合弁パートナーとの関
2. 持分が変化した場合の調整
Where the composition of the Shareholders’ ownership of
Shares in the JV changes after the date of this Agreement,
the composition of the Board shall be adjusted so that the
number of the directors so adjusted shall fairly represent the
then prevailing shareholding ratio of each Shareholder.
具体的な条項の検討（重要事項に関する拒 否権の条項例）
⚫ Matters reserved for shareholder approval
The JV shall not take any of the following actions without first having received the affirmative vote or written consent of Japanese Corporation, [which affirmative vote or written consent will not be unreasonably withheld by Japanese Corporation]:
(a) 定款の変更：Varying in any respect the [CONSTITUTIONAL DOCUMENTS] of the JV or the rights attaching to any of its shares.
(b) 増資・自己株式取得：Increasing the amount of the JV’s share capital [except as provided in this agreement], grant any option or other interest (in the form of convertible securities or in any other form) over or in its share capital, redeem or purchase any of its own shares or effect any other reorganisation of its share capital.
(c) 一定以上の借入：Making any borrowing by the JV [other than [the initial loan for
working capital purposes] [from its bankers in the ordinary and usual course of business] ] and shall ensure that its banking facilities do not enable it to have more than [AMOUNT] in aggregate borrowed at any one time.
(d) 上場：Applying for the listing or trading of any shares or debt securities of the JVC on any stock exchange or market.
否権の条項例）
(g) 子会社の設立：Forming any Subsidiary or acquiring shares in any other company or participating in any partnership or joint venture (incorporated or not).
(h) 事業の処分：Closing down any business operation or disposing of or diluting any interest of the JV in any of its Subsidiaries for the time being.
(i) 合併：Amalgamating or merging with any other company or business undertaking.
(j) 関係当事者取引： Entering into any transaction or arrangement of any nature
whatsoever with any of the JV’s members or directors [or any person who is connected to any of its members or directors] whether or not any other person shall be party to such transaction or arrangement.
(k) 一定以上の取引： Entering into any commitment by way of a transaction or series of related transactions (including without limitation any leasing transaction) which would involve the JV in paying or receiving consideration having an aggregate value in excess of [AMOUNT].
(l) 通常取引外の取引： Entering into any arrangement, contract or transaction outside the normal course of its business or otherwise than on arm’s length terms.
(m) 重要な契約の終了： Giving notice of termination of any arrangements, contracts or
transactions of a material nature in the context of the JV’s Business or materially varing any such arrangements, contracts or transactions.
否権の条項例）
(o) 年次事業計画・予算の決定・修正： Adopting or amending its annual Business Plan (p) 会計方針の変更：Making or permitting to be made any [material] change in the
accounting policies and principles adopted by the JV in the preparation of its audited [and management] accounts [except as may be required to ensure compliance with relevant accounting standards].
(q) 剰余金の配当：Declaring or paying any dividend that exceeds in any year [MAXIMUM PERCENTAGE]% of the JV’s post-tax distributable profits as shown by the audited accounts for that year, or making any other distribution (by way of capitalisation, repayment or in any other manner) out of the JV’s distributable profits or any of its reserves
(r) 貸付・信用供与行為：Making any loan (otherwise than by way of deposit with a bank or other institution the normal business of which includes the acceptance of deposits) or granting any credit (other than in the normal course of trading) or giving any guarantee (other than in the normal course of trading) or indemnity.
(s) 債務保証行為：Giving any guarantee, suretyship or indemnity to secure the liability of any person or assume the obligations of any person.
(t) 役員の報酬の決定：Agreeing to remunerate (by payment of fees, the provision of benefits-in-kind or otherwise) any officer of or consultant to the JV at a rate in excess of
場合の対処）
⚫ Deadlockに陥った場合の対処
➢ 株式の買取り
➢ 株式の売却
➢ 合弁会社の解散・清算
条項例～ロシアン・ルーレット条項～）
⚫ 当事者の一方が価格を決め、他方当事者が買うか売るかを決 めることにより、株式の売買契約を成立させて、100%子会社 化する条項
株主 Majority 株主 Minority
T 社株式 60 T 社株式 40
①通知 1株＝1,000米ドル
②通知 売却する
具体的な条項の検討（株式譲渡に関する条項）
【株式譲渡に関する条項】
⚫ 株式譲渡に関する制約
➢ Lock-up
➢ 先買権（First refusal right）
⚫ 大株主の権利
➢ ドラッグアロングライト
⚫ 少数株主を保護する権利
➢ タグアロングライト
⚫ その他
プットオプション
Right（先買権））
株主 Majority 株主 Minority
T 社株式 60 T 社株式 40
第三者
①買取りの意向表明
②第三者から意向表明を 受けたことの通知
Right）
⚫ 合併当事者が、第三者に株式を売却して、合弁から離脱しようとする場合 などに、他の合弁当事者の株式も強制的に第三者に売却できる権利
株主 Majority 株主 Minority
T 社株式 60 T 社株式 40
第三者
①買取りの合意
②Minorityも売却するよう に強制
③共同売却
具体的な条項の検討（ Tag Along Right）
⚫ 合併当事者が、第三者に株式を売却して、合弁から離脱しようとする場合 などに、他の合弁当事者も一定条件で自己の株式を第三者に売却できる 権利
株主 Majority 株主 Minority
T 社株式 60 T 社株式 40
第三者
①買取りの合意
②自身も売却をする意向を 通知