Some minor wordsmithing that reflects lawyer and investor /founder preferences happens a fair amount.
The veto on company sales breaks founder friendly occasionally (you need a decent amount of leverage). Some examples:
1. It doesn’t exist
2. It only applies to sales that return less than X multiple of investor’s capital invested
3. It only applies to sales where the founders are getting retention packages (from acquirer) that substantially exceed their recent compensation
The veto on financings is present almost always. A founder would need rare leverage to get rid of it.
On both of these vetoes though there are additional constraints on abusive usage by investors — reputation being the most obvious one.
