Rights of a stockholder to vote on matters put before the stockholders of the Company. Preferred stockholders vote together with common stockholders and the Company doesn’t need to obtain separate approval from each class of stock. However, preferred stockholders usually have protective provisions and special rights to designate members of the Board of Directors (see below).
Term Sheet Language: The Series A Preferred shall vote together with the Common Stock on an as-converted basis, and not as a separate class, except (i) so long as [insert fixed number or %] of the shares of Series A Preferred issued in the transaction are outstanding, the Series A Preferred as a separate class shall be entitled to elect [_______] [(_)] members of the Board of Directors ([each a] “Preferred Director”), (ii) as required by law, and (iii) as provided in “Protective Provisions” below. The Company’s Charter will provide that the number of authorized shares of Common Stock may be increased or decreased with the approval of a majority of the Preferred and Common Stock, voting together as a single class, and without a separate class vote by the Common Stock.