風險投資中的條款清單（樣本）-

1、風險投資中的條款清單(樣本中文英文_公司A系優(yōu)先股融資條款清單_,200_TERM SHEETFOR SERIES A PREFERRED STOCK FINANCING OF INSERT COMPANY NAME, INC. _, 200_本條款清單概括了_公司,一家特拉華公司(“公司”A系優(yōu)先股融資的主要條款?？紤]到涉及此項投資的投資人已投入和將投入的時間和成本,無論此次融資是否完成,本條款清單之限制出售/保密條款、律師及費用條款對公司都具有強制約束力。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制約束力。本條款清單并非投資人進行投資的承諾,其生效以完成令投資人滿意的盡

2、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 principal terms of the Series A Preferred Stock Financing of _, Inc., a Delaware corporation (the “Company”. In consideration of the time and expense devoted and to be devoted by the Investors with respect to this investment, the No S

3、hop/Confidentiality and Counsel and Expenses provisions of this Term Sheet shall be binding obligations of the Company whether or not the financing is consummated. No other legally binding obligations will be created until definitive agreements are executed and delivered by all parties. This Term Sh

4、eet is not a commitment to invest, and is conditioned on the completion of due diligence, legal review and documentation that is satisfactory to the Investors. This Term Sheet shall be governed in all respects by the laws of the State of Delaware.出資條款:Offering Terms交割日:當公司接受此條款清單且交割條件完備時即盡快交割(“交割”。(

5、若需要多次交割,請與此寫明。Closing Date: As soon as practicable following the Companysacceptance of this Term Sheet and satisfaction ofthe Conditions to Closing (the “Closing”.provide for multiple closings if applicable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 Investors: Investor No. 1: _ shares (_%,$_Inv

6、estor No. 2: _ shares (_%,$_as well other investors mutually agreed upon byInvestors and the Company融資金額:$ ,含由過渡貸款轉(zhuǎn)換的本金及利息$ 1Amount Raised: $_, including $_ from theconversion of principal and interest on bridgenotes.1每股價格:$ 每股(以下文所列公司資本結(jié)構表為依據(jù)(“原始購買價”Price Per Share: $_ per share (based on thecapita

7、lization of the Company set forth below(the “Original Purchase Price”.融資前估價:原始購買價以充分稀釋融資前估價$_和融資后估價$_為基礎計算(含充分稀釋的融資后資本中員工股預留 % Pre-MoneyValuation:The Original Purchase Price is based upon afully-diluted pre-money valuation of $_and a fully-diluted post-money valuation of$_ (including an employee poo

8、lrepresenting _% of the fully-diluted post-money capitalization.資本結(jié)構表:交割前后公司資本結(jié)構表請見附件一。Capitalization: The Companys capital stru cture before and after 1Modify this provision to account for staged investments or investments dependent on the achievement of milestones by the Company.the Closing is set

9、 forth as Exhibit A. 公司章程2CHARTER2股息分配: 可選方案1: 當普通股分配股息時,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)董事會宣布,A系優(yōu)先股以每股$ 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算復利,于公司清算或贖回股份時可分配。其他股息或分紅,按視為轉(zhuǎn)換成普通股參與普通股分配。3Dividends: Alternative 1: Dividends will be paid on theSeries A Preferred on an as-converted basiswhen, as, and if paid

10、on the Common StockAlternative 2: Non-cumulative dividends willbe paid on the Series A Preferred in an amountequal to $_ per share of Series A Preferredwhen and if declared by the Board.Alternative 3: The Series A Preferred will carryan annual _% cumulative dividendcompounded annually, payable upon

11、aliquidation or redemption. For any otherdividends or distributions, participation withCommon Stock on an as-converted basis. 32The Charter is a public document, filed with the Delaware Secretary of State, that establishes all of the rights, preferences, privileges and restrictions of the Preferred

12、Stock. Note that if the Preferred Stock does not have rights, preferences, and privileges materially superior to the Common Stock, then (after Closing the Company cannot defensibly grant Common Stock options priced at a discount to the Preferred Stock.3In some cases, accrued and unpaid dividends are

13、 payable on conversion as well as upon a liquidation event. Most typically, however, dividends are not paid if the preferred is converted. Another alternative is to give the Company the option to pay accrued and unpaid dividends in cash or in common shares valued at fair market value. The latter are

14、 referred to as “PIK” (payment-in-kind dividends.清算優(yōu)先受償權: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)先股按一倍原始購買價加累計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)先股按一倍原始購買價加累計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)先股按一倍原始購買價加累計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

15、股股東獲得總計 倍于原始購買價的分配 LiquidationPreference:In the event of any liquidation, dissolution orwinding up of the Company, the proceeds shallbe paid as follows:Alternative 1 (non-participating PreferredStock: First pay one times the OriginalPurchase Price plus accrued dividends plusdeclared and unpaid divid

16、ends on each share ofSeries A Preferred. The balance of any proceedsshall be distributed to holders of CommonStock.Alternative 2 (full participating PreferredStock: First pay one times the OriginalPurchase Price plus accrued dividends plusdeclared and unpaid dividends on each share ofSeries A Prefer

17、red. Thereafter, the Series APreferred participates with the Common Stockon an as-converted basis.Alternative 3 (cap on Preferred Stockparticipation rights: First pay one times theOriginal Purchase Price plus accrued dividendsplus declared and unpaid dividends on eachshare of Series A Preferred. The

18、reafter, Series APreferred participates with Common Stock on anas-converted basis until the holders of Series APreferred receive an aggregate of_ timesthe Original Purchase Price.A merger or consolidation (other than one inwhich stockholders of the Company own amajority by voting power of the outsta

19、ndingshares of the surviving or acquiring corporationand a sale, lease, transfer or other disposition of公司的兼并或合并(公司原股東擁有存續(xù)公司或收購公司的發(fā)行在外股票過半數(shù)表決權的情形除外,以及公司出售、租賃、轉(zhuǎn)讓或以其他方式處置公司全部或大部分資產(chǎn)的行為,應當視為公司清算事項(視為清算事項,并導致上述清算優(yōu)先權得以產(chǎn)生除非 %的A系優(yōu)先股股東投票反對這種處理。all or substantially all of the assets of the Company will be tre

20、ated as a liquidation event (a “Deemed Liquidation Event”, thereby triggering payment of the liquidation preferences described above unless the holders of _% of the Series A Preferred elect otherwise.表決權:除下列情形外,A系優(yōu)先股股東在視為轉(zhuǎn)換成普通股的基礎上與普通股股東一起表決,而不能作為獨立表決團體:(iA系優(yōu)先股股東作為一個團體有權選舉 名董事會成員(A系董事;(ii出現(xiàn)如下文所示“保護性

21、條款”之情況;(iii法律另有的其他規(guī)定。公司章程應當規(guī)定,經(jīng)優(yōu)先股和普通股股東多數(shù)同意,并作為一個表決團體集體表決(不經(jīng)普通股股東單獨表決,公司可以增加或減少授權發(fā)行的股票數(shù)量4。Voting Rights: The Series A Preferred Stock shall votetogether with the Common Stock on an as-converted basis, and not as a separate class,except (i the Series A Preferred as a classshall be entitled to elect

22、_ (_members of the Board (the Series ADirectors, (ii as provided under ProtectiveProvisions below or (iii as required by law.The Companys Certificate of Incorporationwill provide that the number of authorizedshares of Common Stock may be increased ordecreased with the approval of a majority ofthe Pr

23、eferred and Common Stock, votingtogether as a single class, and without aseparate class vote by the Common Stock.44For California corporations, one cannot “opt out” of the statutory requirement of a separate class vote by Common Stockholder s to authorize shares of Common Stock.保護性條款:只要有_寫明固定數(shù)量、百分比或

24、任何 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行兼并、合并或下列其他業(yè)務:(i清算、解散或停業(yè)清理,或進行任何視為清算事項;(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則中的任何條款 5(iii創(chuàng)設、授權創(chuàng)設或發(fā)行可轉(zhuǎn)換或可行使擁有優(yōu)于或同等于A系優(yōu)先股之權利、優(yōu)待或特權的公司證券,或增加發(fā)行A系優(yōu)先股授權數(shù)量;(iv優(yōu)于A系優(yōu)先股,對任何股份予以收購、贖回或分配股息。由于前員工的雇傭(或顧問的服務關系的終止,以低于公平市場價回購其股份的除外由董事會(含 位A系董事同意的除外;(v發(fā)行或授權發(fā)行任何公司債券若公司總計負債因此超過_設備Pr

25、otectiveProvisions:So long asinsert fixed number, or %, or“any” shares of Series A Preferred areoutstanding, the Company will not, withoutthe written consent of the holders of at least_% of the Companys Series A P referred,either directly or by amendment, merger,consolidation, or otherwise:(i liquid

26、ate, dissolve or wind-up the affairs ofthe Company, or effect any DeemedLiquidation Event; (ii amend, alter, or repealany provision of the Certificate ofIncorporation or Bylaws in a manneradverse to the Series A Preferred;5 (iii createor authorize the creation of or issue any othersecurity convertib

27、le into or exercisable forany equity security, having rights, preferencesor privileges senior to or on parity with theSeries A Preferred, or increase the authorizednumber of shares of Series A Preferred; (ivpurchase or redeem or pay any dividend onany capital stock prior to the Series APreferred, ot

28、her than stock repurchasedfrom former employees or consultants inconnection with the cessation of theiremployment/services, at the lower of fairmarket value or cost; other than asapproved by the Board, including theapproval of _ Series A Director(s; or(v create or authorize the creation of anydebt s

29、ecurity if the Companys aggregate5Note 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 adversely al

30、ter the entire class of all Preferred Stock, then the holders of that series are entitled to a separate series vote on the amendment.租賃或銀行信用額度除外無股權特征的負債除外此類債券獲得董事會(含 位A系董事事先同意的除外;(vi增加或減少董事會成員人數(shù)。indebtedness would exceed $_other than equipment leases or bank lines of creditother than debt with no eq

31、uity featureunless such debt security has received the prior approval of the Board of Directors, including the approval of _ Series A Director(s; (vi increase or decrease the size of the Board of Directors.可選擇轉(zhuǎn)換:A系優(yōu)先股股東有權將其擁有每一A系優(yōu)先股隨時轉(zhuǎn)換為普通股,每一A系優(yōu)先股可轉(zhuǎn)換為普通股的數(shù)量為原始購買價除以轉(zhuǎn)換時的A系優(yōu)先股轉(zhuǎn)換價(定義如下。最初的A系優(yōu)先股轉(zhuǎn)換價應當原始購

32、買價。A系優(yōu)先股轉(zhuǎn)換價應當根據(jù)普通股的配股、股票分割、股票合并等類似事項,以及如下“反稀釋條款”所述內(nèi)容進行調(diào)整。OptionalConversion:Each share of the Series A Preferred shall beconvertible, at the option of the holder thereof, atany time, into such number of shares ofCommon Stock as is determined by dividing theSeries A Original Purchase Price by Series

33、APreferred Conversion Price (as defined below ineffect at the time of conversion. T he “Series APreferr ed Conversion Price” shall initially beequal to $_ (the Series A Original PurchasePrice. Such initial Series A Conversion price issubject to adjustments for stock dividends, splits,combinations an

34、d similar events and asdescribed below under “Anti-dilutionProvisions.”反稀釋條款:若公司以低于現(xiàn)行A系優(yōu)先股轉(zhuǎn)換價的價格發(fā)行新的股票,該轉(zhuǎn)換價格應按下列公式調(diào)整:可選方案1“典型”加權平均數(shù):CP2=CP1*(A+B/(A+CCP2=新A系優(yōu)先股轉(zhuǎn)換價Anti-dilutionProvisions:In the event that the Company issues additionalsecurities at a purchase price less than thecurrent Series A Prefer

35、red Conversion Price,such conversion price shall be adjusted inaccordance with the following formula:Alternative 1: “Typical” weighted average:CP2 = CP1 * (A+B / (A+CCP1=新股發(fā)行前實際A系優(yōu)先股轉(zhuǎn)換價A=新股發(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;不含轉(zhuǎn)入此輪融資的任何可轉(zhuǎn)換證券B=公司此次發(fā)行預計融資總額除以CP1C=本次交易中股票發(fā)行數(shù)量 CP2= Ne

36、w Series A Conversion PriceCP1 = S eries A Conversion Price in effect immediately prior to new issueA = N umber of shares of Common Stock deemed to be outstanding immediately prior to new issue (includes all shares of outstanding common stock, all shares of outstanding preferred stock on an as-conve

37、rted basis, and all outstanding options on an as-exercised basis; and does not include any convertible securities converting into this round of financingB = A ggregate consideration received by the Corporation with respect to the new issue divided by CP1C = N umber of shares of stock issued in the s

38、ubject transaction可選方案2:完全棘輪方案轉(zhuǎn)換價降到與新發(fā)行價一致 Alternative 2: Full-ratchet the Series A Preferred Conversion Price will be reduced to the price at which the new shares are issued.可選方案3:無基于價格調(diào)整的反稀釋措施 Alternative 3: No price-based anti-dilution protection.下列發(fā)行不導致反稀釋調(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

39、紅;(ii可發(fā)行證券是基于任何信用債券,認股權證,期權或其它可轉(zhuǎn)換證券轉(zhuǎn)換后產(chǎn)生;(iii可發(fā)行普通股是基于股票分割,配股,或任何普通股的細分而產(chǎn)生;(iv普通股(或認購該類普通股的期權發(fā)行或可發(fā)行給公司的員工、董事、顧問,是基于公司董事會董事(含至少_名A系董事同意的任何股權計劃而產(chǎn)生的;(v普通股發(fā)行或可發(fā)行給銀行,設備出租人,是基于公司董事會董事(含至少_名A系董事同意的債務融資,設備租賃或不動產(chǎn)租賃交易而產(chǎn)生的。The following issuances shall not trigger anti-dilution adjustment:6(i securities issuab

40、le upon conversion of any of the Series A Preferred, or as a dividend or distribution on the Series A Preferred; (ii securities issued upon the conversion of any debenture, warrant, option, or other convertible security; (iii Common Stock issuable upon a stock split, stock dividend, or any subdivisi

41、on of shares of Common Stock; and (iv shares of Common Stock (or options to purchase such shares of Common Stock issued or issuable to employees or directors of, or consultants to, the Company pursuant to any plan approved by the Companys Board of Directors including at least _ Series A Director(s (

42、v shares of Common Stock issued or issuable to banks, equipment lessors pursuant to a debt financing, equipment leasing or real property leasing transaction approved by the Board of Directors of the Corporation , including at least _ Series A Director(s.強制性轉(zhuǎn)換:若(i公開發(fā)行價格高于_倍原始購買價承銷所有股票,且公司所取得的凈/總收入不低于

43、$_(“合格公開發(fā)行QPO”,或(ii經(jīng)%A系優(yōu)先股股東書面同MandatoryConversion:Each share of Series A Preferred willautomatically be converted into Common Stockat the then applicable Series A PreferredConversion Price in the event of the closing of afirm commitment underwritten public offeringwith a price of _times the Origina

44、l Purchase6Note that additional exclusions are frequently negotiated, such as issuances in connection with equipment leasing and commercial borrowing.意,在具有包銷承諾的有保薦人的公開發(fā)行交割時,每股A系優(yōu)先股將自動以當時適當?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Price (subject to adjustments for stock dividends, splits, combinations and simi

45、lar events and net/gross proceeds to the Company of not less than $_ (a “QPO”, or (ii upon the written consent of the holders of _%of the Series A Preferred.7出資人參與交易: 除非董事會決定含多數(shù)A系董事投票決定允許主要投資人放棄參與權,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(如下文“投資人權利協(xié)議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A系優(yōu)先股8的主要 投資人

46、所持有的全部A系優(yōu)先股都將喪失反稀釋權利喪失未來交易參與權如果可適用,轉(zhuǎn)換為普通股并喪失董事席位9。Pay-to-Play: Unless the holders of _% of the Series Aelect otherwise, on any subsequent down roundall Major Investors are required to participateto the full extent of their participation rights (asdescribed below under “Investor RightsAgreement Right

47、 to Participate Pro Rata inFuture Rounds”, unless the participationrequirement is waived for all Major Investorsby the Board (including vote of a majority ofthe Series A Directors. All shares of Series APreferred8 of any Major Investor failing to doso will automatically lose anti-dilution rightslose

48、 right to participate in future roundsconvert to Common Stock and lose the right to aBoard seat if applicable.97The per share test ensures that the investor achieves a significant return on investment before the Company can go public. Also consider allowing a non-QPO to become a QPO if an adjustment

49、 is made to the Conversion Price for the benefit of the investor, so that the investor does not have the power to block a public offering.8Alternatively, this provision could apply on a proportionate basis (e.g., if Investor plays for of pro rata share, receives of anti-dilution adjustment.9If the p

50、unishment for failure to participate is losing some but not all rights of the Preferred (e.g., anything other than a forced conversion to common, the Charter will need to have so-called “blank check preferred” provisions at least to the extent necessary to enable the Board to issue a “shadow” class

51、of preferred with diminished rights in the event an investor fails to participate. Note that as a drafting matter it is far easier to simply have (some or all of the preferred convert to common.贖回權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買價加所有累積未付股息 贖回其所持有的A系優(yōu)先股。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

52、優(yōu)先股股東提出贖回請求,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利的A系優(yōu)先股股東外11。Redemption Rights:10The Series A Preferred shall be redeemablefrom funds legally available for distributionat the option of holders of at least_% ofthe Series A Preferred commencing any timeafter the fifth anniversary of the Closing at aprice equal t

53、o the Original Purchase Priceplus all accrued but unpaid dividends.Redemption shall occur in three equal annualportions. Upon a redemption request fromthe holders of the required percentage of theSeries A Preferred, all Series A Preferredshares shall be redeemed (except for anySeries A holders who a

54、ffirmatively opt-out.1110Redemption rights allow Investors to force the Company to redeem their shares at cost plus a small guaranteed rate of return (e.g., dividends. In practice, redemption rights are not often used; however, they do provide a form of exit and some possible leverage over the Compa

55、ny. While it is possible that the right to receiv e dividends on redemption could give rise to a Code Section 305 “deemed dividend” problem, many tax practitioners take the vi ew that if the liquidation preference provisions in the Charter are drafted to provide that, on conversion, the holder recei

56、ves the greater of its liquidation preference or its as-converted amount (as provided in the NVCA model Certificate of Incorporation, then there is no Section 305 issue.11Due to statutory restrictions, it is unlikely that the Company will be legally permitted to redeem in the very circumstances where i