# Exit rights

`kaal:entity:exit-rights`

**Status.** derived

This node is assembled mechanically from the 3 claims that carry the concept tag `exit-rights`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

3 claims across 3 works, 2017 to 2025.

**2017**

- [3017612-025](https://wulfkaal.github.io/claims/3017612-025) [mechanism/argued] -- 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.
  > 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.
  Wulf A. Kaal, Shareholder Agreements - National Report of the United States of America (2017). SSRN: https://ssrn.com/abstract=3017612
- [3067615-020](https://wulfkaal.github.io/claims/3067615-020) [failure/argued] *(failure mode)* -- 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.
  > 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.
  Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615

**2025**

- [5886342-037](https://wulfkaal.github.io/claims/5886342-037) [design/asserted] -- 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.
  > (1) A DAO Member must have the possibility to exit
  Furrer Andreas, Wulf A. Kaal, Stephan D. Meyer, Universal Digital Law Codex (UDLC) (2025). SSRN: https://ssrn.com/abstract=5886342

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/exit-rights.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.