风险投资中的条款清单(中英文样本)

1、PAGE PAGE 63公司法原理课程蔡华教授中国政法大学二零零七年十月九日公司法原理课程蔡华教授中国政法大学二零零七年十月九日风险投资中的条款清单（样本）本A系优优先股融融资条款款清单由由中国政政法大学学法律硕硕士学院院张章桥桥、董菲菲同学根根据美国国风险投投资协会会（Naatioonall Veentuure Cappitaal AAssoociaatioon）所提供供的文本本翻译。翻译时略有删改。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_公司AA系优先股股融资条款清单 _，2000_ TERM SHEEETFOR SSERIIES A PPREFFERRRED STOO

2、CK FINNANCCINGG OFFInseert Commpanny NNamee, IINC. _, 2200_本条款清单单概括了了_公司司，一家特拉华华公司（“公司”）A系优先股融融资的主主要条款款。考虑虑到涉及及此项投投资的投投资人已已投入和和将投入入的时间间和成本本，无论论此次融融资是否否完成，本本条款清清单之限限制出售售/保密密条款、律律师及费费用条款款对公司都具具有强制制约束力力。未经经各方一一致签署署并交付付的最终终协议，本本条款清清单之其其他条款款不具有有强制约约束力。本本条款清清单并非非投资人人进行投投资的承承诺，其其生效以以完成令投资人人满意的的尽职调调查、法法律审查查

3、和文件件签署为为条件。本条款清单各方面受特拉华州法律管辖。This Terrm SSheeet ssummmariizess thhe pprinncippal terrms of thee Seeriees AA Prrefeerreed SStocck FFinaanciing of _, IInc., aa DDelaawarre corrporratiion (thhe “Company”). In consideration of the time and expense devoted and to be devoted by the Investors with respect

4、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 legally binding obligations will be created until definitive agreements are executed and delivered

5、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 Sheet shall be governed in all respects by the laws of the State of Delaware.出资条款：Offerringg Teermss交割

6、日：当公司接受受此条款款清单且且交割条件件完备时时即尽快快交割（“交割”）。（若需需要多次次交割，请与此此写明。）Closiing Datte:As sooon as praactiicabble folllowwingg thhe CComppanyys acccepttancce oof tthiss Teerm Sheeet andd saatissfacctioon oof tthe Conndittionns tto CClossingg (tthe “Cllosiing”). prroviide forr muultiiplee cllosiingss iff apppliicab

7、ble投资人：投资人1: 股（ %），$ 投资人2: 股（ %），$ 以及投资资人和公司一致致同意的的其他投投资人Invesstorrs:Invesstorr Noo. 11: _ shharees (_%), $_Invesstorr Noo. 22: _ shharees (_%), $_as wwelll ottherr innvesstorrs mmutuuallly aagreeed upoon bby IInveestoors andd thhe CComppanyy融资金额：$ ，含由过过渡贷款款转换的的本金及及利息 1Amounnt RRaissed:$_, inccluddi

8、ngg $_ frrom thee coonveersiion of priinciipall aand inttereest onn brridgge nnotees. Modify this provision to account for staged investments or investments dependent on the achievement of milestones by the Company.每股价格：$ 每股 （以以下文所所列公司司资本结结构表为依据据）(“原始购购买价”）Pricee Peer SSharre:$_ peer ssharre (bassed

9、 on thee caapittaliizattionn off thhe CComppanyy seet ffortth bbeloow) (thhe “Original Purchase Price”).融资前估价价：原始购买价价以充分分稀释融融资前估估价$_和融资后后估价$_为基基础计算算(含充充分稀释释的融资资后资本本中员工股预留留 )Pre-MMoneey VValuuatiion:The OOrigginaal PPurcchasse PPricce iis bbaseed uuponn a fullly-dilluteed ppre-monney valluattionn off

10、 $_ annd aa fuullyydilluteed ppostt-mooneyy vaaluaatioon oof $_ (inncluudinng aan eemplloyeee ppooll reepreesenntinng _% oof tthe fulllydilluteed ppostt-mooneyy caapittaliizattionn). 资本结构表表：交割前后公公司资本本结构表表请见附附件一。Capittaliizattionn:The CComppanyys cappitaal sstruuctuure befforee annd aafteer tthe Cloo

11、sinng iis sset forrth as Exhhibiit AA.公司章程22CHARTTER The Charter is a public document, filed with the Delaware Secretary 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,

12、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 Stock.股息分配： 可可选方案案1: 当普通通股分配配股息时时，A系系优先股股按视为为转换成成普通股股参与分分配 可可选方案案2: 经董事事会宣布布，A系系优先股股以每股股 分配非非累积性性股息 可可选方案案3: A系优优先股按按年利率率 %分分配累积

13、积性股息息按年度计计算复利利，于于公司清清算或赎赎回股份份时可分分配。其其他股息息或分红红，按视视为转换换成普通通股参与与普通股股分配。3Dividdendds:Alteernaativve 11: Divvideendss wiill be paiid oon tthe Serriess A Preeferrredd onn ann assconnverrtedd baasiss whhen, ass, aand if paiid oon tthe Commmonn Sttockk Alteernaativve 22: Nonn-cuumullatiive divvideendss wiil

14、l be paiid oon tthe Serriess A Preeferrredd inn ann ammounnt eequaal tto $_ pper shaare of Serriess A Preeferrredd whhen andd iff deeclaaredd byy thhe BBoarrd.Alteernaativve 33: Thee Seeriees AA Prrefeerreed wwilll caarryy ann annnuaal _% ccumuulattivee diividdendd ccomppounndedd annnuaallyy, payyab

15、lle uuponn a liqquiddatiion or reddempptioon. Foor aany othher divvideendss orr diistrribuutioons, paartiicippatiion witth CCommmon Stoock on an as-connverrtedd baasiss. In some cases, accrued and unpaid dividends are payable on conversion as well as upon a liquidation event. Most typically, however

16、, 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 cash or in common shares valued at fair market value. The latter are referred to as “PIK” (payment-in-kind) dividends.清算优先受受偿权：公司如因任任何原因因清算、解解散或停停业清理理过

17、程，公司收益益将作如如下分配配：可选方案案1（优优先股不不参与分分配）:首先,每股AA系优先先股按一倍倍原始购购买价加累计计股息加已已宣布但但未付股股息分分配。其其余分配配给普通通股股东东可选方案案2（优优先股充充分参与与分配）:首先，每每股A系系优先股股按一一倍原原始购买买价加加累计股股息加已宣宣布未付付股息 分配配。然后后优先股股按视为为转换成成普通股股参与普通通股分配配可选方案案3（优优先股限限制参与与分配）:首先，每每股A系系优先股股按一一倍原原始购买买价加加累计股股息加已宣宣布未付付股息 分配配。然后后优先股股按视为为转换成成普通股股参与普通通股分配配，直至至A系优优先股股股东获得得

18、总计 倍于于原始购购买价的的分配公司的兼并并或合并并（公司司原股东拥拥有存续续公司或或收购公公司的发发行在外外股票过过半数表表决权的的情形除外外）， 以及及公司出售售、租赁赁、转让让或以其他方式式处置公司司全部或或大部分分资产的的行为，应当视为为公司清算算事项(视为清清算事项项)，并导导致上述述清算优优先权得得以产生生除非非 的的A系优优先股股股东投票票反对这这种处理理。Liquiidattionn Prrefeerennce:In thhe eevennt oof aany liqquiddatiion, diissooluttionn orr wiindiing up of thee Co

19、ompaany, thhe pprocceedds sshalll bbe ppaidd ass foolloows:Alteernaativve 11 (nnon-parrticcipaatinng PPrefferrred Stoock): Firrst payy oone tiimess thhe OOrigginaal PPurcchasse PPricce pluus aaccrruedd diividdendds pllus decclarred andd unnpaiid ddiviidennds onn eaach shaare of SerriessA Preeferrred

20、d. Thee baalannce of anyy prroceeedss shhalll bee diistrribuutedd too hooldeers of Commmonn Sttockk.Alteernaativve 22 (ffulll paartiicippatiing Preeferrredd Sttockk): Fiirstt paay onee ttimees tthe Oriiginnal Purrchaase Priice pllus acccrueed ddiviidennds ppluss deeclaaredd annd uunpaaid divvideends

21、s oon eeachh shharee off SeerieesAA Prrefeerreed. Thhereeaftter, thhe SSeriiesA PPrefferrred parrticcipaatess wiith thee Coommoon SStocck oon aan aas-cconvvertted bassis.Alteernaativve 33 (ccap on Preeferrredd Sttockk paartiicippatiion rigghtss): Fiirstt paay onee ttimees tthe Oriiginnal Purrchaase

22、Priice pllus acccrueed ddiviidennds ppluss deeclaaredd annd uunpaaid divvideendss on eacch ssharre oof SSeriiesA PPrefferrred. TTherreaffterr, SSeriiesA PPrefferrred parrticcipaatess wiith Commmonn Sttockk onn ann ass-coonveerteed bbasiis unttil thee hooldeers of SerriessA Preeferrredd reeceiive an

23、agggreggatee off _ ttimees tthe Oriiginnal Purrchaase Priice.A merrgerr orr coonsooliddatiion (ottherr thhan onee inn whhichh sttockkhollderrs oof tthe Commpanny oown a mmajooritty bby vvotiing powwer of thee ouutsttanddingg shharees oof tthe surrvivvingg orr accquiirinng ccorpporaatioon) andd a sal

24、le, leaase, trranssferr orr ottherr diispoosittionn off alll oor ssubsstanntiaallyy alll oof tthe asssetss off thhe CComppanyy wiill be treeateed aas aa liiquiidattionn evventt (aa “DDeemmed Liqquiddatiion Eveent”), ttherrebyy trrigggeriing payymennt oof tthe liqquiddatiion preeferrencces desscriibe

25、dd abbovee uunleess thee hooldeers of _% off thhe SSeriies A PPrefferrred eleect othherwwisee. 表决权：除下列情形形外，A系优先先股股东东在视为为转换成普通股股的基础础上与普普通股股股东一起起表决，而而不能作作为独立立表决团团体：（ = 1 * roman i）A系系优先股股股东作作为一个个团体有有权选举举 名董董事会成成员（A系董董事）;( = 2 * roman ii)出出现如下下文所示示“保护护性条款款”之情况况;（ = 3 * roman iii）法法律另有有的其他他规定。公司章程应应当规定定

26、，经优优先股和和普通股股股东多多数同意意，并作作为一个个表决团团体集体体表决（不不经普通通股股东东单独表表决），公司可以增加或减少授权发行的股票数量4。Votinng RRighhts:The SSeriies A PPrefferrred Stoock shaall votte ttogeetheer wwithh thhe CCommmon Stoock on an as-connverrtedd baasiss, aand nott ass a sepparaate claass, exxceppt (i) thee Seeriees AA Prrefeerreed aas aa cll

27、asss shhalll bee enntittledd too ellectt _ (_) mmembberss off thhe BBoarrd (thee “SSeriies A DDireectoors”), (ii) ass prroviidedd unnderr “PProttecttivee Prroviisioons” bellow or (iiii) as reqquirred by laww. The CComppanyys Cerrtifficaate of Inccorpporaatioon wwilll prroviide thaat tthe nummberr of

28、f auuthoorizzed shaaress off Coommoon SStocck mmay be inccreaasedd orr deecreeaseed wwithh thhe aapprrovaal oof aa maajorrityy off thhe PPrefferrred andd Coommoon SStocck, vottingg toogettherr ass a sinnglee cllasss, aand witthouut aa seeparratee cllasss voote by thee Coommoon SStocck. For For Calif

29、ornia corporations, one cannot “opt out” of the statutory requirement of a separate class vote by Common Stockholders to authorize shares of Common Stock.保护性条款款：只要有_写写明固定定数量、百百分比或或任何 A系系优先股股仍发行在外外，未经经至少 A系优优先股股股东书面面同意，公司不得直接或变相进行兼并、合并或下列其他业务：（ = 1 * roman i）清算算、解散散或停业业清理，或或进行任何何视为清清算事项项;( = 2 * roma

30、n ii)以不利利于A系系优先股股股东的的方式修改、变变更或撤撤销公司司章程或细则中的的任何条条款5（ = 3 * roman iii）创创设、授授权创设设或发行行可转换换或可行行使拥有有优于或或同等于于A系优优先股之之权利、优优待或特特权的公司证券券，或增增加发行行A系优优先股授授权数量量；( = 4 * roman iv)优优于A系系优先股股，对任何何股份予予以收购购、赎回回或分配配股息。由于前前员工的的雇佣（或或顾问的的服务）关关系的终终止，以以低于公平市市场价回回购其股股份的除除外由董事事会（含含 位AA系董事事）同意意的除外外；( = 5 * roman v)发行行或授权权发行任任何

31、公司司债券若公司司总计负负债因此此超过_设备租租赁或银银行信用用额度除除外无股权权特征的的负债除除外此类债债券获得得董事会会（含 位位A系董董事）事事先同意意的除外外；（ = 6 * roman vi）增增加或减减少董事事会成员员人数。Proteectiive Proovissionns: So loong as inssertt fiixedd nuumbeer, or %, or “anny” shharees oof SSeriies A PPrefferrred aree ouutsttanddingg, tthe Commpanny wwilll noot, witthouut tt

32、he wriitteen cconssentt off thhe hholdderss off att leeastt _% off thhe CComppanyys Serriess A Preeferrredd, eeithher dirrecttly or by ameendmmentt, mmergger, coonsooliddatiion, orr ottherrwisse: (i) lliquuidaate, diissoolvee orr wiindup thee afffaiirs of thee Coompaany, orr efffecct aany Deeemedd L

33、iiquiidattionn Evventt; (ii)ammendd, aalteer, or reppeall anny pprovvisiion of thee Ceertiificcatee off Inncorrporratiion or Byllawss iin aa maanneer aadveersee too thhe SSeriies A PPrefferrred; Note that as a matter of background law, Section 242(b)(2) of the Delaware General Corporation Law provid

34、es 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 series are entitled to a separate series vote on the amendment. (ii

35、ii)ccreaate or autthorrizee thhe ccreaatioon oof oor iissuue aany othher seccuriity connverrtibble intto oor eexerrcissablle ffor anyy eqquitty ssecuuritty, havvingg riightts, preeferrencces or priivillegees sseniior to or on parrityy wiith thee Seeriees AA Prrefeerreed, or inccreaase thee auuthoori

36、zzed nummberr off shharees oof SSeriies A PPrefferrred; (iiv) purrchaase or reddeemm orr paay aany divvideend on anyy caapittal stoock priior to thee Seeriees AA Prrefeerreed, ottherr thhan stoock reppurcchassed froom fformmer empployyeess orr coonsuultaantss inn coonneectiion witth tthe cesssattion

37、n off thheirr emmplooymeent/serrvicces, att thhe lloweer oof ffairr maarkeet vvaluue oor ccostt; ottherr thhan as appprovved by thee Booardd, iinclludiing thee appproovall off _ Serriess A Dirrecttor(s); oor (v)creeatee orr auuthoorizze tthe creeatiion of anyy deebt seccuriity iff thhe CComppanyys a

38、gggreggatee inndebbteddnesss wwoulld eexceeed $_ootheer tthann eqquippmennt lleasses or bannk llinees oof ccredditottherr thhan debbt wwithh noo eqquitty ffeattureeuunleess succh ddebtt seecurrityy haas rreceeiveed tthe priior appprovval of thee Booardd off Diirecctorrs, inccluddingg thhe aapprrovaa

39、l oof _ Seeriees AA Diirecctorr(s); (vii)iincrreasse oor ddecrreasse tthe sizze oof tthe Boaard of Dirrecttorss. 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 alter the rights, prefer

40、ences 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 series are entitled to a separate series vote on the amendment.可选择转换换：A系优先股股股东有权权将其拥拥有每一一A系优优先股随随时转换换为普通通股，每每一A系系优先股股可转换为普普通股的的数量为为原始购购买价除除以转换换时的AA系优

41、先先股转换换价（定定义如下下）。最最初的AA系优先先股转换换价应当当原始购购买价。A系优优先股转转换价应应当根据据普通股股的配股股、股票分割割、股票票合并等等类似事事项，以以及如下下“反稀稀释条款款”所述述内容进进行调整整。Optioonall Coonveersiion:Each shaare of thee Seeriees AA Prrefeerreed sshalll bbe cconvverttiblle, at thee opptioon oof tthe hollderr thhereeof, att anny ttimee, iintoo suuch nummberr off

42、shharees oof CCommmon Stoock as is dettermmineed bby ddiviidinng tthe Serriess A Oriiginnal Purrchaase Priice by Serriess A Preeferrredd Coonveersiion Priice (ass deefinned bellow) inn efffecct aat tthe timme oof cconvverssionn. Thee “SSeriies A PPrefferrred Connverrsioon PPricce” shaall iniitiaally

43、y bee eqquall too $_ (tthe Serriess A Oriiginnal Purrchaase Priice). Succh iinittiall Seeriees AA Coonveersiion priice is subbjecct tto aadjuustmmentts ffor stoock divvideendss, sspliits, coombiinattionns aand simmilaar eevennts andd ass deescrribeed bbeloow uundeer “AAntii-diiluttionn Prroviisioons

44、.”反稀释条款款：若公司以低低于现行行A系优优先股转转换价的的价格发发行新的的股票，该该转换价价格应按按下列公公式调整整： 可选方方案1“典典型”加加权平均均数：CP2=CCP1*(AA+B)/(AA+C) CP2=新A系系优先股股转换价价CP1=新新股发行行前实际际A系优优先股转转换价A=新股发发行前视视为已发发行的普普通股数数量（含含所有已已发行的的普通股股，所有有视为已已转换的的已发行行优先股股，以及及所有已已发行的的可行使使期权;不含转转入此轮轮融资的的任何可可转换证证券）B=公司此此次发行行预计融融资总额额除以CCP1C=本次交交易中股股票发行行数量Anti-dillutiion P

45、roovissionns:In thhe eevennt tthatt thhe CComppanyy isssuees aaddiitioonall seecurritiies at a ppurcchasse ppricce llesss thhan thee cuurreent Serriess A Preeferrredd Coonveersiion Priice, suuch connverrsioon ppricce sshalll bbe aadjuusteed iin aaccoordaancee wiith thee foolloowinng fformmulaa:Altee

46、rnaativve 11: “Tyypiccal” weiightted aveeragge:CP2 = CPP1 * (A+B) / (A+CC)CP2 =Neww Seeriees AA Coonveersiion PriiceCP1=Serriess A Connverrsioon PPricce iin eeffeect immmediiateely priior to neww isssueeA=NNumbber of shaaress off Coommoon SStocck ddeemmed to be outtstaandiing immmediiateely priior t

47、o neww isssuee (iinclludees aall shaaress off ouutsttanddingg coommoon sstocck, alll shharees oof ooutsstanndinng pprefferrred stoock on an as-connverrtedd baasiss, aand alll ouutsttanddingg opptioons on an as-exeerciisedd baasiss; aand doees nnot inccludde aany connverrtibble seccuriitiees cconvver

48、ttingg innto thiis rrounnd oof ffinaanciing) B=AAggrregaate connsidderaatioon rreceeiveed bby tthe Corrporratiion witth rresppectt too thhe nnew isssue divvideed bby CCP1C=NNumbber of shaaress off sttockk isssueed iin tthe subbjecct ttrannsacctioon可选方案案2：完完全棘轮轮方案转换价价降到与与新发行行价一致致Alteernaativve 22: Fu

49、lll-rratcchett thee Seeriees AA Prrefeerreed CConvverssionn Prricee wiill be redduceed tto tthe priice at whiich thee neew ssharres aree isssueed.可选方案案3：无无基于价价格调整整的反稀稀释措施施Alteernaativve 33: No priice-bassed antti-ddiluutioon pprottecttionn.下列发行不不导致反反稀释调调整6：（ = 1 * roman i）可发发行证券券是基于任任何A系系优先股股转换后后产生，

50、或或作为AA系优先先股的股股息或分分红；（ = 2 * roman ii）可可发行证证券是基于任任何信用用债券，认认股权证证，期权权或其它它可转换换证券转转换后产产生；（ = 3 * roman iii）可可发行普普通股是是基于股股票分割割，配股，或任任何普通通股的细细分而产产生；（ = 4 * roman iv）普普通股（或或认购该该类普通通股的期期权）发发行或可可发行给给公司的员员工、董董事、顾顾问，是是基于公公司董事事会董事事（含至至少_名AA系董事事）同意意的任何何股权计划划而产生生的；（ = 5 * roman v）普通通股发行行或可发发行给银银行，设设备出租租人，是是基于公公司董事

51、事会董事事（含至至少_名AA系董事事）同意意的债务务融资，设设备租赁赁或不动动产租赁赁交易而而产生的的。The ffolllowiing isssuanncess shhalll noot ttrigggerr annti-dillutiion adjjusttmennt: Note that additional exclusions are frequently negotiated, such as issuances in connection with equipment leasing and commercial borrowing.(i)ssecuurittiess isssu

52、aablee uppon connverrsioon oof aany of thee Seeriees AA Prrefeerreed, or as a ddiviidennd oor ddisttribbutiion on thee Seeriees AA Prrefeerreed; (iii)ssecuurittiess isssueed uuponn thhe cconvverssionn off anny ddebeentuure, waarraant, opptioon, or othher connverrtibble seccuriity; (iiii)Coommoon SSt

53、occk iissuuablle uuponn a stoock spllit, sttockk diividdendd, oor aany subbdivvisiion of shaaress off Coommoon SStocck; andd (iiv)shaaress off Coommoon SStocck (or opttionns tto ppurcchasse ssuchh shharees oof CCommmon Stoock) isssueed oor iissuuablle tto eemplloyeees or dirrecttorss off, oor cconss

54、ulttantts tto, thee Coompaany purrsuaant to anyy pllan appprovved by thee Coompaanys BBoarrd oof DDireectoors inncluudinng aat lleasst _ Serriess A Dirrecttor(s) (v)shaaress off Coommoon SStocck iissuued or isssuabble to bannks, eqquippmennt llesssorss puursuuantt too a debbt ffinaanciing, eqquippme

55、nnt lleassingg orr reeal prooperrty leaasinng ttrannsacctioon aapprroveed bby tthe Boaard of Dirrecttorss off thhe CCorpporaatioon , iinclludiing at leaast _ Seeriees AA Diirecctorr(s).强制性转换换：若（ = 1 * roman i）公公开发行行价格高高于_倍原始购购买价承承销所有有股票，且且公司所取得的的净/总收收入不低低于_(“合格公公开发行行QPPO”)，或或 （ = 2 * roman ii）经经A系优优

56、先股股股东书面面同意，在具有有包销承诺诺的有保荐荐人的公公开发行行交割时，每每股A系系优先股股将自动动以当时时适当的的转换率率转换为为普通股股。（适适用普通通股股息息，分割割，合并并及类似似调整业业务）Mandaatorry CConvverssionn:Each shaare of Serriess A Preeferrredd wiill auttomaaticcallly bbe cconvvertted intto CCommmon Stoock at thee thhen apppliccablle SSeriies A PPrefferrred Connverrsioon PPri

57、cce iin tthe eveent of thee cllosiing of a firrm ccommmitmmentt uundeerwrrittten pubblicc offferringg wiith a ppricce oof _ timmes thee Orrigiinall Puurchhasee Prricee (ssubjjectt too addjusstmeentss foor sstocck ddiviidennds, spplitts, commbinnatiionss annd ssimiilarr evventts) andd nnet/grooss prr

58、oceeedss too thhe CComppanyy off noot llesss thhan $_ (a “QPO”), or (ii)upon the written consent of the holders of _% of the SeriesA Preferred. 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

59、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.出资人参与与交易:除非董事会会决定含多数A系董董事投票票决定允许主要投资人人放弃参参与权，在之后的公司再再融资交交易中，所有主主要投投资人都都必须充分分行使其其参与权权(如下下文“投投资人权权利协议按比例例参与未未来交易易”所述述)除除非%A系系优先股股股东投

60、投票同意意不按此此方案处处理，否则则任何未行行使上述述参与权权A系优优先股88的主要要 投投资人所所持有的的全部AA系优先先股都将丧失失反稀释释权利丧失失未来交交易参与与权如果可可适用，转换为为普通股股并丧失失董事席席位99。Pay-to-Plaay: Unleess thee hooldeers of _% of thee Seeriees AA ellectt ottherrwisse, onn anny ssubssequuentt doown rouund alll MMajoor Invvesttorss arre rrequuireed tto ppartticiipatte tt