Selling shareholder一词经常在《股东协议》中出现，可译为“献售股东”，指在首次公开发行之前已持有公司股票的原始股股东将自己的一部分股份拿出来作为公开发行的一部分进行出售，这种股东叫献售股东。以下为英文释义，以加深对该术语的理解：

In the context of public offerings of securities, an existing shareholder of a company that is selling shares under the prospectus. A public offering of shares by existing shareholders is known as a secondary offering. Existing shareholders can sell shares in a company's initial public offering or in a follow-on offering. Existing shareholders who sell shares through underwriters in private placement offerings exempt from prospectus requirements are also referred to as selling shareholders.

例句：

At the closing, the selling Shareholder (s) shall deliver title to all Stock free and clear of all liens, encumbrances and charges whatsoever.

交割时，献售股东应提供所有股票的所有权，不附带任何留置权，产权负担和押记。