PE投资协议条款样本(NVCA中英文对照版)

1、PE投资协议条款样本中文英文TERM SHEET 公司 A 系优先股融资FOR SERIES A PREFERRED STOCK FINANCING OF条款清单INSERT COMPANY NAME， INC.，本条款清单概括了公司，This Term Sheet summarizes the principal terms of一家 公司（“公司”） Athe Series A Preferred Stock Financing of系优先股融资的主要条款。考虑到 ， Inc.， a Delaware corporation涉及此项投资的投资人已投入和将(the“Company” ). I

2、n consideration of the time投入的时间和成本，无论此次融资and expense devoted and to be devoted by the是否完成，本条款清单之限制出售Investors with respect to this investment， the No/ 保密条款、律师及费用条款对公Shop/Confidentiality and Counsel and Expenses司都具有强制约束力。未经各方一provisions of this Term Sheet shall be binding致签署并交付的最终协议，本条款obligations o

3、f the Company whether or not the清单之其他条款不具有强制约束financing is consummated. No other legally力。本条款清单并非投资人进行投binding obligations will be created until资的承诺，其生效以完成令投资人definitive agreements are executed and delivered满意的尽职调查、法律审查和文件by all parties. This Term Sheet is not a签署为条件。本条款清单各方面受commitment to invest， a

4、nd is conditioned on the第1页共28页法律管辖。completion of due diligence， legal review anddocumentation that is satisfactory to theInvestors. This Term Sheet shall be governed inall respects by the laws of the State ofDelaware.出资条款：交割日：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。）投资人：投资人 1:股（ % ），$投资人 2:股（

5、% ），$ 以及投资人和公司一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 1Offering TermsClosing Date:As soon as practicable following theCompanys acceptance of this Term Sheet andsatisfaction of the Conditions to Closing(the “ Closing” ). provide for multipleclosings if applicableInvestors:Investor No. 1: shares (%) ，$Inves

6、tor No. 2: shares (%) ，$as well other investors mutually agreed uponby Investors and the CompanyAmount Raised:$ ， including $ fromthe conversion of principal and interest onbridge notes.每股价格：$每股（以下文所列公司资本结构表为依据）Price Per Share:$ per share (based on the第2页共28页( “原始购买价”）capitalization of the Company s

7、et forthbelow) (the “Original Purchase Price” ).融资前估价：原始购买价以充分稀释融资前估价 $ 和融资后估价Pre-Money Valuation:The Original Purchase Price is based upon a$ 为基础计算 ( 含充分稀释的融资后资本中员工股fully-diluted pre-money valuation of $预留 )and a fully-diluted post-money valuation of$ (including an employee poolrepresenting % of th

8、e fully-diluted post-money capitalization).资本结构表：交割前后公司资本结构表请见附件一。Capitalization:The Companys capital structure before andafter the Closing is set forth as Exhibit A.公司章程 2CHARTER股息分配： 可选方案 1:当普通股分配股息时，A 系优先股按视为Dividends:Alternative 1: Dividends will be paid on转换成普通股参与分配the Series A Preferred on an

9、as-converted 可选方案 2:经董事会宣布，A 系优先股以每股basis when ， as ， and if paid on the Common分配非累积性股息Stock 可选方案 3: A 系优先股按年利率 %分配累积性股息Alternative 2: Non-cumulative dividends 按年度计算复利 ，于公司清算或赎回股份时可分配。其will be paid on the Series A Preferred in an他股息或分红，按视为转换成普通股参与普通股分配 。 3amount equal to $ per share of Series第3页共28页

10、A Preferred when and if declared by theBoard.Alternative 3: The Series A Preferred willcarry an annual % cumulative dividendcompounded annually， payable upon aliquidation or redemption. For any otherdividends or distributions， participationwith Common Stock on an as-converted basis.清算优先受偿权：公司如因任何原因清

11、算、解散或停业清理过程，公司收益LiquidationIn the event of any liquidation， dissolution将作如下分配：Preference:or winding up of the Company， the proceeds 可选方案1（优先股不参与分配）: 首先，每股 A 系优先shall be paid as follows:股按 倍原始购买价 加累计股息 加已宣布但未付Alternative 1 (non-participating Preferred股息 分配。其余分配给普通股股东Stock): First pay one times the Or

12、iginal 可选方案2（优先股充分参与分配）: 首先，每股 A 系优Purchase Price plus accrued dividends plus先股按 倍原始购买价 加累计股息 加已宣布未付股declared and unpaid dividends on each share息 分配。然后优先股按视为转换成普通股参与普通股分of Series A Preferred. The balance of any配 proceeds shall be distributed to holders of 可选方案3（优先股限制参与分配）: 首先，每股 A 系优Common Stock.先股按

13、 倍原始购买价 加累计股息 加已宣布未付Alternative 2 (full participating Preferred股息 分配。然后优先股按视为转换成普通股参与普通股Stock): First pay one times the Original分配，直至 A 系优先股股东获得总计 倍于原始购买Purchase Price plus accrued dividends plus价的分配 declared and unpaid dividends on each shareof Series A Preferred. Thereafter， the第4页共28页Series A Pre

14、ferred participates with the公司的兼并或合并（公司原股东拥有存续公司或收购公司Common Stock on an as-converted basis.的发行在外股票过半数表决权的情形除外），以及公司Alternative 3 (cap on Preferred Stock出售、租赁、转让或以其他方式处置公司全部或大部分资participation rights): First pay one times产的行为，应当视为公司清算事项( 视为清算事项 ) ，并导the Original Purchase Price plus accrued致上述清算优先权得以产生

15、 除非 的 A 系优先股股dividends plus declared and unpaid东投票反对这种处理 。dividends on each share of Series APreferred. Thereafter， Series A Preferredparticipates with Common Stock on an as-converted basis until the holders of Series APreferred receive an aggregate of times the Original Purchase Price.A merger or c

16、onsolidation (other than one inwhich stockholders of the Company own amajority by voting power of the outstandingshares of the surviving or acquiringcorporation) and a sale， lease ， transfer orother disposition of all or substantially allof the assets of the Company will be treatedas a liquidation e

17、vent (a“ DeemedLiquidation Event ” ) ， thereby triggeringpayment of the liquidation preferencesdescribed above unless the holders of %第5页共28页of the Series A Preferred elect otherwise.表决权：1.除下列情形外， A 系优先股股东在视为转换成普通股Voting Rights:The Series A Preferred Stock shall vote的基础上与普通股股东一起表决，而不能作为独立表决团together

18、 with the Common Stock on an as-体：converted basis ， and not as a separate（ i ） A 系优先股股东作为一个团体有权选举 名董事class ， except (i) the Series A Preferred as会成员（ A 系董事）；a class shall be entitled to elect (ii)出现如下文所示“保护性条款”之情况；( ) members of the Board (the“ Series A（ iii）法律另有的其他规定。Directors” ) ， (ii) as provided

19、 under公司章程应当规定，经优先股和普通股股东多数同意，并“Protective Provisions” below or (iii) as作为一个表决团体集体表决（不经普通股股东单独表required by law.决），公司可以增加或减少授权发行的股票数量4。The Companys Certificate of Incorporationwill provide that the number of authorizedshares of Common Stock may be increased ordecreased with the approval of a majority

20、 ofthe Preferred and Common Stock ， votingtogether as a single class， and without aseparate class vote by the Common Stock.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ProtectiveSo long as insert fixed number， or % ， or发行在外，未经至少 A 系优先股股东书面同意，公Provisions:“any” shares of Series A Preferred are司不得直接或变相进行兼并、合并或下列其他业务：

21、outstanding ， the Company will not， without（ i ）清算、解散或停业清理，或进行任何视为清算事the written consent of the holders of at项；least % of the Companys Series A(ii)以不利于 A 系优先股股东的方式 修改、变更或撤销Preferred， either directly or by amendment，第6页共28页5merger， consolidation， or otherwise:公司章程或细则中的任何条款（ iii ）创设、授权创设或发行可转换或可行使拥有优于

22、(i) liquidate， dissolve or wind-up the或同等于 A 系优先股之权利、优待或特权的公司证券，或affairs of the Company， or effect any Deemed增加发行 A 系优先股授权数量；Liquidation Event； (ii) amend ， alter， or(iv)优于 A 系优先股，对任何股份予以收购、赎回或分配repeal any provision of the Certificate of股息。 由于前员工的雇佣（或顾问的服务）关系的终Incorporation or Bylaws in a manner adv

23、erse止，以低于公平市场价回购其股份的除外 由董事会（含to the Series A Preferred； (iii) create or 位 A 系董事）同意的除外 ；authorize the creation of or issue any other(v)发行或授权发行任何公司债券 若公司总计负债因此超security convertible into or exercisable for过 设备租赁或银行信用额度除外 无股权特征的any equity security， having rights，负债除外 此类债券获得董事会（含 位 A 系董事）事preferences or

24、privileges senior to or on先同意的除外 ；parity with the Series A Preferred， or（ vi ）增加或减少董事会成员人数。increase the authorized number of shares ofSeries A Preferred； (iv) purchase or redeemor pay any dividend on any capital stockprior to the Series A Preferred， other thanstock repurchased from former employees

25、orconsultants in connection with the cessationof their employment/services， at the lowerof fair market value or cost； other thanas approved by the Board， including theapproval of Series A Director(s)；or (v) create or authorize the creation of第7页共28页any debt security if the Company saggregate indebte

26、dness would exceed$other than equipment leases or banklines of creditother than debt with noequity featureunless such debt security hasreceived the prior approval of the Board ofDirectors， including the approval of Series A Director(s)； (vi)increase or decrease the size of the Board ofDirectors.可选择转

27、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Optional Conversion:Each share of the Series A Preferred shall be普通股，每一 A 系优先股可转换为普通股的数量为原始购convertible， at the option of the holder买价除以转换时的 A 系优先股转换价（定义如下）。最初thereof ， at any time， into such number of的 A 系优先股转换价应当原始购买价。A 系优先股转换价shares of Common Stock as is determined by

28、应当根据普通股的配股、股票分割、股票合并等类似事dividing the Series A Original Purchase Price项，以及如下“反稀释条款”所述内容进行调整。by Series A Preferred Conversion Price (asdefined below) in effect at the time ofconversion. The“ Series A PreferredConversion Price” shall initially be equalto $(the Series A Original PurchasePrice). Such ini

29、tial Series A Conversionprice is subject to adjustments for stockdividends， splits， combinations and similar第8页共28页events and as described below under“Anti-dilution Provisions.”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Anti-dilutionIn the event that the Company issues票，该转换价格应按下列公式调整：Provisions:additional secu

30、rities at a purchase price 可选方案 1“典型”加权平均数：less than the current Series A PreferredCP2=CP1*(A+B)/(A+C)Conversion Price， such conversion priceCP2=新 A 系优先股转换价shall be adjusted in accordance with theCP1=新股发行前实际 A 系优先股转换价following formula:A=新股发行前视为已发行的普通股数量（含所有已发行的Alternative 1:“ Typical ” weighted普通股，所

31、有视为已转换的已发行优先股，以及所有已发average:行的可行使期权；不含转入此轮融资的任何可转换证券）CP=CP1* (A+B) / (A+C)2B=公司此次发行预计融资总额除以CP1CP2= New Series A Conversion PriceC=本次交易中股票发行数量 CP1= Series A Conversion Price in effectimmediately prior to new issueA = Number of shares of Common Stock deemedto be outstanding immediately prior to newiss

32、ue (includes all shares of outstandingcommon stock ， all shares of outstandingpreferred stock on an as-converted basis，and all outstanding options on an as-exercised basis ； and does not include anyconvertible securities converting into thisround of financing)第9页共28页 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

33、：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（或认购该类普通股的期权）发行或可发行给公司的员工、董事、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B = Aggregate consi

34、deration received by the Corporation with respect to the new issuedivided by CP1C= Number of shares of stock issued in thesubject transactionAlternative 2: Full-ratchet the Series APreferred Conversion Price will be reduced tothe price at which the new shares areissued.Alternative 3: No price-based

35、anti-dilutionprotection.The following issuances shall not triggeranti-dilution adjustment:(i) securities issuable upon conversion ofany of the Series A Preferred， or as adividend or distribution on the Series APreferred； (ii) securities issued upon theconversion of any debenture， warrant，option ， or

36、 other convertible security；(iii) Common Stock issuable upon a stocksplit， stock dividend， or any subdivisionof shares of Common Stock； and (iv) sharesof Common Stock (or options to purchase such第10页共28页融资，设备租赁或不动产租赁交易而产生的。shares of Common Stock) issued or issuable toemployees or directors of， or co

37、nsultantsto ， the Company pursuant to any planapproved by the Company s Board of Directorsincluding at least Series ADirector(s) (v) shares of Common Stockissued or issuable to banks， equipmentlessors pursuant to a debt financing，equipment leasing or real property leasingtransaction approved by the

38、Board ofDirectors of the Corporation ， including atleast Series A Director(s).强制性转换：若（ i ）公开发行价格高于 倍原始购买价承销所有股Mandatory Conversion:Each share of Series A Preferred will票，且公司所取得的 净 / 总 收入不低于 ( “合格公开automatically be converted into Common Stock发行 QPO”) ，或at the then applicable Series A Preferred（ ii ）经

39、 A 系优先股股东书面同意，在 具有包销承诺Conversion Price in the event of the closing的 有保荐人的公开发行交割时，每股A 系优先股将自动of a firm commitment underwritten public以当时适当的转换率转换为普通股。（适用普通股股息，offering with a price of times the分割，合并及类似调整业务）Original Purchase Price (subject toadjustments for stock dividends， splits，combinations and simi

40、lar events) andnet/gross proceeds to the Company of notless than $ (a“ QPO” ) ， or (ii)第11页共28页出资人参与交易 :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

41、通股并丧失董事席位 9。赎回权 :交割后第五年开始，经至少% 的 A 系优先股股东选择，A 系优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upon the written consent of the holders of % of the Series A Preferred.Pay-to-Play:Unless the holders of % of the Series Aelect otherwise， on any subsequent downround all Major In

42、vestors are required toparticipate to the full extent of theirparticipation rights (as described belowunder “ Investor Rights Agreement Right toParticipate Pro Rata in Future Rounds” ) ，unless the participation requirement iswaived for all Major Investors by the Board(including vote of a majority of

43、 theSeries A Directors). All shares of SeriesA Preferred of any Major Investor failingto do so will automatically lose anti-dilution rights lose right to participatein future rounds convert to Common Stockand lose the right to a Board seat ifapplicable.Redemption Rights:The Series A Preferred shall

44、be redeemablefrom funds legally available for distributionat the option of holders of at least % ofthe Series A Preferred commencing any time第12页共28页的 A 系优先股股东提出赎回请求，其他所有A 系优先股都after the fifth anniversary of the Closing at将被可赎回 除明确选择放弃上述权利的A系优先股股东a price equal to the Original Purchase Price外 11 。plu

45、s all accrued but unpaid dividends.Redemption shall occur in three equal annualportions. Upon a redemption request from theholders of the required percentage of theSeries A Preferred， all Series A Preferredshares shall be redeemed (except for anySeries A holders who affirmatively opt-out).第13页共28页股份买卖协议书Stock Purcha