TermSheetwithchinesetranslation

1、公司法原理課程蔡華教授中國政法大學二零零七年十月九日 1 風險投資中的條款清單（樣本） 本本aa 系優(yōu)先股融資條款清單系優(yōu)先股融資條款清單由中國政法大學法律碩士學院張章橋、董菲同學根據(jù)美國風險投資協(xié)由中國政法大學法律碩士學院張章橋、董菲同學根據(jù)美國風險投資協(xié) 會（會（national venture capital association）所提供的文本翻譯。翻譯時略有刪改。本）所提供的文本翻譯。翻譯時略有刪改。本條款清單條款清單僅供教僅供教 學使用，請勿用于商業(yè)用途。學使用，請勿用于商業(yè)用途。 中文翻譯英文原文 _公司公司 a a 系優(yōu)先股融資系優(yōu)先股融資 條款清單條款清單 _，200_ te

2、rm sheet for series a preferred stock financing of insert company name, inc. _, 200_ 本條款清單條款清單概括了_公司，一家特拉華公司（“公司公司” ）a a 系優(yōu)先股融資系優(yōu)先股融資的主要條款?？紤]到涉及此項投資的投資人投資人已 投入和將投入的時間和成本，無論此次融資是否完成，本條款清 單之限制出售限制出售/ /保密條款、律師及費用條款保密條款、律師及費用條款對公司公司都具有強制約束 力。未經(jīng)各方一致簽署并交付的最終協(xié)議，本條款清單條款清單之其他條 款不具有強制約束力。本條款清單條款清單并非投資人投資人進行投資

3、的承諾， 其生效以完成令投資人投資人滿意的盡職調(diào)查、法律審查和文件簽署為 條件。本條款清單條款清單各方面受特拉華州特拉華州法律管轄。 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 res

4、pect 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 deliv

5、ered 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. 公司法原理課程蔡華教授中國政法大學二零

6、零七年十月九日 2 出資條款出資條款：offering terms 交割日：交割日：當公司公司接受此條款清單條款清單且交割條件完備 時即盡快交割（“交割交割”）。（若需要 多次交割交割，請與此寫明。） closing date:as soon as practicable following the companys acceptance of this term sheet and satisfaction of the conditions to closing (the “closing”). provide for multiple closings if applicable 投資人

7、投資人：投資人投資人 1 1: 股（ %），$ 投資人投資人 2 2: 股（ %），$ 以及投資人投資人和公司公司一致同意的其他投投 資人資人 investors:investor no. 1: _ shares (_%), $_ investor no. 2: _ shares (_%), $_ as well other investors mutually agreed upon by investors and the company 融資金額：融資金額：$ ，含由過渡貸款轉(zhuǎn)換的本金及 利息 1 amount raised:$_, including $_ from the conve

8、rsion of principal and interest on bridge notes.1 每股價格：每股價格：$ 每股 （以下文所列公司公司資 本結(jié)構(gòu)表為依據(jù)）(“原始購買價原始購買價”） price per share:$_ per share (based on the capitalization of the company set forth below) (the “original purchase price”). 1 modify this provision to account for staged investments or investments depe

9、ndent on the achievement of milestones by the company. 公司法原理課程蔡華教授中國政法大學二零零七年十月九日 3 融資前估價：融資前估價：原始購買價原始購買價以充分稀釋融資前估價 $_和融資后估價$_為基礎(chǔ) 計算(含充分稀釋的融資后資本中員工 股預(yù)留 ) pre-money valuation: the original purchase price is based upon a fully-diluted pre-money valuation of $_ and a fully-diluted post-money valuation

10、 of $_ (including an employee pool representing _% of the fully-diluted post- money capitalization). 資本結(jié)構(gòu)表：資本結(jié)構(gòu)表：交割前后公司公司資本結(jié)構(gòu)表請見附件一。 capitalization:the companys capital structure before and after the closing is set forth as exhibit a. 公司公司章程章程 2 2charter2 2 the charter is a public document, filed wi

11、th the delaware secretary of state, that establishes all of the rights, preferences, privileges and 公司法原理課程蔡華教授中國政法大學二零零七年十月九日 4 股息分配股息分配： 可選方案 1: 當普通股普通股分配股息 時，a a 系優(yōu)先股系優(yōu)先股按視為轉(zhuǎn) 換成普通股普通股參與分配 可選方案 2: 經(jīng)董事會宣布，a a 系系 優(yōu)先股優(yōu)先股以每股 分配 非累積性股息 可選方案 3: a a 系優(yōu)先股系優(yōu)先股按年利率 %分配累積性股息按年度計算復 利，于公司清算或贖回股份時可分配。 其他股息或分紅，按

12、視為轉(zhuǎn)換成普通普通 股股參與普通股普通股分配。3 dividends:alternative 1: dividends will be paid on the series a preferred on an as-converted 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 preferre

13、d 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. 3 restrictions of

14、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. 3 in some cases, accrued and unp

15、aid 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 valu

16、e. the latter are referred to as “pik” (payment-in-kind) dividends. 公司法原理課程蔡華教授中國政法大學二零零七年十月九日 6 清算優(yōu)先受償權(quán)：清算優(yōu)先受償權(quán)：公司公司如因任何原因清算、解散或停業(yè) 清理過程，公司公司收益將作如下分配： 可選方案 1（優(yōu)先股優(yōu)先股不參與分配）: 首先,每股 a a 系優(yōu)先股系優(yōu)先股按一倍原始購原始購 買價買價加累計股息加已宣布但未付股 息分配。其余分配給普通股普通股股東 可選方案 2（優(yōu)先股優(yōu)先股充分參與分配）: 首先，每股 a a 系優(yōu)先股系優(yōu)先股按一倍原始原始 購買價購買價加累計股息加已宣布未

17、付股 息 分配。然后優(yōu)先股優(yōu)先股按視為轉(zhuǎn)換成 普通股普通股參與普通股普通股分配 可選方案 3（優(yōu)先股優(yōu)先股限制參與分配）: 首先，每股 a a 系優(yōu)先股系優(yōu)先股按一倍原始原始 購買價購買價加累計股息加已宣布未付股 息 分配。然后優(yōu)先股優(yōu)先股按視為轉(zhuǎn)換成 普通股普通股參與普通股普通股分配，直至 a a 系優(yōu)系優(yōu) 先股先股股東獲得總計 倍于原始購買原始購買 價價的分配 liquidation preference: in the event of any liquidation, dissolution or winding up of the company, the proceeds shal

18、l 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. alterna

19、tive 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 (c

20、ap 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 seri

21、es 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 disposit

22、ion of 公司法原理課程蔡華教授中國政法大學二零零七年十月九日 7 公司的兼并或合并（公司公司原股東擁有 存續(xù)公司或收購公司的發(fā)行在外股票 過半數(shù)表決權(quán)的情形除外）， 以及公 司出售、租賃、轉(zhuǎn)讓或以其他方式處 置公司全部或大部分資產(chǎn)的行為，應(yīng) 當視為公司公司清算事項(視為清算事項視為清算事項)， 并導致上述清算優(yōu)先權(quán)得以產(chǎn)生除非 的 a 系優(yōu)先股股東投票反對這 種處理。 all or substantially all of the assets of the company will be treated as a liquidation event (a “deemed liquida

23、tion event”), thereby triggering payment of the liquidation preferences described above unless the holders of _% of the series a preferred elect otherwise. 表決權(quán)：表決權(quán)：除下列情形外，a a 系優(yōu)先股系優(yōu)先股股東在視 為轉(zhuǎn)換成普通股普通股的基礎(chǔ)上與普通股普通股股 東一起表決，而不能作為獨立表決團 體： （i）a a 系優(yōu)先股系優(yōu)先股股東作為一個團體有 權(quán)選舉 名董事會成員（a a 系董事系董事） ; (ii)出現(xiàn)如下文所示“保護性條款保護

24、性條款” 之情況; （iii）法律另有的其他規(guī)定。 公司章程公司章程應(yīng)當規(guī)定，經(jīng)優(yōu)先股優(yōu)先股和普通普通 股股股東多數(shù)同意，并作為一個表決團 體集體表決（不經(jīng)普通股普通股股東單獨表 決），公司公司可以增加或減少授權(quán)發(fā)行 的股票數(shù)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 cl

25、ass 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 companys certificate of incorporation will provide that the number of authorized shares of common stock may be increased or decr

26、eased 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.4 4 for california corporations, one cannot “opt out” of the statutory requirement of a separate class vote by common stockholders to auth

27、orize shares of common stock. 公司法原理課程蔡華教授中國政法大學二零零七年十月九日 8 保護性條款：保護性條款：只要有_寫明固定數(shù)量、百分比或 任何 a a 系優(yōu)先股系優(yōu)先股仍發(fā)行在外，未經(jīng) 至少 a a 系優(yōu)先股系優(yōu)先股股東書面同意， 公司公司不得直接或變相進行兼并、合并 或下列其他業(yè)務(wù)： （i）清算、解散或停業(yè)清理，或進行 任何視為清算事項視為清算事項; (ii)以不利于 a a 系優(yōu)先股系優(yōu)先股股東的方式 修改、變更或撤銷公司章程公司章程或細則細則中 的任何條款 5 （iii）創(chuàng)設(shè)、授權(quán)創(chuàng)設(shè)或發(fā)行可轉(zhuǎn)換 或可行使擁有優(yōu)于或同等于 a a 系優(yōu)先系優(yōu)先 股股之

28、權(quán)利、優(yōu)待或特權(quán)的公司公司證券， 或增加發(fā)行 a a 系優(yōu)先股系優(yōu)先股授權(quán)數(shù)量； (iv)優(yōu)于 a a 系優(yōu)先股系優(yōu)先股，對任何股份予 以收購、贖回或分配股息。由于前員 工的雇傭（或顧問的服務(wù)）關(guān)系的終 止，以低于公平市場價回購其股份的 除外由董事會（含 位 a a 系董事系董事） 同意的除外； (v)發(fā)行或授權(quán)發(fā)行任何公司公司債券若 公司公司總計負債因此超過_設(shè)備 protective provisions: so long as insert fixed number, or %, or “any” shares of series a preferred are outstanding,

29、 the company will not, without the written consent of the holders of at least _% of the companys series a preferred, either directly or by amendment, merger, consolidation, or otherwise: (i) liquidate, dissolve or wind-up the affairs of the company, or effect any deemed liquidation event; (ii) amend

30、, alter, or repeal any provision of the certificate of incorporation or bylaws in a manner adverse to the series a preferred;5 (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 senio

31、r 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

32、 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 companys aggregate 5 note that as a matter of background law,

33、 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 se

34、ries are entitled to a separate series vote on the amendment. 公司法原理課程蔡華教授中國政法大學二零零七年十月九日 9 租賃或銀行信用額度除外無股權(quán)特 征的負債除外此類債券獲得董事會 （含 位 a a 系董事系董事）事先同意的除外 ； （vi）增加或減少董事會成員人數(shù)。 indebtedness would exceed $_other than equipment leases or bank lines of creditother than debt with no equity featureunless such debt

35、 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. 可選擇轉(zhuǎn)換：可選擇轉(zhuǎn)換：a a 系優(yōu)先股系優(yōu)先股股東有權(quán)將其擁有每一 a a 系優(yōu)先股系優(yōu)先股隨時轉(zhuǎn)換為普通股普通股，每一 a a 系優(yōu)先股系優(yōu)先股可轉(zhuǎn)換為普通股的數(shù)量為原原 始購買價始購買價除以轉(zhuǎn)換時的 a a 系優(yōu)先股轉(zhuǎn)系優(yōu)先股轉(zhuǎn) 換

36、價換價（定義如下）。最初的 a a 系優(yōu)先系優(yōu)先 股轉(zhuǎn)換價股轉(zhuǎn)換價應(yīng)當原始購買價原始購買價。a a 系優(yōu)先系優(yōu)先 股轉(zhuǎn)換價股轉(zhuǎn)換價應(yīng)當根據(jù)普通股普通股的配股、股 票分割、股票合并等類似事項，以及 如下“反稀釋條款”所述內(nèi)容進行調(diào) 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 det

37、ermined 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 pr

38、ice is subject to adjustments for stock dividends, splits, combinations and similar events and as described below under “anti-dilution provisions.” 反稀釋條款：反稀釋條款：若公司公司以低于現(xiàn)行 a a 系優(yōu)先股轉(zhuǎn)換價系優(yōu)先股轉(zhuǎn)換價 的價格發(fā)行新的股票，該轉(zhuǎn)換價格應(yīng) 按下列公式調(diào)整： 可選方案 1“典型”加權(quán)平均數(shù)： cp2=cp1*(a+b)/(a+c) cp2=新 a a 系優(yōu)先股轉(zhuǎn)換價系優(yōu)先股轉(zhuǎn)換價 anti-dilution provisio

39、ns: 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) 公司法原理課程

40、蔡華教授中國政法大學二零零七年十月九日 10 cp1=新股發(fā)行前實際 a a 系優(yōu)系優(yōu) 先股轉(zhuǎn)換價先股轉(zhuǎn)換價 a=新股發(fā)行前視為已發(fā)行的 普通股普通股數(shù)量（含所有已發(fā) 行的普通股普通股，所有視為已 轉(zhuǎn)換的已發(fā)行優(yōu)先股優(yōu)先股，以 及所有已發(fā)行的可行使期 權(quán);不含轉(zhuǎn)入此輪融資的 任何可轉(zhuǎn)換證券） b=公司公司此次發(fā)行預(yù)計融資總 額除以 cp1 c=本次交易中股票發(fā)行數(shù)量 cp2 =new series a conversion price cp1=series a conversion price in effect immediately prior to new issue a=number

41、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 securitie

42、s 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 可選方案 2：完全棘輪方案轉(zhuǎn)換價 降到與新發(fā)行價一致 alternative 2: full-ratchet the series a preferred conversion price w

43、ill be reduced to the price at which the new shares are issued. 可選方案 3：無基于價格調(diào)整的反稀 釋措施 alternative 3: no price-based anti-dilution protection. 公司法原理課程蔡華教授中國政法大學二零零七年十月九日 11 下列發(fā)行不導致反稀釋調(diào)整 6： （i）可發(fā)行證券是基于任何 a a 系優(yōu)先系優(yōu)先 股股轉(zhuǎn)換后產(chǎn)生，或作為 a a 系優(yōu)先股系優(yōu)先股的 股息或分紅； （ii）可發(fā)行證券是基于任何信用債 券，認股權(quán)證，期權(quán)或其它可轉(zhuǎn)換證 券轉(zhuǎn)換后產(chǎn)生； （iii）可發(fā)行普通股

44、普通股是基于股票分割， 配股，或任何普通股普通股的細分而產(chǎn)生； （iv）普通股普通股（或認購該類普通股普通股的 期權(quán)）發(fā)行或可發(fā)行給公司公司的員工、 董事、顧問，是基于公司公司董事會董事 （含至少_名 a a 系董事系董事）同意的任何 股權(quán)計劃而產(chǎn)生的； （v）普通股發(fā)行或可發(fā)行給銀行，設(shè) 備出租人，是基于公司公司董事會董事 （含至少_名 a a 系董事系董事）同意的債務(wù) 融資，設(shè)備租賃或不動產(chǎn)租賃交易而 產(chǎn)生的。 the following issuances shall not trigger anti- dilution adjustment:6 (i) securities issua

45、ble 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 subdiv

46、ision 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 companys board of directors including at least _ series a directo

47、r(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). 強制性轉(zhuǎn)換：強制性轉(zhuǎn)換：若（i）公開發(fā)行價格高于_倍原始原始 購買價購買價

48、承銷所有股票，且公司所公司所取得 的凈/總收入不低于_(“合格公合格公 開發(fā)行開發(fā)行qpoqpo”)，或 （ii）經(jīng)a a 系優(yōu)先股系優(yōu)先股股東書面同 意，在具有包銷承諾的有保薦人的 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 commit

49、ment underwritten public offering with a price of _ times the original purchase price (subject to adjustments for stock dividends, 6 note that additional exclusions are frequently negotiated, such as issuances in connection with equipment leasing and commercial borrowing. 公司法原理課程蔡華教授中國政法大學二零零七年十月九日

50、12 公開發(fā)行交割時，每股 a a 系優(yōu)先股系優(yōu)先股將 自動以當時適當?shù)霓D(zhuǎn)換率轉(zhuǎn)換為普通普通 股股。（適用普通股普通股股息，分割，合并 及類似調(diào)整業(yè)務(wù)） 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.7 出資人參與交易出資人參與交易:除非董事會決定含多數(shù)a 系董事系

51、董事投 票決定允許主要主要投資人投資人放棄參與權(quán)， 在之后的公司再融資交易中，所有主主 要要投資人投資人都必須充分行使其參與權(quán)(如 下文“投資人權(quán)利協(xié)議投資人權(quán)利協(xié)議按比例參與未按比例參與未 來交易來交易”所述)除非%a 系優(yōu)先股系優(yōu)先股股東 投票同意不按此方案處理，否則任何 未行使上述參與權(quán) a 系優(yōu)先股系優(yōu)先股 8的主 主 要要 投資人投資人所持有的全部 a 系優(yōu)先股系優(yōu)先股 都將喪失反稀釋權(quán)利喪失未來交易 參與權(quán)如果可適用，轉(zhuǎn)換為普通股普通股并 喪失董事席位9。 pay-to-play: unless the holders of _% of the series a elect oth

52、erwise, on any subsequent down round all major investors are required to participate to the full extent of their participation rights (as described below under “investor rights agreement right to participate pro rata in future rounds”), unless the participation requirement is waived for all major in

53、vestors by the board (including vote of a majority of the series a directors). all shares of series a preferred8 of any major investor failing to do so will automatically lose anti-dilution rights lose right to participate in future rounds convert to common stock and lose the right to a board seat i

54、f applicable.9 贖回權(quán)贖回權(quán) 10: 交割后第五年開始，經(jīng)至少%的 a a 系系redemption rights:10 the series a preferred shall be redeemable 7 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 adjustmen

55、t 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. 8 alternatively, this provision could apply on a proportionate basis (e.g., if investor plays for of pro rata share, receives of anti-dilution adjustment). 9 if

56、 the punishment for failure to participate is losing some but not all rights of the preferred (e.g., anything other than a forced conversion to common), the charter will need to have so-called “blank check preferred” provisions at least to the extent necessary to enable the board to issue a “shadow”

57、 class of preferred with diminished rights in the event an investor fails to participate. note that as a drafting matter it is far easier to simply have (some or all of) the preferred convert to common. 10 redemption rights allow investors to force the company to redeem their shares at cost plus a s

58、mall guaranteed rate of return (e.g., dividends). in 公司法原理課程蔡華教授中國政法大學二零零七年十月九日 13 優(yōu)先股優(yōu)先股股東選擇， a a 系優(yōu)先股股東系優(yōu)先股股東可 以要求公司以可合法分配資金以原始原始 購買價購買價加所有累積未付股息 贖回其 所持有的 a a 系優(yōu)先股系優(yōu)先股。 贖回將在三年 內(nèi)分階段等額完成。如符合規(guī)定比例 的 a a 系優(yōu)先股系優(yōu)先股股東提出贖回請求，其 他所有 a a 系優(yōu)先股系優(yōu)先股都將被可贖回除明 確選擇放棄上述權(quán)利的 a a 系優(yōu)先股系優(yōu)先股股 東外11。 from funds legally avail

59、able for distribution at the option of holders of at least _% of the series a preferred commencing any time after the fifth anniversary of the closing at a price equal to the original purchase price plus all accrued but unpaid dividends. redemption shall occur in three equal annual portions. upon a

60、redemption request from the holders of the required percentage of the series a preferred, all series a preferred shares shall be redeemed (except for any series a holders who affirmatively opt-out).11 practice, redemption rights are not often used; however, they do provide a form of exit and some po