-
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
]
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<
/p>
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<
/p>
[
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
$$[_____]
< br>和融资后估价
$$[_____]
为基础
< br>计算
(
含充分稀释的融资后资本中员工
< br>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
$$[______]
(including
an
employee
pool
representing
[__]%
of
the
fully-
diluted
post-money capitalization).
The Company’s
capital stru
cture before and after
Capitalization:
资本结构表：
交割前后
公司
资本结构表请见附件一。
1
Modify this provision to account for
staged investments or investments dependent on the
achievement of milestones by the Company.
股息分配
：
the Closing is set forth as Exhibit A.
公司章程
2
CHARTER
2
[
Alternative
1:
Dividends
will
be
paid
on
the
Series
A
Preferred
on
an
as-converted
basis
when, as, and if paid on the Common
Stock]
[
Alternative
2
:
Non-cumulative
dividends
will
be paid on the Series A
Preferred in an amount
equal to
$$[_____] per share of Series A Preferred
Dividends:
[
可选方案
1:
当
< br>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
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、
解散或停业清
Liquidation
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
< br>,
每股
A
系优先股
按
[
一
]
< br>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
（<
/p>
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
< br>][
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<
/p>
]
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
[ ]
％
的
A
系优先股股东投票反对这种处
理
]
< br>。
表决权：
除下列情形外，
A
系优先股
股东在视为
V
oting Rights:
转换成
普通股
< br>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<
/p>
）
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
< br>）
;
(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
。
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].
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.
4
保护性条款：
只要有
___[
写明固定数量、
百
分比或任
Protective
何
]
A
系优
先股
仍发行在外，未经至少
Provisions:
[ ]
％
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<
/p>
）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
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，
< br>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，<
/p>
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
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.
可选择转换：
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
][
< br>此类债券获得董事会
（含
[
]
位
A
系董事
）
事先同意的除外
]
；
< br>
（
vi
）增加或减少董事会成员人数。
A
系优先股
股东有权将其拥有每一
A
系
Optional
优先股
随时转换为
普通股
，
每
一
A
系优
Conversion: <
/p>
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
< br>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
系优先股转换价
Anti-
dilution
的价格发行新的股票，
该转换价格应按
Provisions:
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)
indebtedness would exceed $$[____][other
than
equipment
leases
or
bank
lines
of
credit][other
than
debt
with
no
equity
feature][unless
such
debt
security
has
received
the
prior
approval
of
the
Board
of
Directors,
including
the
approval
of
[________] Series A Director(s)]; (vi)
increase
or decrease the size of the
Board of Directors.
Each
share
of
the
Series
A
Preferred
shall
be
convertible, at the
option of the holder thereof, at
any
time,
into
such
number
of
shares
of
Common Stock as is
determined by dividing the
Series
A
Original
Purchase
Price
by
Series
A
Preferred Conversion Price (as defined
below) in
effect at the time of
conversion.
T
he
“Series A
Preferr
ed
Conversion
Price”
shall
initially
be
equal
to
$$____
(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
2
=
新
A
系优先股转换价
< br>CP
1
=
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
=
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 CP
1
C
=
Number 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
< br>（或认购该类
普通股
的期
权）<
/p>
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
Mandatory
Conversion:
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
（<
/p>
ii
）
经
[]<
/p>
％
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
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)].
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
强制性转换：
6
Note that additional exclusions are
frequently negotiated, such as issuances in
connection with equipment leasing and commercial
borrowing.
当时适当的转换率转换为
普通股
。
（适
用
普通股<
/p>
股息，
分割，
合并及类似调整
业务）
出资人参与交易
:
[Pay-to-
Play:
除非董事会决定
[
含
[
多数
]
A
系董事
投
票决定<
/p>
]
允许
[
主要<
/p>
]
投资人
放弃参与权，
< br>
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
A
系优先股
8<
/p>
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
。
[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
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).
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
:
10
交割后第五年开始，经至少
[]%
的
A
系
Red
emption Rights:
The
Series
A
Preferred
shall
be
redeemable
from
funds
legally
available
for
distribution
优先股
股东选择，
A
系优先股股东
可
at
the
option
of
holders
of
at
least
[__]%
of
以要求公司以可合法分配资金以
原始
the
Series A
Preferred
commencing
any
time
购买价
[
加所有累积未付股息
]
赎回其
after the fifth
anniversary of the Closing at a
所持有的
A
系优先股
。
赎回将在三年
price
equal
to
the
Original
Purchase
Price
内分
阶段等额完成。
如符合规定比例的
[plus
all
accrued
but
unpaid
dividends].
A
系优先股
股东提出赎回请求，其他所
Redemption shall occur in
three equal annual
有
A
系优先股
都将被可赎回
[
除明
确选
portions.
Upon
a
redemption
request
from
the
holders of the required percentage of the
< br>择放弃上述权利的
A
系优先股
股
东
Series
A
Preferred,
all
Series
A
Preferred
外
]
11
。
shares
shall
be
redeemed
[(except
for
any
Series A holders who
affirmatively opt-out)].
11
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
Redemption rights allow Investors to
force the Company to redeem their shares at cost
[plus a small guaranteed rate of return (e.g.,
dividends)].
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
陈述与保证
:
股份买卖协议书
公司
提供标准的陈述与保证
. [
由
公司
创始人
[<
/p>
对技术所有权等
]
提供陈述与
保证
].
12
Representation
s
and
Warranties:
Stock
Purchase Agreement
Standard
representations
and
warranties
by
the
Company.
[Representations
and
warranties
by
Founders regarding [technology
ownership, etc.].
12
Standard conditions to Closing, which
shall include,
among
other
things,
satisfactory
completion
of
financial
and
legal
due
diligence,
qualification
of
the
shares
under
applicable
Blue
Sky
laws,
the
filing of a Certificate
of Incorporation establishing
the
rights
and
preferences
of
the
Series
A
Preferred,
and
an
opinion
of
counsel
to
the
Company.
[Investor/Company]
counsel
to
draft
closing
documents.
Company
to
pay
all
legal
and
administrative
costs
of
the
financing
[at
Closing],
including
reasonable
fees
(not
to
exceed
$$[_____])and
expenses
of
Investor
counsel[,
unless
the
transaction
is
not
completed
because
the
Investors
withdraw
their
commitment
without
cause]
13
.
Company
Counsel:
[
Investor Counsel:
[
]
]
完成交割的条件
:
完成交割的标准条件，
包括
:
完成相应
Conditions to
的财务和法律的尽职调查，
股票的发行
Closing:
符合
州证券法
(Blue
Sky
laws)
的规定，
赋予了
A
系优先股
权利
和优待的
公司
章程
的进行了登记备案<
/p>
,
以及公司律师
出具了法院意见函等事项
。
律师及费用
:
< br>[
投资人
/
公司
]
的律师起草交割文件。
公
C
ounsel and
司
[
在
交割
时
]
，应当支付
因融资产生的
Expenses:
所有法律和行政花费，
包括合理专业服
务费用
（
< br>投资人律师费
由公司承担部分
不得超过
< br>$$ [
]
）和其他费用
[
由于
投
资人
无故撤销其承诺而使得交易未完
成的除外
]
13
。
公司律师
：
[
]
投资人律师
: [
]
Note that while it is not
at all uncommon in east coast deals to require the
Founders to personally rep and warrant (at least
as to certain key matters,
and usually
only in the Series A round), such Founders reps
are rarely found in west coast deals.
12
The
bracketed
text
should
be
deleted
if
this
section
is
not
designated
in
the
introductory
paragraph
as
one
of
the
sections
that
is
binding
upon
the
Company regardless of
whether the financing is consummated.
13
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