PE投资协议条款样本(NVCA中英文对照版).doc

风险投资中的条款清单 样本 中文英文 公司公司 A A 系优先股融资系优先股融资 条款清单条款清单 200 TERM SHEET FOR SERIES A PREFERRED STOCK FINANCING OF INSERT COMPANY NAME INC 200 本条款清单条款清单概括了 公司 一家 特拉华 公司 公司公司 A A 系优先股融资系优先股融资的主要条款 考虑到涉及此项投资的投资人投资人已 投入和将投入的时间和成本 无论此次融资是否完成 本条款清 单之限制出售限制出售 保密条款 律师及费用条款保密条款 律师及费用条款对公司公司都具有强制约束 力 未经各方一致签署并交付的最终协议 本条款清单条款清单之其他条 款不具有强制约束力 本条款清单条款清单并非投资人投资人进行投资的承诺 其生效以完成令投资人投资人满意的尽职调查 法律审查和文件签署为 条件 本条款清单条款清单各方面受 特拉华州特拉华州 法律管辖 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 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 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 出资条款出资条款 Offering Terms 交割日 交割日 当公司公司接受此条款清单条款清单且交割条件完备 时即尽快交割 交割交割 若需要 多次交割交割 请与此写明 Closing Date As soon as practicable following the Company s acceptance of this Term Sheet and satisfaction of the Conditions to Closing the Closing provide for multiple closings if applicable 投资人投资人 投资人投资人 1 1 股 投资人投资人 2 2 股 以及投资人投资人和公司公司一致同意的其他投投 资人资人 Investors Investor No 1 shares Investor No 2 shares as well other investors mutually agreed upon by Investors and the Company 融资金额 融资金额 含由过渡贷款转换的本金及 利息 1 Amount Raised including from the conversion of principal and interest on bridge notes 1 每股价格 每股价格 每股 以下文所列公司公司资 本结构表为依据 原始购买价原始购买价 Price Per Share per share based on the capitalization of the Company set forth below the Original Purchase Price 融资前估价 融资前估价 原始购买价原始购买价以充分稀释融资前估价 和融资后估价 为基础 计算 含充分稀释的融资后资本中员工 股预留 Pre Money Valuation The Original Purchase Price is based upon a fully diluted pre money valuation of and a fully diluted post money valuation of including an employee pool representing of the fully diluted post money capitalization 资本结构表 资本结构表 交割前后公司公司资本结构表请见附件一 Capitalization The Company s capital structure before and after 1 Modify this provision to account for staged investments or investments dependent on the achievement of milestones by the Company the Closing is set forth as Exhibit A 公司公司章程章程 2 2CHARTER2 股息分配股息分配 可选方案 1 当普通股普通股分配股息 时 A A 系优先股系优先股按视为转 换成普通股普通股参与分配 可选方案 2 经董事会宣布 A A 系系 优先股优先股以每股 分配 非累积性股息 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 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 2 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 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 可选方案 3 A A 系优先股系优先股按年利率 分配累积性股息 按年度计算复 利 于公司清算或赎回股份时可分配 其他股息或分红 按视为转换成普通普通 股股参与普通股普通股分配 3 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 3 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 payment in kind dividends 清算优先受偿权 清算优先受偿权 公司公司如因任何原因清算 解散或停业 清理过程 公司公司收益将作如下分配 可选方案 1 优先股优先股不参与分配 首先 每股 A A 系优先股系优先股按 一 倍原始购原始购 买价买价 加累计股息 加已宣布但未付股 息 分配 其余分配给普通股普通股股东 可选方案 2 优先股优先股充分参与分配 首先 每股 A A 系优先股系优先股按 一 倍原始原始 购买价购买价 加累计股息 加已宣布未付股 息 分配 然后优先股优先股按视为转换成 普通股普通股参与普通股普通股分配 可选方案 3 优先股优先股限制参与分配 首先 每股 A A 系优先股系优先股按 一 倍原始原始 购买价购买价 加累计股息 加已宣布未付股 息 分配 然后优先股优先股按视为转换成 普通股普通股参与普通股普通股分配 直至 A A 系优系优 先股先股股东获得总计 倍于原始购买原始购买 价价的分配 Liquidation Preference In the event of any liquidation dissolution or winding up of the Company the proceeds shall be paid as follows Alternative 1 non participating Preferred Stock 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 Common Stock Alternative 2 full participating Preferred Stock 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 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 holders of Series A Preferred receive an aggregate of times the 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 other disposition of all or substantially all of the assets of the 公司的兼并或合并 公司公司原股东拥有 存续公司或收购公司的发行在外股票 过半数表决权的情形除外 以及公 司出售 租赁 转让或以其他方式处 置公司全部或大部分资产的行为 应 当视为公司公司清算事项 视为清算事项视为清算事项 并导致上述清算优先权得以产生 除非 的 A 系优先股股东投票反对这 种处理 Company will be treated 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 表决权 表决权 除下列情形外 A A 系优先股系优先股股东在视 为转换成普通股普通股的基础上与普通股普通股股 东一起表决 而不能作为独立表决团 体 i A A 系优先股系优先股股东作为一个团体有 权选举 名董事会成员 A A 系董事系董事 ii 出现如下文所示 保护性条款保护性条款 之情况 iii 法律另有的其他规定 公司章程公司章程应当规定 经优先股优先股和普通普通 股股股东多数同意 并作为一个表决团 体集体表决 不经普通股普通股股东单独表 决 公司公司可以增加或减少授权发行 的股票数量 4 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 i the Series A Preferred as a class shall be entitled to elect members of the Board the Series A Directors ii as provided under Protective Provisions 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 single class and without a separate class vote by the Common Stock 4 4 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 保护性条款 保护性条款 只要有 写明固定数量 百分比或 任何 A A 系优先股系优先股仍发行在外 未经 至少 A A 系优先股系优先股股东书面同意 公司公司不得直接或变相进行兼并 合并 或下列其他业务 i 清算 解散或停业清理 或进行 任何视为清算事项视为清算事项 ii 以不利于 A A 系优先股系优先股股东的方式 修改 变更或撤销公司章程公司章程或细则细则中 的任何条款 5 iii 创设 授权创设或发行可转换 或可行使拥有优于或同等于 A A 系优先系优先 股股之权利 优待或特权的公司公司证券 或增加发行 A A 系优先股系优先股授权数量 iv 优于 A A 系优先股系优先股 对任何股份予 以收购 赎回或分配股息 由于前员 工的雇佣 或顾问的服务 关系的终 止 以低于公平市场价回购其股份的 除外 由董事会 含 位 A A 系董事系董事 同意的除外 v 发行或授权发行任何公司公司债券 若 公司公司总计负债因此超过 设备 租赁或银行信用额度除外 无股权特 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 i liquidate dissolve or wind up 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 manner adverse to the Series A Preferred 5 iii 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 iv 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 s or v create or authorize the creation of any debt security if the Company s aggregate 5 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 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 征的负债除外 此类债券获得董事会 含 位 A A 系董事系董事 事先同意的除外 vi 增加或减少董事会成员人数 indebtedness would exceed other than equipment leases or bank lines of credit other than debt with no equity feature unless 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 可选择转换 可选择转换 A A 系优先股系优先股股东有权将其拥有每一 A A 系优先股系优先股随时转换为普通股普通股 每一 A A 系优先股系优先股可转换为普通股的数量为原原 始购买价始购买价除以转换时的 A A 系优先股转系优先股转 换价换价 定义如下 最初的 A A 系优先系优先 股转换价股转换价应当原始购买价原始购买价 A A 系优先系优先 股转换价股转换价应当根据普通股普通股的配股 股 票分割 股票合并等类似事项 以及 如下 反稀释条款 所述内容进行调 整 Optional Conversion Each share of the Series A Preferred shall be convertible at the option of the holder thereof 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 The Series A Preferred Conversion Price shall initially be equal to the 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 Anti dilution Provisions 反稀释条款 反稀释条款 若公司公司以低于现行 A A 系优先股转换价系优先股转换价 的价格发行新的股票 该转换价格应 按下列公式调整 可选方案 1 典型 加权平均数 CP2 CP1 A B A C CP2 新 A A 系优先股转换价系优先股转换价 Anti dilution Provisions In the event that the Company issues additional securities at a 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 A B A C CP1 新股发行前实际 A A 系优系优 先股转换价先股转换价 A 新股发行前视为已发行的 普通股普通股数量 含所有已发 行的普通股普通股 所有视为已 转换的已发行优先股优先股 以 及所有已发行的可行使期 权 不含转入此轮融资的 任何可转换证券 B 公司公司此次发行预计融资总 额除以 CP1 C 本次交易中股票发行数量 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 outstanding immediately prior to new issue includes all shares of outstanding 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 the new issue divided by CP1 C Number of shares of stock issued in the subject transaction 可选方案 2 完全棘轮方案 转换价 降到与新发行价一致 Alternative 2 Full ratchet the Series A Preferred Conversion Price will be reduced to the price at which the new shares are issued 可选方案 3 无基于价格调整的反稀 释措施 Alternative 3 No price based anti dilution protection The following issuances shall not trigger anti 下列发行不导致反稀释调整 6 i 可发行证券是基于任何 A A 系优先系优先 股股转换后产生 或作为 A A 系优先股系优先股的 股息或分红 ii 可发行证券是基于任何信用债 券 认股权证 期权或其它可转换证 券转换后产生 iii 可发行普通股普通股是基于股票分割 配股 或任何普通股普通股的细分而产生 iv 普通股普通股 或认购该类普通股普通股的 期权 发行或可发行给公司公司的员工 董事 顾问 是基于公司公司董事会董事 含至少 名 A A 系董事系董事 同意的任何 股权计划而产生的 v 普通股发行或可发行给银行 设 备出租人 是基于公司公司董事会董事 含至少 名 A A 系董事系董事 同意的债务 融资 设备租赁或不动产租赁交易而 产生的 dilution adjustment 6 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 issuable 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 Board of Directors including at least Series A Director s 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 强制性转换 强制性转换 若 i 公开发行价格高于 倍原始原始 购买价购买价承销所有股票 且公司所公司所取得 的 净 总 收入不低于 合格公合格公 开发行开发行 QPO QPO 或 ii 经 A A 系优先股系优先股股东书面同 意 在 具有包销承诺的 有保荐人的 公开发行交割时 每股 A A 系优先股系优先股将 Mandatory Conversion Each share of Series A Preferred will automatically be converted into Common Stock at the then applicable Series A Preferred Conversion Price in the event of the closing of a firm commitment underwritten public offering with a price of times the Original Purchase Price subject to adjustments for stock dividends splits combinations and similar events and 6 Note that additional exclusions are frequently negotiated such as issuances in connection with equipment leasing and commercial borrowing 自动以当时适当的转换率转换为普通普通 股股 适用普通股普通股股息 分割 合并 及类似调整业务 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 出资人参与交易出资人参与交易 除非董事会决定 含 多数 A 系董事系董事投 票决定 允许 主要主要 投资人投资人放弃参与权 在之后的公司再融资交易中 所有 主主 要要 投资人投资人都必须充分行使其参与权 如 下文 投资人权利协议投资人权利协议 按比例参与未按比例参与未 来交易来交易 所述 除非 A 系优先股系优先股股东 投票同意不按此方案处理 否则任何 未行使上述参与权 A 系优先股系优先股 8的 主 主 要要 投资人投资人所持有的全部 A 系优先股系优先股 都将 丧失反稀释权利 丧失未来交易 参与权 如果可适用 转换为普通股普通股并 丧失董事席位 9 Pay to Play Unless the holders of of the Series A elect 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 Investor 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 Director s All shares of Series A Preferred8 of any Major Investor failing to do so will automatically 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 9 赎回权赎回权 10 交割后第五年开始 经至少 的 A A 系系Redemption Rights 10 The Series A Preferred shall be redeemable 7 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 the investor so that the investor does not have the power to block a public offering 8 Alternatively this provision could apply on a proportionate basis e g if Investor plays for of pro rata share receives of anti dilution adjustment 9 If the punishment 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 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 10 Redemption 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 that 优先股优先股股东选择 A A 系优先股股东系优先股股东可 以要求公司以可合法分配资金以原始原始 购买价购买价 加所有累积未付股息 赎回其 所持有的 A A 系优先股系优先股 赎回将在三年 内分阶段等额完成 如符合规定比例 的 A A 系优先股系优先股股东提出赎回请求 其 他所有 A A 系优先股系优先股都将被可赎回 除明 确选择放弃上述权利的 A A 系优先股系优先股股 东外 11 from funds legally available for distribution at the option of holders of at least of the Series A Preferred commencing any time after the fifth anniversary of the Closing at a price equal to the Original Purchase Price plus 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 11 the right to receive dividends on redemption could give rise to a Code Section 305 deemed dividend problem many tax practitioners take the view that if the liquidation preference provisions in the Charter are drafted to provide that on conversion the holder receives 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 11 Due to statutory restrictions it is unlikely that the Company will be legally permitted to redeem in the very circumstances where investors most want it the so called sideways situation investors will sometimes request that certain penalty provisions take effect where redemption has been requested but the Company s available 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 Preferred shall b