PE投资协议条款样本(NVCA中英文对照版)

1、中文公司A系优先股融资条款清单 , 200风险投资中的条款清单（样本）英文TERM SHEETFOR SERIES A PREFERRED STOCK FINANCING OFINSERT COMPANY NAME , INC., 200_本条款清单概括了公司，一家特拉华公司（”公迎”）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讲行投资的承 诺，其生效以完成令

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

3、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. This Ter

4、m 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.出资条款:Offering Terms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

5、割”）。（若需要 多次交割，请与此写明。）投资人:投资人1: 股（%）,$投资人 2: 股（%）,$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 Companyacceptance of this Term Sheet and satisfaction of the Conditions to Closing (theClosing).provide for multiple closings if applicableInvestors:Investor No. 1: shares (_%),$In

6、vestor No. 2: shares (_%),$ as well other investors mutually agreed upon by Investors and the Company融资金额：$，含由过渡贷款转换的本金及利息$ Modify this provision to account for staged investments or investments dependent 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”）融资前估价：原始购买价以

7、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 theconversion of principal and interest on bridge notes.1Price Per Share: $ per share (based on the capitalization of the Company set forth below) (the Original Purchase Price).Pre-Money The Original Purchase Price is base

8、d upon aValuation:fully-diluted pre-money valuation of $and a fully-diluted post-money valuation of $ (including an employee pool representing % of the fully-diluted postmoney capitalization).Capitalization:The Company s capital strture before and after资本结构表：交割前后公证资本结构表请见附件一the Closing is set forth

9、as Exhibit A.公司章程2CHARTER 2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Dividends:Alternative 1: Dividends will be paid on the Series A Preferred on an as-converted basis when, as, and if paid on the Common StockAlternative 2: Non-cumulative dividends will be paid on the Series

10、 A Preferred in an amount equal to $ per share of Series A Preferred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。其他股息或分红，按视为转换成 普通股参与普通股分配。3when and if declared by the Board. Alternative 3: The Series A Preferred will carry an annual _% cumulative dividend compounded annually, payable upo

11、n a liquidation or redemption. For any other dividends or distributions, participation with Common Stock on an as-converted basisIn 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

12、 is converted. Another alternative 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-in-kind) dividendls. (payment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系优先股按一倍原始购 买价加

13、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 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 系优先股股东获彳#总计倍于原始 购买价的分配LiquidationPreference:In the event of any liquidation, dissolution or winding up of the Comp

14、any, the proceeds shall be paid as follows:Alternative 1 (non-participating Preferred Stock):First pay one times the OriginalPurchase 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 Co

15、mmon Stock.Alternative 2 (full participating Preferred Stock):First pay one times the OriginalPurchase Price plus accrued dividends plus declared 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.A

16、lternative 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 of Series A Preferred. Thereafter, Series A Preferred participates with Common Stock on an as-converted basis until the

17、holders of Series A Preferred receive an aggregate of timesthe 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 oth

18、er disposition of表决权：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以产生 除非%的A系优先股股东投票反 对这种处理。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 恚）；（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

19、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），公迎可以增加或减少授权发行 的股票数量4。Voting Rights:all or substantially all of the assets of the Company will be treated as a liquidation event (aDeemed Liquidation Event ), thereby triggering payment of the liquidation preferences described above unless the holders of _%

20、of the Series A Preferred elect otherwise.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

21、provided under( ProtectiveProvisions below or (iii) as required by law.The Company s 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 si

22、ngle class, and without a 4 separate class vote by the Common Stock.For California corporations, one cannot optout of the statutory requirement of a separate class vote by Common Stockholders to authorizeshares of 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

23、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(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 膛之权利、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 除外北由董事会(含位A系董 生)同意的除外;(v)发行或授权发行任何 公包债券若 公期总计负债因此超过$ _设备ProtectiveSo long as insert f

24、ixed number, or %, orProvisions:anW shares of Series A Preferred areoutstanding, the Company will not, without the written consent of the holders of at least _% of the Company sSeries A Preferred, either directly or by amendment, merger, consolidation, or otherwise:(i) liquidate, dissolve or wind-up

25、 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 manner5adverse to the Series A Preferred; (iii) create or authorize the creation of or issue any other security convertible into or exerc

26、isable 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 Series A Preferred, other than

27、 stock 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 creation of any debt se

28、curity if the Company s aggregateNote 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 alter the rights, preferences and powers of one series of Preferred Stock, but not similarly adversely a

29、lter the entire class of all Preferred Stock, then the holders of that series are entitled to a separate series vote on the amendment.租赁或银行信用额度除外北无股权特 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。可选择转换：A系优先股股东有权将其拥有每一 A Optional系优先股随时转换为普通股,每一 AConversion:系优先股可转换为普通股的数量为M 始购买价除以转换时的A系优先股转 换价(定义

30、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”所述内容进行调 整。反稀释条款：若公司以低干现行A系优先股转换价 Anti-dilution的价格发行新的股票，该转换价格应Provisions: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indebtedness would exceed $ other than equipment leases or bank lines of creditother than debt with

31、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) increaseor decrease the size of the Board of Directors.Each share of the Series A Preferred shall be convertible, at the option of the holder the

32、reof, 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. T he “ Series A Preferred Conversion Price shall initially be equal to $(the

33、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 “Antidilution Provisions. ”In the event that the Company issues additional securities at a purchase price less

34、 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)CP2New Series A Conversion PriceCP=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

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）Bd司此次发行预计融资总 额除以CPC坏次交易中股票发行数量可选方案2:完全棘轮方案一转换价 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CPi =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 outsta

36、nding 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 received by the Corporation with respect to

37、 the new issue divided by CPiC -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-basedanti-dilution protection)卜列发行不导致反稀释调整6:(i )可发行

38、证券是基于任何A系优先 瞠转换后产生，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 融资，设备租赁或不动产租赁交易而 产生的。The following issuances shall not

39、 trigger antidilution adjustment:(i) securities issuable upon conversion of any of the Series A Preferred, or as a dividend or distribution on the Series A Preferred; (ii) securities issued upon the conversion of any debenture, warrant, option, or other convertible security; (iii) Common Stock issua

40、ble 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 Common Stock) issued or issuable to employees or directors of, or consultants to, the Company pursuant to any plan approved by the Company s Bo

41、ard of Directors including at least Series A Director(s) (v) sharesof Common Stock issued or issuable to banks, equipment lessors pursuant to a debt financing, equipment leasing or real property leasing transaction approved by the Board of Directors of the Corporation , including at least Series A D

42、irector(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票、且 公司所取得 的净/总收入不低于$ 口( “合格公 开发行QPO” )(ii )经口 %A系优先股股东书面同MandatoryEach share of Series A Preferred willConversion:automatically be converted into Common Stockat the then applicable Series A Preferred Conversion Price in the event of the closing of a firm com

43、mitment underwritten public offering with a price of times the Original Purchase 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 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：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

44、要投资人所持有白全部A系优 先股都将丧失反稀释权利丧失未来 交易参与权北如果可适用，转换为普通 膛并丧失董事席位9。 The 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 if an adjustment is made to the Conversion Price for the benefit of t

45、he investor, so that the investor does not have the power to block a public offering.Alternatively, this provision could apply on a proportionate 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 so

46、me 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 “ blank check preferred “ provisions at least to the extent necessary to enable the Board to issue a class of preferred with diminished rights in the event an in

47、vestor 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.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 ),o

48、r (ii) upon thewritten 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 down round all Major Investors are required to participate to the full extent of their participation rights (as described below under “In

49、vestor 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 Series A Preferred8 of any Major Investor failing to do so will automat

50、ically 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.赎回权10: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 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

51、的A系优先股股 东外11。Redemption Rights：0 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 commencingany time after the fifth anniversary of the Closing at a price equal to the Original Purchase Price pl

52、us 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 A Preferred, all Series A Preferred shares shall be redeemed (except for any Series A holders who affirmatively opt-out). Re

53、demption rights allow Investors to force the Company to redeem their shares at cost plus a small guaranteed 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 t

54、hat the right to receive dividends on redemption could give rise to a Code Section 305 deemydtaxvprectitioners pakblthe , view that if theliquidation preference provisions in the Charter are drafted to provide that, on conversion, the holder receives the greater of its liquidation preference or its

55、as- converted amount (as provided in the NVCA model Certificate of Incorporation), then there is no Section 305 issue. 11 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

56、 situation ), investors will sometimes request that certain penalty provisions take effect where redemption has been requestted b the Company savailable 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 Preferredshall be entitled to elect a majority of the Company s Bo