风险投资中条款清单中英文样本

1、风险投资中的条款清单（样本）本A系优先股融资条款清单由中国政法大学法律硕士学院张章桥、董菲同学依据美国风险投资协会（NationalVentureCapitalAssociation）所供给的文本翻译。翻译时略有修改。本条款清单仅供教学使用，请勿用于商业用途。中文翻译英文原文_企业A系优先股融资条款清单_，200_TERMSHEETFORSERIESAPREFERREDSTOCKFINANCINGOFINSERTCOMPANYNAME,INC._,200_本条款清单概括了_企业，一家特拉华企业（“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

2、资能否完成，本条款清单之限制销售/保密条款、律师及花费条款对企业都拥有强迫拘束力。未经各方一致签订并交付的最后协议，本条款清单之其余条款不拥有强迫拘束力。本条款清单并不是投资人进行投资的承诺，其奏效以完成令投资人满意的尽责检查、法律审察和文件签订为条件。本条款清单各方面受特拉华州法律管辖。ThisTermSheetsummarizestheprincipaltermsoftheSeriesAPreferredStockFinancingof_,Inc.,aDelawarecorporation(the“Company”).Inconsiderationofthetimeandexpensede

3、votedandtobedevotedbytheInvestorswithrespecttothisinvestment,theNoShop/ConfidentialityandCounselandExpensesprovisionsofthisTermSheetshallbebindingobligationsoftheCompanywhetherornotthefinancingisconsummated.Nootherlegallybindingobligationswillbecreateduntildefinitiveagreementsareexecutedanddelivered

4、byallparties.ThisTermSheetisnotacommitmenttoinvest,andisconditionedonthecompletionofduediligence,legalreviewanddocumentationthatissatisfactorytotheInvestors.ThisTermSheetshallbegovernedinallrespectsbythelawsoftheStateofDelaware.出资条款：交割日：当企业接受此条款清单且交割条件齐备时即赶忙交割（“交割”）。（若需要多次交割，请与此写明。）投资人：投资人1:股（%），$投资

5、人2:股（%），$以及投资人和企业一致赞同的其余投资人融资本额：$，含由过渡贷款变换的本金及利息1每股价格：$每股（以下文所列企业资本结构表为依照）(“原始购买价”）OfferingTermsClosingDate:AssoonaspracticablefollowingtheCompanyacceptanceofthisTermSheetandsatisfactionoftheConditionstoClosing(the“Closing”).provideformultipleclosingsifapplicableInvestors:InvestorNo.1:_shares(_%),$_

6、InvestorNo.2:_shares(_%),$_aswellotherinvestorsmutuallyagreeduponbyInvestorsandtheCompanyAmountRaised:$_,including$_fromtheconversionofprincipalandinterestonbridgenotes.1PricePerShare:$_pershare(basedonthecapitalizationoftheCompanysetforthbelow)(theOriginal“PurchasePrice”).1Modifythisprovisiontoacco

7、untforstagedinvestmentsorinvestmentsdependentontheachievementofmilestonesbytheCompany.Pre-MoneyTheOriginalPurchasePriceisbasedupona融资前估价：原始购买价以充分稀释融资前估价Valuation:fully-dilutedpre-moneyvaluationof$_$_和融资后估价$_为基础andafully-dilutedpost-moneyvaluationof$_(includinganemployeepool计算(含充分稀释的融资后资本中职工represent

8、ing_%ofthefully-dilutedpost-股预留)moneycapitalization).Capitalization:TheCompanyscapitalstructurebeforeandafter资本结构表：交割前后企业资本结构表请见附件一。theClosingissetforthasExhibitA.企业章程2CHARTER2股息分配：可选方案1:当一般股分配股息Dividends:时，A系优先股按视为转换成一般股参加分配可选方案2:经董事会宣告，A系优先股以每股分配非积累性股息可选方案3:A系优先股按年利率%分配积累性股息按年度计算复，于企业清理或赎回股份时可分配。其

9、余股息或分红，按视为变换成一般股参加一般股分配。3Alternative1:DividendswillbepaidontheSeriesAPreferredonanas-convertedbasiswhen,as,andifpaidontheCommonStockAlternative2:Non-cumulativedividendswillbepaidontheSeriesAPreferredinanamountequalto$_pershareofSeriesAPreferredwhenandifdeclaredbytheBoard.Alternative3:TheSeriesAPrefe

10、rredwillcarryanannual_%cumulativedividendcompoundedannually,payableuponaliquidationorredemption.Foranyotherdividendsordistributions,participationwith3CommonStockonanas-convertedbasis.2TheCharterisapublicdocument,filedwiththeDelawareSecretaryofState,thatestablishesalloftherights,preferences,privilege

11、sandrestrictionsofthePreferredStock.NotethatifthePreferredStockdoesnothaverights,preferences,andprivilegesmateriallysuperiortotheCommonStock,then(afterClosing)theCompanycannotdefensiblygrantCommonStockoptionspricedatadiscounttothePreferredStock.3Insomecases,accruedandunpaiddividendsarepayableonconve

12、rsionaswellasuponaliquidationevent.Mosttypically,however,dividendsarenotpaidifthepreferredisconverted.AnotheralternativeistogivetheCompanytheoptiontopayaccruedandunpaiddividendsincashorincommonsharesvaluedatfairmarketvalue.Thelatterarereferredtoas“PIK-in”-kind)(paymentdividends.清理优先受偿权：企业如因任何原由清理、解散

13、或休业清理过程，企业收益将作以下分配：可选方案1（优先股不参加分配）:第一,每股A系优先股按一倍原始购买价加累计股息加已宣告但未付股息分配。其余分配给一般股股东可选方案2（优先股充分参加分配）:第一，每股A系优先股按一倍原始购买价加累计股息加已宣告未付股息分配。而后优先股按视为变换成一般股参加一般股分配可选方案3（优先股限制参加分配）:第一，每股A系优先股按一倍原始购买价加累计股息加已宣告未付股息分配。而后优先股按视为变换成一般股参加一般股分配，直至A系优先股股东获取总计倍于原始购买价的分配LiquidationIntheeventofanyliquidation,dissolutionorP

14、reference:windingupoftheCompany,theproceedsshallbepaidasfollows:Alternative1(non-participatingPreferredStock):FirstpayonetimestheOriginalPurchasePriceplusaccrueddividendsplusdeclaredandunpaiddividendsoneachshareofSeriesAPreferred.ThebalanceofanyproceedsshallbedistributedtoholdersofCommonStock.Altern

15、ative2(fullparticipatingPreferredStock):FirstpayonetimestheOriginalPurchasePriceplusaccrueddividendsplusdeclaredandunpaiddividendsoneachshareofSeriesAPreferred.Thereafter,theSeriesAPreferredparticipateswiththeCommonStockonanas-convertedbasis.Alternative3(caponPreferredStockparticipationrights):First

16、payonetimestheOriginalPurchasePriceplusaccrueddividendsplusdeclaredandunpaiddividendsoneachshareofSeriesAPreferred.Thereafter,SeriesAPreferredparticipateswithCommonStockonanas-convertedbasisuntiltheholdersofSeriesAPreferredreceiveanaggregateof_timestheOriginalPurchasePrice.mergerorconsolidation(othe

17、rthanoneinwhichstockholdersoftheCompanyownamajoritybyvotingpoweroftheoutstandingsharesofthesurvivingoracquiringcorporation)andasale,lease,transferorotherdispositionofallorsubstantiallyalloftheassetsofthe企业的兼并或合并（企业原股东拥有存续企业或收买企业的刊行在外股票过多数表决权的情况除外），以及公司销售、租借、转让或以其余方式处置企业所有或大多数财富的行为，应当视为企业清理事项(视为清理事)，

18、并以致上述清理优先权得以产生除非的A系优先股股东投票反对这类办理。Companywillbetreatedasaliquidationevent(a“DeemedLiquidationEvent”),therebytriggeringpaymentoftheliquidationpreferencesdescribedaboveunlesstheholdersof_%oftheSeriesAPreferredelectotherwise.表决权：除以下情况外，A系优先股股东在视VotingRights:TheSeriesAPreferredStockshallvote为变换成一般股的基础上与一

19、般股股togetherwiththeCommonStockonanas-东一起表决，而不可以作为独立表决团convertedbasis,andnotasaseparateclass,体：except(i)theSeriesAPreferredasaclassshallbeentitledtoelect_(_)（i）A系优先股股东作为一个集体有membersoftheBoard(the“SeriesA权选举名董事会成员（A系董Directors”),(ii)asprovidedunder“Protectiv事）;Provisions”belowor(iii)asrequiredbylaw.(ii

20、)出现以下文所示“保护性条款”之状况;（iii）法律还有的其余规定。TheCompanysCertificateofIncorporation企业章程应当规定，经优先股和一般willprovidethatthenumberofauthorizedsharesofCommonStockmaybeincreasedor股股东多数赞同，并作为一个表决团decreasedwiththeapprovalofamajorityof体集体表决（不经一般股股东单独表thePreferredandCommonStock,voting决），企业可以增添或减少受权刊行togetherasasingleclass,a

21、ndwithouta的股票数目4。4separateclassvotebytheCommonStock.4ForCaliforniacorporations,onecannot“optout”ofthestatutoryrequirementofaseparateclassvotebyCommonStockholderstoauthorizesharesofCommonStock.保护性条款：只要有_写明固定数目、百分比或任何A系优先股仍刊行在外，未经最少A系优先股股东书面赞同，企业不得直接或变相进行兼并、合并或以下其余业务：（i）清理、解散或休业清理，或进行任何视为清理事项;(ii)以不利于

22、A系优先股股东的方更正、改正或撤掉企业章程或细则中的任何条款5iii）创建、受权创建或刊行可变换或可执行拥有优于或相同于A系优先股之权益、厚待或特权的企业证券，或增添刊行A系优先股受权数目；优于A系优先股，对任何股份予以收买、赎回或分配股息。因为前职工的聘任（或顾问的服务）关系的停止，以低于公正市场价回购其股份的除外由董事会（含位A系董事）赞同的除外；刊行或受权刊行任何企业债券若企业总计负债所以超出_设施ProtectiveSolongasinsertfixednumber,or%,orProvisions:“any”sharesofSeriesAPreferredareoutstanding

23、,theCompanywillnot,withoutthewrittenconsentoftheholdersofatleast_%oftheCompanysSeriesAPreferred,eitherdirectlyorbyamendment,merger,consolidation,orotherwise:(i)liquidate,dissolveorwind-uptheaffairsoftheCompany,oreffectanyDeemedLiquidationEvent;(ii)amend,alter,orrepealanyprovisionoftheCertificateofIn

24、corporationorBylawsinamanner5adversetotheSeriesAPreferred;(iii)createorauthorizethecreationoforissueanyothersecurityconvertibleintoorexercisableforanyequitysecurity,havingrights,preferencesorprivilegesseniortooronparitywiththeSeriesAPreferred,orincreasetheauthorizednumberofsharesofSeriesAPreferred;(

25、iv)purchaseorredeemorpayanydividendonanycapitalstockpriortotheSeriesAPreferred,otherthanstockrepurchasedfromformeremployeesorconsultantsinconnectionwiththecessationoftheiremployment/services,attheloweroffairmarketvalueorcost;otherthanasapprovedbytheBoard,includingtheapprovalof_SeriesADirector(s);orc

26、reateorauthorizethecreationofanydebtsecurityiftheCompanysaggregate5Notethatasamatterofbackgroundlaw,Section242(b)(2)oftheDelawareGeneralCorporationLawprovidesthatifanyproposedcharteramendmentwouldadverselyaltertherights,preferencesandpowersofoneseriesofPreferredStock,butnotsimilarlyadverselyalterthe

27、entireclassofallPreferredStock,thentheholdersofthatseriesareentitledtoaseparateseriesvoteontheamendment.租借或银行信誉额度除外无股权特色的负债除外此类债券获取董事会（含位A系董事）早先赞同的除；（vi）增添或减少董事会成员人数。可选择变换：A系优先股股东有权将其拥有每一A系优先股随时变换为一般股，每一A系优先股可变换为一般股的数目为原始购买价除以变换时的A系优先股转换价（定义以下）。最初的A系优先股变换价应当原始购买价。A系优先股变换价应当依据一般股的配股、股票切割、股票合并等近似事项，以及

28、以下“反稀释条款”所述内容进行调整。反稀释条款：若企业以低于现行A系优先股变换价的价格刊行新的股票，该变换价格应按以下公式调整：可选方案1“典型”加权均匀数：CP2=CP1*(A+B)/(A+C)indebtednesswouldexceed$_otherthanequipmentleasesorbanklinesofcreditotherthandebtwithnoequityfeatureunlesssuchdebtsecurityhasreceivedthepriorapprovaloftheBoardofDirectors,includingtheapprovalof_SeriesAD

29、irector(s);(vi)increaseordecreasethesizeoftheBoardofDirectors.OptionalEachshareoftheSeriesAPreferredshallbeConversion:convertible,attheoptionoftheholderthereof,atanytime,intosuchnumberofsharesofCommonStockasisdeterminedbydividingtheSeriesAOriginalPurchasePricebySeriesAPreferredConversionPrice(asdefi

30、nedbelow)ineffectatthetimeofconversion.The“SeriesAPreferredConversionPrice”shallinitiallybeequalto$_(theSeriesAOriginalPurchasePrice).SuchinitialSeriesAConversionpriceissubjecttoadjustmentsforstockdividends,splits,combinationsandsimilareventsandasdescribedbelowunder“Anti-dilutionProvisions.”Anti-dil

31、utionIntheeventthattheCompanyissuesadditionalProvisions:securitiesatapurchasepricelessthanthecurrentSeriesAPreferredConversionPrice,suchconversionpriceshallbeadjustedinaccordancewiththefollowingformula:Alternative1:“Typical”weightedaverage:CP2=CP1*(A+B)/(A+C)CP2=新A系优先股变换价CP1=新股刊行前实质A系优先股变换价A=新股刊行前视为

32、已刊行的一般股数目（含所有已发行的一般股，所有视为已变换的已刊行优先股，以及所有已刊行的可执行期;不含转入此轮融资的任何可变换证券）B=企业此次刊行估计融资总额除以CP1C=本次交易中股票刊行数目可选方案2：完整棘轮方案变换价降到与新刊行价一致可选方案3：无基于价风格整的反稀释措施CP2=NewSeriesAConversionPriceCP1=SeriesAConversionPriceineffectimmediatelypriortonewissue=NumberofsharesofCommonStockdeemedtobeoutstandingimmediatelypriortonew

33、issue(includesallsharesofoutstandingcommonstock,allsharesofoutstandingpreferredstockonanas-convertedbasis,andalloutstandingoptionsonanas-exercisedbasis;anddoesnotincludeanyconvertiblesecuritiesconvertingintothisroundoffinancing)=AggregateconsiderationreceivedbytheCorporationwithrespecttothenewissued

34、ividedbyCP1=NumberofsharesofstockissuedinthesubjecttransactionAlternative2:Full-ratchettheSeriesAPreferredConversionPricewillbereducedtothepriceatwhichthenewsharesareissued.Alternative3:Noprice-basedanti-dilutionprotection.Thefollowingissuancesshallnottriggeranti-以下刊行不以致反稀释调整6：dilutionadjustment:6i）

35、可刊行证券是基于任何A系优先股变换后产生，或作为A系优先股的股息或分红；ii）可刊行证券是基于任何信誉债券，认股权证，期权或其余可变换证券变换后产生；iii）可刊行一般股是基于股票切割，配股，或任何一般股的细分而产生；iv）一般股（或认购该类一般股的期权）刊行或可刊行给企业的职工、董事、顾问，是基于企业董事会董事（含最少_名A系董事）赞同的任何股权计划而产生的；v）一般股刊行或可刊行给银行，设备出租人，是基于企业董事会董事（含最少_名A系董事）赞同的债务融资，设施租借或不动产租借交易而产生的。强迫性变换：若（i）公开刊行价格高于_倍原始购买价承销所有股票，且企业所获得的净/总收入不低于_(“合

36、格公开刊行QPO”)，或（ii）经A系优先股股东书面同意，在拥有包销承诺的有保荐人的securitiesissuableuponconversionofanyoftheSeriesAPreferred,orasadividendordistributionontheSeriesAPreferred;securitiesissuedupontheconversionofanydebenture,warrant,option,orotherconvertiblesecurity;(iii)CommonStockissuableuponastocksplit,stockdividend,oranys

37、ubdivisionofsharesofCommonStock;and(iv)sharesofCommonStock(oroptionstopurchasesuchsharesofCommonStock)issuedorissuabletoemployeesordirectorsof,orconsultantsto,theCompanypursuanttoanyplanapprovedbytheCompanysBoardofDirectorsincludingatleast_SeriesADirector(s)(v)sharesofCommonStockissuedorissuabletoba

38、nks,equipmentlessorspursuanttoadebtfinancing,equipmentleasingorrealpropertyleasingtransactionapprovedbytheBoardofDirectorsoftheCorporation,includingatleast_SeriesADirector(s).MandatoryEachshareofSeriesAPreferredwillConversion:automaticallybeconvertedintoCommonStockatthethenapplicableSeriesAPreferred

39、ConversionPriceintheeventoftheclosingofafirmcommitmentunderwrittenpublicofferingwithapriceof_timestheOriginalPurchasePrice(subjecttoadjustmentsforstockdividends,6Notethatadditionalexclusionsarefrequentlynegotiated,suchasissuancesinconnectionwithequipmentleasingandcommercialborrowing.公开刊行交割时，每股A系优先股将

40、自动以当时合适的变换率变换为一般股。（适用一般股股息，切割，合并及近似调整业务）出资人参加交易:除非董事会决定含多数A系董事投Pay-to-Play:票决定赞同主要投资人放弃参加权，在以后的企业再融资交易中，所有主要投资人都一定充分执行其参加权(以下文“投资人权益协议按比率参加将来交易”所述)除非%A系优先股股东投票赞同不按此方案办理，否则任何未执行上述参加权A系优先股的主要投资人所拥有的所有A系优先股都将丧失反稀释权益丧失将来交易参加权假如可适用，变换为一般9splits,combinationsandsimilarevents)andnet/grossproceedstotheCompan

41、yofnotlessthan$_(a“QPO”),or(ii)uponthewrittenconsentoftheholdersof_%ofthe7SeriesAPreferred.Unlesstheholdersof_%oftheSeriesAelectotherwise,onanysubsequentdownroundallMajorInvestorsarerequiredtoparticipatetothefullextentoftheirparticipationrights(asdescribedbelowunder“InvestorRightsAgreementRighttoPar

42、ticipateProRatainFutureRounds”),unlesstheparticipationrequirementiswaivedforallMajorInvestorsbytheBoard(includingvoteofamajorityoftheSeriesADirectors).AllsharesofSeriesA8PreferredofanyMajorInvestorfailingtodosowillautomaticallyloseanti-dilutionrightsloserighttoparticipateinfutureroundsconverttoCommo

43、nStockandlosetherighttoaBoardseatifapplicable.97ThepersharetestensuresthattheinvestorachievesasignificantreturnoninvestmentbeforetheCompanycangopublic.Alsoconsiderallowinganon-QPOtobecomeaQPOifanadjustmentismadetotheConversionPriceforthebenefitoftheinvestor,sothattheinvestordoesnothavethepowertobloc

44、kapublicoffering.8Alternatively,thisprovisioncouldapplyonaproportionatebasis(e.g.,ifInvestorplaysfor?ofproratashare,receives?ofanti-dilutionadjustment).9IfthepunishmentforfailuretoparticipateislosingsomebutnotallrightsofthePreferred(e.g.,anythingotherthanaforcedconversiontocommon),theCharterwillneed

45、tohaveso-called“blankcheckpreferred”provisionsatleasttotheextentnecessaryenbletotheBoardtoissuea“shadow”classofpreferredwithdiminishedrightsintheeventaninvestorfailstoparticipate.Notethatasadraftingmatteritisfareasiertosimplyhave(someorallof)thepreferredconverttocommon.赎回权10:交割后第五年开始，经最少%的A系10Redemp

46、tionRights:TheSeriesAPreferredshallberedeemable优先股股东选择，A系优先股股东可fromfundslegallyavailablefordistribution以要求企业以可合法分配资本以原始attheoptionofholdersofatleast_%of购买价加所有积累未付股息赎回其theSeriesAPreferredcommencinganytimeafterthefifthanniversaryoftheClosingata所拥有的A系优先股。赎回将在三年priceequaltotheOriginalPurchasePrice内分阶段等额

47、完成。如切合规定比率plusallaccruedbutunpaiddividends.的A系优先股股东提出赎回央求，其Redemptionshalloccurinthreeequalannual他所有A系优先股都将被可赎回除明portions.Uponaredemptionrequestfrom确选择放弃上述权益的A系优先股股theholdersoftherequiredpercentageofthe东外11。SeriesAPreferred,allSeriesAPreferredsharesshallberedeemed(exceptforany11SeriesAholderswhoaffi

48、rmativelyopt-out).10RedemptionrightsallowInvestorstoforcetheCompanytoredeemtheirsharesatcostplusasmallguaranteedrateofreturn(e.g.,dividends).Inpractice,redemptionrightsarenotoftenused;however,theydoprovideaformofexitandsomepossibleleverageovertheCompany.Whileitispossiblethattherighttoreceivedividend

49、sonredemptioncouldgiverisetoaCodeSection305“deemeddividendtioners”problem,takethemanyviewthattaxpractiiftheliquidationpreferenceprovisionsintheCharteraredraftedtoprovidethat,onconversion,theholderreceivesthegreaterofitsliquidationpreferenceoritsas-convertedamount(asprovidedintheNVCAmodelCertificateo

50、fIncorporation),thenthereisnoSection305issue.11Duetostatutoryrestrictions,itisunlikelythattheCompanywillbelegallypermittedtoredeemintheverycircumstanceswhereinvestorsmostwantit(theso-called“sidewayssituation”),investorswillsometimesrequestthatcertainpenaltyprovisionstakeeffectwhereredemptionhasbeenr

51、equestedbuttheCompanysavailablecashflowdoesnotpermitsuchredemption-e.g.,theredemptionamountshallbepaidintheformofaone-yearnotetoeachunredeemedholderofSeriesAPreferred,andtheholdersofamajorityoftheSeriesAPreferredshallbeentitledtoelectamajorityoftheCompanysBoardofDirectorsuntilsuchamountsarepaidinful

52、l.股份买卖协议书陈说与保证:企业供给标准的陈说与保证.由企业开创人对技术所有权等供给陈说与保证.12完成交割的条件:完成交割的标准条件，包含:完成相应的财务和法律的尽责检查，股票的刊行切合州证券法(BlueSkylaws)的规定，给予了A系优先股权益和厚待的企业章程的进行了登记存案,以及公司律师出具了法院建议函等事项。StockPurchaseAgreementRepresentationStandardrepresentationsandwarrantiesbythesandCompany.RepresentationsandwarrantiesbyWarranties:12Founder

53、sregardingtechnologyownership,etc.ConditionstoStandardconditionstoClosing,whichshallinclude,Closing:amongotherthings,satisfactorycompletionoffinancialandlegalduediligence,qualificationofthesharesunderapplicableBlueSkylaws,thefilingofaCertificateofIncorporationestablishingtherightsandpreferencesofthe

54、SeriesAPreferred,andanopinionofcounseltotheCompany.律师及花费:投资人/企业的律师草拟交割文件。CounselandInvestor/Companycounseltodraftclosing企业在交割时，应当支付因融财富生Expenses:documents.Companytopayalllegaland的所有法律和行政花销，包含合理专administrativecostsofthefinancingatClosing,业服务花费（投资人律师费由企业承includingreasonablefees(nottoexceed$_)andexpens

55、esofInvestorcounsel,unless担部分不得超出$）和其余花费由thetransactionisnotcompletedbecausethe于投资人无故撤掉其承诺而使得交易Investorswithdrawtheircommitmentwithout未完成的除外13。13cause.CompanyCounsel:企业律师：InvestorCounsel:投资人律师:NotethatwhileitisnotatalluncommonineastcoastdealstorequiretheFounderstopersonallyrepandwarrant(atleastastoc

56、ertainkeymatters,andusuallyonlyintheSeriesAround),suchFoundersrepsarerarelyfoundinwestcoastdeals.13ThebracketedtextshouldbedeletedifthissectionisnotdesignatedintheintroductoryparagraphasoneofthesectionsthatisbindingupontheCompanyregardlessofwhetherthefinancingisconsummated.投资人权益协议登记权：可登记证券：由A系优化股变换后

57、可刊行的一般股的所有股权和投资人拥有的其余一般股将被视为“可登记证券”14.央求登记权:最早在（i）交割后3-5年；或ii）初次刊行新股（“IPO”）后的6个月的内,拥有%的可登记证券者可要求其拥有股份的企业进行一二次(齐备的)注册登记。每次登记的刊行总数不行少于五百万至一千万美元。S-3表格式登记权:假如企业可进行S-3表格式登记,且可登记证券的刊行总数最少为1-5百万美元,则拥有10-30%的可登记证券者有官僚求企业以S-3表格式进行登记.附加登记权:可登记证券拥有人拥有在企业证券注册登记表之上的附加登记权，但该项权益受限于于企业及其承销人的以下权益：企业及其承销人有权将估计登记销售的股票

58、份额在各估计销售人将按比率减少至最低为30%比率。但是INVESTORRIGHTSAGREEMENTRegistrationRights:RegistrableAllsharesofCommonStockissuableuponSecurities:conversionoftheSeriesAPreferredandanyotherCommonStockheldbytheInvestors14willbedeemed“RegistrableSecurities.”DemandUponearliestof(i)three-fiveyearsaftertheRegistration:Closing

59、;or(ii)sixmonthsfollowinganinitialpublicoffering(IPO”“),personsholding_%oftheRegistrableSecuritiesmayrequestonetwo(consummated)registrationsbytheCompanyoftheirshares.Theaggregateofferingpriceforsuchregistrationmaynotbelessthan$5-10million.RegistrationTheholdersof10-30%oftheRegistrableonFormS-3:Secur

60、itieswillhavetherighttorequiretheCompanytoregisteronFormS-3,ifavailableforusebytheCompany,RegistrableSecuritiesforanaggregateofferingpriceofatleast$1-5million.PiggybackTheholdersofRegistrableSecuritieswillbeRegistration:entitledto“piggyback”registrationrightsonallregistrationstatementsoftheCompany,s