PE投資協(xié)議條款樣本(NVCA中英文對照版)

1、中文公司A系優(yōu)先股融資條款清單 , 200風險投資中的條款清單（樣本）英文TERM SHEETFOR SERIES A PREFERRED STOCK FINANCING OFINSERT COMPANY NAME , INC., 200_本條款清單概括了公司，一家特拉華公司（”公迎”）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講行投資的承 諾，其生效以完成令

2、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 principal terms of the Series A Preferred Stock Financing of ,Inc., a Delawarecorporation (the Company). In consideration of the time and expense devoted and to be devoted by the Investors with respect to this investment, the

3、No Shop/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 Ter

4、m Sheet 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

5、割”）。（若需要 多次交割，請與此寫明。）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Closing Date:As soon as practicable following the Companyacceptance of this Term Sheet and satisfaction of the Conditions to Closing (theClosing).provide for multiple closings if applicableInvestors:Investor No. 1: shares (_%),$In

6、vestor No. 2: shares (_%),$ as well other investors mutually agreed upon by Investors and the Company融資金額：$，含由過渡貸款轉(zhuǎn)換的本金及利息$ Modify this provision to account for staged investments or investments dependent on the achievement of milestones by the Company.每股價格：$每股（以下文所列 公司資本結構表為依據(jù)）（“原始購買價”）融資前估價：原始購買價以

7、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%）Amount Raised: $, including $ from theconversion of principal and interest on bridge notes.1Price Per Share: $ per share (based on the capitalization of the Company set forth below) (the Original Purchase Price).Pre-Money The Original Purchase Price is base

8、d upon aValuation:fully-diluted pre-money valuation of $and a fully-diluted post-money valuation of $ (including an employee pool representing % of the fully-diluted postmoney capitalization).Capitalization:The Company s capital strture before and after資本結構表：交割前后公證資本結構表請見附件一the Closing is set forth

9、as Exhibit A.公司章程2CHARTER 2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Dividends:Alternative 1: Dividends will be paid on the Series A Preferred on an as-converted basis when, as, and if paid on the Common StockAlternative 2: Non-cumulative dividends will be paid on the Series

10、 A Preferred in an amount equal to $ per share of Series A Preferred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。3when and if declared by the Board. Alternative 3: The Series A Preferred will carry an annual _% cumulative dividend compounded annually, payable upo

11、n a liquidation or redemption. For any other dividends or distributions, participation with Common Stock on an as-converted basisIn some cases, accrued and unpaid dividends are payable on conversion as well as upon a liquidation event. Most typically, however, dividends are not paid if the preferred

12、 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 referred to as-in-kind) dividendls. (payment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

13、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)先股股東獲彳#總計倍于原始 購買價的分配LiquidationPreference:In the event of any liquidation, dissolution or winding up of the Comp

14、any, the proceeds shall be paid as follows:Alternative 1 (non-participating Preferred Stock):First pay one times the OriginalPurchase Price plus accrued dividends plus declared and unpaid dividends on each share of Series A Preferred. The balance of any proceeds shall be distributed to holders of Co

15、mmon Stock.Alternative 2 (full participating Preferred Stock):First pay one times the OriginalPurchase Price plus accrued dividends plus declared and unpaid dividends on each share of Series A Preferred. Thereafter, the Series A Preferred participates with the Common Stock on an as-converted basis.A

16、lternative 3 (cap on Preferred Stock participation rights): First pay one times the Original Purchase Price plus accrued dividends plus declared and unpaid dividends on each share of Series A Preferred. Thereafter, Series A Preferred participates with Common Stock on an as-converted basis until the

17、holders of Series A Preferred receive an aggregate of timesthe Original Purchase Price.A merger or consolidation (other than one in which stockholders of the Company own a majority by voting power of the outstanding shares of the surviving or acquiring corporation) and a sale, lease, transfer or oth

18、er disposition of表決權：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。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：（i） A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 恚）；（ii）出現(xiàn)如下文所示“保護性條款” 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)

19、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），公迎可以增加或減少授權發(fā)行 的股票數(shù)量4。Voting Rights:all or substantially all of the assets of the Company will be treated as a liquidation event (aDeemed Liquidation Event ), thereby triggering payment of the liquidation preferences described above unless the holders of _%

20、of the Series A Preferred elect otherwise.The Series A Preferred Stock shall vote together with the Common Stock on an as- converted basis, and not as a separate class, except (i) the Series A Preferred as a class shall be entitled to elect (_)members of the Board (the Series A Directors ), (ii) as

21、provided under( ProtectiveProvisions below or (iii) as required by law.The Company s Certificate of Incorporation will provide that the number of authorized shares of Common Stock may be increased or decreased with the approval of a majority of the Preferred and Common Stock, voting together as a si

22、ngle class, and without a 4 separate class vote by the Common Stock.For California corporations, one cannot optout of the statutory requirement of a separate class vote by Common Stockholders to authorizeshares of Common Stock.保護性條款：只要有寫明固定數(shù)量、百分比或任何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

23、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 膛之權利、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 除外北由董事會(含位A系董 生)同意的除外;(v)發(fā)行或授權發(fā)行任何 公包債券若 公期總計負債因此超過$ _設備ProtectiveSo long as insert f

24、ixed number, or %, orProvisions:anW shares of Series A Preferred areoutstanding, the Company will not, without the written consent of the holders of at least _% of the Company sSeries A Preferred, either directly or by amendment, merger, consolidation, or otherwise:(i) liquidate, dissolve or wind-up

25、 the affairs of the Company, or effect any Deemed Liquidation Event; (ii) amend, alter, or repeal any provision of the Certificate of Incorporation or Bylaws in a manner5adverse to the Series A Preferred; (iii) create or authorize the creation of or issue any other security convertible into or exerc

26、isable for any equity security, having rights, preferences or privileges senior to or on parity with the Series A Preferred, or increase the authorized number of shares of Series A Preferred; (iv) purchase or redeem or pay any dividend on any capital stock prior to the Series A Preferred, other than

27、 stock repurchased from former employees or consultants in connection with the cessation of their employment/services, at the lower of fair market value or cost; other than as approved by the Board, including the approval of Series A Director(s); or(v) create or authorize the creation of any debt se

28、curity if the Company s aggregateNote 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 a

29、lter 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北無股權特 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)?？蛇x擇轉(zhuǎn)換：A系優(yōu)先股股東有權將其擁有每一 A Optional系優(yōu)先股隨時轉(zhuǎn)換為普通股,每一 AConversion:系優(yōu)先股可轉(zhuǎn)換為普通股的數(shù)量為M 始購買價除以轉(zhuǎn)換時的A系優(yōu)先股轉(zhuǎn) 換價(定義

30、如下)。最初的 A系優(yōu)先 股轉(zhuǎn)換價應當原始購買價。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。反稀釋條款：若公司以低干現(xiàn)行A系優(yōu)先股轉(zhuǎn)換價 Anti-dilution的價格發(fā)行新的股票，該轉(zhuǎn)換價格應Provisions:按下列公式調(diào)整：可選方案1 “典型”加權平均數(shù)：CP=CP*(A+B)/(A+C)CP2=新A系優(yōu)先股轉(zhuǎn)換價indebtedness would exceed $ other than equipment leases or bank lines of creditother than debt with

31、no equity featureunless such debt security has received the prior approval of the Board of Directors, including the approval of Series A Director(s); (vi) increaseor decrease the size of the Board of Directors.Each share of the Series A Preferred shall be convertible, at the option of the holder the

32、reof, at any time, into such number of shares of Common Stock as is determined by dividing the Series A Original Purchase Price by Series A Preferred Conversion Price (as defined below) in effect at the time of conversion. T he “ Series A Preferred Conversion Price shall initially be equal to $(the

33、Series A Original Purchase Price). Such initial Series A Conversion price is subject to adjustments for stock dividends, splits, combinations and similar events and as described below under “Antidilution Provisions. ”In the event that the Company issues additional securities at a purchase price less

34、 than the current Series A Preferred Conversion Price, such conversion price shall be adjusted in accordance with the following formula:Alternative 1: Typical weighted average:CP2 = CP1 * (A+B) / (A+C)CP2New Series A Conversion PriceCP=新股發(fā)行前實際A系優(yōu)先股轉(zhuǎn)換價A喇股發(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

35、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）Bd司此次發(fā)行預計融資總 額除以CPC壞次交易中股票發(fā)行數(shù)量可選方案2:完全棘輪方案一轉(zhuǎn)換價 降到與新發(fā)行價一致可選方案3:無基于價格調(diào)整的反稀釋措施CPi =Series A Conversion Price in effect immediately prior to new issueA =Number of shares of Common Stock deemed to be outstanding immediately prior to new issue (includes all shares of outsta

36、nding common stock, all shares of outstanding preferred stock on an as-converted basis, and all outstanding options on an as-exercised basis; and does not include any convertible securities converting into this round of financing)B -Aggregate consideration received by the Corporation with respect to

37、 the new issue divided by CPiC -Number of shares of stock issued in the subject transactionAlternative 2: Full-ratchet - the Series A Preferred Conversion Price will be reduced to the price at which the new shares are issued.Alternative 3: No price-basedanti-dilution protection)卜列發(fā)行不導致反稀釋調(diào)整6:(i )可發(fā)行

38、證券是基于任何A系優(yōu)先 瞠轉(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

39、 trigger antidilution adjustment:(i) securities issuable 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 issua

40、ble upon a stock split, stock dividend, or any subdivision 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 Company s Bo

41、ard of Directors including at least Series A Director(s) (v) sharesof 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 D

42、irector(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$ 口( “合格公 開發(fā)行QPO” )(ii )經(jīng)口 %A系優(yōu)先股股東書面同MandatoryEach share of Series A Preferred willConversion:automatically be converted into Common Stockat the then applicable Series A Preferred Conversion Price in the event of the closing of a firm com

43、mitment underwritten public offering with a price of times the Original Purchase 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 股。（適用普通股股息、分割、合并 及類似調(diào)整業(yè)務）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A系優(yōu)先股 8的主

44、要投資人所持有白全部A系優(yōu) 先股都將喪失反稀釋權利喪失未來 交易參與權北如果可適用，轉(zhuǎn)換為普通 膛并喪失董事席位9。 The 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 is made to the Conversion Price for the benefit of t

45、he investor, so that the investor does not have the power to block a public offering.Alternatively, this provision could apply on a proportionate basis (e.g., if Investor plays for ? of pro rata share, receives ? of anti-dilution adjustment). If the punishment for failure to participate is losing so

46、me 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 class of preferred with diminished rights in the event an in

47、vestor 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.Price (subject to adjustments for stock dividends, splits, combinations and similar events) and net/gross proceeds to the Company of not less than $ (a QPO ),o

48、r (ii) upon thewritten consent of the holders of % of the Series A Preferred.Pay-to-Play:Unless the holders of % of the Series Aelect otherwise, on any subsequent down round all Major Investors are required to participate to the full extent of their participation rights (as described below under “In

49、vestor Rights Agreement Right to Participate Pro Rata in Future Rounds”)，unless the participation requirement is waived for all Major Investors by the Board (including vote of a majority of the Series A Directors). All shares of Series A Preferred8 of any Major Investor failing to do so will automat

50、ically lose anti-dilution rights lose right to participate in future rounds convert to Common Stock and lose the right to a Board seat if applicable.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

51、的A系優(yōu)先股股 東外11。Redemption Rights：0 The Series A Preferred shall be redeemable from funds legally available for distribution at the option of holders of at least _% of the Series A Preferred commencingany time after the fifth anniversary of the Closing at a price equal to the Original Purchase Price pl

52、us all accrued but unpaid dividends. Redemption shall occur in three equal annual portions. Upon a redemption request from the holders of the required percentage of the Series A Preferred, all Series A Preferred shares shall be redeemed (except for any Series A holders who affirmatively opt-out). Re

53、demption 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 Company. While it is possible t

54、hat the right to receive dividends on redemption could give rise to a Code Section 305 deemydtaxvprectitioners pakblthe , view that if theliquidation preference provisions in the Charter are drafted to provide that, on conversion, the holder receives the greater of its liquidation preference or its

55、as- converted amount (as provided in the NVCA model Certificate of Incorporation), then there is no Section 305 issue. 11 Due to statutory restrictions, it is unlikely that the Company will be legally permitted to redeem in the very circumstanceswhere investors mostwant it (the so- called “ sideways

56、 situation ), investors will sometimes request that certain penalty provisions take effect where redemption has been requestted b the Company savailable cash flow does not permit such redemption - - e.g., the redemption amount shall be paid in the form of a one-year note to each unredeemed holder of Series A Preferred, and the holders of a majority of the Series A Preferredshall be entitled to elect a majority of the Company s Bo