风险投资协议(英文版).doc
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TERMSHEET
PRELIMINARYNOTES
THISTERMSHEETMAPSTOTHENVCAMODELDOCUMENTS,ANDFORCONVENIENCETHEPROVISIONSAREGROUPEDACCORDINGTOTHEPARTICULARMODELDOCUMENTINWHICHTHEYMAYBEFOUND.ALTHOUGHTHISTERMSHEETISPERHAPSSOMEWHATLONGERTHANA"TYPICAL"VCTERMSHEET,THEAIMISTOPROVIDEALEVELOFDETAILTHATMAKESTHETERMSHEETUSEFULASBOTHAROADMAPFORTHEDOCUMENTDRAFTERSANDASAREFERENCESOURCEFORTHEBUSINESSPEOPLETOQUICKLYFINDDEALTERMSWITHOUTTHENECESSITYOFHAVINGTOCONSULTTHELEGALDOCUMENTS(ASSUMINGOFCOURSETHEREHAVEBEENNOCHANGESTOTHEMATERIALDEALTERMSPRIORTOEXECUTIONOFTHEFINALDOCUMENTS).
TERMSHEET
FORSERIESAPREFERREDSTOCKFINANCINGOF
[INSERTCOMPANYNAME],INC.
[ __,200_]
ThisTermSheetsummarizestheprincipaltermsoftheSeriesAPreferredStockFinancingof[___________],Inc.,a[Delaware]corporation(the“Company”).InconsiderationofthetimeandexpensedevotedandtobedevotedbytheInvestorswithrespecttothisinvestment,theNoShop/ConfidentialityandCounselandExpensesprovisionsofthisTermSheetshallbebindingobligationsoftheCompanywhetherornotthefinancingisconsummated.Nootherlegallybindingobligationswillbecreateduntildefinitiveagreementsareexecutedanddeliveredbyallparties.ThisTermSheetisnotacommitmenttoinvest,andisconditionedonthecompletionofduediligence,legalreviewanddocumentationthatissatisfactorytotheInvestors.ThisTermSheetshallbegovernedinallrespectsbythelawsofthe[StateofDelaware].
OfferingTerms
ClosingDate:
AssoonaspracticablefollowingtheCompany’sacceptanceofthisTermSheetandsatisfactionoftheConditionstoClosing(the“Closing”).[provideformultipleclosingsifapplicable]
Investors:
InvestorNo.1:
[_______]shares([__]%),$[_________]
InvestorNo.2:
[_______]shares([__]%),$[_________]
[aswellotherinvestorsmutuallyagreeduponbyInvestorsandtheCompany]
AmountRaised:
$[________],[including$[________]fromtheconversionofprincipal[andinterest]onbridgenotes]. ModifythisprovisiontoaccountforstagedinvestmentsorinvestmentsdependentontheachievementofmilestonesbytheCompany.
PricePerShare:
$[________]pershare(basedonthecapitalizationoftheCompanysetforthbelow)(the“OriginalPurchasePrice”).
Pre-MoneyValuation:
TheOriginalPurchasePriceisbaseduponafully-dilutedpre-moneyvaluationof$[_____]andafullydilutedpost-moneyvaluationof$[______](includinganemployeepoolrepresenting[__]%ofthefullydilutedpost-moneycapitalization).
Capitalization:
TheCompany’scapitalstructurebeforeandaftertheClosingissetforthbelow:
Pre-Financing
Post-Financing
Security
#ofShares
%
#ofShares
%
Common–Founders
Common–EmployeeStockPool
Issued
Unissued
[Common–Warrants]
SeriesAPreferred
Total
CHARTER TheCharterisapublicdocument,filedwiththe[Delaware]SecretaryofState,thatestablishesalloftherights,preferences,privilegesandrestrictionsofthePreferredStock.NotethatifthePreferredStockdoesnothaverights,preferences,andprivilegesmateriallysuperiortotheCommonStock,then(afterClosing)theCompanycannotdefensiblygrantCommonStockoptionspricedatadiscounttothePreferredStock.
Dividends:
[Alternative1:
DividendswillbepaidontheSeriesAPreferredonanasconvertedbasiswhen,as,andifpaidontheCommonStock]
[Alternative2:
Non-cumulativedividendswillbepaidontheSeriesAPreferredinanamountequalto$[_____]pershareofSeriesAPreferredwhenandifdeclaredbytheBoard.]
[Alternative3:
TheSeriesAPreferredwillcarryanannual[__]%cumulativedividend[compoundedannually],payableuponaliquidationorredemption.Foranyotherdividendsordistributions,participationwithCommonStockonanas-convertedbasis.] Insomecases,accruedandunpaiddividendsarepayableonconversionaswellasuponaliquidationevent.Mosttypically,however,dividendsarenotpaidifthepreferredisconverted.AnotheralternativeistogivetheCompanytheoptiontopayaccruedandunpaiddividendsincashorincommonsharesvaluedatfairmarketvalue.Thelatterarereferredtoas“PIK”(payment-in-kind)dividends.
LiquidationPreference:
Intheeventofanyliquidation,dissolutionorwindingupoftheCompany,theproceedsshallbepaidasfollows:
[Alternative1(non-participatingPreferredStock):
Firstpay[one]timestheOriginalPurchasePrice[plusaccrueddividends][plusdeclaredandunpaiddividends]oneachshareofSeries APreferred.ThebalanceofanyproceedsshallbedistributedtoholdersofCommonStock.]
[Alternative2(fullparticipatingPreferredStock):
Firstpay[one]timestheOriginalPurchasePrice[plusaccrueddividends][plusdeclaredandunpaiddividends]oneachshareofSeries APreferred.Thereafter,theSeries APreferredparticipateswiththeCommonStockonanas-convertedbasis.]
[Alternative3(caponPreferredStockparticipationrights):
Firstpay[one]timestheOriginalPurchasePrice[plusaccrueddividends][plusdeclaredandunpaiddividends]oneachshareofSeries APreferred.Thereafter,Series APreferredparticipateswithCommonStockonanas-convertedbasisuntiltheholdersofSeries APreferredreceiveanaggregateof[_____]timestheOriginalPurchasePrice.]
Amergerorconsolidation(otherthanoneinwhichstockholdersoftheCompanyownamajoritybyvotingpoweroftheoutstandingsharesofthesurvivingoracquiringcorporation)andasale,lease,transferorotherdispositionofallorsubstantiallyalloftheassetsoftheCompanywillbetreatedasaliquidationevent(a“DeemedLiquidationEvent”),therebytriggeringpaymentoftheliquidationpreferencesdescribedabove[unlesstheholdersof[___]%oftheSeriesAPreferredelectotherwise].
VotingRights:
TheSeriesAPreferredStockshallvotetogetherwiththeCommonStockonanas-convertedbasis,andnotasaseparateclass,except(i)theSeriesAPreferredasaclassshallbeentitledtoelect[_______][(_)]membersoftheBoard(the“SeriesADirectors”),(ii)asprovidedunder“ProtectiveProvisions”belowor(iii)asrequiredbylaw.TheCompany’sCertificateofIncorporationwillprovidethatthenumberofauthorizedsharesofCommonStockmaybeincreasedordecreasedwiththeapprovalofamajorityofthePreferredandCommonStock,votingtogetherasasingleclass,andwithoutaseparateclassvotebytheCommonStock. ForCaliforniacorporations,onecannot“optout”ofthestatutoryrequirementofaseparateclassvotebyCommonStockholderstoauthorizesharesofCommonStock.
ProtectiveProvisions:
Solongas[insertfixednumber,or%,or“any”]sharesofSeriesAPreferredareoutstanding,theCompanywillnot,withoutthewrittenconsentoftheholdersofatleast[__]%oftheCompany’sSeriesAPreferred,eitherdirectlyorbyamendment,merger,consolidation,orotherwise:
(i)liquidate,dissolveorwinduptheaffairsoftheCompany,oreffectanyDeemedLiquidationEvent;(ii) amend,alter,orrepealanyprovisionoftheCertificateofIncorporationorBylaws[inamanneradversetotheSeriesAPreferred]; Notethatasamatterofbackgroundlaw,Section242(b)
(2)oftheDelawareGeneralCorporationLawprovidesthatifanyproposedcharteramendmentwouldadverselyaltertherights,preferencesandpowersofoneseriesofPreferredStock,butnotsimilarlyadverselyaltertheentireclassofallPreferredStock,thentheholdersofthatseriesareentitledtoaseparateseriesvoteontheamendment.
(iii) createorauthorizethecreationoforissueanyothersecurityconvertibleintoorexercisableforanyequitysecurity,havingrights,preferencesorprivilegesseniortooronparitywiththeSeriesAPreferred,orincreasetheauthorizednumberofsharesofSeriesAPreferred;(iv)purchaseorredeemorpayanydividendonanycapitalstockpriortotheSeriesAPreferred,[otherthanstockrepurchasedfromformeremployeesorconsultantsinconnectionwiththecessationoftheiremployment/services,attheloweroffairmarketvalueorcost;][otherthanasapprovedbytheBoard,includingtheapprovalof[_____]SeriesADirector(s)];or(v) createorauthorizethecreationofanydebtsecurity[iftheCompany’saggregateindebtednesswouldexceed$[____][otherthanequipmentleasesorbanklinesofcredit][otherthandebtwithnoequityfeature][unlesssuchdebtsecurityhasreceivedthepriorapprovaloftheBoardofDirectors,includingtheapprovalof[________]SeriesADirector(s)];(vi) increaseordecreasethesizeoftheBoardofDirectors.
OptionalConversion:
TheSeriesAPreferredinitiallyconverts1:
1toCommonStockatanytimeatoptionofholder,subjecttoadjustmentsforstockdividends,splits,combinationsandsimilareventsandasdescribedbelowunder“Anti-dilutionProvisions.”
Anti-dilutionProvisions:
IntheeventthattheCompanyissuesadditionalsecuritiesatapurchasepricelessthanthecurrentSeriesAPreferredconversionprice,suchconversionpriceshallbeadjustedinaccordancewiththefollowingformula:
[Alternative1:
“Typical”weightedaverage:
CP2=CP1*(A+B)/(A+C)
CP2 = NewSeriesAConversionPrice
CP1 = SeriesAConversionPriceineffectimmediatelypriortonewissue
A = NumberofsharesofCommonStockdeemedtobeoutstandingimmediatelypriortonewissue(includesallsharesofoutstandingcommonstock,allsharesofoutstandingpreferredstockonanas-convertedbasis,andalloutstandingoptionsonanas-exercisedbasis;anddoesnotincludeanyconvertiblesecuri