风险投资协议(英文版).pdf

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1、ThisThis samplesample documentdocument isis thethe workwork productproduct ofof a a coalitioncoalition ofof attorneysattorneys whowho specializespecialize ininventure capital financings,working under the auspices of the NVCA.See the NVCA websiteventure capital financings,working under the auspices o

2、f the NVCA.See the NVCA websitefor a list of the Workingfor a list of the WorkingGroup members.Group members.This document is intended to This document is intended toserveserve as a startingas a startingpoint only,and should be tailored to meet your specific requirements.This document shouldpoint on

3、ly,and should be tailored to meet your specific requirements.This document shouldnotnot bebe construedconstrued asas legallegal adviceadvice forfor anyany particularparticular factsfacts oror circumstances.circumstances.NoteNote thatthat thisthissample presents an array of(often mutually exclusive)o

4、ptions with respect to particular dealsample presents an array of(often mutually exclusive)options with respect to particular dealprovisions.provisions.Last updated on January 7,2004TERM SHEETTERM SHEET .Preliminary NotesPreliminary NotesThis Term Sheet maps to the NVCA model documents,and for conve

5、nience theprovisions are grouped according to the particular model document in which theymay be found.Although this Term Sheet is perhaps somewhat longer than atypical VC Term Sheet,the aim is to provide a level of detail that makes theTerm Sheet useful as both a road map for the document drafters a

6、nd as areference source for the business people to quickly find deal terms without thenecessity of having to consult the legal documents(assuming of course therehave been no changes to the material deal terms prior to execution of the finaldocuments).下载可编辑.TERM SHEETTERM SHEETFOR SERIES A PREFERRED

7、STOCK FINANCING OFFOR SERIES A PREFERRED STOCK FINANCING OFINSERT COMPANY NAMEINSERT COMPANY NAME,INC.INC._,200_This Term Sheet summarizes the principal terms of the Series A PreferredStockFinancingof_,Inc.,aDelawarecorporation(the“CompanyCompany”).In considerationofthetimeandexpense devotedandtobed

8、evotedbytheInvestorswithrespecttothisinvestment,theNoShop/Confidentiality and Counsel and Expenses provisions of this Term Sheetshall be binding obligations of the Company whether or not the financing isconsummated.Nootherlegallybindingobligationswillbecreateduntildefinitive agreements are executed

9、and delivered by all parties.This TermSheet is not a commitment to invest,and is conditioned on the completion of duediligence,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 ofDelaware.Offering TermsOffe

10、ring TermsClosing Date:AssoonaspracticablefollowingtheCompanysacceptance of this Term Sheet and satisfaction of theConditions to Closing(the“ClosingClosing”).provide formultiple closings if applicableInvestor No.1:_ shares(_%),$_Investor No.2:_ shares(_%),$_as well other investors mutually agreed up

11、on byInvestors and the CompanyInvestors:Amount Raised:Price Per Share:$_,including$_ from the conversionof principal and interest on bridge notes.1$_ per share(based on the capitalization ofthe Company set forth below)(the“Original PurchaseOriginal PurchasePricePrice”).Modify this provision to accou

12、nt for staged investments or investments dependent on the achievement ofmilestones by the Company.1.下载可编辑.Pre-Money Valuation:TheOriginalPurchasePriceisbaseduponafully-dilutedpre-moneyvaluationof$_andafully-dilutedpost-moneyvaluationof$_(including an employee pool representing _%of thefully-diluted

13、post-money capitalization).The Companys capital structure before and after theClosing is set forth below:Pre-Financing#of Shares%Post-Financing#of Shares%Capitalization:SecurityCommon FoundersCommon Employee StockPoolIssuedUnissuedCommon WarrantsSeries A PreferredTotalCHARTERCHARTER2 2Dividends:Alte

14、rnative 1:Dividends will be paid on the Series APreferred on an as-converted basis when,as,and ifpaid on the Common StockAlternative 2:Non-cumulative dividends will be paidontheSeriesAPreferredinanamountequalto$_ per share of Series A Preferred when and ifdeclared by the Board.The Charter is a publi

15、c document,filed with the Delaware Secretary of State,that establishes all of therights,preferences,privileges and restrictions of the Preferred Stock.Note that if the Preferred Stock does not haverights,preferences,and privileges materially superior to the Common Stock,then(after Closing)the Compan

16、y cannotdefensibly grant Common Stock options priced at a discount to the Preferred Stock.2.下载可编辑.Alternative 3:The Series A Preferred will carry anannual _%cumulative dividend compounded annually,payableuponaliquidationorredemption.Foranyotherdividendsordistributions,participationwithCommon Stock o

17、n an as-converted basis.3Liquidation Preference:In the event of any liquidation,dissolution or windingup of the Company,the proceeds shall be paid asfollows:Alternative 1(non-participating Preferred Stock):First pay one times the Original Purchase Price plusaccrued dividends plus declared and unpaid

18、 dividendson each share of SeriesA Preferred.The balance ofany proceeds shall be distributed to holders of CommonStock.Alternative 2(full participating Preferred Stock):First pay one times the Original Purchase Price plusaccrued dividends plus declared and unpaid dividendson each share of SeriesA Pr

19、eferred.Thereafter,theSeriesA Preferred participates with the Common Stockon an as-converted basis.Alternative 3(cap on Preferred Stock participationrights):First pay one times the Original PurchasePriceplusaccrueddividendsplusdeclaredandunpaiddividendsoneachshareofSeriesAPreferred.Thereafter,Series

20、APreferredparticipates with Common Stock on an as-converted basisuntil the holders of SeriesA Preferred receive anaggregateof_timestheOriginalPurchasePrice.Amergerorconsolidation(otherthanoneinwhichstockholders of the Company own a majority by votingIn some cases,accrued and unpaid dividends are pay

21、able on conversion as well as upon a liquidationevent.Most typically,however,dividends are not paid if the preferred is converted.Another alternative is to give theCompany the option to pay accrued and unpaid dividends in cash or in common shares valued at fair market value.Thelatter are referred to

22、 as“PIK”(payment-in-kind)dividends.3.下载可编辑.power of the outstanding shares of the surviving oracquiring corporation)and a sale,lease,transfer orother disposition of all or substantially all of theassets of the Company will be treated as a liquidationevent(a“DeemedDeemedLiquidationLiquidationEventEve

23、nt”),therebytriggeringpaymentoftheliquidationpreferencesdescribed above unless the holders of _%of theSeries A Preferred elect otherwise.Voting Rights:The Series A Preferred Stock shall vote together withthe Common Stock on an as-converted basis,and not as aseparate class,except(i)the Series A Prefe

24、rred as aclassshallbeentitledtoelect_(_)members of the Board(the“Series A DirectorsSeries A Directors”),(ii)as provided under“Protective Provisions”below or(iii)as required by law.The Companys CertificateofIncorporationwillprovidethatthenumberofauthorized shares of Common Stock may be increased orde

25、creasedwiththeapprovalofamajorityofthePreferred and Common Stock,voting together as a singleclass,and without a separate class vote by the CommonStock.4So long asinsert fixed number,or%,or“any”sharesofSeriesAPreferredareoutstanding,theCompany will not,without the written consent of theholders of at

26、least _%of the Companys Series APreferred,eitherdirectlyorbyamendment,merger,consolidation,or otherwise:(i)liquidate,dissolve or wind-up the affairs ofthe Company,or effect any Deemed Liquidation Event;(ii)amend,alter,or repeal any provision of theCertificate of Incorporation or Bylaws in a mannerad

27、verse to the Series A Preferred;5(iii)createorauthorizethecreationoforissueanyotherProtective Provisions:For California corporations,one cannot“opt out”of the statutory requirement of a separate class vote byCommon Stockholders to authorize shares of Common Stock.4Note that as a matter of background

28、 law,Section 242(b)(2)of the Delaware General Corporation Lawprovides that if any proposed charter amendment would adversely alter the rights,preferences and powers of one seriesof Preferred Stock,but not similarly adversely alter the entire class of all Preferred Stock,then the holders of that seri

29、esare entitled to a separate series vote on the amendment.5.下载可编辑.Optional Conversion:Anti-dilution Provisions:.下载可编辑.securityconvertibleintoorexercisableforanyequitysecurity,havingrights,preferencesorprivileges senior to or on parity with the Series APreferred,orincreasetheauthorizednumberofshareso

30、fSeriesAPreferred;(iv)purchaseorredeemorpayanydividendonanycapitalstockprior to the Series A Preferred,other than stockrepurchased from former employees or consultants inconnectionwiththecessationoftheiremployment/services,attheloweroffairmarketvalueorcost;otherthanasapprovedbytheBoard,including the

31、 approval of _ Series ADirector(s);or(v)createorauthorizethecreationofanydebtsecurityiftheCompanysaggregateindebtednesswouldexceed$_otherthan equipment leases or bank lines of creditotherthan debt with no equity featureunless such debtsecurityhasreceivedthepriorapprovaloftheBoardofDirectors,includin

32、gtheapprovalof_ Series A Director(s);(vi)increase ordecrease the size of the Board of Directors.The Series A Preferred initially converts 1:1 to CommonStockatanytimeatoptionofholder,subjecttoadjustments for stock dividends,splits,combinationsand similar events and as described below under“Anti-dilut

33、ion Provisions.”IntheeventthattheCompanyissuesadditionalsecurities at a purchase price less than the currentSeries A Preferred conversion price,such conversionpriceshallbeadjustedinaccordancewiththefollowing formula:Alternative 1:“Typical”weighted average:CP2=CP1*(A+B)/(A+C)CP2 =New Series A Convers

34、ion PriceCP1=SeriesAConversionPriceineffectimmediately prior to new issueA=Number of shares of Common Stock deemed to .beoutstandingimmediatelypriortonewissue(includes all shares of outstandingcommonstock,allsharesofoutstandingpreferred stock on an as-converted basis,andalloutstandingoptionsonanas-e

35、xercised basis;and does not include anyconvertiblesecuritiesconvertingintothis round of financing)=AggregateconsiderationreceivedbytheCorporation with respect to the new issuedivided by CP1=Numberof shares of stock issued in thesubject transactionBCAlternative 2:Full-ratchet the conversion pricewill

36、 be reduced to the price at which the new sharesare issued.Alternative 3:No price-based anti-dilutionprotection.The following issuances shall not trigger anti-dilutionadjustment:6(i)securities issuable upon conversion of any oftheSeriesAPreferred,orasadividendordistributionontheSeriesAPreferred;(ii)

37、securities issued upon the conversion of anydebenture,warrant,option,orotherconvertiblesecurity;(iii)Common Stock issuable upon a stocksplit,stock dividend,or any subdivision of sharesof Common Stock;and(iv)shares of Common Stock(or options to purchase such shares of Common Stock)issued or issuable

38、to employees or directors of,orconsultantsto,theCompanypursuanttoanyplanapprovedbytheCompanysBoardofDirectorsincluding at least _ Series A Director(s)(v)shares of Common Stock issued or issuable tobanks,equipmentlessorspursuanttoadebtNote that additional exclusions are frequently negotiated,such as

39、issuances in connection with equipmentleasing and commercial borrowing.6.下载可编辑.financing,equipmentleasingorrealpropertyleasingtransactionapprovedbytheBoardofDirectors of the Corporation,including at least_ Series A Director(s).Mandatory Conversion:Each share of Series A Preferred will automatically

40、beconvertedintoCommonStockatthethenapplicableconversion rate in the event of the closing of a firmcommitment underwritten public offering with a priceof _ times the Original Purchase Price(subject toadjustments for stock dividends,splits,combinationsand similar events)and net/gross proceeds to theCo

41、mpany of not less than$_(a“QPOQPO”),or(ii)upon the written consent of the holders of _%of the SeriesA Preferred.7Unless the holders of _%of the Series A electotherwise,on any subsequent down round all MajorInvestorsarerequiredtoparticipatetothefullextentoftheirparticipationrights(asdescribedbelow un

42、der“Investor Rights AgreementRight toParticipate Pro Rata in Future Rounds”),unless theparticipationrequirementiswaivedforallMajorInvestors by the Board(including vote of a majorityof the Series A Directors).All shares of Series APreferred8 of any Major Investor failing to do sowillautomaticallylose

43、anti-dilutionrightsloserighttoparticipateinfutureroundsconverttoCommon Stock and lose the right to a Board seat ifapplicable.9Pay-to-Play:The per share test ensures that the investor achieves a significant return on investment before theCompany can go public.Also consider allowing a non-QPO to becom

44、e a QPO if an adjustment is made to theConversion Price for the benefit of the investor,so that the investor does not have the power to block a public offering.7Alternatively,this provision could apply on a proportionate basis(e.g.,if Investor plays for of pro ratashare,receives of anti-dilution adj

45、ustment).8If the punishment for failure to participate is losing some but not all rights of the Preferred(e.g.,anythingother than a forced conversion to common),the Charter will need to have so-called“blank check preferred”provisionsat least to the extent necessary to enable the Board to issue a“sha

46、dow”class of preferred with diminished rights in theevent an investor fails to participate.Note that as a drafting matter it is far easier to simply have(some or all of)thepreferred convert to common.9.下载可编辑.Redemption Rights:10The Series A Preferred shall be redeemable from fundslegally available f

47、or distribution at the option ofholders of at least _%of the SeriesA Preferredcommencing any time after the fifth anniversary of theClosing at a price equal to the Original Purchase Priceplus all accrued but unpaid dividends.Redemptionshall occur in three equal annual portions.Upon aredemption reque

48、st from the holders of the requiredpercentageoftheSeriesAPreferred,allSeriesAPreferred shares shall beredeemed(except for anySeries A holders who affirmatively opt-out).11STOCK PURCHASE AGREEMENTSTOCK PURCHASE AGREEMENTRepresentations andWarranties:Conditions to Closing:Standard representations and

49、warranties by the Company.Representations and warranties by Founders regardingtechnology ownership,etc.12Standard conditions to Closing,which shall include,amongotherthings,satisfactorycompletionoffinancial and legal due diligence,qualification of theshares under applicable Blue Sky laws,the filing

50、of aCertificateofIncorporationestablishingtherightsandpreferencesoftheSeriesAPreferred,andanopinion of counsel to the Company.Investor/Company counsel to draft closing documents.Company to pay all legal and administrative costs ofCounsel and Expenses:Redemption rights allow Investors to force the Co