PE投資協(xié)議條款樣本(NVCA中英文對(duì)照版)

1、精品中文1公司A系優(yōu)先股融資條款清單，200_風(fēng)險(xiǎn)投資中的條款清單（樣本）英文TERM SHEETFOR SERIES A PREFERRED STOCK FINANCING OF INSERT COMPANY NAMINC., 200感謝下載載本條款清單概括了 司，一家特拉華公司（“公司”）A系優(yōu)先股融資的主要條款?？紤]到涉及此項(xiàng)投資的 投資 人已投入和將投入的時(shí)間和成本，無論此次融資是否完成，本條 款清單之 限制出售/保密條款、律師及費(fèi)用條款 對(duì)公司都具有強(qiáng)制 約束力。未經(jīng)各方一致簽署并交付的最終協(xié)議，本 條款清單之其 他條款不具有強(qiáng)制約束力。本 條款清單并非投資人講行投資的承 諾，其生效

2、以完成令投資人滿意的盡職調(diào)查、法律審查和文件簽 署為條件。本條款清單各方面受特拉華州法律管轄。This Term Sheet summarizes the principalterms ofthe Series A Preferred Stock Financing of h_Inc., a Delaware corporati on (theCompa nV).Incon sideratio nof the time and expe nse devoted and to bedevoted by the Inv estors with respect to this in vestme n

3、t, the No Shop/C on fide ntialityand Coun sel and Expe nsesprovisi ons of this Term Sheet shall be binding obligationsof the Company whether or not the financingis con summated. No other legally bindingobligati onswill be created un til defi nitive agreeme nts are executedand delivered by all partie

4、s.This Term Sheet is not acon diti onedon thelegal review andto the Inv mitme nt toinv est,and iscompleti onof duedilige nee,docume ntatio nthat is satisfactoryThis Term Sheet shall be gover ned in all respects by the laws of the State of Delaware.出資條款:交割日:當(dāng)公司接受此條款清單且交割條件完備 時(shí)即盡快交割（“交割”）。（若

5、需要 多次交割，請(qǐng)與此寫明。）投資人:投資人 1:股（%），$投資人 2: 股（%），$以及投資人和公司一致同意的其他 投 資人Offering TermsClos ing Date:Inv estors:As soon as practicable following the Compan acceptanee of this Term Sheetand satisfaction of the Closing (the Closing ”). multiple closings if applicableCon diti onstoprovide for In vestor No. 1: 1

6、 shares(_%), $1In vestor No. 2: 1 shares(_%), $1as well other inv estors mutually agreed upon by In vestors and theCompa ny融資金額：每股價(jià)格：$，含由過渡貸款轉(zhuǎn)換的本金及利息$ 1$每股（以下文所列公司資本結(jié)構(gòu)表為依據(jù)）（“原始 購(gòu)買價(jià)”）Amou nt$_, i ncludi ng $_Raised:from the conv ersi on of prin cipal a ndin terest on bridge no tes. 1Price PerShare:$_

7、 per share (based on the capitalizatio n of the Compa ny set forth below) (theOrigi nal Purchase Price ”).Modify this provisi on to accou nt for staged in vestme nts or in vestme nts depe ndent on the achieveme nt of milesto nes by the Compa ny.融資前估價(jià)：原始購(gòu)買價(jià)以充分稀釋融資前估價(jià) $_和融資后估價(jià)$_為基 礎(chǔ)計(jì)算（含充分稀釋的融資后資本中員 工股

8、預(yù)留%）Pre-Mo neyThe OriginalPurchase Price isbasedValuatio n:uponafully-dilutedpre-moneyvaluatio nof$andafully-dilutedpost-m oneyvaluati onof$ (in clud inganemployeepoolreprese nting % of the fully-diluted post-m oney capitalizatio n).Capitalizati on:資本結(jié)構(gòu)表：交割前后公司資本結(jié)構(gòu)表請(qǐng)見附件一The Compa n/s capital structu

9、re before and after the Closing is set forth as Exhibit A.精品公司章程2CHARTER股息分配：Divide nds:Alter native2:Non-cumulativedivide nds will be paid on the Series APreferredinan amount equalto$ pershare of SeriesAPreferredwhe nand if declared bytheBoard.可選方案1：當(dāng)普通股分配股息 時(shí)，A系優(yōu)先股按視為轉(zhuǎn) 換成普通股參與分配可選方案2:經(jīng)董事會(huì)宣布，A系 優(yōu)先股

10、以每股$ 分配 非累積性股息可選方案3: A系優(yōu)先股按年利率 %分配累積性股息按年度計(jì)算復(fù) 利，于公司清算或贖回股份時(shí)可分 配。其他股息或分紅，按視為轉(zhuǎn)換成 普通股參與普通股分配。The Charter is a public document, filed with the Delaware Secretary of State, that establishes all of the rights, preferences, privileges and restricti ons of the Preferred Stock. Note that if the Preferred Sto

11、ck does n ot have rights, prefere nces, and privileges materially superior to the Com mon Stock, then (after Clos ing) the Compa ny cannot defe nsibly gra nt Common Stock opti ons priced at a discou nt to the Preferred Stock.In some cases, accrued and un paid divide nds are payable on con versi on a

12、s well as upon a liquidati on eve nt. Most typically, however, divide nds are not paid if the preferred is con verted. Ano ther alter native is to give the Compa ny the opti on to pay accrued and un paiddivide nds in cash or in com monshares valued at fair market value. The latter are referred to as

13、 “ PIK ” (paymeimtk ind) divide nds.Alternative 1:Divide nds will be paidon the Series A Preferred on an as-convertedbasiswhen, as, and ifpaid on the Com mon StockAlternative 3:The Series A Preferredwill carry an annual % cumulative divide nd compo un ded annu ally, payable upon a liquidation or red

14、emption. For any other divide nds or distributi ons, participati on with Common Stock on an as-c onv erted basis.3感謝下載載精品清算優(yōu)先受償權(quán)：公司如因任何原因清算、解散或停業(yè) 清理過程，公司收益將作如下分配:可選方案1 （優(yōu)先股不參與分配）: 首先,每股A系優(yōu)先股按一倍原始購(gòu) 買價(jià)加累計(jì)股息加已宣布但未付股 息分配。其余分配給普通股股東可選方案2 （優(yōu)先股充分參與分 配）：首先，每股A系優(yōu)先股按一倍 原始購(gòu)買價(jià)加累計(jì)股息加已宣布未 付股息分配。然后優(yōu)先股按視為轉(zhuǎn) 換成普通股參與普

15、通股分配可選方案3 （優(yōu)先股限制參與分 配）：首先，每股A系優(yōu)先股按一倍 原始購(gòu)買價(jià)加累計(jì)股息加已宣布未 付股息分配。然后優(yōu)先股按視為轉(zhuǎn) 換成普通股參與普通股分配，直至A 系優(yōu)先股股東獲得總計(jì)倍于原始 購(gòu)買價(jià)的分配Liquidati onIn the eve nt of any liquidatio n,Prefere nee:dissoluti on or winding up of theCompa ny, the proceeds shall be paid as follows:Alter native1(non-participat ingPreferred Stock) :Firs

16、t pay onetimes the Origi nal Purchase Price plus accrued divide ndsplus declared andun paid divide nds on each share of Series A Preferred. The balanee of any proceeds shall be distributed to holders of Com mon Stock.Alter native2 (fullparticipat ingPreferred Stock) :First pay onetimes the Origi nal

17、 Purchase Price plus accrued divide ndsplus declared andun paid divide nds on each share of Series A Preferred. Thereafter, the Series A Preferred participates with the Common Stock on an as-c onv erted basis.Alternative 3 (cap on Preferred Stock participati on rights): First pay onetimes the Origi

18、nal Purchase Price plus accrued divide ndsplus declared andun paid divide nds on each share of Series A Preferred.Thereafter,Series A Preferred participates with Common Stock on an as-c on vertedbasisun til the holders of SeriesA Preferred公司的兼并或合并(公司原股東擁有 存續(xù)公司或收購(gòu)公司的發(fā)行在外股票 過半數(shù)表決權(quán)的情形除外)，以及公司出售、租賃、轉(zhuǎn)讓或以

19、其他方式處 置公司全部或大部分資產(chǎn)的行為，應(yīng) 當(dāng)視為公司清算事項(xiàng)(視為清算事 項(xiàng))，并導(dǎo)致上述清算優(yōu)先權(quán)得以產(chǎn)生 除非%的A系優(yōu)先股股東投票反 對(duì)這種處理。receive an aggregate of timesthe Original Purchase Price.A merger or consolidation (otherthanone in which stockholders of the Company own a majority by voting power of the outsta nding shares of the surv iving or acquiri n

20、g corporatio n) and a sale, lease,tran sferor otherdispositi on of all or substa ntially allof the assets of the Company will be treated as a liquidati oneve nt (aDeemed Liquidation Event”)， thereby triggeringpayment of the liquidation表決權(quán)：除下列情形外，A系優(yōu)先股股東在視 為轉(zhuǎn)換成普通股的基礎(chǔ)上與普通股股 東一起表決，而不能作為獨(dú)立表決團(tuán) 體：(i ) A系優(yōu)

21、先股股東作為一個(gè)團(tuán)體有 權(quán)選舉名董事會(huì)成員(A系董 事)；(ii)出現(xiàn)如下文所示“保護(hù)性條款” 之情況；(iii )法律另有的其他規(guī)定。公司章程應(yīng)當(dāng)規(guī)定，經(jīng) 優(yōu)先股和普通 股股東多數(shù)同意，并作為一個(gè)表決團(tuán)Vot ing Rights:The Series A Preferred Stock shall votetogether with the Common Stock on an as-c onv ertedbasis, and not as aseparate class, except (i) the Series A Preferred as a classshall be en ti

22、tledto elect (_) members of theBoard (the Series A Directors ”)， (ii) as provided un der Protective Provisions ” below or (iii) as required by law.TheCompa nCertificateofprefere nces described above uni ess the holders of _% of the Series A Preferred elect otherwise.保護(hù)性條款：體集體表決(不經(jīng) 普通股股東單獨(dú)表 決)，公司可以增加

23、或減少授權(quán)發(fā)行 的股票數(shù)量4。In corporati onwill provide that thenumber of authorized shares of Common Stock may be in creasedor decreasedwith the approval of a majority of thePreferred and Com mon Stock, vot ing together as a sin gle class, and without a separate class vote by the Common Stock. 4只要有寫明固定數(shù)量、百分比或 任

24、何A系優(yōu)先股仍發(fā)行在外，未經(jīng) 至少% A系優(yōu)先股股東書面同意, 公司不得直接或變相進(jìn)行兼并、合并 或下列其他業(yè)務(wù)：(i)清算、解散或停業(yè)清理，或進(jìn)行 任何視為清算事項(xiàng);(ii)以不利于A系優(yōu)先股股東的方 式修改、變更或撤銷 公司章程或細(xì)則 中的任何條款5(iii )創(chuàng)設(shè)、授權(quán)創(chuàng)設(shè)或發(fā)行可轉(zhuǎn)換 或可行使擁有優(yōu)于或同等于 A系優(yōu)先 股之權(quán)利、優(yōu)待或特權(quán)的 公司證券, 或增加發(fā)行A系優(yōu)先股授權(quán)數(shù)量:For California corporations, one cannotProtectiveProvisi ons:are outstanding,theCompa ny willnot,witho

25、utthe writte nconsentof theholdersof atleast _%of theCompa nSeriesAPreferred,eitherdirectlyor byame ndme nt,merger,So long as insert fixed number, or %, or any” shares of Series A Preferredcon solidatio n, or otherwise:(i) liquidate, dissolve or wind-up the affairs of the Company, or effect any Deem

26、ed Liquidatio nEve nt; (ii) ame nd,alter, or repeal any provision of the Certificate of Incorporation or Bylaws in a manner adverse to the Series A5Preferred; (iii) create or authorize the creation of or issue any otheroptout ” of the statutory requirement of a separate class vote by CommonStockhold

27、er s to authorizeshares of Com mon Stock.Note that as a matter of background law, Section 242(b)(2) of the Delaware General Corporation Law provides that if any proposed charter amendment would adversely alter the rights, preferences and powers of one series of Preferred Stock, but not similarly adv

28、ersely alter the entire class of all Preferred Stock, then the holders of that series are entitled to a separate series vote on the amendment.感謝下載載可選擇轉(zhuǎn)換:(iv) 優(yōu)于A系優(yōu)先股，對(duì)任何股份予 以收購(gòu)、贖回或分配股息。由于前員 工的雇傭(或顧問的服務(wù))關(guān)系的終 止，以低于公平市場(chǎng)價(jià)回購(gòu)其股份的 除外由董事會(huì)(含位A系董 事)同意的除外;(v) 發(fā)行或授權(quán)發(fā)行任何 公司債券若 公司總計(jì)負(fù)債因此超過$ _設(shè)備 租賃或銀行信用額度除外無股權(quán)特 征的負(fù)

29、債除外此類債券獲得董事會(huì)(含位A系董事)事先同意的除 外 ；(vi )增加或減少董事會(huì)成員人數(shù)。A系優(yōu)先股股東有權(quán)將其擁有每一 A 系優(yōu)先股隨時(shí)轉(zhuǎn)換為普通股，每一 AOptio nalsecuritycon vertibleinto orexercisable for any equity security, hav ing rights,prefere nces orprivileges senior toor on parity withthe Series A Preferred, or in crease the authorized nu mber of shares of Seri

30、es A Preferred; (iv) purchase or redeem or pay any divide ndon any capital stockprior to the Series A Preferred, other tha nstockrepurchasedfromformeremployees or consultants in connection with the cessatio n of their employme nt/services,at the lower offair market value or cost; other tha n as appr

31、oved by the Board, in clud ing the approval of Series ADirector(s);or (v) create orauthorize the creati on of any debt security if theCompa n aggregatein debted ness would exceed $othertha n equipme nt leases or bank lines of creditotherthan debt with no equityfeature uni esssuch debt security hasre

32、ceived the prior approval of the Board of Directors, in cludi ng the approval of Series ADirector(s); (vi) in crease or decrease the size of the Board of Directors.Each share of the Series A Preferred shall be convertible,at the option of反稀釋條款：Conv ersi on:系優(yōu)先股可轉(zhuǎn)換為普通股的數(shù)量為原 始購(gòu)買價(jià)除以轉(zhuǎn)換時(shí)的A系優(yōu)先股轉(zhuǎn) 換價(jià)（定義如下）。

33、最初的 A系優(yōu)先 股轉(zhuǎn)換價(jià)應(yīng)當(dāng)原始購(gòu)買價(jià)。A系優(yōu)先 股轉(zhuǎn)換價(jià)應(yīng)當(dāng)根據(jù)普通股的配股、股 票分割、股票合并等類似事項(xiàng)，以及 如下“反稀釋條款”所述內(nèi)容進(jìn)行調(diào) 整。若公司以低于現(xiàn)行A系優(yōu)先股轉(zhuǎn)換價(jià)Anti-dilution的價(jià)格發(fā)行新的股票，該轉(zhuǎn)換價(jià)格應(yīng)Provisi ons:按下列公式調(diào)整：可選方案1 “典型”加權(quán)平均數(shù):CP=CP*(A+B)/(A+C)CP 2=新A系優(yōu)先股轉(zhuǎn)換價(jià)CR=新股發(fā)行前實(shí)際A系優(yōu) 先股轉(zhuǎn)換價(jià)the holder thereof, at any time, into such nu mber of shares of Common Stock as is determ

34、ined by dividi ng the Series A OriginalPurchase Price by Series APreferredConversion Price (as definedbelow) in effect at the time of conversion.The Series A PreferredConversionPrice ” shallinitiallybeequal to $ (the Series A OriginalPurchase Price). Such in itial Series A Conv ersi onprice is subje

35、ct toadjustme ntsfor stockdivide nds,splits, comb in ati ons and similar eve nts and as described below un derAn ti-dilutio n Provisi ons.”In the eve nt that the Compa ny issues additi onalsecurities at a purchaseprice less tha n the curre nt Series A PreferredCon versi onPrice, suchconversion price

36、 shall be adjusted in accorda nee with the followi ng formula:Alternative 1:Typical ” weightedaverage:CP = CPi * (A+B) / (A+C)CP =New Series A Con versi on PriceA噺股發(fā)行前視為已發(fā)行的普通股數(shù)量（含所有已發(fā) 行的普通股，所有視為已 轉(zhuǎn)換的已發(fā)行優(yōu)先股，以 及所有已發(fā)行的可行使期 權(quán);不含轉(zhuǎn)入此輪融資的 任何可轉(zhuǎn)換證券）CR = Series A Conv ersi onPrice ineffect immediately prior

37、to new issueB=公司此次發(fā)行預(yù)計(jì)融資總 額除以CRC=本次交易中股票發(fā)行數(shù)量可選方案2:完全棘輪方案一轉(zhuǎn)換價(jià) 降到與新發(fā)行價(jià)一致可選方案3:無基于價(jià)格調(diào)整的反稀釋措施A =Number of shares of Common Stock deemed to be outstanding immediately prior to new issue (in cludes all shares of outsta nding com mon stock, all shares of outstanding preferred stock on an as-c onv erted bas

38、is, and all outsta nding options on an as-exercisedbasis; anddoes notin cludeanycon vertiblesecuritiescon vert ing intothis roundof financing)B =Aggregatecon siderati onreceivedby the Corporation with respect to the new issue divided by CP 1C =Number of shares of stock issued in the subject tran sac

39、t ionAlternative 2:Full-ratchet - theSeries A Preferred Con versi on Pricewill be reduced to the price at whichthe new shares are issued.Alternative 3: diluti on protect ion.No price-based anti下列發(fā)行不導(dǎo)致反稀釋調(diào)整6:（i ）可發(fā)行證券是基于任何A系優(yōu)先 股轉(zhuǎn)換后產(chǎn)生，或作為A系優(yōu)先股的 股息或分紅；（ii）可發(fā)行證券是基于任何信用債券，認(rèn)股權(quán)證，期權(quán)或其它可轉(zhuǎn)換證券轉(zhuǎn)換后產(chǎn)生；（iii ）可發(fā)行普通

40、股是基于股票分割，配股，或任何普通股的細(xì)分而產(chǎn) 生；（iv）普通股（或認(rèn)購(gòu)該類普通股的 期權(quán)）發(fā)行或可發(fā)行給 公司的員工、 董事、顧問，是基于公司董事會(huì)董事（含至少_名A系董事）同意的任何 股權(quán)計(jì)劃而產(chǎn)生的；（v）普通股發(fā)行或可發(fā)行給銀行，設(shè) 備出租人，是基于公司董事會(huì)董事（含至少_名A系董事）同意的債務(wù) 融資，設(shè)備租賃或不動(dòng)產(chǎn)租賃交易而 產(chǎn)生的。Thefollow ingissua nces shall nottrigger an ti-diluti on adjustme nt:Note that additi onal exclusi ons are freque ntly n egot

41、iated, such as issua nces in conn ecti on with equipme nt leas ing and commercial borrow ing.(i) securities issuable upon conversion of any of the Series A Preferred, or as a divide nd or distributio n on the Series A Preferred; (ii) securities issued upon the con versi on of any debe nture,warra nt

42、, opti on, or othercon vertible security; (iii)Common Stockissuable upon a stock split, stock divide nd,or any subdivisi onof sharesof Common Stock; and (iv) shares of Common Stock (or opti onsto purchasesuch shares of CommonStock) issued or issuable to employees or directors of, or con sulta nts to

43、, the Compa ny pursua nt to any plan approved by the Compan Board of Directorsincludingat least1 Series A Director(s)(v) shares of Common Stock issued or issuabletoban ks,equipme nt lessorspursua nt to a debt financing, equipme nt leas ingorrealpropertyleas ingtransactionapproved by the Board ofDire

44、ctors of the Corporatio n , in clud ingat least 1 Series ADirector(s).強(qiáng)制性轉(zhuǎn)換：若（i ）公開發(fā)行價(jià)格高于倍原始 購(gòu)買價(jià)承銷所有股票，且 公司所取得 的凈/總收入不低于$ _（“合格公開發(fā)行QPO”），或（ii ）經(jīng)%A系優(yōu)先股股東書面同 意，在具有包銷承諾的有保薦人的 公開發(fā)行交割時(shí)，每股A系優(yōu)先股將 自動(dòng)以當(dāng)時(shí)適當(dāng)?shù)霓D(zhuǎn)換率轉(zhuǎn)換為 普通 股。（適用普通股股息，分割，合并 及類似調(diào)整業(yè)務(wù)）Man datory Conv ersi on:Each share of Series A Preferred will automa

45、tically be convertedinto CommonStock at the then applicable Series A Preferred Con versi on Price in the eve nt of the closing of a firm commitment un derwritte n public offeri ng with a price of times the OriginalPurchase Price (subject to adjustments for stockdivide nds,splits,comb in ati onsand s

46、imilar eve nts) andnet/gross proceeds to the Company of not less than $_ (a QPO), or (ii)upon the written consent of theholders of _% of the Series A Preferred. 7Pay-to-Play:Un less the holders of _% of the Series A elect otherwise, on any subseque ntdow nround all MajorInv estors are required to pa

47、rticipate to the fullexte ntof theirparticipati on rights (asdescribedbelow underInvestorRights AgreementRight to Participate Pro Rata in FutureRoun ds),uni ess theparticipati on requireme nt is waived for all Major Inv estors by the Board (i nclud ing vote of a majority of the出資人參與交易：除非董事會(huì)決定含多數(shù)A系董事

48、投票決定允許主要投資人放棄參與 權(quán)，在之后的公司再融資交易中，所 有主要投資人都必須充分行使其參 與權(quán)（如下文 投資人權(quán)利協(xié)議一按比 例參與未來交易”所述）除非%A系優(yōu) 先股股東投票同意不按此方案處理， 否則任何未行使上述參與權(quán)A系優(yōu)先 股a non-QPO to become a QPO if an adjustme nt is made to the Con vers ion Price for the ben efit of the in vestor, so that the in vestor does not have the power to的主要投資人所持有的全部A 系優(yōu)先股都

49、將喪失反稀釋權(quán)利喪失 未來父易參與權(quán)如果可適用，轉(zhuǎn)換 為普通股并喪失董事席位block a public offeri ng.。Series A Directors).All shares ofSeries A Preferred of any Major Inv estorfaili ng to do so willautomaticallylosean ti-diluti onrights lose right to participate in future roun ds c onvert to Com mon Stockand lose the right to a Board se

50、at if applicable. 9贖回權(quán)10交割后第五年開始，經(jīng)至少%的A系 優(yōu)先股股東選擇, A 系優(yōu)先股股東 可 以要求公司以可合法分配資金以原始 購(gòu)買價(jià)加所有累積未付股息贖回其 所持有的A系優(yōu)先股o贖回將在三年 內(nèi)分階段等額完成。如符合規(guī)定比例 的A系優(yōu)先股股東提出贖回請(qǐng)求，其 他所有A系優(yōu)先股都將被可贖回除明 確選擇放棄上述權(quán)利的A系優(yōu)先股股11Redempti onRights: 10The Series A Preferred shall beredeemable from funds legally available fordistributi onat the opti

51、on ofholdersofatleast %oftheSeries APreferredcommencinganytimeafter thefifthanni versaryoftheClos ingataprice equaltotheOrigi nalaccruedPurchase Price butun paidplus all divide nds.Redemption shalloccur in three equalannual porti ons. request from theUpon a redemption holders of theAlter natively,th

52、is provisi oncould apply on a proporti on ate basis(e.g., if Investorplays for ? of pro rata share,receives ? of anti-dilutionadjustme nt).9to participate is losing some but not called “ blank check preferredall rights of the Preferred (e.g., any thi ng other tha n a forced con vers ion to ” provisi

53、 ons at least to the exte nt n ecessary to en able the Board toaissuhadow ”If the punishment for failurecom mon), the Charter will n eed to have so-class of preferred with dimi nished rights in the eve nt an in vestor fails to participate. Note that as a draft ing matter it is far easier to simply h

54、ave (some or all of) the preferred con vert to com mon.Redempti on rights allow In vestors to force the Compa ny to redeem their shares at cost plus a small guara nteed rate of retur n (e.g., divide nds). In practice, redemption rights are not often used; however, they do provide a form of exit and some possible leverage over the Company. While it is possible that the right to receive divide nds on redempti on could give rise to a Code Secti on 305“ deeme