PE风险投资条款清单样本附中英文对照

1、 pe风险投资条款清单样本附中英文对照风险投资中的条款清单（样本） 中文 _公司a系优先股融资条款清单_，200_ 本条款清单概括了_公司，一家特拉华公司（“公司”a系优先股融资的主要条款。考虑到涉及此项投资的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/保密条款、律师及费用条款对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，本条款清单之其他条款不具有强制约束力。本条款清单并非投资人进行投资的承诺，其生效以完成令投资人满意的尽职调查、法律审查和文件签署为条件。本条款清单各方面受特拉华州法律管辖。英文term sheetfor series a pref

2、erred stock financing ofinsert company name, inc. 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 investm

3、ent, 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.

4、 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.offering terms 出资条款： 交割日：当公司接受此条款清单且交割条件

5、完备时即尽快交割（“交割”）。（若需要多次交割，请与此写明。）投资人1: 股（ %），$ 投资人2: 股（ %），$ 以及投资人和公司一致同意的其他投资人closing date:as soon as practicable following the companys acceptance of this term sheet and satisfaction of the conditions to closing (the “closing”). provide for multiple closings if applicable investor no. 1: _ shares (_

6、%), $_investor no. 2: _ shares (_%), $_as well other investors mutually agreed upon by investors and the company 投资人： investors:融资金额：每股价格：$ ，含由过渡贷款转换的本金及利息 1 $ 每股 （以下文所列公司资本结构表为依据）(“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 )amount raised:$_, including $_ from the conversion of princi

7、pal and interest on bridge notes.1 融资前估价：price per share: $_ per share (based on thecapitalization of the company set forth below) (the “original purchase price”). pre-money valuation:the original purchase price is based upon a fully-diluted pre-money valuation of $_ and a fully-diluted post-money v

8、aluation of $_ (including an employee pool representing _% of the fully-diluted post-money capitalization).the companys capital structure before and after capitalization:资本结构表： 交割前后公司资本结构表请见附件一。1modify this provision to account for staged investments or investments dependent on the achievement of mi

9、lestones by the company. 股息分配： the closing is set forth as exhibit a. 公司章程2 2 alternative 1: dividends will be paid on theseries a preferred on an as-converted basiswhen, as, and if paid on the common stockalternative 2: non-cumulative dividends willbe paid on the series a preferred in an amount equ

10、al to $_ per share of series a preferred dividends: 可选方案1: 当普通股分配股息时，a系优先股按视为转换成普通股参与分配 可选方案2: 经董事会宣布，a系优先股以每股 分配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 tha

11、t 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. 2 非累积性股息when and if declared by the board. alternative 3: the

12、 series a preferred willcarry an annual _% cumulative dividendcompounded annually, payable upon aliquidation or redemption. for any otherdividends or distributions, participation withcommon stock on an as-converted basis. 3 可选方案3: a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，按视为转换成普通股参与普通股分配。3in

13、 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 share

14、s valued at fair market value. the latter are referred to as “pik” (payment-in-kind) dividends. 3 公司如因任何原因清算、解散或停业清liquidation理过程，公司收益将作如下分配：preference: 可选方案1（优先股不参与分配）:首先,每股a系优先股按一倍原始购买价加累计股息加已宣布但未付股息分配。其余分配给普通股股东可选方案2（优先股充分参与分配）:首先，每股a系优先股按一倍原始购买价加累计股息加已宣布未付股息 分配。然后优先股按视为转换成普通股参与普通股分配可选方案3（优先股限制参与

15、分配）:首先，每股a系优先股按一倍原始购买价加累计股息加已宣布未付股息 分配。然后优先股按视为转换成普通股参与普通股分配，直至a系优先股股东获得总计 倍于原始购买价的分配 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 pl

16、us 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 dec

17、lared 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 decl

18、ared 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 whic

19、h 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清算优先受偿权： 公司的兼并或合并（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，应当视为公司清算事项(视为清算事项)，并导致上述清算优先权得

20、以产生除非 的a系优先股股东投票反对这种处理。表决权：除下列情形外，a系优先股股东在视为voting rights: 转换成普通股的基础上与普通股股东一起表决，而不能作为独立表决团体： （i）a系优先股股东作为一个团体有权选举 名董事会成员（a系董事）; (ii)出现如下文所示“保护性条款”之情况;（iii）法律另有的其他规定。公司章程应当规定，经优先股和普通股股东多数同意，并作为一个表决团体集体表决（不经普通股股东单独表决），公司可以增加或减少授权发行的股票数量4。all or substantially all of the assets of the company will be tr

21、eated 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.the series a preferred stock shall vote together with the common stock on an as-converted basis, a

22、nd 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 companys certificate of incorporation will provide that the numb

23、er 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.4for california corporations, one cannot “opt out” of the statutory requir

24、ement of a separate class vote by common stockholders to authorize shares ofcommon stock.4 保护性条款：只要有_写明固定数量、百分比或任protective 何 a系优先股仍发行在外，未经至少provisions: a系优先股股东书面同意，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;(ii)以不利于a系优先股股东的方式修改、变更或撤销公司章程或细则中的任何条款5 so long as insert fixed number, or %, or “an

25、y” shares of series a preferred are outstanding, the company will not, without the written consent of the holders of at least _% of the companys series a preferred, either directly or by amendment, merger, consolidation, or otherwise:(i) liquidate, dissolve or wind-up the affairs of the company, or

26、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,

27、 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

28、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 companys aggre

29、gate（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系优先股之权利、优待或特权的公司证券，或增加发行a系优先股授权数量；(iv)优于a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系董事）同意的除外；(v)发行或授权发行任何公司债券若公司总计负债因此超过_设备5note that as a matter of background law, section 242(b)(2) of the delaware general corporation law provides that

30、if any proposed charteramendment 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. 可选择转换：反稀释条款：

31、 租赁或银行信用额度除外无股权特征的负债除外此类债券获得董事会（含 位a系董事）事先同意的除外；（vi）增加或减少董事会成员人数。a系优先股股东有权将其拥有每一a系optional 优先股随时转换为普通股，每一a系优conversion: 先股可转换为普通股的数量为原始购买价除以转换时的a系优先股转换价（定义如下）。最初的a系优先股转换价应当原始购买价。a系优先股转换价应当根据普通股的配股、股票分割、股票合并等类似事项，以及如下“反稀释条款”所述each share of the series a preferred shall be convertible, at the option of

32、 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 e

33、qual 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.”in the event that the company issues additional securities at a pur

34、chase 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) cp2=新a系优先股转换价cp1=新股发行前实际a系优先股转换价 a=新股发行前视为已发行的普通股数量（含所有已发行的普通股，所有视为已转换的已发行优先股，以

35、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 可选方案2：完全棘轮方案转换价降到与新发行价一致 可选方案3：无基于价格调整的反稀释措施 cp2= new series a conversion pricecp1 = series a conversion price in effect immediately prior to new issuea = number of shares of common stock deemed to be outstanding immediately prior to ne

36、w 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 rec

37、eived by the corporation with respect to the new issue divided by cp1c = 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-based anti-d

38、ilution protection. 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系优先股转换后产生，或作为a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）可发行普通股是基于股票分割，配股，或任何普通股的细分而产生； （iv）普通股（或认购该类普通股的期权）发行或可发行给公司的员工、顾问，是基于公司董事会董事（含至少_名a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，是基于公司董事会董事（含至少_名a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。若（i）公开发行价格高

39、于_倍原始购mandatoryconversion: 买价承销所有股票，且公司所取得的净/总收入不低于_(“合格公开发行qpo”)，或 （ii）经a系优先股在具有包销承诺的有保荐人的公开发行交割时，每股a系优先股将自动以the following issuances shall not triggeranti-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

40、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

41、 common stock) issued or issuable to employees or directors of, or consultants to, the company pursuant to any plan approved by the companys 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 finan

42、cing, equipment leasing or real property leasing transaction approved by the board of directors of the corporation , including at least _ series a director(s).each share of series a preferred will automatically be converted into common stock at the then applicable series a preferred conversion price

43、 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强制性转换：6note that additional exclusions are frequently negotiated, such as issuan

44、ces in connection with equipment leasing and commercial borrowing. 当时适当的转换率转换为普通股。（适用普通股股息，分割，合并及类似调整业务）出资人参与交易:pay-to-play: 除非董事会决定含多数a系董事投票决定允许主要投资人放弃参与权， 在之后的公司再融资交易中，所有主 要投资人都必须充分行使其参与权(如下文“投资人权利协议按比例参与未来交易”所述)除非%a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8的主要 投资人所持有的全部a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

45、通股并丧失董事席位9。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.7unless the holders of _% of the series a elect otherwise, on any subsequent down round all major investors are required to participate to the f

46、ull 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 directors). all shares of

47、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.9the per share test ensures that the investor achieves a significant return on i

48、nvestment before the company can go public. also consider allowing anon-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.78alternatively, this provision could apply on a propo

49、rtionate 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 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 “blan

50、k 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 com

51、mon.9 赎回权10 10交割后第五年开始，经至少%的redemption rights: the series a preferred shall be redeemablefrom funds legally available for distribution 优先股股东选择， a系优先股股东可at the option of holders of at least _% of 以要求公司以可合法分配资金以原始the series a preferred commencing any time 购买价加所有累积未付股息 赎回其after the fifth anniversary of

52、 the closing at a 所持有的a系优先股。 赎回将在三年price equal to the original purchase price a系优先股股东提出赎回请求，其他所redemption shall occur in three equal annual有a系优先股都将被可赎回除明确选portions. upon a redemption request fromthe holders of the required percentage of the 择放弃上述权利的a系优先股股东series a preferred, all series a preferred 外

53、11。 shares shall be redeemed (except for any series a holders who affirmatively opt-out).11 inpractice, 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 the right to receive dividends on redemption co

54、uld 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 pr

55、ovided in the nvca model certificate of incorporation), then there is no section 305 issue. 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).due to statutory restrictions, it is unlikely that the company

56、 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 companys 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 be entitled to ele