{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/exit-rights",
 "identifier": "kaal:entity:exit-rights",
 "name": "Exit rights",
 "termCode": "exit-rights",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
 "canonicalForm": "https://wulfkaal.github.io/entities/exit-rights.md",
 "sha256": "c37c1301a3cf731975d7a425229416350d784d27736f753a29acd8d9aaa7c17d",
 "additionalProperty": [
  {
   "@type": "PropertyValue",
   "name": "status",
   "value": "derived"
  },
  {
   "@type": "PropertyValue",
   "name": "claim_count",
   "value": 3
  },
  {
   "@type": "PropertyValue",
   "name": "work_count",
   "value": 3
  },
  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2017",
    "2025"
   ]
  },
  {
   "@type": "PropertyValue",
   "name": "non_current_claims",
   "value": 0
  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3017612-025",
   "identifier": "kaal:claim:3017612-025",
   "text": "Drag-along rights raise the price the majority can obtain because a buyer facing the prospect of continuing with remaining minority shareholders would otherwise discount its offer for the majority stake.",
   "abstract": "Drag-along rights allow majority shareholders to maximize the chance of receiving full value for their shares because the prospect of having to work with the remaining minority shareholders may lead an interested party to offer a discounted price for the majority stake.",
   "citation": "Wulf A. Kaal, Shareholder Agreements - National Report of the United States of America (2017). SSRN: https://ssrn.com/abstract=3017612",
   "datePublished": "2017",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "sale of a majority stake in a closely held corporation"
   ],
   "source_pdf_sha256": "33821db406f92efbe1698fbaed37687595c13b7ce5463b4a879df679fd4af1ac",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3067615-020",
   "identifier": "kaal:claim:3067615-020",
   "text": "The only real control power available to token holders is the decision to hold or sell their tokens, and even that exit right may be unavailable until the token is fully listed on an exchange.",
   "abstract": "The only real control power for token holders is their decision to hold or sell their tokens and even that may be limited until the token is fully listed on an exchange.",
   "citation": "Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615",
   "datePublished": "2017",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "typical ICO token structures",
    "period before full exchange listing"
   ],
   "source_pdf_sha256": "164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5886342-037",
   "identifier": "kaal:claim:5886342-037",
   "text": "Every DAO member must have a real possibility to exit the DAO under the rules of the DAO Agreement without incurring unreasonable costs, which makes exit a mandatory feature of a compliant DAO rather than a matter of design choice.",
   "abstract": "(1) A DAO Member must have the possibility to exit",
   "citation": "Furrer Andreas, Wulf A. Kaal, Stephan D. Meyer, Universal Digital Law Codex (UDLC) (2025). SSRN: https://ssrn.com/abstract=5886342",
   "datePublished": "2025",
   "claim_type": "design",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "exit follows the rules of the DAO Agreement"
   ],
   "source_pdf_sha256": "dc456a1ce2ea4a356dbcb35dc900ec36be94b8c9b6da4a2c8c268d6301f66359",
   "status": "current"
  }
 ],
 "description": "3 claims in the published works of Wulf A. Kaal carry the concept tag 'exit-rights'. Derived node: a roster, not an adjudicated definition."
}