起草一份专业股东协议的六点建议（二）

股东决议
Shareholder or Director
股东是公司的所有者，而董事负责监督公司。股东不需要成为董事，董事也不需要成为股东，但可以同时兼任股东和监事。在初创企业中，联合创始人既是董事又是股东尤为常见。
While shareholders are the owners of a company, directors are responsible for the oversight of company. Shareholders do not need to be directors and directors do not need to be shareholders. However, a person may be both a shareholder and a director. This is particularly common in start-ups where co-founders are both directors and shareholders.
股东协议应约定哪些事项董事会决议，哪些事项需要股东同意。一般情况下，董事会所做的决定与公司日常管理有关，与公司的基本事务有关的则需股东同意，如董事报酬、股份发行、债务、诉讼以及重大收购和出售。
The shareholders agreement should set out what matters are reserved for the board and those which require shareholder approval. Typically, decisions made by the board relate to the day-to-day management of the company and those that require shareholder approval relate to fundamental matters of the company. These include, for example, director remuneration, share issuances, debt, litigation and major acquisitions and disposals.
若股东同时是董事，股东个人利益可能与公司的最佳利益相冲突。例如，股东希望宣派股息，但公司可能无法负担，或者将资金再投资才符合公司的最大利益。董事有责任基于公司最大利益原则行事，不得将自己个人利益置于公司的利益之上。任董事的股东应确保将在利益冲突登记册中记录相关冲突，并安排管控措施来解决此类冲突。一份用心撰写的股东协议对此有所约定。
Where a shareholder is also a director, personal benefits as a shareholder may not align with the best interests of the company. One example is where a shareholder desires a declaration of dividends, but a company may not be able to afford this, or it is in the best interest of the company to reinvest the funds. Directors have a duty to act in the best interests of the company and must not put their own interests over that of the company. Director shareholders should ensure that conflicts are recorded in a conflicts-of-interest register and controls are in place to manage such conflicts. A well-drawn shareholders agreement will facilitate this.
1.股东决策
Shareholders Decision Making
股东协议应约定通过股东会决议所需的多数股东比例。大多数问题可以通过普通决议（需要50%以上的支持）通过，但其他问题可能需要特殊决议（通常需要75%以上的支持）或一致通过。鉴于股东会决议的重要性，必须由股东同意提供一种机制化解僵局，如董事长有一票决定权。
The shareholders agreement should set out the level of shareholder majority required to pass shareholder resolutions. Most matters can be passed by an ordinary resolution (requiring more than 50% support) however, others may require a special resolution (typically requiring more than 75% support) or a unanimous resolution. Due to the importance of shareholder resolutions, it is essential that the shareholder's agreement to provide a mechanism to resolve a deadlock, for example, the Chairman could have a casting vote.
2.发行股票
Issuing shares
在具体情况下经现有股东同意公司可以发行新股。为提高员工积极性，新股可能是为员工发行。为了保护现有股东的权利，股东协议应包括反稀释和优先认购权的条款。这些条款使股东能够保持他们对公司的持股比例，如可约定赋予股东在新股发行时购买增加股份的权利。如果缺乏这些条款，现有股东的持股可能会被稀释。
Should existing shareholders agree, new shares may, in specific circumstances, be issued. It may be that these are issued to new employees to promote loyalty. To protect the rights of existing shareholders, shareholders agreements should include anti-dilution and pre-emptive rights provisions. These provisions enable shareholders to maintain their percentage ownership of the company, for example, by giving shareholders the right to buy additional shares when new shares are issued. Without such provisions, existing shareholders ownership might be diluted.
在公司股东名册登记新股东前，所有新股东都必须签署股东协议并受其约束。为了受股东协议的约束，新股东和现有股东需要签订同意书。或者，某些情况下在此时股东协议可能会重新谈判并修改。当新股东获得大量股份发行时，可能会发生这种情况。
All new shareholders should be required to adopt and be bound by the shareholders agreement before they are listed on the company's shareholder register. To be bound by the shareholders agreement, the new shareholder and existing shareholders will need to enter into a deed of accession. Alternatively, in some circumstances, the shareholders agreement may be renegotiated and revised at this time. This may occur where a new shareholder is receiving a substantial equity issuance.
3.出售股份
Sale of Shares
股东协议应规定，股东在何时及在何种情况下可以向第三方转让或出售其股份。如可约定要求股东获得所有剩余股东的一致书面同意。与股份发行一样，可约定优先购买权以确保除出售方的股东在股份出售给第三方之前拥有购买股份的选择权。
The shareholders agreement should outline when and under what circumstances a shareholder may transfer, sell or assign its shares to a third party. It could, for example, require a shareholder to obtain unanimous written consent from all remaining shareholders. As with share issuances, pre-emptive rights may also be in place to ensure that existing shareholders have the option of purchasing the shares prior to the shares being sold to a third party.
在与股份出售有关的股东协议中，随售权条款和拖售权条款很常见。如果持股超过半数的股东希望将股份出售给第三方，他可以强制持少数股份的股东按照与拟收购方协商的相同价格和条款出售股份。另一种是拖售权，即股东有权加入或参与交易，与希望出售股份的股东相同的条款和谈判条件出售自己的股份。
Drag along and tag along provisions are common in shareholder agreements in relation to the sale of shares. If a majority shareholder wants to sell its shares to a third party, a drag along provision enables the majority shareholder to force minority shareholders to sell their shares at the same price and on the same terms that the majority shareholder has negotiated with the proposed purchaser. Alternatively, a tag along provision gives shareholders a right to join or tag along with a deal to sell their shares on the same terms and negotiated conditions as a shareholder looking to sell their shares.
4.离开公司的员工股东
Employee Shareholders Leaving the Company
当员工股东离开公司时，股东协议通常会明确规定必须如何处理这些股份。通常情况下公司会回购该股份，或者被转售于其他员工。股东协议可明确出售价格的计算公式。
Where an employee shareholder leaves the company, the shareholder agreement will typically specify how the shares must be dealt with. Typically, the shares will be sold back to the company or on-sold to the replacement employee. The shareholders agreement may specify a formula for determining the sale price.
5.股东间的争议解决
Disputes between Shareholders
就像多方协议的安排一样，分歧和纠纷也可能发生。股东协议应包括争议解决的明确规定。最好的选择是由股东自己协商并达成协议，但这并不总是可以实现的。在诉讼或仲裁程序开始之前，都应要求先进行调解。
Like any arrangement between multiple parties, disagreements and disputes may occur. The shareholders agreement should contain unambiguous provisions for the resolution of disputes. The preferred option is for the shareholders to negotiate and come to an agreement amongst themselves, however, this may not always be achievable. Mediation should be required prior to any court or arbitration proceedings being commenced.