投资合作意向书termsheet样本

1 / 27 投资合作意向书 termsheet 样本 甲方 和 乙方 Investment Termsheet 20XX年 01月 01日 被投公司简况 XXXX 公司 是总部注册在开曼群岛的有限责任公司，该公司直接或者间接的通过其在中国各地的子公司和关联企业，经营在线教育开发、外包和其他相关业务。总公司、子公司和关联企业的控股关系详细说明见附录一。 公司结构 甲方除了拥有在附录一中所示的中国的公司股权外，没有拥有任何其他实体的股权或者债权凭证，也没有通过代理控制任何其他实体，也没有和其他实体有代持或其他法律形式的股权关系。 现有股东 目前甲方的股东组成如下表所示： 股东名单股权类型股份 股份比例 黄马克 /CEO 普通股 5,000,000 50% 刘比尔 /CTO 普通股 3,000,000 30% 周赖利 /COO 普通股 2,000,000 20% 2 / 27 - 合计： 10,000,000 100% 投资人 / 投资金额 某某 VC 将作为本轮投资的领投方将用来购买甲方发行的 A 轮优先股股权。 本投资意向书所描述的交易，在下文中称为“投资”。 投资款用途 研发、购买课件 80万 在线设备和平台 55万 全国考试网络 45万 运营资金 45万 其它 25 万 总额 250 万 详细投资款用途清单请见附录二。 投资估值方法 公司投资前估值为美金 350 万元，在必要情况下，根据下文中的“投资估值调整”条款进行相应调整。本次投资将购买公司股 A 轮优先股股份，每股估值美金，占公司融资后总股本的。 公司员工持股计划和管理层股权激励方案 3 / 27 现在股东同意公司将发行最多 1,764,706 股期权给管理团队。公司员工持股计划将在投资完成前实施。 所有授予管理团队的期权和员工通过持股计划所获得的期权都必须在 3年内每月按比例 兑现，并按照获得期权时的公允市场价格执行。 A 轮投资后的股权结构 A轮投资后公司的股权结构如下表所示： 股东名单 股权类型股份 股份比例 黄马克 普通股 5,000,000 % 刘比尔 普通股 3,000,000 % 周赖利 普通股 2,000,000 % 员工持股普通股 1,764,% A轮投资人 优先股 5,042,017 % A轮投资人 优先股 3,361,345 % - 合计： 20,168,067 100% 投资估值调整 公司的初始估值将根据公司业绩指标进行如下调整： A 轮投资人和公司将共同指定一家国际性审计公司4 / 27 来对公司 2016 年的税后净利按照国际财务报告准则进行审计。经 IFRS 审计的经常性项目的税 后净利称为“ 2016年经审计税后净利”。 如果 公司“ 2016年经审计税后净利”低于美金 150万，公司的投资估值将按下述方法进行调整： 2016 调整后的投资前估值 =初始投资前估值 2016年经审计税后净利 / 2016年预测的税后净利。 A 轮投资人在公司的股份也将根据投资估值调整进行相应的调整。投资估值调整将在出具审计报告后 1 个月内执行并在公司按比例给 A轮投资人发新的股权凭据以后立刻正式生效。 公司估值依据公司的财务预测，详见附录三。 反稀释条款 A 轮投资人有权按比例参与公司未来所有的 股票发行。 在没有获得 A轮投资人同意的情况下，公司新发行的股价不能低于 A 轮投资人购买时股价。在新发行股票或者权益性工具价格低于 A 轮投资人的购买价格时， A 轮优先股转换价格将根据棘轮条款进行调整。 资本事件 “资本事件”是指一次有效上市或者公司的并购出售。 5 / 27 有效上市 所谓的“有效上市”必须至少满足如下标准： 1. 公司达到了国际认可的股票交易市场的基本上市要求； 2. 公司上市前的估值至少达到 5000 万美金； 3. 公司至少募集 2000万美金。 出售选择权 如果公司在本轮投资结束后 48个月内不能实现有效上市， A 轮投资人将有权要求公司 - 在该情况下，公司也有义务 - 用现金回购部分或者全部的 A 轮投资人持有的优先股，回购的数量必须大于或等于： 1 A 轮投资人按比例应获得的前一个财年经审计的税后净利部分的 10倍，或者 2本轮投资总额加上从本轮投资完成之日起按照30的内部收益率实现的收益总和。 拒绝上市后的出售选择权 本轮投资完成后 36 个 月内， A 轮投资人指定的董事提议上市，并且公司已经满足潜在股票交易市场的要求，但是董事会却拒绝了该上市要求的情况下， A 轮投资人有权要求公司在任何时候用现金赎回全部或者部分的优先股，赎回价必须高于或等于： 1本轮投资额加上本轮完成之日起按照 30内部报6 / 27 酬率实现的收益总和； 2 A 轮投资人按比例应获得的前一个财年经审计的税后净利部分的 25倍。 未履行承诺条款的出售选择权 如果创始股东和公司在本轮投资完成后 12个月内，没有完成下文“签署和完成交易的前提条件和交易完 成后的承诺条款”中定义的投资后承诺条款，公司必须按照 A轮投资人要求部分或者全部的赎回本轮发行的优先股；赎回的价格按照本金加上本轮投资完成之日起按照 30内部报酬率实现的收益的总和。 创始股东承诺 所有创始股东必须共同地和分别地承诺公司将有义务履行上述出售选择权条款。 转换权以及棘轮条款 A轮优先股股东有权在任何时候将 A轮优先股转换成普通股。初始的转换率为 1:1。 A 轮优先股的股价转换率将随着股权分拆，股息，并股，或类似交易而按比例进行调整。 新股 发行的价格不能低于 A 轮投资人的价格。在新发行股票或者权益性工具价格低于 A 轮投资人的购买价格时， A轮优先股转换价格将根据棘轮条款进行调整。 清算优先权 当公司出现清算，解散或者关闭等情况下，公司资7 / 27 产将按照股东股权比例进行分配。但是 A轮投资人将有权在其他股东执行分配前获得优先股投资成本加上按照 20内部回报率获得的收益的总和。 在公司发生并购，并且 i) 公司股东在未来并购后的公司中没有主导权；或者 ii) 出售公司全部所有权等两种情况将被视为清算。在上述任何情况下， A 轮优先股 股东有权选择在执行并购前全部或部分的转换其优先股。如果该交易的完成不满足清算条款， A 轮投资人将有权废除前述的转换。 沽售权和转换权作为累积权益 上述 A 轮投资人的出售选择权和转换 A 轮优先股权是并存的，而不是互斥的。 公司和现有股东以及他们的继任者承诺采取必要的、恰当的或者可采取的行动来执行上面提到的赎回或者回购优先股。 强卖权 创始股东和所有未来的普通股股东都强制要求同意：当公司的估值少于美金 XX 百万时，当多数 A 轮优先股东同意出售或者清算公司 时，其他 A 轮优先股股东和普通股股东必须同意该出售或者清算计划。 公司治理 本轮投资完成后，董事会将保留 5 个席位，公司和现8 / 27 有股东占 3 个席位， A 轮投资人占 2 个席位。董事会必须每季度至少召开一次。 除了以下所列的“重大事项”，董事会决议必须至少获得 3个董事其中至少包括 1名投资董事肯定的批准才能通过。某些重大事项的批准需要得到所有董事书面肯定的批准才能通过。该条款同样应用在公司的所有子公司和其他控制的实体中。 需要所有董事批准生效的“重大事项”包括但不限于如下方面 ： 备忘录和公司章程的修订； 收购、合并或者整合；出售或者转移的资产或者股东权益超过人民币 XX 元；转移、出售并且重购公司注册资本金或者公司股权；建立或者注资任何合资公司；清算或者破产； 变更注册资本；变更股本，发行或者销售其他类股凭证，发行超过金额人民币 YY元的公司债； 为不是子公司或者母公司的第三方提供担保； 变更或者扩展业务范围；非业务范围内的交易和任何业务范围之外的投资； 分红策略和分红或其他资金派送； 任何关联方交易； 指定或者变更审计机构；变更会计法则和流程； 9 / 27 任命高层管理人员，包括 CEO， COO， CFO； 批准员工持股计划； 确定上市地点，时间和估值； 批准公司的年度业务计划和年度预算；任何单笔支出超过人民币 20 万元的或者 12 个月内累积超过人民币100万元的预算外支出。 A 轮投资人的股东权利 公司全体股东间通过协议保证拥有但不限于如下权利：知情权、查阅权、要求登记权、附属登记权、新股优先购买权、优先取舍权、跟随权以及创始股东的锁定周期。创始股东的股票出售是受限的。上述权限除了登记权和原始股东锁定期之外将在公司有效 IPO之后失效。 TERM SHEET FOR SERIES A PREFERRED STOCK FINANCING OF INSERT COMPANY NAME, INC. This Term Sheet summarizes the principal terms of the Series A Preferred Stock Financing of , Inc., a Delaware corporation . In consideration of the time and expense devoted and to be devoted by the Investors with respect 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 10 / 27 is consummated. No other legally binding obligations will be created until definitive agreements are executed and delivered 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. Closing Date: As soon as practicable following the Company s acceptance of this Term Sheet and satisfaction of the Conditions to Closing . provide for multiple closings if applicable Investor No. 1: _ shares , $_ Investor No. 2: _ shares , $_ as well other investors mutually agreed upon by Investors and the Company Amount Raised: Price Per Share: Pre-Money Valuation: $_, including $_ from the conversion of principal and 11 / 27 interest on bridge notes.1 $_ per share . The Original Purchase Price is based upon a fully-diluted pre-money valuation of $_ and a fully-diluted post-money valuation of $_ . The Company s capital structure before and after the Closing is set forth below: Pre-Financing Post-Financing Investors: Capitalization: 1 Modify this provision to account for staged investments or investments dependent on the achievement of milestones by the Company. Security Common Employee Stock Pool Issued Unissued Common Warrants Series A Preferred Total Dividends: # of Shares % # of Shares % 2 12 / 27 Alternative 1: Dividends will be paid on the Series A Preferred on an as-converted basis when, as, and if paid on the Common Stock Alternative 2: Non-cumulative dividends will be paid on the Series A Preferred in an amount equal to $_ per share of Series A Preferred when and if declared by the Board. Alternative 3: The Series A Preferred will carry an annual _% cumulative dividend compounded annually, payable upon a liquidation or redemption. For any other dividends or distributions, participation with Common Stock on an as-converted basis. 3 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, and privileges 13 / 27 materially superior to the Common Stock, then the Company cannot defensibly grant Common Stock options priced at a discount to the Preferred Stock. 2 In 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 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” dividends. 3 Liquidation Preference: In the event of any liquidation, dissolution or winding up of the Company, the proceeds shall be paid as follows: Alternative 1 : First pay one times the Original Purchase 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 14 / 27 Common Stock. Alternative 2 : First pay one times the Original Purchase 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. Alternative 3 : 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 holders of Series A Preferred receive an aggregate of _ times the Original Purchase Price. A merger or consolidation and a sale, lease, 15 / 27 transfer or other disposition of all or substantially all of the assets of the Company will be treated as a liquidation event , thereby triggering payment of the liquidation preferences described above unless the holders of _% of the Series A Preferred elect otherwise. Voting Rights: The Series A Preferred Stock shall vote together with the Common Stock on an as-converted basis, and not as a separate class, except the Series A Preferred as a class shall be entitled to elect _ members of the Board , as provided under “ Protective Provisions” below or 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 16 / 27 Preferred and Common Stock, voting together as a single class, and without a separate class vote by the Common For California corporations, one cannot “ opt out” of the statutory requirement of a separate class vote by Common Stockholders to authorize shares of Common Stock. 4 Protective Provisions: So long as insert fixed number, or %, or “ any” shares of Series A Preferred are outstanding, the Company will not, without the written consent of the holders of at least _% of the Company s Series A Preferred, either directly or by amendment, merger, consolidation, or otherwise: liquidate, dissolve or wind-up the affairs of the Company, or effect any Deemed Liquidation Event; amend, alter, or repeal any provision of the Certificate of Incorporation or Bylaws in a 17 / 27 manner adverse to the Series A Preferred;5 create or authorize the creation of or issue any other security convertible into or exercisable 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; purchase or redeem or pay any dividend on any capital stock prior to the Series A Preferred, other than 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; or 18 / 27 create or authorize the creation of any debt security if the Company s aggregate indebtedness would exceed $_other than equipment leases or bank lines of creditother than debt with no equity featureunless such debt security has received the prior approval of the Board of Directors, including the approval of _ Series A Director; increase or decrease the size of the Board of Directors. Optional Conversion: The Series A Preferred initially converts 1:1 to Common Stock at any time at option of holder, subject to adjustments for stock dividends, splits, combinations and similar events and as described below under “ Anti-dilution Provisions.” In the event that the Company issues additional securities at a 19 / 27 purchase price less 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 * / Anti-dilution Provisions: Note that as a matter of background law, Section 242 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 alter the entire class of all Preferred Stock, then the holders of that series are entitled to a separate series vote on the amendment. 5 CP2 = New Series A Conversion Price CP1 = Series A Conversion Price in effect immediately prior to new issue A = Number of shares of Common Stock deemed to be 20 / 27 outstanding immediately prior to new issue B = Aggregate consideration received by the Corporation with respect to the new issue divided by CP1 C = Number of shares of stock issued in the subject transaction Alternative 2: Full-ratchet the conversion price will be reduced to the price at which the new shares are issued. Alternative 3: No price-based anti-dilution protection. The following issuances shall not trigger anti-dilution adjustment:6 securities issuable upon conversion of any of the Series A Preferred, or as a dividend or distribution on the Series A Preferred; securities issued upon the conversion of any debenture, warrant, option, or other convertible security; Common Stock issuable upon a stock split, stock dividend, 21 / 27 or any subdivision of shares of Common Stock; and 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 Board of Directors including at least _ Series A Director 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. Mandatory Conversion: Each share of Series A Preferred will automatically be converted into Common Stock at the then applicable conversion rate in the event of the closing of a firm commitment 22 / 27 underwritten public offering with a price of _ times the Original Purchase Price and net/gross proceeds to the Company of not less Note that additional exclusions are frequently negotiated, such as issuances in connection with equipment leasing and commercial borrowing. 6 投 资 合 作 意 向 书 甲 方： 公司 乙 方： 公司 美 集团公司与中国 公司，甲乙双方根据中华人民共和国公司法和中华人民共和国中外合作企业法及其他有关法律的规定，本着平等互利的原则，通过友好协商，同意在中国 省 市，共同投资成立一家合作经营企业，特签署本意向书。 第一条 项目公司概况 1、公司名称： 公司。 2、公司住所： 市 街 号。 3、法定代表： 女士 /先生： 4、注册资本： 万元人民币。 5、公司类型： 。 23 / 27 6、项目名称： 项目。 7、项目地点：市县。 8、投资总额： 万元。 第二条 投资合作方式 1、甲方可采用全额投资的方式，将项目建成租赁给乙方经营。 2、甲方可采用控股或参股的方式投放资金。 3、甲方可采用固定回报的方式投入，定期收回投资本利。建设期设定为两年，每年按 8%收取年利息。从第三年初起至第 10年，按投资总额每年年末收取 15%的股金，同时每年按 净利润总额 20参加分配；连续收取 8 年。双方终止合同。 甲方不