風(fēng)險(xiǎn)投資中的條款清單(中英文樣本)

1、風(fēng)險(xiǎn)投資中的條款清單（樣本）本A系優(yōu)先股融資條款清單由中國政法大學(xué)法律碩士學(xué)院張章橋、董菲同學(xué)根據(jù)美國風(fēng)險(xiǎn)投資協(xié)會(huì)（National Venture Capital Association）所提供的文本翻譯。翻譯時(shí)略有刪改。本條款清單僅供教學(xué)使用，請勿用于商業(yè)用途。中文翻譯英文原文_公司A系優(yōu)先股融資條款清單 _，200_ TERM SHEETFOR SERIES A PREFERRED STOCK FINANCING OFINSERT COMPANY NAME, INC. _, 200_本條款清單概括了_公司，一家特拉華公司（“公司”）A系優(yōu)先股融資的主要條款。考慮到涉及此項(xiàng)投資的投資人已投

2、入和將投入的時(shí)間和成本，無論此次融資是否完成，本條款清單之限制出售/保密條款、律師及費(fèi)用條款對公司都具有強(qiáng)制約束力。未經(jīng)各方一致簽署并交付的最終協(xié)議，本條款清單之其他條款不具有強(qiáng)制約束力。本條款清單并非投資人進(jìn)行投資的承諾，其生效以完成令投資人滿意的盡職調(diào)查、法律審查和文件簽署為條件。本條款清單各方面受特拉華州法律管轄。This Term Sheet summarizes the principal terms of the Series A Preferred Stock Financing of _, Inc., a Delaware corporation (the “Company”)

3、. 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

4、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 She

5、et shall be governed in all respects by the laws of the State of Delaware.出資條款：Offering Terms交割日：當(dāng)公司接受此條款清單且交割條件完備時(shí)即盡快交割（“交割”）。（若需要多次交割，請與此寫明。）Closing Date:As soon as practicable following the Companys acceptance of this Term Sheet and satisfaction of the Conditions to Closing (the “Closing”). provi

6、de for multiple closings if applicable投資人：投資人1: 股（ %），$ 投資人2: 股（ %），$ 以及投資人和公司一致同意的其他投資人Investors:Investor No. 1: _ shares (_%), $_Investor No. 2: _ shares (_%), $_as well other investors mutually agreed upon by Investors and the Company融資金額：$ ，含由過渡貸款轉(zhuǎn)換的本金及利息 1Amount Raised:$_, including $_ from the

7、 conversion of principal and interest on bridge notes. Modify this provision to account for staged investments or investments dependent on the achievement of milestones by the Company.每股價(jià)格：$ 每股 （以下文所列公司資本結(jié)構(gòu)表為依據(jù)）(“原始購買價(jià)”）Price Per Share:$_ per share (based on the capitalization of the Company set for

8、th below) (the “Original Purchase Price”).融資前估價(jià)：原始購買價(jià)以充分稀釋融資前估價(jià)$_和融資后估價(jià)$_為基礎(chǔ)計(jì)算(含充分稀釋的融資后資本中員工股預(yù)留 )Pre-Money Valuation:The Original Purchase Price is based upon a fully-diluted pre-money valuation of $_ and a fullydiluted post-money valuation of $_ (including an employee pool representing _% of the f

9、ullydiluted post-money capitalization). 資本結(jié)構(gòu)表：交割前后公司資本結(jié)構(gòu)表請見附件一。Capitalization:The Companys capital structure before and after the Closing is set forth as Exhibit A.公司章程2CHARTER The Charter is a public document, filed with the Delaware Secretary of State, that establishes all of the rights, preferenc

10、es, 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 Stoc

11、k.股息分配： 可選方案1: 當(dāng)普通股分配股息時(shí)，A系優(yōu)先股按視為轉(zhuǎn)換成普通股參與分配 可選方案2: 經(jīng)董事會(huì)宣布，A系優(yōu)先股以每股 分配非累積性股息 可選方案3: A系優(yōu)先股按年利率 %分配累積性股息按年度計(jì)算復(fù)利，于公司清算或贖回股份時(shí)可分配。其他股息或分紅，按視為轉(zhuǎn)換成普通股參與普通股分配。3Dividends:Alternative 1: Dividends will be paid on the Series A Preferred on an asconverted basis when, as, and if paid on the Common Stock Alternativ

12、e 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 redempt

13、ion. For any other dividends or distributions, participation with Common Stock on an as-converted basis. 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 a

14、lternative 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. 清算優(yōu)先受償權(quán)：公司如因任何原因清算、解散或停業(yè)清理過程，公司收益將作如下分配：可選方案1（優(yōu)先股不參與分配）:首先,每股A系優(yōu)先股按一倍原始購買價(jià)加累計(jì)股息加已宣布但未付股息分配。其余分配給普

15、通股股東可選方案2（優(yōu)先股充分參與分配）:首先，每股A系優(yōu)先股按一倍原始購買價(jià)加累計(jì)股息加已宣布未付股息 分配。然后優(yōu)先股按視為轉(zhuǎn)換成普通股參與普通股分配可選方案3（優(yōu)先股限制參與分配）:首先，每股A系優(yōu)先股按一倍原始購買價(jià)加累計(jì)股息加已宣布未付股息 分配。然后優(yōu)先股按視為轉(zhuǎn)換成普通股參與普通股分配，直至A系優(yōu)先股股東獲得總計(jì) 倍于原始購買價(jià)的分配公司的兼并或合并（公司原股東擁有存續(xù)公司或收購公司的發(fā)行在外股票過半數(shù)表決權(quán)的情形除外）， 以及公司出售、租賃、轉(zhuǎn)讓或以其他方式處置公司全部或大部分資產(chǎn)的行為，應(yīng)當(dāng)視為公司清算事項(xiàng)(視為清算事項(xiàng))，并導(dǎo)致上述清算優(yōu)先權(quán)得以產(chǎn)生除非 的A系優(yōu)先股股東投

16、票反對這種處理。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

17、 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

18、 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

19、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 Comp

20、any 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 Company will be treated as a liquidation event (a “Deemed Liquidation Event”), thereby triggering

21、payment of the liquidation preferences described above unless the holders of _% of the Series A Preferred elect otherwise. 表決權(quán)：除下列情形外，A系優(yōu)先股股東在視為轉(zhuǎn)換成普通股的基礎(chǔ)上與普通股股東一起表決，而不能作為獨(dú)立表決團(tuán)體：（i）A系優(yōu)先股股東作為一個(gè)團(tuán)體有權(quán)選舉 名董事會(huì)成員（A系董事）;(ii)出現(xiàn)如下文所示“保護(hù)性條款”之情況;（iii）法律另有的其他規(guī)定。公司章程應(yīng)當(dāng)規(guī)定，經(jīng)優(yōu)先股和普通股股東多數(shù)同意，并作為一個(gè)表決團(tuán)體集體表決（不經(jīng)普通股股東單獨(dú)表決），公

22、司可以增加或減少授權(quán)發(fā)行的股票數(shù)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 provid

23、ed under “Protective Provisions” below or (iii) as required by law. The Companys 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

24、 class, and without a separate class vote by the Common Stock. 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. 保護(hù)性條款：只要有_寫明固定數(shù)量、百分比或任何 A系優(yōu)先股仍發(fā)行在外，未經(jīng)至少 A系優(yōu)先股股東書面同意，公司不得直接或變相進(jìn)行兼并、合并或下列其他

25、業(yè)務(wù)：（i）清算、解散或停業(yè)清理，或進(jìn)行任何視為清算事項(xiàng);(ii)以不利于A系優(yōu)先股股東的方式修改、變更或撤銷公司章程或細(xì)則中的任何條款5（iii）創(chuàng)設(shè)、授權(quán)創(chuàng)設(shè)或發(fā)行可轉(zhuǎn)換或可行使擁有優(yōu)于或同等于A系優(yōu)先股之權(quán)利、優(yōu)待或特權(quán)的公司證券，或增加發(fā)行A系優(yōu)先股授權(quán)數(shù)量；(iv)優(yōu)于A系優(yōu)先股，對任何股份予以收購、贖回或分配股息。由于前員工的雇傭（或顧問的服務(wù)）關(guān)系的終止，以低于公平市場價(jià)回購其股份的除外由董事會(huì)（含 位A系董事）同意的除外；(v)發(fā)行或授權(quán)發(fā)行任何公司債券若公司總計(jì)負(fù)債因此超過_設(shè)備租賃或銀行信用額度除外無股權(quán)特征的負(fù)債除外此類債券獲得董事會(huì)（含 位A系董事）事先同意的除外；（v

26、i）增加或減少董事會(huì)成員人數(shù)。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 Companys Series A Preferred, either directly or by amendment, merger, consolidatio

27、n, or otherwise: (i) liquidate, dissolve or windup 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; Note that as a matter of background law,

28、 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 se

29、ries are entitled to a separate series vote on the amendment. (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 t

30、he 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 fai

31、r 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 aggregate indebtedness would exceed $_other than equipment leases or bank lines of creditother than debt wi

32、th 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. 可選擇轉(zhuǎn)換：A系優(yōu)先股股東有權(quán)將其擁有每一A系優(yōu)先股隨時(shí)轉(zhuǎn)換為普通股，每一A系優(yōu)先股可轉(zhuǎn)換為普通股的數(shù)量為原始購買價(jià)除以轉(zhuǎn)換時(shí)的A系優(yōu)先股轉(zhuǎn)換價(jià)（定義如下）

33、。最初的A系優(yōu)先股轉(zhuǎn)換價(jià)應(yīng)當(dāng)原始購買價(jià)。A系優(yōu)先股轉(zhuǎn)換價(jià)應(yīng)當(dāng)根據(jù)普通股的配股、股票分割、股票合并等類似事項(xiàng)，以及如下“反稀釋條款”所述內(nèi)容進(jìn)行調(diào)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 Pur

34、chase 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 divid

35、ends, splits, combinations and similar events and as described below under “Anti-dilution Provisions.”反稀釋條款：若公司以低于現(xiàn)行A系優(yōu)先股轉(zhuǎn)換價(jià)的價(jià)格發(fā)行新的股票，該轉(zhuǎn)換價(jià)格應(yīng)按下列公式調(diào)整： 可選方案1“典型”加權(quán)平均數(shù)：CP2=CP1*(A+B)/(A+C) CP2=新A系優(yōu)先股轉(zhuǎn)換價(jià)CP1=新股發(fā)行前實(shí)際A系優(yōu)先股轉(zhuǎn)換價(jià)A=新股發(fā)行前視為已發(fā)行的普通股數(shù)量（含所有已發(fā)行的普通股，所有視為已轉(zhuǎn)換的已發(fā)行優(yōu)先股，以及所有已發(fā)行的可行使期權(quán);不含轉(zhuǎn)入此輪融資的任何可轉(zhuǎn)換證券）B=公司此次發(fā)行

36、預(yù)計(jì)融資總額除以CP1C=本次交易中股票發(fā)行數(shù)量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” weighte

37、d average:CP2 = CP1 * (A+B) / (A+C)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 new issue (includes all shares of outstanding common stock, all shares of outsta

38、nding 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 CP1C=Number of

39、 shares of stock issued in the subject transaction可選方案2：完全棘輪方案轉(zhuǎn)換價(jià)降到與新發(fā)行價(jià)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.可選方案3：無基于價(jià)格調(diào)整的反稀釋措施Alternative 3: No price-based anti-dilution protection.下列發(fā)行不導(dǎo)致反稀釋調(diào)整6：（i）可發(fā)行

40、證券是基于任何A系優(yōu)先股轉(zhuǎn)換后產(chǎn)生，或作為A系優(yōu)先股的股息或分紅；（ii）可發(fā)行證券是基于任何信用債券，認(rèn)股權(quán)證，期權(quán)或其它可轉(zhuǎn)換證券轉(zhuǎn)換后產(chǎn)生；（iii）可發(fā)行普通股是基于股票分割，配股，或任何普通股的細(xì)分而產(chǎn)生；（iv）普通股（或認(rèn)購該類普通股的期權(quán)）發(fā)行或可發(fā)行給公司的員工、董事、顧問，是基于公司董事會(huì)董事（含至少_名A系董事）同意的任何股權(quán)計(jì)劃而產(chǎn)生的；（v）普通股發(fā)行或可發(fā)行給銀行，設(shè)備出租人，是基于公司董事會(huì)董事（含至少_名A系董事）同意的債務(wù)融資，設(shè)備租賃或不動(dòng)產(chǎn)租賃交易而產(chǎn)生的。The following issuances shall not trigger anti-dil

41、ution adjustment: Note that additional exclusions are frequently negotiated, such as issuances in connection with equipment leasing and commercial borrowing.(i) securities issuable upon conversion of any of the Series A Preferred, or as a dividend or distribution on the Series A Preferred; (ii)

42、 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

43、 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

44、financing, equipment leasing or real property leasing transaction approved by the Board of Directors of the Corporation , including at least _ Series A Director(s).強(qiáng)制性轉(zhuǎn)換：若（i）公開發(fā)行價(jià)格高于_倍原始購買價(jià)承銷所有股票，且公司所取得的凈/總收入不低于_(“合格公開發(fā)行QPO”)，或 （ii）經(jīng)A系優(yōu)先股股東書面同意，在具有包銷承諾的有保薦人的公開發(fā)行交割時(shí)，每股A系優(yōu)先股將自動(dòng)以當(dāng)時(shí)適當(dāng)?shù)霓D(zhuǎn)換率轉(zhuǎn)換為普通股。（適用普通股股息

45、，分割，合并及類似調(diào)整業(yè)務(wù)）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

46、 Price (subject to adjustments for stock dividends, splits, combinations and similar events) and 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. The per share test ensures that the investor ac

47、hieves 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.出資人參與交易:除非董事會(huì)決定含多數(shù)A系董

48、事投票決定允許主要投資人放棄參與權(quán)，在之后的公司再融資交易中，所有主要投資人都必須充分行使其參與權(quán)(如下文“投資人權(quán)利協(xié)議按比例參與未來交易”所述)除非%A系優(yōu)先股股東投票同意不按此方案處理，否則任何未行使上述參與權(quán)A系優(yōu)先股8的主要 投資人所持有的全部A系優(yōu)先股都將喪失反稀釋權(quán)利喪失未來交易參與權(quán)如果可適用，轉(zhuǎn)換為普通股并喪失董事席位9。Pay-to-Play: Unless the holders of _% of the Series A elect otherwise, on any subsequent down round all Major Investors are requi

49、red 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

50、 Directors). All shares of Series A Preferred Alternatively, this provision could apply on a proportionate basis (e.g., if Investor plays for ½ of pro rata share, receives ½ of antidilution adjustment). of any Major Investor failing to do so will automatically lose anti-dilution rights los

51、e right to participate in future rounds convert to Common Stock and lose the right to a Board seat if applicable. 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 s

52、o-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

53、convert to common.贖回權(quán)10:交割后第五年開始，經(jīng)至少%的A系優(yōu)先股股東選擇， A系優(yōu)先股股東可以要求公司以可合法分配資金以原始購買價(jià)加所有累積未付股息 贖回其所持有的A系優(yōu)先股。 贖回將在三年內(nèi)分階段等額完成。如符合規(guī)定比例的A系優(yōu)先股股東提出贖回請求，其他所有A系優(yōu)先股都將被可贖回除明確選擇放棄上述權(quán)利的A系優(yōu)先股股東外11。Redemption Rights: Redemption rights allow Investors to force the Company to redeem their shares at cost plus a small guarant

54、eed 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 the right to receive dividends on redemption could give rise to a Code Section 305 “deemed dividend”

55、 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

56、), then there is no Section 305 issue. The Series A Preferred shall be redeemable 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