# kaal:claim:5583610-031

**Claim.** Boards can use LER to build shareholder backing for corporate political activity, airdropping utility rewards to holders who vote for management-backed PAC funding or lobbying resolutions.

**Type.** design  **Support.** asserted

**Holds when.**

- post Citizens United corporate political spending
- SEC disclosure of reward terms

**Source quote.**

> LER enables incumbent boards to incentivize shareholder support for corporate PACs or lobbying efforts by airdropping utility rewards to shareholders who vote in favor of management-backed initiatives.

**From.** Wulf A. Kaal, *Liquid Equity Rewards in Corporate America* (2025), 7.3. Political Spending and Lobbying Incentives, page 28

**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.** risk-and-incentives

**Keywords.** political-spending, pacs, lobbying, citizens-united, vote-incentives

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