A "Board Observation Rights Letter" is a legal document that grants an investor in a company the right to attend meetings of the board of directors of the company. It is a document often used by venture capital investors to ensure that they are provided access to board meetings and board information to help monitor their investment. Board Observation Rights Letter provisions typically include:

• The investor's rights to notice of board meetings and to attend meetings
• The rights to receive financial statements and other information provided to the board
• The obligation of the investor to keep certain or all information provided confidential
• The termination of the rights, typically effective on an IPO
• The right of the company to exclude the observer from discussion involving attorney-client privileged information