PE投资协议条款样本NVCA中英文对照版0001

1、风险投资中的条款清单（样本）中文英文公司A系优先股融资条款清单TERM SHEETFOR SERIES A PREFERRED STOCK FINANCING OF INSERT COMPANY NAMNC., 200 , 200本条款清单概才&了公司，一家特拉华公司（“公亘”）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

2、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。This Term Sheet summarizes the principal terms of the Series A Preferred Stock Financing of ,_Inc., a Delaware corporation (the a Company ). In consideration of the time and expense devoted and to be devoted by the Investors with respect to this investment

3、, 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. Th

4、is 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 ofDelaware.出资条款:投资人:投资人1： 股（% ）,$投资人2: 股（% ）,$以及投资人和公司一

5、致同意的其 他投资人融资金额：$，含由过渡贷款转换的本金及利息$ 1当公司接受此条款清单且交割条 件完备时即尽快交割（“交 割”）。（若需要多次交割,请与 此写明。）OfferingTermsClosing As soon as practicable following Date:the Company s acceptance of thisTerm Sheet and satisfaction of the Conditions to Closing (the “Closing " ). provide formultiple closings if applicable In

6、vestors:Investor No. 1: shares(%), $Investor No. 2: shares (%), $as well other investors mutually agreed upon by Investors and the CompanyAmount$, includingRaised:$ from the conversion ofprincipal and interest on bridge notes. Modify this provision to account for staged investments or investments de

7、pendent on the achievement of milestones by the Company.每股价格：$每股（以下文所列公司资本结构表为 依据）（“原始购买价”）Price PerShare:融资前估价：原始购买价以充分稀释融资前估Pre-Money价$和融资后估价Valuation:$为基础计算（含充分稀释的融资后资本中员工股预留%）资本结构表：交割前后公司资本结构表请见附 件一。公司章程2股息分配:可选方案1:当普通股分醉 股息时，A系优先股 按视为转换成普通股 参与分配可选方案2:经董事会宣Capitalizatio n:Dividends:$ per share (

8、based on the capitalization of the Company set forth below) (the “ Original Purchase Price ” ).The Original Purchase Price is based upon a fully-diluted premoney valuation of $ and a fully-diluted post-money valuation of $ (including an employee pool representing % of the fully-diluted post-money ca

9、pitalization).The Company s capital structure before and after the Closing is set forth as Exhibit A.CHARTERAlternative 1: Dividends will be paid on the Series A Preferred on an as-converted basis when, as, and if paid on the CommonThe Charter is a public document, filed with the Delaware Secretary

10、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 S

11、tock options priced at a discount to the Preferred Stock.Alternative2:Non-cumulativedividends 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.布，A系优先股以每 股$分配非累 积性股息可选方案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

12、分红，按视为转换成普通股参与 普通股分配。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

13、cash or in common shares valued at fair market value. The latter are referred to as-in-kind) dividenidls. (paymentStockAlternative 3:The Series APreferred will carry an annual % cumulative dividend compounded annually, payable upon a liquidation or redemption. For any other dividends or distribution

14、s, participation with Common Stock on an as-converted basis. 3清算优先受偿权：公司如因任何原因清算、解散或 停业清理过程，公司收益将作如 下分配：可选方案1 （优先股不参与分 配）:首先，每股A系优先股一按 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

15、付股息分配。 然后优先股按视为转换成普通股 参与普通股分醉,直至A系优先 股股东获得总计倍于原始 购买价的分配公直的兼并或合并（公社原股东 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、LiquidationPreference: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):Fi

16、rst payone 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.Alternative2 (fullparticipating Preferred Stock): First pay one times the Original P

17、urchase Price plus accrued dividends plus declared and unpaid dividends on each share of Series A Preferred. Thereafter, the Series A Preferred participates with the CommonStock on an as-converted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以产生 除非%的A系优先股股东 投票反对这种处理。basis.Alternative 3 (

18、cap on Preferred Stockparticipation rights):First pay one times the Original PurchasePrice plusaccrued 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

19、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

20、 all or substantially all of the assets of the Company will be treated as表决权：除下列情形外，A系优先股股东 在视为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.应当规岸,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)，公社可以增 加或减少授权发行的股票数量4Voting Rights:a liqu

21、idation 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 SeriesA Preferred Stockshall votetogether with theCommonStock on an as-converted basis, andnot as a sepa

22、rateclass, except (i) the Series A Preferred as a classshall beentitled to elect (_) members of the Board (the “Series A Directors " ), (ii) as provided under a Protective Provisions ” below or (iii)asrequired by law.The Company s CertificateofIncorporation will provide that the number of autho

23、rized shares of CommonStock may be increased or decreased with the approval of a majority of the Preferred and保护性条款：只要有写明固定数量、百分 比或任何A系优先股仍发行在 外，未经至少% 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 章程或细则中的任彳条款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 干A系优先股之权

24、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ProtectiveProvisions:CommonStock, voting together as a single class, and without a separate class vote by the Common Stock. 4So long as insert fixed number, or %, or“any” shares ofSeries A Preferred are outstanding, the Company will not, without the writ

25、ten 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

26、Certificate of Incorporation or Bylaws in a manner adverse toFor California corporations, one cannot " optout " of the statutory requirement of a separate class vote by Common Stockholders to authorizeshares of Common Stock.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

27、）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。the Series A Preferred; 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 alte

28、r the rights, preferences and powers of one series of Preferred Stock, but notsimilarly adversely alter the entire class of allPreferred Stock, then the holders of that series are entitled to a separate series vote on the amendment. (iii) create or authorize the creation of or issue any other securi

29、ty 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 Seri

30、es A Preferred, otherthanstock 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

31、可选择转换：A系优先股股东有权将其拥有每 一 A系优先股随时转换为普通 股，每一 A系优先股可转换为普 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 转换价一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 述内容进行调整。OptionalConversion:creation of any debt security if the Company s aggregate indebtednesswould exceed$otherthanequipmentleases or bank

32、 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(s); (vi) increase or decrease the size of the Board of Directors.Each shareof theSeries APreferred shall be convertib

33、le, at the option of the holder thereof, at any time,into suchnumber of shares of CommonStock 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 “ sha

34、ll反稀释条款：若公司以低于现行A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：CP=CP*(A+B)/(A+C)CP2=新A系优先股转换价CP=新股发行前实际A系优先股转换价A喇股发行前视为已发 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 及所有已发行的可行 使期权；不含转入此Anti-dilutionProvisions:initially be equal to $ (the Series A Original Purchase Price). Such initial Series A Conver

35、sion price is subject to adjustments for stock dividends, splits, combinations and similar events and as described below under“Anti -dilutionProvisions.”In the event that the Company issues additional securities at a purchase price less than the current SeriesAPreferredConversion Price,suchconversio

36、nprice shall be adjusted in accordance withthefollowingformula:Alternative 1:"Typical ”weighted average:CP = CPi * (A+B) / (A+C)CP = New Series A Conversion PriceCP =Series A Conversion Price in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CRC沐次交易中股票发行 数量effect immediately prior to new issueA =Number of sharesof

37、 CommonStock deemed to be outstanding immediatelyprior tonew 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-exercisedbasis;and does notincludeany convertiblesecurities converting into thi

38、s round of financing)B =Aggregateconsiderationreceived by the Corporation with respect to the new issue divided by CPiC =Number of shares of stock issued in the subject transaction可选方案2:完全棘轮方案一转 换价降到与新发 行价一致Alternative 2: Full-ratchet the Series A Preferred Conversion Price will be reduced tothepric

39、e 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(或认购该类正通 股的期权)发行或可发行给公亘 的员工、董事、顾问，是基于公 亘!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

40、公包董 事会董事(含至少_名A系董Alternative3:No price-basedanti-dilution protection. The following issuances shall not trigger anti-dilution adjustment:Note that additional exclusions are frequently negotiated, such as issuances in connection with equipment leasing and commercial borrowing.(i) securities issuableu

41、ponconversion of any of the Series A Preferred, or as a dividend or distribution on the Series A Preferred;(ii) securitiesissued upon the conversion of any debenture, warrant, option, or other convertible security;(iii) CommonStock issuable upon a stock split, stock dividend, or any subdivision of s

42、hares of Common Stock; and (iv) shares of Common Stock(or optionstopurchase such shares of Common Stock) issuedor issuabletoemployees ordirectors of,orconsultants to, the Company强制性转换：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）公开发行价格高于倍 原始购买价承销所有股票,且公 司所取得的净/总、收入不低于 $_（ "合格公开发行QPO” ）,或（ii ）经口 % A系优先股股东书 面

43、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系优先股将自动以当时适当的 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）MandatoryConversion:pursuant to any plan approved by th e Company s Board of Directors including at least SeriesA Director(s)(v) shares of Common Stock issued or issuable to banks, equipment lessorspursuant to adebt financi

44、ng, equipment leasing orrealpropertyleasingtransaction approved by the Board ofDirectorsof theCorporation,includingat leastSeries 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 in the event o

45、f 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 net/gross proceeds to the出资人参与交易：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

46、参与权（如下文 “投资人权利协议一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 普通股并丧失董事席位9。Pay-to-Play:Company of not less than $ (a"QPO ), or(ii) upon the written consent of the holdersof %of theSeries A Preferred. 7Unless the holdersof % ofthe Series

47、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 underaInvestorRights Agreement Right toParticipate Pro Rata in Future Rounds ),unlesstheparticipationrequirement iswaived for all Major

48、 Investors by the Board (including vote of a majority of the Series A Directors).All shares ofSeries A Preferred 8 of any MajorThe 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 i

49、f 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-dilutiona

50、djustment).赎回权10:交割后第五年开始，经至少% Redemption 的A系优先股股东选择,A系优Rights: 10 先股股东可以要求公司以可合法 分配资金以原始购买价加所有 累积未付股息赎回其所持有的 A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系优先股股东提出赎回请 求，其他所有A系优先股都将被 可赎回除明确选择放弃上述权 利的A系优先股一股东外11。Investor failing to do so will automatically lose anti-dilution rights lose right to participate in fut

51、ure rounds convert to Common Stock and lose the rightto a Board seatifapplicable. 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-ca lled “ blank check preferre

52、d “ provisions at least to the extent necessary to enable the Board to issue a 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.The Series A Preferr

53、edshallberedeemable 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 oc

54、cur in three equal annual portions. Upon a陈述与保证：股份买卖协议书公包提供标准的陈述与保证.由公司创始人对技术所有权 等提供陈述与保证.Due to statutory restrictions, it is unlikely that the Company will be legally permitted to redeem in the very circumstanceswhere investors mostwant it (the so- called “ sideways situation " ), investoneti

55、wiesscequest that certain penalty provisions take effect where redemption has been requested but the Company" savailable cash flow does not permit such redemption - - e.g., the redemptionamount shall be paid in the form of a one-yearnoteto eachunredeemed holder of Series A Preferred, and the holders of a majority of the Series A Preferredshall be