# kaal:claim:5583610-017

**Claim.** 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.

**Type.** condition  **Support.** argued

**Holds when.**

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

**Source quote.**

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

**From.** Wulf A. Kaal, *Liquid Equity Rewards in Corporate America* (2025), 4.2. Strategic Deployment of LER Airdrops, page 18

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

**Verify.** sha256 of source PDF `2d73609d95ddb1573acc2a9e7af617fbe6283d6e591deb6317f6d5d804517c62` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202025%20-%20Liquid%20Equity%20Rewards%20in%20Corporate%20America.pdf

**Topics.** citation-and-knowledge, securities-law, compliance

**Keywords.** proxy-solicitation, rule-14a-1, sec-compliance, airdrops

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