+- Public-policy
+type: legal-snippet
+layout: single
+external_url: https://thenextsystem.org/rto
+---

content/legal-snippets/shared-earnings-agreement-seal.md

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+---
+title: Shared Earnings Agreement (SEAL)
+description: “The goal of a SEAL is to align the interests of investors and founders in a wide variety of outcomes, while giving founders full control of their business and keeping as much optionality as possible open for the business.”
+tags:
+- Investment
+type: legal-snippet
+layout: single
+external_url: https://calmfund.com/shared-earnings-agreement
+---

content/legal-snippets/sharetribe.md

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+---
+title: Sharetribe
+description: A tech startup structured as a “steward-owned enterprise,” designed to serve a social purpose over profit.
+tags:
+- Bylaws
+- Finland
+- Investment
+type: legal-snippet
+layout: single
+external_url: https://drive.google.com/drive/u/1/folders/138TkcSEVCyjOXByM0QUR7M4iWch8u6tM
+files_media: ../../Exit%20to%20Community%20Stories%20&%20Strategies%202ee6f9c491af45648511f5df33c5cfc5/Sharetribes_Articles_of_Association_and_Shareholders_Agreement-20240522T043504Z-001.zip
+---

content/legal-snippets/startup-term-sheet-with-3x-buyback.md

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+---
+title: Startup term sheet with 3x buyback
+description: Term sheet provision with a government-backed venture firm with an early-stage startup. This provision allows the option, under certain conditions, for the startup to buy out the investment at a x3 multiple.
+tags:
+- Investment
+- Italy
+type: legal-snippet
+layout: single
+---
+
+## Exit dall’Investimento
+
+Decorsi 5 (cinque) anni dalla data di versamento del Follow On, le Parti dovranno prevedere nell’ambito dell’Accordo che: (i) i Soci Fondatori facciano pervenire all’Investitore una offerta di acquisto (fermo restando il diritto di prelazione degli altri Soci) delle partecipazioni da questo detenute per un importo pari almeno a tre volte l’apporto complessivo versato, al netto di eventuali costi connessi alla transazione; ovvero (ii) l’Investitore avrà il diritto di imporre alla Società, sussistendone le condizioni, di avviare la Quotazione e di collocare in via preferenziale le proprie azioni rispetto agli altri azionisti qualora le condizioni dell’offerta lo consentano; (iii) nel caso in cui le modalità di cui al romanino (i) o (ii) non fossero percorribili, l’Investitore potrà conferire mandato a un advisor esterno per la valutazione e la vendita del 100% (cento percento) della Società.
+
+Automated translation:
+
+## Exit from the Investment
+
+After 5 (five) years from the date of payment of the Follow On, the Parties must provide within the Agreement that: (i) the Founding Members send the Investor a purchase offer (without prejudice to the right of pre-emption of the others Members) of the shares held by him for an amount equal to at least three times the total contribution paid, net of any costs connected to the transaction; or (ii) the Investor will have the right to require the Company, if the conditions exist, to initiate the Listing and to place its shares preferentially over other shareholders if the conditions of the offer allow it; (iii) in the event that the methods referred to in (i) or (ii) are not feasible, the Investor may appoint an external advisor for the evaluation and sale of 100% (one hundred percent) of the Company.