| name | investors-rights-agreement |
| title | Investors' Rights Agreement |
| description | Drafts a U.S. Investors' Rights Agreement for VC/private equity financings, covering registration rights, information/management rights, pro rata rights, expenses, and termination. Use when drafting an IRA, Amended and Restated IRA, or VC financing governance package. Trigger keywords: "investors' rights agreement", "IRA", "registration rights", "piggyback", "Form S-3", "information rights", "management rights", "pro rata", "ROFO". |
| author | CaseMark |
| author_url | https://github.com/CaseMark/skills/tree/main/skills/legal/investors-rights-agreement |
| license | Apache-2.0 |
| version | 0.1.0 |
| execution_mode | open |
| jurisdiction | us |
| practice | securities |
| language | en |
| tags | ["agreement","corporate","drafting","transactional"] |
Investors' Rights Agreement
Draft a market-standard, internally consistent IRA tied to the financing closing. All defined terms must align with the SPA and Charter.
Prerequisites
Gather before drafting:
- Transaction docs — SPA, Charter, Voting Agreement, ROFR/Co-Sale, cap table, closing schedule
- Party data — legal names, jurisdictions, notice addresses, signature authority
- Deal economics — share classes, price, amounts, investor thresholds
- Negotiated terms — thresholds, timing, delays, cutback priority, termination triggers
- Governing law + forum — selected state and venue
- Investor-specific items — ERISA management rights, observer rights, side letters
Core Workflow
1. Schedules and Parties
- Company legal name + jurisdiction (from Charter)
- Schedule A (Investors): name, address, series/shares, original purchase price
- Schedule B (Founders): name, address, shares/class
- Effective date = closing date (match SPA)
2. Definitions
Align all to SPA/Charter. Required minimums:
Registrable Securities (with exclusions), Holder, Initiating Holders, Major Investor threshold, New Securities, Excluded Securities, Deemed Liquidation Event (from Charter), Form S-3 / Register / Registration Statement (if used).
3. Registration Rights
Key levers — fill from deal terms:
| Topic | Default Range | Variable |
|---|
| Demand threshold | 25–40% of Registrable Securities | {{DemandPct}} |
| Demand count | 1–2 | {{DemandCount}} |
| Demand minimum | $5–10M offering size | {{DemandMin}} |
| Delay right | up to 90 days / 12 months | {{DelayLimit}} |
| Piggyback notice | 10–20 business days | |
