kaal:claim:5583610-017

LER airdrops fall outside SEC proxy solicitation rules because a neutral pro rata distribution to all verified long-term holders, not conditioned on voting conduct, is not an inducement to vote.

LER is not subject to SEC proxy solicitation rules because LER does not constitute an inducement to vote.

Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025), 4.2. Strategic Deployment of LER Airdrops, p. 18
https://ssrn.com/abstract=5583610 · source PDF

Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610

• distribution is neutral and pro rata
• reward not conditioned on how the holder votes

conditionsupport: arguedcitation-and-knowledgesecurities-lawcompliance

The quote above is an exact substring of the source PDF, whose sha256 is 2d73609d95ddb1573acc2a9e7af617fbe6283d6e591deb6317f6d5d804517c62. Extraction method: pdf-text-layer.
Attestation record: colloquium/attestations/2e1168370f0e5b1a...json
Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/5583610-017.md | sha256sum