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《公司法原理》课程·蔡华教授·中国政法大学·二零零七年十月九日1风险投资中的条款清单（样本）本《A系优先股融资条款清单》由中国政法大学法律硕士学院张章桥、董菲同学根据美国风险投资协会（NationalVentureCapitalAssociation）所提供的文本翻译。翻译时略有删改。本《条款清单》仅供教学使用，请勿用于商业用途。中文翻译英文原文[____]公司A系优先股融资条款清单[______，200___]TERMSHEETFORSERIESAPREFERREDSTOCKFINANCINGOF[INSERTCOMPANYNAME],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。ThisTermSheetsummarizestheprincipaltermsoftheSeriesAPreferredStockFinancingof[___________],Inc.,a[Delaware]corporation(the“Company”).InconsiderationofthetimeandexpensedevotedandtobedevotedbytheInvestorswithrespecttothisinvestment,theNoShop/ConfidentialityandCounselandExpensesprovisionsofthisTermSheetshallbebindingobligationsoftheCompanywhetherornotthefinancingisconsummated.Nootherlegallybindingobligationswillbecreateduntildefinitiveagreementsareexecutedanddeliveredbyallparties.ThisTermSheetisnotacommitmenttoinvest,andisconditionedonthecompletionofduediligence,legalreviewanddocumentationthatissatisfactorytotheInvestors.ThisTermSheetshallbegovernedinallrespectsbythe《公司法原理》课程·蔡华教授·中国政法大学·二零零七年十月九日2lawsofthe[StateofDelaware].出资条款：OfferingTerms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。）ClosingDate:AssoonaspracticablefollowingtheCompany’sacceptanceofthisTermSheetandsatisfactionoftheConditionstoClosing(the“Closing”).[provideformultipleclosingsifapplicable]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:InvestorNo.1:[_______]shares([__]%),$[_________]InvestorNo.2:[_______]shares([__]%),$[_________][aswellotherinvestorsmutuallyagreeduponbyInvestorsandtheCompany]融资金额：$[]，[含由过渡贷款转换的本金及利息＄[]1AmountRaised:$[________],[including$[________]fromtheconversionofprincipal[andinterest]onbridgenotes].1每股价格：$[]每股（以下文所列公司资本结构表为依据）(“原始购买价”）PricePerShare:$[________]pershare(basedonthecapitalizationoftheCompanysetforthbelow)(the“OriginalPurchasePrice”).1ModifythisprovisiontoaccountforstagedinvestmentsorinvestmentsdependentontheachievementofmilestonesbytheCompany.《公司法原理》课程·蔡华教授·中国政法大学·二零零七年十月九日3融资前估价：原始购买价以充分稀释融资前估价$[_____]和融资后估价$[_____]为基础计算(含充分稀释的融资后资本中员工股预留[]％)Pre-MoneyValuation:TheOriginalPurchasePriceisbaseduponafully-dilutedpre-moneyvaluationof$[_____]andafully-dilutedpost-moneyvaluationof$[______](includinganemployeepoolrepresenting[__]%ofthefully-dilutedpost-moneycapitalization).资本结构表：交割前后公司资本结构表请见附件一。Capitalization:TheCompany’scapitalstructurebeforeandaftertheClosingissetforthasExhibitA.《公司法原理》课程·蔡华教授·中国政法大学·二零零七年十月九日4公司章程2CHARTER2股息分配：[可选方案1:当普通股分配股息时，A系优先股按视为转换成普通股参与分配][可选方案2:经董事会宣布，A系优先股以每股＄[]分配非累积性股息][可选方案3:A系优先股按年利率[]%分配累积性股息[按年度计算复利]，于公司清算或赎回股份时可分配。其他股息或分红，按视为转换成普通股参与普通股分配]。3Dividends:[Alternative1:DividendswillbepaidontheSeriesAPreferredonanas-convertedbasiswhen,as,andifpaidontheCommonStock][Alternative2:Non-cumulativedividendswillbepaidontheSeriesAPreferredinanamountequalto$[_____]pershareofSeriesAPreferredwhenandifdeclaredbytheBoard.][Alternative3:TheSeriesAPreferredwillcarryanannual[__]%cumulativedividend[compoundedannually],payableuponaliquidationorredemption.Foranyotherdividendsordistributions,participationwithCommonStockonanas-convertedbasis.]32TheCharterisapublicdocument,filedwiththe[Delaware]SecretaryofState,thatestablishesalloftherights,preferences,privilegesandrestrictionsofthePreferredStock.NotethatifthePreferredStockdoesnothaverights,preferences,andprivilegesmateriallysuperiortotheCommonStock,then(afterClosing)theCompanycannotdefensiblygrantCommonStockoptionspricedatadiscounttothePreferredStock.3Insomecases,accruedandunpaiddividendsarepayableonconversionaswellasuponaliquidationevent.Mosttypically,however,dividendsarenotpaidifthepreferredisconverted.AnotheralternativeistogivetheCompanytheoptiontopayaccruedandunpaiddividendsincashorincommonsharesvaluedatfairmarketvalue.Thelatterarereferredtoas“PIK”(payment-in-kind)dividends.《公司法原理》课程·蔡华教授·中国政法大学·二零零七年十月九日5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]LiquidationPreference:Intheeventofanyliquidation,dissolutionorwindingupoftheCompany,theproceedsshallbepaidasfollows:[Alternative1(non-participatingPreferredStock):Firstpay[one]timestheOriginalPurchasePrice[plusaccrueddividends][plusdeclaredandunpaiddividends]oneachshareofSeriesAPreferred.ThebalanceofanyproceedsshallbedistributedtoholdersofCommonStock.][Alternative2(fullparticipatingPreferredStock):Firstpay[one]timestheOriginalPurchasePrice[plusaccrueddividends][plusdeclaredandunpaiddividends]oneachshareofSeriesAPreferred.Thereafter,theSeriesAPreferredparticipateswiththeCommonStockonanas-convertedbasis.][Alternative3(caponPreferredStockparticipationrights):Firstpay[one]timestheOriginalPurchasePrice[plusaccrueddividends][plusdeclaredandunpaiddi