PE投资协议条款样本(NVCA中英文对照版).pdf

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1、PE 投资协议条款样本(NVCA 中英文对照版)风险投资中的条款清单（样本）中文_公司公司 A A 系优先股融资系优先股融资条款清单条款清单 _，200_本条款清单条款清单概括了_公司，一家特拉华公司（“公公司司”）A A 系优先股融资系优先股融资的主要条款。考虑到涉及此项投资的投资投资人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限制出售/保密条款、律师及费用条款保密条款、律师及费用条款对公司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，本条款清单条款清单之其他条款不具有强制约束力。本条款清单条款清单并非投资人投资人进行投资的承诺，其生效以完成令投资人投

2、资人满意的尽职调查、法律审查和文件签署为条件。本条款清单条款清单各方面受特拉华州特拉华州法律管辖。英文TERM SHEETTERM SHEETFOR SERIES A PREFERRED 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 APreferred Stock Financing of _,I

3、nc.,a Delawarecorporation(the“CompanyCompany”).In consideration of the time andexpense devoted and to be devoted by the Investors with respect to thisinvestment,the No Shop/Confidentiality and Counsel and Expensesprovisions of this Term Sheet shall be binding obligations of theCompany whether or not

4、 the financing is consummated.No otherlegally binding obligations will be created until definitive agreementsare executed and delivered by all parties.This Term Sheet is not acommitment to invest,and is conditioned on the completion of duediligence,legal review and documentation that is satisfactory

5、 to theInvestors.This Term Sheet shall be governed in all respects by thelaws of the State of Delaware.Offering TermsOffering Terms出资条款出资条款：1/26PE 投资协议条款样本(NVCA 中英文对照版)交割日：交割日：当公司公司接受此条款清单条款清单且交割条件完备时即尽快交割（“交割”）（“交割”）。（若需要多次交割，交割，请与此写明。）投资人投资人 1 1:股（%），$投资人投资人 2 2:股（%），$以及投资人投资人和公司公司一致同意的其他投投资人资人融资金

6、额：融资金额：每股价格：每股价格：$，含由过渡贷款转换的本金及利息 1$每股（以下文所列公司公司资本结构表为依据）(“原始购买价”“原始购买价”）原始购买价原始购买价以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:Closing Date:As soon as practicable following the Companysacceptance of this Term Sheet and satisfaction oftheConditionstoClosing(the“ClosingClosing”).provide

7、 for multiple closings if applicableInvestor No.1:_ shares(_%),$_Investor No.2:_ shares(_%),$_as well other investors mutually agreed upon byInvestors and the Company投资人投资人：Investors:$_,including$_ from theconversion of principal and interest on bridgenotes.1融资前估价：融资前估价：Price Per Share:$_ per share(

8、based on thecapitalization of the Company set forth below)(the“Original Purchase PriceOriginal Purchase Price”).Pre-MoneyValuation:The Original Purchase Price is based upon afully-diluted pre-money valuation of$_and a fully-diluted post-money valuation of$_(includinganemployeepoolrepresenting _%of t

9、he fully-diluted post-money capitalization).The Companys capital structure before and after资本结构表：资本结构表：1Capitalization:交割前后公司公司资本结构表请见附件一。Modify this provision to account for staged investments or investments dependent on the achievement of milestones by the Company.2/26PE 投资协议条款样本(NVCA 中英文对照版)股息分配股

10、息分配：the Closing is set forth as Exhibit A.公司章程公司章程2 2Dividends:CHARTERCHARTER2 2Alternative 1:Dividends will be paid on theSeries A Preferred on an as-converted basiswhen,as,and if paid on the Common StockAlternative 2:Non-cumulative dividends willbe paid on the Series A Preferred in an amountequal

11、to$_ per share of Series A Preferred 可选方案 1:当普通股普通股分配股息时，A A 系优先股系优先股按视为转换成普通股普通股参与分配 可选方案 2:经董事会宣布，A A 系系优先股优先股以每股 分配非累积性股息2The Charter is a public document,filed with the Delaware Secretary of State,that establishes all of the rights,preferences,privileges andrestrictions of the Preferred Stock.No

12、te that if the Preferred Stock does not have rights,preferences,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.3/26PE 投资协议条款样本(NVCA 中英文对照版)when and if declared by the Board

13、.Alternative 3:The Series A Preferred will carryan annual _%cumulative dividendcompounded annually,payable upon aliquidation or redemption.For any otherdividends or distributions,participation withCommon Stock on an as-converted basis.3 可选方案 3:A A 系优先股系优先股按年利率%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

14、视为转换成普通股普通股参与普通股普通股分配。3In some cases,accrued and unpaid dividends are payable on conversion as well as upon a liquidation event.Most typically,however,dividendsare not paid if the preferred is converted.Another alternative is togive the Company the option to pay accrued and unpaid dividends in cash

15、or in commonshares valued at fair market value.The latter are referred to as“PIK”(payment-in-kind)dividends.34/26PE 投资协议条款样本(NVCA 中英文对照版)公司公司如因任何原因清算、解散或停业Liquidation清理过程，公司公司收益将作如下分配：Preference:可选方案 1（优先股优先股不参与分配）:首先,每股 A A 系优先股系优先股按一倍原始购原始购买价买价加累计股息加已宣布但未付股息分配。其余分配给普通股普通股股东可选方案 2（优先股优先股充分参与分配）:首先，

16、每股 A A 系优先股系优先股按一倍原始购买价原始购买价加累计股息加已宣布未付股息 分配。然后优先股优先股按视为转换成普通股普通股参与普通股普通股分配可选方案 3（优先股优先股限制参与分配）:首先，每股 A A 系优先股系优先股按一倍原始购买价原始购买价加累计股息加已宣布未付股息 分配。然后优先股优先股按视为转换成普通股普通股参与普通股普通股分配，直至 A A系优先股系优先股股东获得总计 倍于原始原始购买价购买价的分配5/26In the event of any liquidation,dissolution orwinding up of the Company,the proceeds

17、shallbe paid as follows:Alternative1(non-participatingPreferredStock):First pay one times the OriginalPurchase Price plus accrued dividends plusdeclared and unpaid dividends on each share ofSeries A Preferred.The balance of any proceedsshall be distributed to holders of CommonStock.Alternative2(full

18、participatingPreferredStock):First pay one times the OriginalPurchase Price plus accrued dividends plusdeclared and unpaid dividends on each share ofSeries A Preferred.Thereafter,the Series APreferred participates with the Common Stockon an as-converted basis.Alternative3(caponPreferredStockparticip

19、ation rights):First pay one times theOriginal Purchase Price plus accrued dividendsplus declared and unpaid dividendson eachshare of Series A Preferred.Thereafter,Series APreferred participates with Common Stock on anas-converted basis until the holders of Series APreferred receive an aggregate of_

20、timesthe Original Purchase Price.A merger or consolidation(other than one inwhich stockholders of the Company own amajority by voting power of the outstandingshares of the surviving or acquiring corporation)and a sale,lease,transfer or other disposition ofall or substantially all of the assets of th

21、e清算优先受偿权：清算优先受偿权：PE 投资协议条款样本(NVCA 中英文对照版)公司的兼并或合并（公司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，应当视为公司公司清算事项(视为清算事视为清算事项项)，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。表决权：表决权：除下列情形外，A A 系优先股系优先股股东在视为转换成普通股普通股的基础上与普通股普通股股东一起表决，而不能作为独立表决团体：（i）A A 系优先股系优先股股东作为一个团体有权选举 名董事会成员（A A 系董系董事

22、事）;(ii)出现如下文所示“保护性条款保护性条款”之情况;（iii）法律另有的其他规定。公司章程公司章程应当规定，经优先股优先股和普通普通股股股东多数同意，并作为一个表决团体集体表决（不经普通股普通股股东单独表决），公司公司可以增加或减少授权发行的股票数量4。Voting Rights:Company will be treated as a liquidation event(a“DeemedDeemedLiquidationLiquidationEventEvent”),therebytriggering payment of the liquidation preferencesdes

23、cribed above unless the holders of _%ofthe Series A Preferred elect otherwise.TheThe SeriesSeries A A PreferredPreferred StockStock shallshall votevotetogethertogether withwith thethe CommonCommon StockStock onon anan as-as-convertedconverted basis,basis,andand notnot asas a a separateseparate class

24、,class,exceptexcept(i)(i)thethe SeriesSeries A A PreferredPreferred asas a a classclassshallshall bebe entitledentitled toto electelect _(_)(_)membersmembersofofthetheBoardBoard(the(the“SeriesADirectors”),(ii)as provided under“Protective”),(ii)as provided under“ProtectiveProvisions”below or(iii)as r

25、equired by law.Provisions”below or(iii)as required by law.TheThe C Companysompanys CertificateCertificate ofof IncorporationIncorporationwillwill provideprovide thatthat thethe numbernumber ofof authorizedauthorizedshares of Common Stock may be increased orshares of Common Stock may be increased ord

26、ecreased withdecreased with the approvalthe approval of aof a majority ofmajority ofthethe PreferredPreferred andand CommonCommon Stock,Stock,votingvotingtogethertogether asas a a singlesingle class,class,andand withoutwithout a aseparate class vote by the Common Stock.separate class vote by the Com

27、mon Stock.4 4For California corporations,one cannot“opt out”of the statutory requirement of a separate class vote by Common Stockholders to authorizeshares of Common Stock.46/26PE 投资协议条款样本(NVCA 中英文对照版)保护性条款：保护性条款：只要有_写明固定数量、百分比或任何 A A 系优先股系优先股仍发行在外，未经至少 A A 系优先股系优先股股东书面同意，公司公司不得直接或变相进行兼并、合并或下列其他业务：（

28、i）清算、解散或停业清理，或进行任何视为清算事项视为清算事项;(ii)以不利于 A A 系优先股系优先股股东的方式修改、变更或撤销公司章程公司章程或细则细则中的任何条款5ProtectiveProvisions:SoSo longlong asas insertinsert fixedfixed number,number,oror%,%,oror“any”“any”sharesshares ofof SeriesSeries A A PreferredPreferred areareoutstanding,outstanding,thethe CompanyCompany willwill

29、not,not,withoutwithoutthethe writtenwritten consentconsent ofof thethe holdersholders ofof atat leastleast_%_%ofof thethe CompanysCompanys SeriesSeries A A Preferred,Preferred,eithereither directlydirectly oror byby amendment,amendment,merger,merger,consolidation,or otherwise:consolidation,or otherw

30、ise:(i)liquidate,dissolve or wind-up the affairs of(i)liquidate,dissolve or wind-up the affairs ofthetheCompany,Company,ororeffecteffectanyanyDeemedDeemedLiquidation Event;(ii)amend,alter,or repealLiquidation Event;(ii)amend,alter,or repealanyanyprovisionprovisionofofthetheCertificateCertificateofof

31、IncorporationIncorporationororBylawsBylawsinina amannermanneradverse to the Series A Preferred;adverse to the Series A Preferred;5 5(iii)create(iii)createor authorize the creation of or issue any otheror authorize the creation of or issue any othersecuritysecurity convertibleconvertible intointo oro

32、r exercisableexercisable forforany equity security,having rights,preferencesany equity security,having rights,preferencesoror privilegesprivileges seniorsenior toto oror onon parityparity withwith thetheSeries A Preferred,or increase the authorizedSeries A Preferred,or increase the authorizednumbern

33、umber ofof sharesshares ofof SeriesSeries A A Preferred;Preferred;(iv)(iv)purchasepurchase oror redeemredeem oror paypay anyany dividenddividend ononanyany capitalcapital stockstock priorprior toto thethe SeriesSeries A APreferred,Preferred,otherotherthanthanstockstockrepurchasedrepurchasedfromfrom

34、formerformer employeesemployees oror consultantsconsultants ininconnectionconnectionwithwiththethecessationcessationofoftheirtheiremployment/services,employment/services,atat thethe lowerlower ofof fairfairmarketmarketvaluevalueororcost;cost;otherotherthanthanasasapprovedapprovedbybythetheBoard,Boar

35、d,includingincludingthetheapprovalapproval ofof _ SeriesSeries A A Director(s);Director(s);oror(v)create(v)create oror authorizeauthorize thethe creationcreation ofof anyanydebtdebt securitysecurity ifif thethe CompanysCompanys aggregateaggregate（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 A 系优先系优先股股之权利、优待或特权的公

36、司公司证券，或增加发行 A A 系优先股系优先股授权数量；(iv)优于 A A 系优先股系优先股，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由董事会（含 位 A A 系董系董事事）同意的除外；(v)发行或授权发行任何公司公司债券若公司公司总计负债因此超过_设备Note that as a matter of background law,Section 242(b)(2)of the Delaware General Corporation Law provides that if any proposed chartera

37、mendment would adversely alter the rights,preferences and powers of one series of Preferred Stock,but notsimilarly adversely alter the entireclass of allPreferred Stock,then the holders of that series are entitled to a separate series vote on the amendment.57/26PE 投资协议条款样本(NVCA 中英文对照版)可选择转换：可选择转换：反稀

38、释条款：反稀释条款：租赁或银行信用额度除外无股权特征的负债除外此类债券获得董事会（含 位 A A 系董事系董事）事先同意的除外；（vi）增加或减少董事会成员人数。A A 系优先股系优先股股东有权将其拥有每一 A AOptional系优先股系优先股随时转换为普通股普通股，每一 A AConversion:系优先股系优先股可转换为普通股的数量为原原始购买价始购买价除以转换时的 A A 系优先股转系优先股转换价换价（定义如下）。最初的 A A 系优先系优先股转换价股转换价应当原始购买价。原始购买价。A A 系优先系优先股转换价股转换价应当根据普通股普通股的配股、股票分割、股票合并等类似事项，以及如下

39、“反稀释条款”所述内容进行调整。若公司公司以低于现行 A A 系优先股转换价系优先股转换价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：CP2=CP1*(A+B)/(A+C)CP2=新 A A 系优先股转换价系优先股转换价8/26indebtedness would exceed$_other thanindebtedness would exceed$_other thanequipmentequipmentleasesleasesororbankbanklineslinesofofcreditothercre

40、ditotherthanthandebtdebtwithwithnonoequityequityfeatureunlessfeatureunlesssuchsuchdebtdebtsecuritysecurityhashasreceivedreceived thethe priorprior approvalapproval ofof thethe BoardBoard ofofDirectors,Directors,includingincludingthetheapprovalapprovalofof_ Series A Director(s);(vi)increase_ Series A

41、 Director(s);(vi)increaseor decrease the size of the Board of Directors.or decrease the size of the Board of Directors.Each share of the Series A Preferred shall beconvertible,at the option of the holder thereof,atanytime,intosuchnumberofsharesofCommon Stock as is determined by dividing theSeries A

42、Original Purchase Price by Series APreferred Conversion Price(as defined below)ineffect at the time of conversion.T he“Series APreferred Conversion Price”shall initially beequal to$_(the Series A Original PurchasePrice).Such initial Series A Conversion price issubject to adjustments for stock divide

43、nds,splits,combinationsandsimilareventsandasdescribedbelowunder“Anti-dilutionProvisions.”In the event that the Company issues additionalsecurities at a purchase price less than thecurrent Series A Preferred Conversion Price,such conversion price shall be adjusted inaccordance with the following form

44、ula:Alternative 1:“Typical”weighted average:CP2=CP1*(A+B)/(A+C)PE 投资协议条款样本(NVCA 中英文对照版)CP1=新股发行前实际 A A 系优系优先股转换价先股转换价A=新股发行前视为已发行的普通股普通股数量（含所有已发行的普通股普通股，所有视为已转换的已发行优先股优先股，以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）B=公司公司此次发行预计融资总额除以 CP1C=本次交易中股票发行数量可选方案 2：完全棘轮方案转换价降到与新发行价一致可选方案 3：无基于价格调整的反稀释措施9/26CP2=New Series

45、 A Conversion PriceCP1=SeriesAConversionPriceineffectimmediately prior to new issueA=Number of shares of Common Stockdeemed to be outstanding immediately prior tonew issue(includes all shares of outstandingcommonstock,allsharesofoutstandingpreferred stock on an as-converted basis,and alloutstanding

46、options on an as-exercised basis;anddoes notinclude anyconvertible securitiesconverting into this round of financing)B=Aggregate consideration received by theCorporation with respect to the new issuedivided by CP1C=Number of shares of stock issued in thesubject transaction AlternativeAlternative 2:2

47、:Full-ratchetFull-ratchet thethe SeriesSeries A APreferred Conversion Price will be reduced toPreferred Conversion Price will be reduced tothe price at which the new shares are issued.the price at which the new shares are issued.AlternativeAlternative 3 3:NoNo price-basedprice-based anti-dilutionant

48、i-dilutionprotection.protection.The following issuances shall not trigger anti-The following issuances shall not trigger anti-PE 投资协议条款样本(NVCA 中英文对照版)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 A 系优先系优先股股转换后产生，或作为 A A 系优先股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）可发行普通股普通股是基于股票分割，配股，或任何普通股普通股的细分而产生；

49、（iv）普通股普通股（或认购该类普通股普通股的期权）发行或可发行给公司公司的员工、董事、顾问，是基于公司公司董事会董事（含至少_名 A A 系董事系董事）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，是基于公司公司董事会董事（含至少_名 A A 系董事系董事）同意的债务融资，设备租赁或不动产租赁交易而产生的。强制性转换：强制性转换：若（i）公开发行价格高于_倍原始原始购买价购买价承销所有股票，且公司所公司所取得的净/总收入不低于_(“合格公合格公开发行开发行QPOQPO”)，或（ii）经A A 系优先股系优先股股东书面同意，在具有包销承诺的有保荐人的Mandatory

50、Conversion:dilution adjustment:dilution adjustment:6 6(i)securities issuable upon conversion of any ofthe Series A Preferred,or as a dividend ordistributionontheSeriesAPreferred;(ii)securities issued upon the conversion of anydebenture,warrant,option,or other convertiblesecurity;(iii)Common Stock is