風(fēng)險(xiǎn)投資中的條款清單(中英文樣本)

1、PAGE PAGE 63公司法原理課程蔡華教授中國(guó)政法大學(xué)二零零七年十月九日公司法原理課程蔡華教授中國(guó)政法大學(xué)二零零七年十月九日風(fēng)險(xiǎn)投資中的條款清單（樣本）本A系優(yōu)優(yōu)先股融融資條款款清單由由中國(guó)政政法大學(xué)學(xué)法律碩碩士學(xué)院院張章橋橋、董菲菲同學(xué)根根據(jù)美國(guó)國(guó)風(fēng)險(xiǎn)投投資協(xié)會(huì)會(huì)（Naatioonall Veentuure Cappitaal AAssoociaatioon）所提供供的文本本翻譯。翻譯時(shí)略有刪改。本條款清單僅供教學(xué)使用，請(qǐng)勿用于商業(yè)用途。中文翻譯英文原文_公司AA系優(yōu)先股股融資條款清單 _，2000_ TERM SHEEETFOR SSERIIES A PPREFFERRRED STOO

2、CK FINNANCCINGG OFFInseert Commpanny NNamee, IINC. _, 2200_本條款清單單概括了了_公司司，一家特拉華華公司（“公司”）A系優(yōu)先股融融資的主主要條款款。考慮慮到涉及及此項(xiàng)投投資的投投資人已已投入和和將投入入的時(shí)間間和成本本，無(wú)論論此次融融資是否否完成，本本條款清清單之限限制出售售/保密密條款、律律師及費(fèi)費(fèi)用條款款對(duì)公司都具具有強(qiáng)制制約束力力。未經(jīng)經(jīng)各方一一致簽署署并交付付的最終終協(xié)議，本本條款清清單之其其他條款款不具有有強(qiáng)制約約束力。本本條款清清單并非非投資人人進(jìn)行投投資的承承諾，其其生效以以完成令投資人人滿意的的盡職調(diào)調(diào)查、法法律審查查

3、和文件件簽署為為條件。本條款清單各方面受特拉華州法律管轄。This Terrm SSheeet ssummmariizess thhe pprinncippal terrms of thee Seeriees AA Prrefeerreed SStocck FFinaanciing of _, IInc., aa DDelaawarre corrporratiion (thhe “Company”). In consideration of the time and expense devoted and to be devoted by the Investors with respect

4、to this investment, the 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

5、by all parties. This Term 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：Offerringg Teermss交割

6、日：當(dāng)公司接受受此條款款清單且且交割條件件完備時(shí)時(shí)即盡快快交割（“交割”）。（若需需要多次次交割，請(qǐng)與此此寫明。）Closiing Datte:As sooon as praactiicabble folllowwingg thhe CComppanyys acccepttancce oof tthiss Teerm Sheeet andd saatissfacctioon oof tthe Conndittionns tto CClossingg (tthe “Cllosiing”). prroviide forr muultiiplee cllosiingss iff apppliicab

7、ble投資人：投資人1: 股（ %），$ 投資人2: 股（ %），$ 以及投資資人和公司一致致同意的的其他投投資人Invesstorrs:Invesstorr Noo. 11: _ shharees (_%), $_Invesstorr Noo. 22: _ shharees (_%), $_as wwelll ottherr innvesstorrs mmutuuallly aagreeed upoon bby IInveestoors andd thhe CComppanyy融資金額：$ ，含由過(guò)過(guò)渡貸款款轉(zhuǎn)換的的本金及及利息 1Amounnt RRaissed:$_, inccluddi

8、ngg $_ frrom thee coonveersiion of priinciipall aand inttereest onn brridgge nnotees. Modify this provision to account for staged investments or investments dependent on the achievement of milestones by the Company.每股價(jià)格：$ 每股 （以以下文所所列公司司資本結(jié)結(jié)構(gòu)表為依據(jù)據(jù)）(“原始購(gòu)購(gòu)買價(jià)”）Pricee Peer SSharre:$_ peer ssharre (bassed

9、 on thee caapittaliizattionn off thhe CComppanyy seet ffortth bbeloow) (thhe “Original Purchase Price”).融資前估價(jià)價(jià)：原始購(gòu)買價(jià)價(jià)以充分分稀釋融融資前估估價(jià)$_和融資后后估價(jià)$_為基基礎(chǔ)計(jì)算算(含充充分稀釋釋的融資資后資本本中員工股預(yù)留留 )Pre-MMoneey VValuuatiion:The OOrigginaal PPurcchasse PPricce iis bbaseed uuponn a fullly-dilluteed ppre-monney valluattionn off

10、 $_ annd aa fuullyydilluteed ppostt-mooneyy vaaluaatioon oof $_ (inncluudinng aan eemplloyeee ppooll reepreesenntinng _% oof tthe fulllydilluteed ppostt-mooneyy caapittaliizattionn). 資本結(jié)構(gòu)表表：交割前后公公司資本本結(jié)構(gòu)表表請(qǐng)見附附件一。Capittaliizattionn:The CComppanyys cappitaal sstruuctuure befforee annd aafteer tthe Cloo

11、sinng iis sset forrth as Exhhibiit AA.公司章程22CHARTTER The 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 Stock. Note that if the Preferred Stock does not have rights, preferences,

12、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.股息分配： 可可選方案案1: 當(dāng)普通通股分配配股息時(shí)時(shí)，A系系優(yōu)先股股按視為為轉(zhuǎn)換成成普通股股參與分分配 可可選方案案2: 經(jīng)董事事會(huì)宣布布，A系系優(yōu)先股股以每股股 分配非非累積性性股息 可可選方案案3: A系優(yōu)優(yōu)先股按按年利率率 %分分配累積

13、積性股息息按年度計(jì)計(jì)算復(fù)利利，于于公司清清算或贖贖回股份份時(shí)可分分配。其其他股息息或分紅紅，按視視為轉(zhuǎn)換換成普通通股參與與普通股股分配。3Dividdendds:Alteernaativve 11: Divvideendss wiill be paiid oon tthe Serriess A Preeferrredd onn ann assconnverrtedd baasiss whhen, ass, aand if paiid oon tthe Commmonn Sttockk Alteernaativve 22: Nonn-cuumullatiive divvideendss wiil

14、l be paiid oon tthe Serriess A Preeferrredd inn ann ammounnt eequaal tto $_ pper shaare of Serriess A Preeferrredd whhen andd iff deeclaaredd byy thhe BBoarrd.Alteernaativve 33: Thee Seeriees AA Prrefeerreed wwilll caarryy ann annnuaal _% ccumuulattivee diividdendd ccomppounndedd annnuaallyy, payyab

15、lle uuponn a liqquiddatiion or reddempptioon. Foor aany othher divvideendss orr diistrribuutioons, paartiicippatiion witth CCommmon Stoock on an as-connverrtedd baasiss. In some cases, accrued and unpaid dividends are payable on conversion as well as upon a liquidation event. Most typically, however

16、, 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 referred to as “PIK” (payment-in-kind) dividends.清算優(yōu)先受受償權(quán)：公司如因任任何原因因清算、解解散或停停業(yè)清理理過(guò)

17、程，公司收益益將作如如下分配配：可選方案案1（優(yōu)優(yōu)先股不不參與分分配）:首先,每股AA系優(yōu)先先股按一倍倍原始購(gòu)購(gòu)買價(jià)加累計(jì)計(jì)股息加已已宣布但但未付股股息分分配。其其余分配配給普通通股股東東可選方案案2（優(yōu)優(yōu)先股充充分參與與分配）:首先，每每股A系系優(yōu)先股股按一一倍原原始購(gòu)買買價(jià)加加累計(jì)股股息加已宣宣布未付付股息 分配配。然后后優(yōu)先股股按視為為轉(zhuǎn)換成成普通股股參與普通通股分配配可選方案案3（優(yōu)優(yōu)先股限限制參與與分配）:首先，每每股A系系優(yōu)先股股按一一倍原原始購(gòu)買買價(jià)加加累計(jì)股股息加已宣宣布未付付股息 分配配。然后后優(yōu)先股股按視為為轉(zhuǎn)換成成普通股股參與普通通股分配配，直至至A系優(yōu)優(yōu)先股股股東獲得得

18、總計(jì) 倍于于原始購(gòu)購(gòu)買價(jià)的的分配公司的兼并并或合并并（公司司原股東擁?yè)碛写胬m(xù)續(xù)公司或或收購(gòu)公公司的發(fā)發(fā)行在外外股票過(guò)過(guò)半數(shù)表表決權(quán)的的情形除外外）， 以及及公司出售售、租賃賃、轉(zhuǎn)讓讓或以其他方式式處置公司司全部或或大部分分資產(chǎn)的的行為，應(yīng)當(dāng)視為為公司清算算事項(xiàng)(視為清清算事項(xiàng)項(xiàng))，并導(dǎo)導(dǎo)致上述述清算優(yōu)優(yōu)先權(quán)得得以產(chǎn)生生除非非 的的A系優(yōu)優(yōu)先股股股東投票票反對(duì)這這種處理理。Liquiidattionn Prrefeerennce:In thhe eevennt oof aany liqquiddatiion, diissooluttionn orr wiindiing up of thee Co

19、ompaany, thhe pprocceedds sshalll bbe ppaidd ass foolloows:Alteernaativve 11 (nnon-parrticcipaatinng PPrefferrred Stoock): Firrst payy oone tiimess thhe OOrigginaal PPurcchasse PPricce pluus aaccrruedd diividdendds pllus decclarred andd unnpaiid ddiviidennds onn eaach shaare of SerriessA Preeferrred

20、d. Thee baalannce of anyy prroceeedss shhalll bee diistrribuutedd too hooldeers of Commmonn Sttockk.Alteernaativve 22 (ffulll paartiicippatiing Preeferrredd Sttockk): Fiirstt paay onee ttimees tthe Oriiginnal Purrchaase Priice pllus acccrueed ddiviidennds ppluss deeclaaredd annd uunpaaid divvideends

21、s oon eeachh shharee off SeerieesAA Prrefeerreed. Thhereeaftter, thhe SSeriiesA PPrefferrred parrticcipaatess wiith thee Coommoon SStocck oon aan aas-cconvvertted bassis.Alteernaativve 33 (ccap on Preeferrredd Sttockk paartiicippatiion rigghtss): Fiirstt paay onee ttimees tthe Oriiginnal Purrchaase

22、Priice pllus acccrueed ddiviidennds ppluss deeclaaredd annd uunpaaid divvideendss on eacch ssharre oof SSeriiesA PPrefferrred. TTherreaffterr, SSeriiesA PPrefferrred parrticcipaatess wiith Commmonn Sttockk onn ann ass-coonveerteed bbasiis unttil thee hooldeers of SerriessA Preeferrredd reeceiive an

23、agggreggatee off _ ttimees tthe Oriiginnal Purrchaase Priice.A merrgerr orr coonsooliddatiion (ottherr thhan onee inn whhichh sttockkhollderrs oof tthe Commpanny oown a mmajooritty bby vvotiing powwer of thee ouutsttanddingg shharees oof tthe surrvivvingg orr accquiirinng ccorpporaatioon) andd a sal

24、le, leaase, trranssferr orr ottherr diispoosittionn off alll oor ssubsstanntiaallyy alll oof tthe asssetss off thhe CComppanyy wiill be treeateed aas aa liiquiidattionn evventt (aa “DDeemmed Liqquiddatiion Eveent”), ttherrebyy trrigggeriing payymennt oof tthe liqquiddatiion preeferrencces desscriibe

25、dd abbovee uunleess thee hooldeers of _% off thhe SSeriies A PPrefferrred eleect othherwwisee. 表決權(quán)：除下列情形形外，A系優(yōu)先先股股東東在視為為轉(zhuǎn)換成普通股股的基礎(chǔ)礎(chǔ)上與普普通股股股東一起起表決，而而不能作作為獨(dú)立立表決團(tuán)團(tuán)體：（ = 1 * roman i）A系系優(yōu)先股股股東作作為一個(gè)個(gè)團(tuán)體有有權(quán)選舉舉 名董董事會(huì)成成員（A系董董事）;( = 2 * roman ii)出出現(xiàn)如下下文所示示“保護(hù)護(hù)性條款款”之情況況;（ = 3 * roman iii）法法律另有有的其他他規(guī)定。公司章程應(yīng)應(yīng)當(dāng)規(guī)定定

26、，經(jīng)優(yōu)優(yōu)先股和和普通股股股東多多數(shù)同意意，并作作為一個(gè)個(gè)表決團(tuán)團(tuán)體集體體表決（不不經(jīng)普通通股股東東單獨(dú)表表決），公司可以增加或減少授權(quán)發(fā)行的股票數(shù)量4。Votinng RRighhts:The SSeriies A PPrefferrred Stoock shaall votte ttogeetheer wwithh thhe CCommmon Stoock on an as-connverrtedd baasiss, aand nott ass a sepparaate claass, exxceppt (i) thee Seeriees AA Prrefeerreed aas aa cll

27、asss shhalll bee enntittledd too ellectt _ (_) mmembberss off thhe BBoarrd (thee “SSeriies A DDireectoors”), (ii) ass prroviidedd unnderr “PProttecttivee Prroviisioons” bellow or (iiii) as reqquirred by laww. The CComppanyys Cerrtifficaate of Inccorpporaatioon wwilll prroviide thaat tthe nummberr of

28、f auuthoorizzed shaaress off Coommoon SStocck mmay be inccreaasedd orr deecreeaseed wwithh thhe aapprrovaal oof aa maajorrityy off thhe PPrefferrred andd Coommoon SStocck, vottingg toogettherr ass a sinnglee cllasss, aand witthouut aa seeparratee cllasss voote by thee Coommoon SStocck. For For Calif

29、ornia corporations, one cannot “opt out” of the statutory requirement of a separate class vote by Common Stockholders to authorize shares of Common Stock.保護(hù)性條款款：只要有_寫寫明固定定數(shù)量、百百分比或或任何 A系系優(yōu)先股股仍發(fā)行在外外，未經(jīng)經(jīng)至少 A系優(yōu)優(yōu)先股股股東書面面同意，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)：（ = 1 * roman i）清算算、解散散或停業(yè)業(yè)清理，或或進(jìn)行任何何視為清清算事項(xiàng)項(xiàng);( = 2 * roma

30、n ii)以不利利于A系系優(yōu)先股股股東的的方式修改、變變更或撤撤銷公司司章程或細(xì)則中的的任何條條款5（ = 3 * roman iii）創(chuàng)創(chuàng)設(shè)、授授權(quán)創(chuàng)設(shè)設(shè)或發(fā)行行可轉(zhuǎn)換換或可行行使擁有有優(yōu)于或或同等于于A系優(yōu)優(yōu)先股之之權(quán)利、優(yōu)優(yōu)待或特特權(quán)的公司證券券，或增增加發(fā)行行A系優(yōu)優(yōu)先股授授權(quán)數(shù)量量；( = 4 * roman iv)優(yōu)優(yōu)于A系系優(yōu)先股股，對(duì)任何何股份予予以收購(gòu)購(gòu)、贖回回或分配配股息。由于前前員工的的雇傭（或或顧問(wèn)的的服務(wù)）關(guān)關(guān)系的終終止，以以低于公平市市場(chǎng)價(jià)回回購(gòu)其股股份的除除外由董事事會(huì)（含含 位AA系董事事）同意意的除外外；( = 5 * roman v)發(fā)行行或授權(quán)權(quán)發(fā)行任任何

31、公司司債券若公司司總計(jì)負(fù)負(fù)債因此此超過(guò)_設(shè)備租租賃或銀銀行信用用額度除除外無(wú)股權(quán)權(quán)特征的的負(fù)債除除外此類債債券獲得得董事會(huì)會(huì)（含 位位A系董董事）事事先同意意的除外外；（ = 6 * roman vi）增增加或減減少董事事會(huì)成員員人數(shù)。Proteectiive Proovissionns: So loong as inssertt fiixedd nuumbeer, or %, or “anny” shharees oof SSeriies A PPrefferrred aree ouutsttanddingg, tthe Commpanny wwilll noot, witthouut tt

32、he wriitteen cconssentt off thhe hholdderss off att leeastt _% off thhe CComppanyys Serriess A Preeferrredd, eeithher dirrecttly or by ameendmmentt, mmergger, coonsooliddatiion, orr ottherrwisse: (i) lliquuidaate, diissoolvee orr wiindup thee afffaiirs of thee Coompaany, orr efffecct aany Deeemedd L

33、iiquiidattionn Evventt; (ii)ammendd, aalteer, or reppeall anny pprovvisiion of thee Ceertiificcatee off Inncorrporratiion or Byllawss iin aa maanneer aadveersee too thhe SSeriies A PPrefferrred; Note that as a matter of background law, Section 242(b)(2) of the Delaware General Corporation Law provid

34、es that if any proposed charter amendment would adversely alter the rights, preferences and powers of one series of Preferred Stock, but not similarly adversely alter the entire class of all Preferred Stock, then the holders of that series are entitled to a separate series vote on the amendment. (ii

35、ii)ccreaate or autthorrizee thhe ccreaatioon oof oor iissuue aany othher seccuriity connverrtibble intto oor eexerrcissablle ffor anyy eqquitty ssecuuritty, havvingg riightts, preeferrencces or priivillegees sseniior to or on parrityy wiith thee Seeriees AA Prrefeerreed, or inccreaase thee auuthoori

36、zzed nummberr off shharees oof SSeriies A PPrefferrred; (iiv) purrchaase or reddeemm orr paay aany divvideend on anyy caapittal stoock priior to thee Seeriees AA Prrefeerreed, ottherr thhan stoock reppurcchassed froom fformmer empployyeess orr coonsuultaantss inn coonneectiion witth tthe cesssattion

37、n off thheirr emmplooymeent/serrvicces, att thhe lloweer oof ffairr maarkeet vvaluue oor ccostt; ottherr thhan as appprovved by thee Booardd, iinclludiing thee appproovall off _ Serriess A Dirrecttor(s); oor (v)creeatee orr auuthoorizze tthe creeatiion of anyy deebt seccuriity iff thhe CComppanyys a

38、gggreggatee inndebbteddnesss wwoulld eexceeed $_ootheer tthann eqquippmennt lleasses or bannk llinees oof ccredditottherr thhan debbt wwithh noo eqquitty ffeattureeuunleess succh ddebtt seecurrityy haas rreceeiveed tthe priior appprovval of thee Booardd off Diirecctorrs, inccluddingg thhe aapprrovaa

39、l oof _ Seeriees AA Diirecctorr(s); (vii)iincrreasse oor ddecrreasse tthe sizze oof tthe Boaard of Dirrecttorss. 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, prefer

40、ences and powers of one series of Preferred Stock, but not similarly adversely alter the entire class of all Preferred Stock, then the holders of that series are entitled to a separate series vote on the amendment.可選擇轉(zhuǎn)換換：A系優(yōu)先股股股東有權(quán)權(quán)將其擁?yè)碛忻恳灰籄系優(yōu)優(yōu)先股隨隨時(shí)轉(zhuǎn)換換為普通通股，每每一A系系優(yōu)先股股可轉(zhuǎn)換為普普通股的的數(shù)量為為原始購(gòu)購(gòu)買價(jià)除除以轉(zhuǎn)換換時(shí)的AA系優(yōu)

41、先先股轉(zhuǎn)換換價(jià)（定定義如下下）。最最初的AA系優(yōu)先先股轉(zhuǎn)換換價(jià)應(yīng)當(dāng)當(dāng)原始購(gòu)購(gòu)買價(jià)。A系優(yōu)優(yōu)先股轉(zhuǎn)轉(zhuǎn)換價(jià)應(yīng)應(yīng)當(dāng)根據(jù)據(jù)普通股股的配股股、股票分割割、股票票合并等等類似事事項(xiàng)，以以及如下下“反稀稀釋條款款”所述述內(nèi)容進(jìn)進(jìn)行調(diào)整整。Optioonall Coonveersiion:Each shaare of thee Seeriees AA Prrefeerreed sshalll bbe cconvverttiblle, at thee opptioon oof tthe hollderr thhereeof, att anny ttimee, iintoo suuch nummberr off

42、shharees oof CCommmon Stoock as is dettermmineed bby ddiviidinng tthe Serriess A Oriiginnal Purrchaase Priice by Serriess A Preeferrredd Coonveersiion Priice (ass deefinned bellow) inn efffecct aat tthe timme oof cconvverssionn. Thee “SSeriies A PPrefferrred Connverrsioon PPricce” shaall iniitiaally

43、y bee eqquall too $_ (tthe Serriess A Oriiginnal Purrchaase Priice). Succh iinittiall Seeriees AA Coonveersiion priice is subbjecct tto aadjuustmmentts ffor stoock divvideendss, sspliits, coombiinattionns aand simmilaar eevennts andd ass deescrribeed bbeloow uundeer “AAntii-diiluttionn Prroviisioons

44、.”反稀釋條款款：若公司以低低于現(xiàn)行行A系優(yōu)優(yōu)先股轉(zhuǎn)轉(zhuǎn)換價(jià)的的價(jià)格發(fā)發(fā)行新的的股票，該該轉(zhuǎn)換價(jià)價(jià)格應(yīng)按按下列公公式調(diào)整整： 可選方方案1“典典型”加加權(quán)平均均數(shù)：CP2=CCP1*(AA+B)/(AA+C) CP2=新A系系優(yōu)先股股轉(zhuǎn)換價(jià)價(jià)CP1=新新股發(fā)行行前實(shí)際際A系優(yōu)優(yōu)先股轉(zhuǎn)轉(zhuǎn)換價(jià)A=新股發(fā)發(fā)行前視視為已發(fā)發(fā)行的普普通股數(shù)數(shù)量（含含所有已已發(fā)行的的普通股股，所有有視為已已轉(zhuǎn)換的的已發(fā)行行優(yōu)先股股，以及及所有已已發(fā)行的的可行使使期權(quán);不含轉(zhuǎn)轉(zhuǎn)入此輪輪融資的的任何可可轉(zhuǎn)換證證券）B=公司此此次發(fā)行行預(yù)計(jì)融融資總額額除以CCP1C=本次交交易中股股票發(fā)行行數(shù)量Anti-dillutiion P

45、roovissionns:In thhe eevennt tthatt thhe CComppanyy isssuees aaddiitioonall seecurritiies at a ppurcchasse ppricce llesss thhan thee cuurreent Serriess A Preeferrredd Coonveersiion Priice, suuch connverrsioon ppricce sshalll bbe aadjuusteed iin aaccoordaancee wiith thee foolloowinng fformmulaa:Altee

46、rnaativve 11: “Tyypiccal” weiightted aveeragge:CP2 = CPP1 * (A+B) / (A+CC)CP2 =Neww Seeriees AA Coonveersiion PriiceCP1=Serriess A Connverrsioon PPricce iin eeffeect immmediiateely priior to neww isssueeA=NNumbber of shaaress off Coommoon SStocck ddeemmed to be outtstaandiing immmediiateely priior t

47、o neww isssuee (iinclludees aall shaaress off ouutsttanddingg coommoon sstocck, alll shharees oof ooutsstanndinng pprefferrred stoock on an as-connverrtedd baasiss, aand alll ouutsttanddingg opptioons on an as-exeerciisedd baasiss; aand doees nnot inccludde aany connverrtibble seccuriitiees cconvver

48、ttingg innto thiis rrounnd oof ffinaanciing) B=AAggrregaate connsidderaatioon rreceeiveed bby tthe Corrporratiion witth rresppectt too thhe nnew isssue divvideed bby CCP1C=NNumbber of shaaress off sttockk isssueed iin tthe subbjecct ttrannsacctioon可選方案案2：完完全棘輪輪方案轉(zhuǎn)換價(jià)價(jià)降到與與新發(fā)行行價(jià)一致致Alteernaativve 22: Fu

49、lll-rratcchett thee Seeriees AA Prrefeerreed CConvverssionn Prricee wiill be redduceed tto tthe priice at whiich thee neew ssharres aree isssueed.可選方案案3：無(wú)無(wú)基于價(jià)價(jià)格調(diào)整整的反稀稀釋措施施Alteernaativve 33: No priice-bassed antti-ddiluutioon pprottecttionn.下列發(fā)行不不導(dǎo)致反反稀釋調(diào)調(diào)整6：（ = 1 * roman i）可發(fā)發(fā)行證券券是基于任任何A系系優(yōu)先股股轉(zhuǎn)換后后產(chǎn)生，

50、或或作為AA系優(yōu)先先股的股股息或分分紅；（ = 2 * roman ii）可可發(fā)行證證券是基于任任何信用用債券，認(rèn)認(rèn)股權(quán)證證，期權(quán)權(quán)或其它它可轉(zhuǎn)換換證券轉(zhuǎn)轉(zhuǎn)換后產(chǎn)產(chǎn)生；（ = 3 * roman iii）可可發(fā)行普普通股是是基于股股票分割割，配股，或任任何普通通股的細(xì)細(xì)分而產(chǎn)產(chǎn)生；（ = 4 * roman iv）普普通股（或或認(rèn)購(gòu)該該類普通通股的期期權(quán)）發(fā)發(fā)行或可可發(fā)行給給公司的員員工、董董事、顧顧問(wèn)，是是基于公公司董事事會(huì)董事事（含至至少_名AA系董事事）同意意的任何何股權(quán)計(jì)劃劃而產(chǎn)生生的；（ = 5 * roman v）普通通股發(fā)行行或可發(fā)發(fā)行給銀銀行，設(shè)設(shè)備出租租人，是是基于公公司董事

51、事會(huì)董事事（含至至少_名AA系董事事）同意意的債務(wù)務(wù)融資，設(shè)設(shè)備租賃賃或不動(dòng)動(dòng)產(chǎn)租賃賃交易而而產(chǎn)生的的。The ffolllowiing isssuanncess shhalll noot ttrigggerr annti-dillutiion adjjusttmennt: Note that additional exclusions are frequently negotiated, such as issuances in connection with equipment leasing and commercial borrowing.(i)ssecuurittiess isssu

52、aablee uppon connverrsioon oof aany of thee Seeriees AA Prrefeerreed, or as a ddiviidennd oor ddisttribbutiion on thee Seeriees AA Prrefeerreed; (iii)ssecuurittiess isssueed uuponn thhe cconvverssionn off anny ddebeentuure, waarraant, opptioon, or othher connverrtibble seccuriity; (iiii)Coommoon SSt

53、occk iissuuablle uuponn a stoock spllit, sttockk diividdendd, oor aany subbdivvisiion of shaaress off Coommoon SStocck; andd (iiv)shaaress off Coommoon SStocck (or opttionns tto ppurcchasse ssuchh shharees oof CCommmon Stoock) isssueed oor iissuuablle tto eemplloyeees or dirrecttorss off, oor cconss

54、ulttantts tto, thee Coompaany purrsuaant to anyy pllan appprovved by thee Coompaanys BBoarrd oof DDireectoors inncluudinng aat lleasst _ Serriess A Dirrecttor(s) (v)shaaress off Coommoon SStocck iissuued or isssuabble to bannks, eqquippmennt llesssorss puursuuantt too a debbt ffinaanciing, eqquippme

55、nnt lleassingg orr reeal prooperrty leaasinng ttrannsacctioon aapprroveed bby tthe Boaard of Dirrecttorss off thhe CCorpporaatioon , iinclludiing at leaast _ Seeriees AA Diirecctorr(s).強(qiáng)制性轉(zhuǎn)換換：若（ = 1 * roman i）公公開發(fā)行行價(jià)格高高于_倍原始購(gòu)購(gòu)買價(jià)承承銷所有有股票，且且公司所取得的的凈/總收收入不低低于_(“合格公公開發(fā)行行QPPO”)，或或 （ = 2 * roman ii）經(jīng)經(jīng)A系優(yōu)優(yōu)

56、先股股股東書面面同意，在具有有包銷承諾諾的有保薦薦人的公公開發(fā)行行交割時(shí)，每每股A系系優(yōu)先股股將自動(dòng)動(dòng)以當(dāng)時(shí)時(shí)適當(dāng)?shù)牡霓D(zhuǎn)換率率轉(zhuǎn)換為為普通股股。（適適用普通通股股息息，分割割，合并并及類似似調(diào)整業(yè)業(yè)務(wù)）Mandaatorry CConvverssionn:Each shaare of Serriess A Preeferrredd wiill auttomaaticcallly bbe cconvvertted intto CCommmon Stoock at thee thhen apppliccablle SSeriies A PPrefferrred Connverrsioon PPri

57、cce iin tthe eveent of thee cllosiing of a firrm ccommmitmmentt uundeerwrrittten pubblicc offferringg wiith a ppricce oof _ timmes thee Orrigiinall Puurchhasee Prricee (ssubjjectt too addjusstmeentss foor sstocck ddiviidennds, spplitts, commbinnatiionss annd ssimiilarr evventts) andd nnet/grooss prr

58、oceeedss too thhe CComppanyy off noot llesss thhan $_ (a “QPO”), or (ii)upon the written consent of the holders of _% of the SeriesA Preferred. 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

59、to become a QPO if an adjustment 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.出資人參與與交易:除非董事會(huì)會(huì)決定含多數(shù)A系董董事投票票決定允許主要投資人人放棄參參與權(quán)，在之后的公司再再融資交交易中，所有主主要投投資人都都必須充分分行使其其參與權(quán)權(quán)(如下下文“投投資人權(quán)權(quán)利協(xié)議按比例例參與未未來(lái)交易易”所述述)除除非%A系系優(yōu)先股股股東投

60、投票同意意不按此此方案處處理，否則則任何未行行使上述述參與權(quán)權(quán)A系優(yōu)優(yōu)先股88的主要要 投投資人所所持有的的全部AA系優(yōu)先先股都將喪失失反稀釋釋權(quán)利喪失失未來(lái)交交易參與與權(quán)如果可可適用，轉(zhuǎn)換為為普通股股并喪失失董事席席位99。Pay-to-Plaay: Unleess thee hooldeers of _% of thee Seeriees AA ellectt ottherrwisse, onn anny ssubssequuentt doown rouund alll MMajoor Invvesttorss arre rrequuireed tto ppartticiipatte tt