How does Proxy Voting work in practice?
As the deal lead, when drafting a deal you’ll have the option to decide whether to proxy voting rights away from your investors and to another party (either the Founder of your company, or the Chairman of the Board).
Odin's proxies do not enable you or another party to sign legal documents on behalf of the nominee entity. Odin will still have to sign these, with the approval of the proxy holder. Proxy holders can instruct Odin to sign documents or vote in AGMs on behalf of the nominee, and Odin will always do this when instructed, except for exits events or transfers of shares, in which case the proxy falls away.
Additionally, for events where the underlying investors are transferring any shares, the investors must always give consent, regardless of the proxy.
Where there is no proxy, or where shares are being transferred (or an exit event is taking place) Odin's strong preference is to be dragged. Where this isn't possible, investors will be asked to consent by Odin (with you on cc) or by you (with Odin on cc). Investors will be given 3 business days to reply, and then we will apply a majority voting concept to the decision.