PE投资框架协议.doc

.term sheet 中英文（1）INVESTMENT TERM SHEETBetween PRAXCAPITAL FUND II, L.P.andA REAL ESTATE, LTD. (CAYMAN ISLANDS)In relation to the offering of US$ 30M Convertible NotesB投资基金与A置业（开曼群岛）有限公司关于三千万美元可转换债券融资的投 资 条 款 书The intent of this document is to describe, for negotiation purposes only, some key terms of the proposed agreement between PraxCapital Fund II, L.P. (“PraxCapital” or the “Investor”) and A Real Estate, Ltd. (Cayman Islands) (“A Cayman” or the “Company”). This document is not intended to be a binding agreement between PraxCapital and the Company with respect to the subject matter hereof, except for the provisions under the headings “Exclusivity”, “Confidentiality” and “Costs”. A binding agreement will not occur unless and until the Investor and the Company have negotiated, approved, executed and delivered the appropriate definitive agreements. Until execution and delivery of such definitive agreements, both parties shall have the absolute right to terminate all negotiations for any reason.本文件是为了描述B投资基金（“B”或“投资人”）和A地产（开曼群岛）有限公司（“A开曼”或“公司”）之间拟订立的协议中的一些重要条款，仅供谈判使用。本文件并非意在成为B和A开曼之间就本文件的主题达成的具有约束力的协议，但“排他性”，“保密”和“费用”标题下的条款除外。除非且直到投资人和公司已经谈判、批准、签署并递交了合适的、最终确定的协议，具有约束力的协议才得以达成。在双方签署并递交上述最终确定的协议之前，双方均有权以任何理由终止所有谈判。Company / Issuer公司/发行人 A REAL ESTATE, LTD. (“A Cayman” or the “Company”), a company registered in the Cayman Islands and currently holding 100% equity interests in A Real Estate (China) Consulting Management Ltd. (“A WOFE”), a company registered in China.Prior to the Closing, A WOFE will hold 100% equity interests in Henan A Real Estate, Ltd. (“Henan A”), a company registered in China.A Cayman, A WOFE and Henan A together refer to the “Group” or “A Group”.A地产（开曼群岛）有限公司（“A开曼”或“公司”），一家注册于英属开曼群岛的公司，并拥有注册于中国的A地产（中国）咨询管理有限公司（“AWOFE”）100%的股权。本投资交割完成前，AWOFE将会拥有注册于中国的河南A置业有限公司（“河南A”）100%的股权。A开曼、AWOFE、河南A统称“集团”或“A集团”。Founders创始人股东 - Mr. A: 80%- Ms B: 20%Securities证券种类 Convertible Notes (“CN”)可转换债券(简称“CN”)Investment Amount投资金额 US$ 30 million三千万美元Investors投资人 PraxCapital Fund II Ltd. and its co-investorB投资基金及其共同投资人Use of Proceeds募集资金使用 It is understood and agreed that there is no cash-out in this transaction. If the Founders have ever received any proceeds from this transaction, they shall immediately return the proceeds back to the Group, net of any transaction-related taxes, if applicable.- Acquire land: US$- Property development cost: US$- Others (specify): US$TOTAL: US$ 30m双方同意本交易不产生任何现金兑现。如果创始人从本交易中获得任何收益，则必须立即将所得归还给A集团，并扣除任何相关交易税（如果有）。购买土地款： US$物业开发费： US$其他（列明）： US$合计： US$ 30mExpected Closing Date预期交割完成日 Two months after signing this Term Sheet or another day mutually agreed by the Investors and the Company本投资条款书签署后两月内，或投资人与公司共同认可的其他日期Closing Conditions交割条件 1) Completion of business, legal & financial due diligence of the Company, including the obtaining of a NAV report prepared by an internationally reputable valuer;2) Receipt of all investment committee approvals required by the Investors;3) Execution and delivery of legal documentation in form and substance satisfactory to the Investors and their counsel;4) Delivery of audited financial statements of the Company prepared by Ernst & Young in accordance with US GAAP for the fiscal years ended December 31, 2003 and 2004 and 2005, and the management accounts of the Company for the six months ended June 30, 2006;5) PRC/Cayman/BVI legal counsels to the Company and the Founders have issued respective legal opinion in respect of the Company and the Founders, addressed to the Investors and in a form and substance reasonably satisfactory the Investors;6) The Company having entered into three years non-compete agreements with the Founders and other senior executives of the Company in form and substance satisfactory to the Investors;7) No material adverse development affecting the business, financial conditions, management or prospects of the Company;8) The share charge has been duly executed; and9) Upon fulfillment of the Closing Conditions, the Investors legal counsel will send to the Company a Closing Condition notice acknowledging that all the Closing conditions are met.1) 投资人完成对公司业务、法律和财务方面的尽职调查，包括由一家国际知名的仲量行出具的净资产评估报告；2) 投资人得到其投资委员会的批准；3) 执行并出具形式和内容上令投资人及其律师满意的法律文本；4) 公司出具经安永会计师事务所依照美国会计准则所做的2003年、2004年及2005年的审计报告，以及2006年-6月份的管理报表；5) 公司和发起人股东的中国、开曼群岛、维尔京群岛律师出具的法律意见书；6) 公司与创始人股东及其他高管人员签订三年非竞争协议；7) 公司在业务、财务、管理或前景方面无重大负面变化；8) 股份抵押已执行；以及9) 交割条件满足时，投资人律师将向公司呈送交割条件满足通知，确认所有条件均已满足。Stock Option Plan股票期权计划 After the Closing, the Company shall implement an Employee Stock Option Plan (“ESOP”) which represents up to 7% of the total number of shares, as if the CN are fully converted.公司将于交割完成后实施员工期权计划（“ESOP”）.用于员工期权计划股份最多可达到7，其计算基数为视同可转换债券全部转换为股份后的股份数额。Conversion Rights转股权利 The holders of CN will have the right to convert part or all of CN into Ordinary shares at any time at the Conversion Price in effect at the time of conversion.可转换债券持有人有权在转股期限内依照转股时有效的转股价格随时将部分或全部可转换债券转换为普通股。Conversion Price转股价格 The Conversion Price shall be based on a valuation, pursuant to which the CN holders may convert all outstanding principal of all CN into the Companys Ordinary shares representing 30% of the Companys fully diluted share capital (assuming the conversion of all CN and the exercise of all options granted under the entire ESOP).转股价格基于估值确定：可转换债券持有人可将全部已发行的可转换债券本金依照该转股价格转为代表公司全面摊薄股本（假定全部可转换债券均转股，且全部ESOP计划下的期权均行权）30%的普通股。Post Closing Capitalization交割完成后的股权结构 Assuming the full conversion of CN immediately following the Closing, the Companys capitalization shall be as follows:假设交割完成后，全部可转换债券立即转为股份的情况下，公司的股权结构将为：Pre-ESOP Post-ESOP不考虑期权摊薄 考虑期权摊薄Founders创始股东： 67.74% 63.00%Investors 投资人： 32.26% 30.00%ESOP员工期权： 0% 7.00%Total总共： 100% 100%Interest Rate利率 5% per annum, payable semi-annually in cash to CN holders.年利率5%，每半年以现金方式向可转换债券持有人支付。Maturity期限 CN has a maturity of 24 months可转换债券的期限为24个月。Share Charge股票质押 Upon the Closing, the Company shall charge 20% of Ordinary Shares in favor of the Investors as a continuing security for the due and punctual performance and observance by the Company of all the obligations of the Company交割完成同时，公司须将20%的普通股股票质押给投资人，作为公司及时履行全部义务的担保。Profit Guarantee利润保证 The Company and Founders undertake that the Audited Net Profit After Tax (“NPAT”) (excluding any exceptional or extraordinary income) of the Company based on US GAAP or IAS for the fiscal year ended on December 31, 2006 and 2007 will be no less than US$16 million (“Y2006 Guaranteed NPAT”) and US$40 million (“Y2007 Guaranteed NPAT”), respectively.公司及创始人股东保证，公司2006和2007年基于美国或国际会计准则审计的税后净利润（不包括任何例外或非经常性收益）分别不低于1600万美元（“2006年保证税后净利”）和4000万美元（“2007年保证税后净利”）。Share Adjustment股份调整 (a) If the Audited Net Profit After Tax achieved by the Company for the fiscal year ended December 31, 2006 is less than the Y2006 Guaranteed NPAT, the Founders shall transfer to each of the Investors such number of Shares at an aggregate consideration of US$1.00 as determined in accordance with the following formula: 如果公司2006年截止12月31日经审计税后净利润低于所保证的税后净利润，创始股东应以1美元总价转让按如下公式计算出的股份给每个投资人：( A / B ) x C - DWhere其中A is the principal amount of CN issued to the relevant Investor发行给相关投资人可转换债券的本金B is the Audited Net Profit After Tax achieved by the Company for the fiscal year 2006 multiplied by a price earnings ratio of 6.25 2006年经审计后公司净利润乘以市盈率6.25C is the fully diluted total number of Shares of the Company at 31 December, 2006, as if all the outstanding CN are converted and the ESOP are fully exercised 2006年12月31号当日全面摊薄股份数额（视同所有可转换债券已经转换为普通股及员工股票期权完全行权）D is the aggregate of the number of Shares and principal amount of CN held by the relevant Investor on an as converted basis at 31 December, 2006 2006年12月31日相关投资人持有普通股数额及可转换债本金按2006年12月31日转换价转换为股份的数额之和(b) If the Audited Net Profit After Tax achieved by the Company for the fiscal year ended December 31, 2007 is less than the Y2007 Guaranteed NPAT, the Founders shall transfer to each of the Investors such number of Shares at an aggregate consideration of US$1.00 as determined in accordance with the following formula: 如果公司2007年截止12月31日经审计税后净利润低于所保证的税后净利润，创始股东应以1美元总价转让按如下公式计算出的股份给每个投资人：( A / B ) x C - DWhere其中A is the principal amount of CN issued to the relevant Investor发行给相关投资人可转换债券的本金B is the Audited Net Profit After Tax achieved by the Company for the fiscal year 2007 multiplied by a price earnings ratio of 2.50 2007年经审计后公司净利润乘以市盈率2.5C is the fully diluted total number of Shares of the Company at 31 December, 2007, as if all the outstanding CN are converted and the ESOP are fully exercised 2007年12月31号当日全面摊薄股份数额（视同所有可转换债券已经转换为普通股及员工股票期权完全行权）D is the aggregate of the number of Shares excluding Shares, if any, transferred pursuant to this Valuation Adjustment clause (a) and principal amount of CN held by the relevant Investor on an as converted basis at 31 December, 2007 2007年12月31日相关投资人持有普通股数额（不包括按照本条（a）获得的股份）及可转换债本金按2007年12月31日转换价转换为股份的数额之和Automatic Conversion自动转股 Immediately before the completion of a Qualified IPO (defined below), or upon written consent of all the CN holders, the outstanding principal of all CNs shall be automatically converted into Ordinary Shares of the Company at the Conversion Price then in effect.在即将完成合格IPO（定义见下）实施之前，或经持全部可转换债券持有人的书面同意，所有已发行的可转换债券本金将依照届时的转股价格自动转换为公司普通股。Qualified IPO合格IPO “Qualified IPO” means an IPO on a Qualified Exchange that values the Company at no less than US$400,000,000 immediately prior to the IPO and that results in aggregate proceeds to the Company (net of Selling Expenses) of US$100,000,000.合格IPO是指：公司在合格证券交易所实施的IPO，该IPO之前的公司估值不低于4亿美元，且公司募集资金（扣除募集费用后）不低于1亿美元。“Qualified Exchange” means (i) the New York Stock Exchange or the Nasdaq Stock Markets National Market System or (ii) any other exchange of recognized international reputation and standing duly approved by the Companys Board of Directors, including the affirmative vote of the Investor Directors.合格证券交易所是指：(i) 纽约证券交易所或NASDAQ股票市场的全国市场系统；或者 (ii) 其他具备国际知名度、并由公司董事会以应有程序批准（投资人董事须投赞成票）的交易所。Redemption赎回 At any time beginning on the 25th month following the Closing Date or upon an Event of Default, CN will be redeemable at the sole option of the CN holders at a redemption price which would give CN holders an internal rate of return of 15% per annum.自交割日之后第25个月起，或违约事项发生时，可转换债券持有人有权以保证年内部收益率15%的赎回价格，要求公司赎回可转换债券。Events of Default违约事项 An Event of Default includes:1) Failure to pay interest or principal in any amount when due2) Material breach of any covenants in the CN agreements3) Breach of any transfer restriction or non-competition of the Founders (“the “Events of Default”)违约事项包括：1) 不能按时支付利息或偿还本金；2) 任何违背可转换债券协议条款的重大违约行为；3) 创始人股东任何违背股权转让限制或竞业禁止承诺的行为。（“违约事项”）Board of Directors董事会成员 The Company would have a Board of Directors (the Board) consisting of 7 directors, upon the Closing Date. The Investors shall be entitled to elect 2 directors to the Board (“Investor Directors”). The Board of Directors of the PRC Subsidiary shall have the same number of directors and consist of the same directors as that of the Company.公司须于交割日设立由7名董事组成的董事会。投资人有权向董事会委派2名董事（“投资人董事”）。中国子公司的董事会须与公司有相同数量的董事，并由与公司相同的董事组成。D&O insurance董事责任险 The Company must maintain Directors & Officers Liability insurance for each member of the Board of not less than US$500,000.公司须为各董事会成员维持不少于50万美元的董事责任保险。Anti-Dilution反稀释条款 The Conversion Price shall be adjusted on a full-ratchet basis for issuance of any securities of the Company at a purchase price less than the then-effective conversion price. Additionally, the Conversion Price shall be proportionally adjusted for share splits, share dividends, recapitalizations and the like.若公司以低于届时转股价格的价格发行任何证券，转股价格将调整为新发行的证券的价格。发生股票分拆、发放股票股利、再资本化和类似情形时，转股价格亦将按比例作相应调整。term sheet 中英文（2） - 私募版权声明：转载时请以超链接形式标明文章原始出处和作者信息及本声明/logs/59814331.htmlAnti-Dilution反稀释条款 The Conversion Price shall be adjusted on a full-ratchet basis for issuance of any securities of the Company at a purchase price less than the then-effective conversion price. Additionally, the Conversion Price shall be proportionally adjusted for share splits, share dividends, recapitalizations and the like.若公司以低于届时转股价格的价格发行任何证券，转股价格将调整为新发行的证券的价格。发生股票分拆、发放股票股利、再资本化和类似情形时，转股价格亦将按比例作相应调整。Protective Provisions保护性条款 The consent of 75% of the CN holders will be required for any of the following actions of the Company and its subsidiaries:公司及其子公司的下述事项须征得75%的可转换债券持有人同意：1) Amendment to the Memorandum of Articles of Association公司章程的修改2) Make any material change in the nature of its business公司业务性质的任何重大改变3) Merger, consolidation, reorganization, liquidation, dissolution, or winding-up合并、收购、重组、清算、解散或停业4) Acquire, grant an operating right in relation to or otherwise dispose of any shares or securities or material part of its business or assets (excluding current assets)股权、重要业务或重大资产（不包括流动资产）的收购、处置，经营权的获取、授予5) Sell, mortgage, pledge, lease, transfer or otherwise dispose of a substantial portion of assets重大资产的出售、抵押、担保、租赁、转让或处置6) Issuance of equity or debt securities, repurchase or redemption of any equity security: re-classification of issued securities; increases, decreases or alters the existing issued share capital股权或债权证券的发行，任何股权证券的赎回，已发行证券的重新分类，现有股本的增加、减少或改变7) Declaration or payment of dividends宣布发放或支付股利8) Enter into any joint venture, partnership or consortium arrangement签订任何合营或联营协议9) Termination, or material amendment to the terms of stock option plan including number of options, vesting period, and exercise price of options股票期权计划的终止，或其中条款的重大改变（包括期权总额、行权期、行权价格）10) Any loans to any director, officer or employee提供给任何董事、高管人员或雇员的贷款11) Any related party transaction outside the ordinary course of business任何非正常业务之外的关联交易12) Incurrence of any external borrowing by the Company which exceeds US$ , or a series of external borrowing by the Company which in the aggregate over any 12 month period exceed US$ .公司超过 美元的任何外部借贷，或12个月内累计超过 美元的一系列外部借贷的发生13) Change the terms of employment of any employee whose base salary is in excess of US$50,000 per annum任何底薪超过5万美元/年的雇员雇用条款的改变14) Hire or dismiss key management staff聘用或解雇关键管理人员15) Enter into any contract or arrangement which involves a consideration or payment exceeding US$ to be made within any one year任何1年内须支付对价超过 美元的合同或安排的达成16) Change of the Auditors or any material change in accounting practices or policies审计师事务所的变更或任何会计制度或政策的重大改变17) Select the listing exchange or the underwriters for an IPO or approve the valuation and terms and conditions for the IPO, whether or not the IPO is a Qualified IPOIPO上市交易所或承销商的选择，或IPO（不管是否合格IPO）估值以及条款的批准18) Annual budget including capital expenditure.年度预算（包括资本支出）。Undertakings by Founders创始人股东保证 The Founders undertakes with the Investors that, at all times after the Closing Date, they will not sell or transfer any of their shares prior to the completion of a Qualified IPO, unless the prior written consent is obtained from the Investors.创始人股东向投资人保证，投资交易完成日之后到合格IPO完成之前，不出售或转让任何持有的公司股份，除非事先得到投资人的书面许可。Pre-emptive Rights优先购买权 The Investors shall have a pro-rata right, based on their percentage equity ownership on a as-if converted basis, to participate in any subsequent equity financing of the Company on the same price and terms and conditions as the Company proposes to offer such new securities. The Investors will have a right to subscribe any portion of the new issue that is not subscribed by the existing shareholders.投资人将有权优先按比例（根据假定转换为普通股后在总股本中所占的比例），以相同价格和条件参与公司后续的权益融资。投资人将有权优先认购现有股东在新证券发行中未认购的股份。Right of First Refusal, and Co-Sale Rights优先受让权和共同出售权 The Investors shall have first refusal rights and co-sale rights whereby any holder of Ordinary Shares who proposed to sell all or a portion of his shares to a third party must first permit the investors at their option (i) to purchase such shares on the same terms as the proposed transferee, or (ii) sell a proportionate part of their shares on the same terms offered by the proposed transferee. Such rights of first refusal and co-sale rights would terminate upon the closing of a Qualified IPO.投资人享有优先受让权和共同销售权，任何欲向第三方出售全部或部分股份的普通股股东须首先允许投资人 (i) 以与拟受让人同等条款购买该股份，或 (ii) 以同等条款按比例向拟受让人出售股份。合格IPO完成后，该优先受让权和共同出售权即终止。Information Rights信息获取权 The Company shall provide to all Investors:公司须向所有投资人提供：1) audited consolidated profit and loss accounts, balance sheets and statements of cash flow of the Company within three (3) months after the end of each financial year;每个会计年度结束后3个月内提供公司经审计的合并损益表、资产负债表和现金流量表；2) monthly management accounts of the Company and individual company standard accounts for each entity within the Company, to be provided within 15 business days after each month end;每月度结束后15个工作日内提供公司月度管理报表及公司内每一主体单独的标准报表；3) quarterly consolidated management accounts within 30 days after each quarter end;每季度结束后30日内提供合并的季度管理报表；4) annual budgets and forecasts not less than 30 days prior to the commencement of each financial year;不迟于每个会计年度开始30日前提年度预算和财务预测；5) all other information which Investors may reasonably require within 7 days of the Companys receipt of a notice requesting such information, or a clear demonstration of best efforts if more than 7 days are required;在收到信息索要通知后7日内提供投资人合理要求的任何其他信息，如果需要7天以上，则需提供公司已尽最大努力的清楚证明；6) full details of any progress in relation to any IPO of all or part of the business as soon as practicable;及时提供公司全部或部分业务IPO相关的任何进展的细节；7) access to books and records, the facilities, properties, management, employees, and accounting and legal advisors of the Company at any reasonable time after reasonable prior notice by Investors;在投资人提前通知后的合理时间内，准许其接触帐簿和记录、设施、房产、管理层、员工，以及会计和法律顾问；8) prompt notification of any withdrawal of bank facilities o