PE投资协议条款样本(NVCA中英文对照版).doc

风险投资中的条款清单（样本）

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[____]公司A系优先股融资
条款清单
[______，200___]

TERM SHEET
FOR SERIES A PREFERRED STOCK FINANCING OF
[INSERT COMPANY NAME], INC.
[ __, 200_]

本条款清单概括了_______公司，一家[特拉华]公司（“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进行投资的承诺，其生效以完成令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 [Delaware] corporation (the “Company”). In consideration of the time and expense devoted and to be devoted by the Investors with respect 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 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：

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（“交割”）。（若需要多次交割，请与此写明。）

Closing Date:
As soon as practicable following the Company’s acceptance of this Term Sheet and satisfaction of the Conditions to Closing (the “Closing”). [provide for multiple closings if applicable]

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]

Investors:
Investor No. 1: [_______] shares ([__]%), $[_________]
Investor 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＄[ ]1

Amount Raised:
$[________], [including $[________] from the conversion of principal [and interest] on bridge notes]. 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”）
Price Per Share:
$[________] per share (based on the capitalization of the Company set forth below) (the “Original Purchase Price”).

融资前估价：

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[ ]％)
Pre-Money Valuation:
The Original Purchase Price is based upon a fully-diluted pre-money valuation of $[_____] and a fullydiluted post-money valuation of $[______] (including an employee pool representing [__]% of the fullydiluted post-money capitalization).

资本结构表：

交割前后公司资本结构表请见附件一。
Capitalization:
The Company’s capital structure before and after the Closing is set forth as Exhibit A.

公司章程2

CHARTER 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, 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]。3
Dividends:
[Alternative 1: Dividends will be paid on the Series A Preferred on an asconverted basis when, as, and if paid on the Common Stock]
[Alternative 2: Non-cumulative dividends will be paid on the Series A Preferred in an amount equal to $[_____] per share of Series A Preferred when and if declared by the Board.]
[Alternative 3: The Series A Preferred will carry an annual [__]% cumulative dividend [compounded annually], payable upon a liquidation or redemption. For any other dividends or distributions, participation with Common Stock on an as-converted basis.] In 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 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系优先股股东获得总计[ ]倍于原始购买价的分配]

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]。

Liquidation Preference:

In the event of any liquidation, dissolution or winding up of the Company, the proceeds shall be paid as follows:
[Alternative 1 (non-participating Preferred Stock): First pay [one] times the Original Purchase 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 Common Stock.]
[Alternative 2 (full participating Preferred Stock): First pay [one] times the Original Purchase 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.]
[Alternative 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 holders of Series A Preferred receive an aggregate of [_____] times the 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 other disposition of all or substantially all of the assets of the Company will be treated as a liquidation event (a “Deemed Liquidation Event”), thereby triggering payment of the liquidation preferences described above [unless the holders of [___]% of the Series A Preferred elect otherwise].
表决权：
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系董事）;
(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），公司可以增加或减少授权发行的股票数量4。
Voting Rights:
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 provided under “Protective Provisions” 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 single class, and without a separate class vote by the Common Stock. For California 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：
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系优先股之权利、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][由董事会（含[ ] 位A系董事）同意的除外]；

(v)发行或授权发行任何公司债券[若公司总计负债因此超过﹩[__]][设备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系董事）事先同意的除外]；

（vi）增加或减少董事会成员人数。

Protective Provisions:
So long as [insert fixed number, or %, or “any”] shares of Series A Preferred are outstanding, the Company will not, without the written consent of the holders of at least [__]% of the Company’s Series A Preferred, either directly or by amendment, merger, consolidation, or otherwise:
(i) liquidate, dissolve or windup 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 manner adverse to the Series A Preferred]; 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, 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.
(iii) create or authorize the creation of or issue any other security convertible into or exercisable 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 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 security [if the Company’s aggregate indebtedness would exceed $[____][other than equipment leases or bank lines of credit][other than debt with no equity feature][unless such debt security has received the prior approval of the Board of Directors, including the approval of [________] Series A Director(s)]; (vi) increase or decrease the size of the Board of Directors.
可选择转换：
A系优先股股东有权将其拥有每一A系优先股随时转换为普通股，每一A系优先股可转换为普通股的数量为原始购买价除以转换时的A系优先股转换价（定义如下）。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。

Optional Conversion:
Each share of the Series A Preferred shall be convertible, at the option of the holder thereof, 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. The “Series A Preferred Conversion Price” shall initially be equal to $____ (the 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 “Anti-dilution Provisions.”
反稀释条款：
若公司以低于现行A系优先股转换价的价格发行新的股票，该转换价格应按下列公式调整：

[可选方案1“典型”加权平均数：

CP2=CP1*(A+B)/(A+C)

CP2=新A系优先股转换价

CP1=新股发行前实际A系优先股转换价

A=新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=公司此次发行预计融资总额除以CP1

C=本次交易中股票发行数量]

Anti-dilution Provisions:
In the event that the Company issues additional securities at a purchase price less 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)

CP2 = New Series A Conversion Price
CP1 = Series A Conversion Price in effect immediately prior to new issue
A = Number of shares of Common Stock deemed to be outstanding immediately prior to new issue (includes all shares of outstanding 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 the new issue divided by CP1
C = Number of shares of stock issued in the subject transaction]

[可选方案2：完全棘轮方案—转换价降到与新发行价一致]

[Alternative 2: Full-ratchet – the Series A Preferred Conversion Price will be reduced to the price at which the new shares are issued.]

[可选方案3：无基于价格调整的反稀释措施]

[Alternative 3: No price-based anti-dilution protection.]

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系优先股转换后产生，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 trigger anti-dilution adjustment: Note that additional exclusions are frequently negotiated, such as issuances in connection with equipment leasing and commercial borrowing.

(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 issuable 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 Board of Directors [including at least [_______] Series A Director(s)] [(v) shares of 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 Director(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＄[_](“合格公开发行[QPO]”)，或
（ii）经[]％A系优先股股东书面同意，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普通股。（适用普通股股息，分割，合并及类似调整业务）

Mandatory Conversion:
Each share of Series A Preferred will automatically be converted into Common Stock at the then applicable Series A Preferred Conversion Price in the event of the closing of a [firm commitment] underwritten public offering with a price of [___] times the Original Purchase 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”), or (ii) upon the written consent of the holders of [__]% of the Series A 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 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—按比例参与未来