-
风险投资中的条款清单（样本）
中文
<
/p>
[____]
公司
A
系优先股融资
条款清单
[______
，
200___]
本
条款清单
概括了
_______
公司，一家
[
特拉华
]<
/p>
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。
英文
TERM SHEET
FOR SERIES A
PREFERRED STOCK FINANCING OF
[
INSERT COMPANY
NAME
],
INC.
[
__, 200_]
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].
Offering Terms
出资条款
：
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，<
/p>
请与此写明。）
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
]
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
]
Investor No. 1: [_______] shares
([__]%),
$$[_________]
Investor No. 2: [_______] shares
([__]%),
$$[_________]
[as
well other investors mutually agreed upon by
Investors and the Company]
投资人
：
Investors:
融资金额：
每股价格：
$$[ ]
，
[
< br>含由过渡贷款转换的本金及
利息＄
[
]
1
$$[
]
每股
（以下文
所列
公司
资
本结构表为依据）
(
“原始购买价”
）
原始购买价
以充分稀释融资前估价<
/p>
$$[_____]
和融资后估价
$$[__
___]
为基础
计算
(
含充分稀释的融资后资本中员工
股预留
[
]
％
)
Amount
Raised:
$$[________], [including
$$[________] from the
conversion of
principal [and interest] on bridge
notes].
1
融资前估价：
Price Per
Share:
$$[________] per share (based on
the
capitalization of the Company set
forth below)
(the “
Original
Purchase Price
”).
Pre-Money
Valuation:
The
Original
Purchase
Price
is
based
upon
a
fully-diluted
pre-money
valuation
of
$$[_____]
and
a
fully-diluted
post-money
valuation
of
$$[______]
(including
an
employee
pool
representing
[__]%
of
the
fully-
diluted
post-
money
capitalization).
The Company’s
capital stru
cture before and after
资本结构表：
1
Capitalization:
交割前后
公司
资本结构表请见附件一。
Modify this provision to
account for staged investments or investments
dependent on the achievement of milestones by the
Company.
股息分配
：
the Closing is set forth as Exhibit A.
公司章程
2
Dividends:
CHARTER
2
[
Alternative
1:
Dividends
will
be
paid
on
the
Series
A
Preferred
on
an
as-converted
basis
when, as, and if paid on the Common
Stock]
[
Alternative
2
:
Non-cumulative
dividends
will
be paid on the Series A
Preferred in an amount
equal to
$$[_____] per share of Series A Preferred
[
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
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.
2
非累积性股息
]
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
[
可选方案
3:
A
系优先股
按年利率
[ ]%<
/p>
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<
/p>
普通股
分配
]
。
3
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.
3
公司
如因任何原因清算、解散或停业
Liquidation
清理过程，
公司
收益将作如下分配：
Preference:
[
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
][<
/p>
加已宣布但未付股
息
]
< br>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<
/p>
[
加累计股息
][
加已宣布未
付股息
]
分配。然后<
/p>
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<
/p>
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
< br>购买价
的分配
]
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
清算优先受偿权：
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<
/p>
[ ]
％的
A
系优先股股东投票反
对这种处理
]
。<
/p>
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
。
4
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].
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.
4
For
California
corporations,
one
cannot
“opt
out”
of
the
statutory
requirement
of
a
separate
class
vote
by
Common
Stockholder
s
to
authorize
shares of Common
Stock.
保护性条款：
只要有
___[
写明固定数量、百分比或
< br>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
< br>视为清算事项
;
(ii)[
以不利于
A
系优先股
< br>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
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
P
referred,
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, 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
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
（
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
< br>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
[ ] <
/p>
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
5
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.
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
< br>）增加或减少董事会成员人数。
indebtedness would exceed $$[____][other
than
equipment
leases
or
bank
lines
of
credit][other
than
debt
with
no
equity
feature][unless
such
debt
security
has
received
the
prior
approval
of
the
Board
of
Directors,
including
the
approval
of
[________] Series A Director(s)]; (vi)
increase
可选择转换：
反稀释条款：
A
系优先
股
股东有权将其拥有每一
A
系优先股<
/p>
随时转换为
普通股
，每一
A
系优先股
可转换为普通股的数量为
< br>原
始购买价
除以转换时的
A
系优先股转
换价
（定义如下）。最初的
A
系优先
股转换价
应当
原始购买价。
A
系优先
股转换价
应当根据
普通股
的配股、股
票分割、股票合并等类似事项，以及
如下“反稀释条
款”所述内容进行调
整。
若
公司
以低于现行
A<
/p>
系优先股转换价
的价格发行新的股票，该转换价格应
按下列公式调整：
[
可选方案
1“典型”加权平均数：
CP
2
=C
P
1
*(A+B)/(A+C)
CP
2
=
新
A
系优先股转换价<
/p>
Optional
Conversion:
Anti-dilution
Provisions:
or
decrease the size of the Board of Directors.
Each
share
of
the
Series
A
Preferred
shall
be
convertible, at the
option of the holder thereof, at
any
time,
into
such
number
of
shares
of
Common Stock as is
determined by dividing the
Series
A
Original
Purchase
Price
by
Series
A
Preferred Conversion Price (as defined
below) in
effect at the time of
conversion. T
he “Series A
Preferr
ed
Conversion
Price”
shall
initially
be
equal
to
$$____
(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.”
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:
CP
2
=
CP
1
* (A+B) / (A+C)
CP
1<
/p>
=
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
CP
1
C=
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
]
CP
2
=
New Series A Conversion
Price
CP
1
=
S
eries
A
Conversion
Price
in
effect
immediately prior to new issue
A
=
N
umber
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
=
A
ggregate
consideration
received
by
the
Corporation
with
respect
to
the
new
issue
divided
by CP
1
C
=
N
umber
of
shares
of
stock
issued
in
the
subject transaction]
[
Alternative
2:
Full-ratchet
–
the
Series
A
Preferred Conversion Price will be
reduced to
the price at which the new
shares are issued.]
[
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。
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
/
< br>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
The following issuances shall not
trigger anti-
dilution
adjustment:
6
(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：
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
6
Note that additional exclusions are
frequently negotiated, such as issuances in
connection with equipment leasing and commercial
borrowing.
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
< br>及类似调整业务）
出资人参与交易
:
[Pay-to-
Play:
除非董事会决定
[
含<
/p>
[
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
< br>[
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
参与未来交易
”
所述
)[
除非
[]%
A
系优先
股
股东投票同意不按此方案
处理
]
，否
则任何未行使上述参与权<
/p>
A
系优先股
8
的
[
主要
]
投
资人
所持有的全部
A
系优
先股
都将
[
丧失反稀释权利
][
丧失未来
交易参与权
][
如果可适用，转换为
普通
股
并丧失董事席位
]
9
。
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.
7
[Unless
the
holders
of
[__]%
of
the
Series
A
elect otherwise,] 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]
Investors
by the Board
[(including vote of [a majority of]
the
Series A Director[s])]. All shares of Series A
Preferred
8
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 if
applicable].
9
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.
7
Alternatively,
this
provision
could
apply
on
a
proportionate
basis
(e.g.,
if
Investor
plays
for
?
of
pro
rata
share,
receives
?
of
anti-dilution
adjustment).
8
If
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”
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.
9
赎回权
10
:
交割后第五年开始，经至少
[]%
的<
/p>
A
系
优先股
股东
选择，
A
系优先股股东
可
以要求公司以可合法分配资金以
原始
购买价
[
加所有累积未付股息
]
< br>赎回其
所持有的
A
系优先股
。
赎回将在三年
内分阶段等额完成。如符合规定比例
的
A
系优先股
股东提出赎回请求，其
他所有
A
系优先股
都将被可赎回
[
除明
确选择放弃上述权利的
A
< br>系优先股
股
东外
]
11
。
Redemption
Rights:
10
The
Series
A
Preferred
shall
be
redeemable
from
funds
legally
available
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
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
Redemption rights allow Investors to
force the Company to redeem their shares at cost
[plus a small guaranteed rate of return (e.g.,
dividends)]. In
practice, redemption
rights are not often used; however, they do
provide a form of exit and some possible leverage
over the Company. While it is possible that
the right to recei
ve
dividends on redemption could give rise to a Code
Section 305 “deemed dividend” problem, many tax
practitioners take the v
iew that if the
liquidation preference provisions in
the Charter are drafted to provide that, on
conversion, the holder receives the greater of its
liquidation preference or its
as-
converted amount (as provided in the
NVCA model Certificate of Incorporation), then
there is no Section 305 issue.
10
Due to statutory restrictions, it is
unlikely that the Company will be legally
permitted to redeem in the very circumstances
where investors most
want it (the
so-
called “sideways situation”),
investors will sometimes request that certain
penalty provisions take effect where redemption
h
as been requested but
the
Company’s
available
cash
flow
d
oes
not
permit
such
redemption
-
-
e.g.,
the
redemption
amount
shall
be
paid
in
the
form
of
a
one-year
note
to
each
unredeemed holder of Series A
Preferred, and the holders of a majority of the
Series A Preferred
shall be
entitled to elect a majority of th
e
Company’s Board of
Directors until such
amounts are paid in full.
11
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