“piggyback registration right”  跟随出售注册权，也简称为：跟随注册权

跟随出售注册权（Piggyback Registration Rights）是一个比较温柔的权利：在创业公司向SEC注册并公开发行的时候，投资人有权要求公司对其手中所持有的股票跟随创业公司在SEC注册并向公众转让发行。

创业公司上市前，所有投资（无论是种子资本，抑或是A轮、B轮的投资），均是通过私下交易完成，想要变现并不容易。

所以，投资人普遍在投资清单（Term Sheet）中要求四种注册权利：

要求注册权（Demand Registration Rights）、

跟随出售注册权（Piggyback Registration Rights）、

第3表格注册权（S-3 Registration Rights）

以及分期注册权（Shelf Registration Rights）。

美国证券法Securities Act 1933 确定了美国证券发行的注册制度，证券法 Securities Act 1934 确定了二级市场的交易。投资基金在签订Term Sheet时，事先约定上述四种向SEC注册并公开发售的权利，则成为了投资人未来实现大满贯的筹码。

【双语实例】

原文：

Registration Rights

Pursuant to an investors' rights agreement, as amended and restated, certain holders of our registrable shares are entitled to rights with respect to the registration of these shares under the Securities Act, including demand registration rights, short-form registration rights and piggyback registration rights. All fees, costs and expenses of underwritten registrations will be borne by us and all selling expenses, including underwriting discounts and selling commissions, will be borne by the holders of the shares being registered. The investors' rights agreement contains customary cross-indemnification provisions, under which we are obligated to indemnify holders of registrable securities in the event of material misstatements or omissions in the registration statement attributable to us, and they are obligated to indemnify us for material misstatements or omissions attributable to them. The registration rights granted under the investors' rights agreement will terminate on the fifth anniversary of the completion of our initial public offering.

参考译文：

注册权

依照经修订和重述的投资者权利协议，公司某些可注册股份的持有人享有在《证券法》项下注册该等股份的某些权利，包括要求注册权、简式注册权和跟随注册权。与承销注册相关的所有收费、支出和费用由公司承担，所有出售费用，包括承销折扣和出售佣金，由注册股份的持有人承担。投资者权利协议包含常规的交叉赔偿条款，依照该等条款，如果注册说明书中存在公司导致的重大不实陈述或遗漏，公司有义务向可注册证券持有人提供赔偿，如果存在该等持有人导致的重大不实陈述或遗漏，该等持有人有义务向公司提供赔偿。投资者权利协议项下授予的注册权在公司完成首次公开发行后满五年之日终止。