风险投资中的条款清单(中英文样本)

投资条款清单(Term Sheet)详解

投资条款清单的英文全称是：term sheet of equity investment，简称"term sheet".投资条款清单就是投资公司与创业企业就未来的投资交易所达成的原则性约定。

投资条款清单中除约定投资者对被投资企业的估值和计划投资金额外，还包括被投资企业应负的主要义务和投资者要求得到的主要权利，以及投资交易达成的前提条件等内容。

投资者与被投资企业之间未来签订的正式投资协议(share purchase agreement)中将包含合同条款清单中的主要条款。

以下是投资条款清单详细解读：1. 什么是投资条款清单(term sheet)2. 风险投资条款清单(Term Sheet of Equity Investment)样本3. 如何与VC谈判Term Sheet4. 风险投资协议(Term Sheet)详解之一：清算优先权5. 风险投资Term Sheet详解(之二)：防稀释条款6. 风险投资Term Sheet详解(之三)：董事会7. 投资协议条款清单(Term Sheet)- 购买参与权8. 投资协议条款清单(Term Sheet)- 强卖权9. 投资协议条款清单(Term Sheet)－股权给付10. "Term Sheets"中的名词解释投资条款清单的英文全称是：term sheet of equity investment，简称"term sheet".投资条款清单就是投资公司与创业企业就未来的投资交易所达成的原则性约定。

投资条款清单中除约定投资者对被投资企业的估值和计划投资金额外，还包括被投资企业应负的主要义务和投资者要求得到的主要权利，以及投资交易达成的前提条件等内容。

投资者与被投资企业之间未来签订的正式投资协议(share purchase agreement)中将包含合同条款清单中的主要条款。

投资条款清单的重要性一般投资公司在递交条款清单之前已经与创业企业进行了一些磋商，对企业的作价和投资方式有了基本的共识。

风险投资协议(英文版)

This sample document is the work product of a coalition of attorneys who specialize in venture capital financings, working under the auspices of the NVCA. See the NVCA website for a list of the Working Group members. This document is intended to serve as a starting point only, and should be tailored to meet your specific requirements. This document should not be construed as legal advice for any particular facts or circumstances. Note that this sample presents an array of (often mutually exclusive) options with respect to particular deal provisions.TERM SHEETPreliminary NotesThis Term Sheet maps to the NVCA model documents, and for convenience the provisions are grouped according to the particular model document in which they may be found. Although this Term Sheet is perhaps somewhat longer than a "typical" VC Term Sheet, the aim is to provide a level of detail that makes the Term Sheet useful as both a road map for the document drafters and as a reference source for the business people to quickly find deal terms without the necessity of having to consult the legal documents (assuming of course there have been no changes to the material deal terms prior to execution of the final documents).TERM SHEETFOR 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 TermsClosing Date: As soon as practicable following the Company’sacceptance of this Term Sheet and satisfaction of theConditions to Closing (the “Closing”). [provide formultiple closings if applicable]Investors: Investor No. 1: [_______] shares ([__]%), $[_________]Investor No. 2: [_______] shares ([__]%), $[_________][as well other investors mutually agreed upon byInvestors and the Company]Amount Raised: $[________], [including $[________] from the conversionof principal [and interest] on bridge notes].1Price Per Share: $[________] per share (based on the capitalization ofthe Company set forth below) (the “Original PurchasePrice”).1Modify this provision to account for staged investments or investments dependent on the achievement of milestones by the Company.Pre-Money Valuation: The Original Purchase Price is based upon a fully-diluted pre-money valuation of $[_____] and afully-diluted post-money valuation of $[______](including an employee pool representing [__]% of thefully-diluted post-money capitalization).Capitalization: The Company’s capital structure before and after theClosing is set forth below:Pre-Financing Post-Financing Security # of Shares % # of Shares % Common – FoundersCommon – Employee StockPoolIssuedUnissued[Common – Warrants]Series A PreferredTotalCHARTER2Dividends: [Alternative 1: Dividends will be paid on the Series APreferred on an as-converted basis when, as, and ifpaid on the Common Stock][Alternative 2: Non-cumulative dividends will be paidon the Series A Preferred in an amount equal to$[_____] per share of Series A Preferred when and ifdeclared by the Board.]2The 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.[Alternative 3: The Series A Preferred will carry anannual [__]% cumulative dividend [compounded annually],payable upon a liquidation or redemption. For anyother dividends or distributions, participation withCommon Stock on an as-converted basis.] 3Liquidation Preference: In the event of any liquidation, dissolution or windingup of the Company, the proceeds shall be paid asfollows:[Alternative 1 (non-participating Preferred Stock):First pay [one] times the Original Purchase Price [plusaccrued dividends] [plus declared and unpaid dividends]on each share of Series A Preferred. The balance ofany proceeds shall be distributed to holders of CommonStock.][Alternative 2 (full participating Preferred Stock):First pay [one] times the Original Purchase Price [plusaccrued dividends] [plus declared and unpaid dividends]on each share of Series A Preferred. Thereafter, theSeries A Preferred participates with the Common Stockon an as-converted basis.][Alternative 3 (cap on Preferred Stock participationrights): First pay [one] times the Original PurchasePrice [plus accrued dividends] [plus declared andunpaid dividends] on each share of Series APreferred. Thereafter, Series A Preferredparticipates with Common Stock on an as-converted basisuntil the holders of Series A Preferred receive anaggregate of[_____] times the Original PurchasePrice.]A merger or consolidation (other than one in whichstockholders of the Company own a majority by voting3In 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. Thelatter are referred to as “PIK” (payment-in-kind) dividends.power of the outstanding shares of the surviving oracquiring corporation) and a sale, lease, transfer orother disposition of all or substantially all of theassets of the Company will be treated as a liquidationevent (a “Deemed Liquidation Event”), therebytriggering payment of the liquidation preferencesdescribed above [unless the holders of [___]% of theSeries A Preferred elect otherwise].Voting Rights: The Series A Preferred Stock shall vote together withthe Common Stock on an as-converted basis, and not as aseparate class, except (i) the Series A Preferred as aclass 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 Certificateof Incorporation will provide that the number ofauthorized shares of Common Stock may be increased ordecreased with the approval of a majority of thePreferred and Common Stock, voting together as a singleclass, and without a separate class vote by the CommonStock.4Protective Provisions: So long as[insert fixed number, or %, or “any”]shares of Series A Preferred are outstanding, theCompany will not, without the written consent of theholders of at least [__]% of the Company’s Series APreferred, either directly or by amendment, merger,consolidation, or otherwise:(i) liquidate, dissolve or wind-up the affairs ofthe Company, or effect any Deemed Liquidation Event;(ii) amend, alter, or repeal any provision of theCertificate of Incorporation or Bylaws [in a manneradverse to the Series A Preferred];5 (iii) createor authorize the creation of or issue any other 4For California corporations, one cannot “opt out” of the statutory requirement of a s eparate class vote by Common Stockholders to authorize shares of Common Stock.5Note 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 seriesof Preferred Stock, but not similarly adversely alter the entire class of all Preferred Stock, then the holders of that seriesare entitled to a separate series vote on the amendment.security convertible into or exercisable for anyequity security, having rights, preferences orprivileges senior to or on parity with the Series APreferred, or increase the authorized number ofshares of Series A Preferred; (iv) purchase orredeem or pay any dividend on any capital stockprior to the Series A Preferred, [other than stockrepurchased from former employees or consultants inconnection with the cessation of theiremployment/services, at the lower of fair marketvalue or cost;] [other than as approved by theBoard, including the approval of [_____] Series ADirector(s)]; or (v) create or authorize thecreation of any debt security [if the Company’saggregate indebtedness would exceed $[____][otherthan equipment leases or bank lines of credit][otherthan debt with no equity feature][unless such debtsecurity has received the prior approval of theBoard of Directors, including the approval of[________] Series A Director(s)]; (vi) increase ordecrease the size of the Board of Directors.Optional Conversion: The Series A Preferred initially converts 1:1 to CommonStock at any time at option of holder, subject toadjustments for stock dividends, splits, combinationsand similar events and as described below under “Anti-dilution Provisions.”Anti-dilution Provisions: In the event that the Company issues additionalsecurities at a purchase price less than the currentSeries A Preferred conversion price, such conversionprice shall be adjusted in accordance with thefollowing formula:[Alternative 1: “Typical” weighted average:CP2 = CP1* (A+B) / (A+C)CP2= New Series A Conversion PriceCP1= Series A Conversion Price in effect immediately prior to new issueA = Number of shares of Common Stock deemed tobe outstanding immediately prior to newissue (includes all shares of outstandingcommon stock, all shares of outstandingpreferred stock on an as-converted basis,and all outstanding options on an as-exercised basis; and does not include anyconvertible securities converting intothis round of financing)B = Aggregate consideration received by theCorporation with respect to the new issuedivided by CP1C = Number of shares of stock issued in thesubject transaction][Alternative 2: Full-ratchet – the conversion pricewill be reduced to the price at which the new sharesare issued.][Alternative 3: No price-based anti-dilutionprotection.]The following issuances shall not trigger anti-dilutionadjustment:6(i) securities issuable upon conversion of any ofthe Series A Preferred, or as a dividend ordistribution on the Series A Preferred;(ii) securities issued upon the conversion of anydebenture, warrant, option, or other convertiblesecurity; (iii) Common Stock issuable upon a stocksplit, stock dividend, or any subdivision of sharesof 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, orconsultants to, the Company pursuant to any planapproved by the Company’s Board of Directors[including at least [_______] Series A Director(s)][(v) shares of Common Stock issued or issuable tobanks, equipment lessors pursuant to a debt6Note that additional exclusions are frequently negotiated, such as issuances in connection with equipment leasing and commercial borrowing.financing, equipment leasing or real propertyleasing transaction approved by the Board ofDirectors of the Corporation [, including at least[_______] Series A Director(s)].Mandatory Conversion: Each share of Series A Preferred will automatically beconverted into Common Stock at the then applicableconversion rate in the event of the closing of a [firmcommitment] underwritten public offering with a priceof [___]times the Original Purchase Price (subject toadjustments for stock dividends, splits, combinationsand similar events) and [net/gross] proceeds to theCompany of not less than $[_______] (a “QPO”), or(ii) upon the written consent of the holders of [__]%of the Series A Preferred.7[Pay-to-Play: [Unless the holders of [__]% of the Series A electotherwise,] on any subsequent down round all [Major]Investors are required to participate to the fullextent of their participation rights (as describedbelow under “Investor Rights Agreement –Right toParticipate Pro Rata in Future Rounds”), unless theparticipation requirement is waived for all [Major]Investors by the Board [(including vote of [a majorityof] the Series A Director[s])]. All shares of Series APreferred8 of any [Major] Investor failing to do sowill automatically [lose anti-dilution rights] [loseright to participate in future rounds] [convert toCommon Stock and lose the right to a Board seat ifapplicable].97The 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.8Alternatively, this provision could apply on a proportionate basis (e.g., if Investor plays for ½ of pro rata share, receives ½ of anti-dilution adjustment).9If 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” provisionsat 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.Redemption Rights:10The Series A Preferred shall be redeemable from fundslegally available for distribution at the option ofholders of at least[__]% of the Series A Preferredcommencing any time after the fifth anniversary of theClosing at a price equal to the Original Purchase Price[plus all accrued but unpaid dividends]. Redemptionshall occur in three equal annual portions. Upon aredemption request from the holders of the requiredpercentage of the Series A Preferred, all Series APreferred shares shall be redeemed [(except for anySeries A holders who affirmatively opt-out)].11STOCK PURCHASE AGREEMENTRepresentations and Warranties: Standard representations and warranties by the Company. [Representations and warranties by Founders regarding [technology ownership, etc.].12Conditions to Closing: Standard conditions to Closing, which shall include,among other things, satisfactory completion offinancial and legal due diligence, qualification of theshares under applicable Blue Sky laws, the filing of aCertificate of Incorporation establishing the rightsand preferences of the Series A Preferred, and anopinion of counsel to the Company.Counsel and Expenses: [Investor/Company] counsel to draft closing documents.Company to pay all legal and administrative costs of10Redemption 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 providea form of exit and some possible leverage over the Company. While it is possible that the right to receive dividends on redemption could give rise to a Code Section 305 “deemed dividend” proble m, many tax practitioners take the view thatif 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.11Due to statutory restrictions, it is unlikely that the Company will be legally permitted to redeem in thevery circumstances where investors most want it (the so-called “sideways situation”), investors will sometimes requestthat certain penalty provisions take effect where redemption has been requested but the Company’s available cash flowdoes 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 toelect a majority of the Company’s Board of Directors until such amounts are paid in full.12Note 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 foundin west coast deals.the financing [at Closing], including reasonable fees(not to exceed $[_____])and expenses of Investorcounsel[, unless the transaction is not completedbecause the Investors withdraw their commitment withoutcause]13.Company Counsel: []Investor Counsel: []INVESTOR RIGHTS AGREEMENTRegistration Rights:Registrable Securities: All shares of Common Stock issuable upon conversion ofthe Series A Preferred and [any other Common Stock heldby the Investors] will be deemed “RegistrableSecurities.”14Demand Registration: Upon earliest of (i) [three-five] years after theClosing; or (ii) [six] months following an initialpublic offering (“IPO”), persons holding [__]% of theRegistrable Securities may request [one][two](consummated) registrations by the Company of theirshares. The aggregate offering price for suchregistration may not be less than $[5-10] million. Aregistration will count for this purpose only if (i)all Registrable Securities requested to be registeredare registered and (ii) it is closed, or withdrawn atthe request of the Investors (other than as a result ofa material adverse change to the Company).Registration on Form S-3: The holders of [10-30]% of the Registrable Securities will have the right to require the Company to register on Form S-3, if available for use by the Company,13The 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.14Note that Founders/management sometimes also seek registration rights.Registrable Securities for an aggregate offering priceof at least $[1-5 million]. There will be no limit onthe aggregate number of such Form S-3 registrations,provided that there are no more than [two] per year.Piggyback Registration: The holders of Registrable Securities will be entitledto “piggyback” registration rights on allregistration statements of the Company, subject to theright, however, of the Company and its underwriters toreduce the number of shares proposed to be registeredto a minimum of [30]% on a pro rata basis and tocomplete reduction on an IPO at the underwriter’sdiscretion. In all events, the shares to be registeredby holders of Registrable Securities will be reducedonly after all other stockholders’ shares are reduced.Expenses: The registration expenses (exclusive of stock transfertaxes, underwriting discounts and commissions will beborne by the Company. The Company will also pay thereasonable fees and expenses[, not to exceed $______,]of one special counsel to represent all theparticipating stockholders.Lock-up: Investors shall agree in connection with the IPO, ifrequested by the managing underwriter, not to sell ortransfer any shares of Common Stock of the Company[(excluding shares acquired in or following the IPO)]for a period of up to 180 days following the IPO(provided all directors and officers of the Company and[1 –5]% stockholders agree to the same lock-up).Such lock-up agreement shall provide that anydiscretionary waiver or termination of the restrictionsof such agreements by the Company or representatives ofthe underwriters shall apply to [Major] Investors, prorata, based on the number of shares held. A “MajorInvestor” means any Investor who purchases at least$[______] of Series A Preferred.Termination: Earlier of [5] years after IPO, upon a DeemedLiquidation Event, or when all shares of an Investorare eligible to be sold without restriction under Rule144(k) within any 90-day period.No future registration rights may be granted without consent of the holders of a[majority] of the Registrable Securities unless subordinate to the Investor’s rights.Management and Information Rights: A Management Rights letter from the Company, in a form reasonably acceptable to the Investors, will be delivered prior to Closing to each Investor that requests one. 15Any Major Investor [(who is not a competitor)] will be granted access to Company facilities and personnel during normal business hours and with reasonable advance notification. The Company will deliver to such Major Investor (i) annual, quarterly, [and monthly] financial statements, and other information as determined by the Board; (ii) thirty days prior to the end of each fiscal year, a comprehensive operating budget forecasting the Company’s revenues, expenses, and cash position on a month-to-month basis for the upcoming fiscal year; and (iii) promptly following the end of each quarter an up-to-date capitalization table, certified by the CFO.Right to Participate Pro Rata in Future Rounds: All [Major] Investors shall have a pro rata right, based on their percentage equity ownership in the Company (assuming the conversion of all outstanding Preferred Stock into Common Stock and the exercise of all options outstanding under the Company’s stock plans), to participate in subsequent issuances of equity securities of the Company (excluding those issuances lis ted at the end of the “Anti-dilution Provisions” section of this Term Sheet and issuances in connection with acquisitions by the Company). In addition, should any [Major] Investor choose not to purchase its full pro rata share, the remaining [Major] Investors shall have the right to purchase the15See commentary in introduction to NVCA model Managements Rights Letter, explaining purpose of such letter.remaining pro rata shares.Matters Requiring Investor Director Approval: [So long as [__]% of the originally issued Series A Preferred remains outstanding]the Company will not, without Board approval, which approval must include the affirmative vote of [____] of the Series A Director(s):(i) make any loan or advance to, or own any stockor other securities of, any subsidiary or other corporation, partnership, or other entity unless it is wholly owned by the Company; (ii) make any loan or advance to any person, including, any employee or director, except advances and similar expenditures in the ordinary course of business or under the terms of a employee stock or option plan approved by the Board of Directors; (iii) guarantee, any indebtedness except for trade accounts of the Company or any subsidiary arising in the ordinary course of business; (iv) make any investment other than investments in prime commercial paper, money market funds, certificates of deposit in any United States bank having a net worth in excess of $100,000,000 or obligations issued or guaranteed by the United States of America, in each case having a maturity not in excess of [two years]; (v) incur any aggregate indebtedness in excess of $[_____] that is not already included in a Board-approved budget, other than trade credit incurred in the ordinary course of business; (vi) enter into or bea party to any transaction with any director,officer or employee of the Company or any “associate” (as defin ed in Rule 12b-2 promulgated under the Exchange Act) of any such person [except transactions resulting in payments to or by the Company in an amount less than $[60,000] per year], [or transactions made in the ordinary course of business and pursuant to reasonable requirements of the Company’s business and upon fair and reasonable terms that are approved by a majority of the Boardof Directors];16 (vii) hire, fire, or change the compensation of the executive officers, including approving any option plans; (viii) change the principal business of the Company, enter new lines of business, or exit the current line of business; or (ix) sell, transfer, license, pledge or encumber technology or intellectual property, other than licenses granted in the ordinary course of business.Non-Competition and Non-Solicitation and Agreements:17Each Founder and key employee will enter into a [one] year non-competition and non-solicitation agreement in a form reasonably acceptable to the Investors.Non-Disclosure and Developments Agreement: Each current and former Founder, employee and consultant with access to Company confidential information/trade secrets will enter into a non-disclosure and proprietary rights assignment agreement in a form reasonably acceptable to the Investors.Board Matters:Each Board Committee shall include at least one SeriesA Director.The Board of Directors shall meet at least[monthly][quarterly], unless otherwise agreed by a voteof the majority of Directors.The Company will bind D&O insurance with a carrier andin an amount satisfactory to the Board of Directors.In the event the Company merges with another entity andis not the surviving corporation, or transfers all ofits assets, proper provisions shall be made so thatsuccessors of the Com pany assume Company’s obligations16Note that Section 402 of the Sarbanes-Oxley Act of 2003 would require repayment of any loans in fullprior to the Company filing a registration statement for an IPO.17Note that non-compete restrictions (other than in connection with the sale of a business) are prohibited in California, and may not be enforceable in other jurisdictions, as well. In addition, some investors do not require such agreements for fear that employees will request additional consideration in exchange for signing a Non-Compete/Non-Solicit (and indeed the agreement may arguably be invalid absent such additional consideration - - although having an employee sign a non-compete contemporaneous with hiring constitutes adequate consideration). Others take the viewthat it should be up to the Board on a case-by-case basis to determine whether any particular key employee is requiredto sign such an agreement. Non-competes typically have a one year duration, although state law may permit up to two years.with respect to indemnification of Directors.Employee Stock Options: All employee options to vest as follows: [25% afterone year, with remaining vesting monthly over next 36months].[Immediately prior to the Series A Preferred Stockinvestment, [______] shares will be added to the optionpool creating an unallocated option pool of [_______]shares.]Key Person Insurance: Company to acquire life insurance on Founders [nameeach Founder] in an amount satisfactory to the Board.Proceeds payable to the Company.[IPO Directed Shares:18To the extent permitted by applicable law and SECpolicy, upon an IPO consummated one year after Closing,Company to use reasonable best efforts to causeunderwriters to designate [10]% of the offering asdirected shares, 50% of which shall be allocated byMajor Investors.][QSB Stock: Company shall use reasonable best efforts to cause itscapital stock to constitute Qualified Small BusinessStock unless the Board determines that suchqualification is inconsistent with the best interestsof the Company.]Termination: All rights under the Investor Rights Agreement, otherthan registration rights, shall terminate upon theearlier of an IPO, a Deemed Liquidation Event or atransfer of more than 50% of Company’s voting power.RIGHT OF FIRST REFUSAL/CO-SALE AGREEMENTAND VOTING AGREEMENTRight of first Refusal/ Company first and Investors second (to the extent18SEC Staff examiners have taken position that, if contractual right to friends and family shares was granted less than 12 months prior to filing of registration statement, this will be considered an “offer” made prematurely before filing of IPO prospectus. So, investors need to agree to drop shares from offering if that would hold up the IPO. While some documents provide for alternative parallel private placement where the IPO does occur within 12 months,such a parallel private placement could raise integration issues and negatively impact the IPO. Hence, such an alternative is not provided for here.。

上海证券交易所主板投资风险揭示书必备条款英文版

上海证券交易所主板投资风险揭示书必备条款英文版Paragraph 1:Pursuant to the relevant regulations of the Shanghai Stock Exchange, investors are required to sign a risk disclosure statement before purchasing securities on the main board.This document serves as a crucial safeguard for investors, outlining the potential risks associated with investing in the stock market.根据上海证券交易所的相关规定，投资者在购买主板证券前必须签署一份投资风险揭示书。

该文件对投资者具有重要的保护作用，明确了股票市场投资可能带来的潜在风险。

Paragraph 2:The risk disclosure statement must clearly state the risks inherent in investing on the Shanghai Stock Exchange main board, including but not limited to market risk, liquidity risk, credit risk, and regulatory risk.Investors should carefully review and understand these risks before making any investment decisions.投资风险揭示书必须明确指出在上海证券交易所主板投资所固有的风险，包括但不限于市场风险、流动性风险、信用风险和监管风险。

投资者在做出任何投资决策前应仔细阅读并理解这些风险。

风险投资关键条款详解

Байду номын сангаас
保护性条款
保护性条款（Protective Provisions），顾名思义，就是投资人为了保护自己的利益而设置的条款，这个条款要求公司在执行某些潜在可能损害投资人利益的事件之前，要获得投资人的批准。实际上就是给予投资人一个对公司某些特定事件的否决权。
保护性条款：保护性条款：只要有任何优先股仍发行在外流通，以下事件需要至少持有50%优先股的股东同意： (i) 修订、改变、或废除公司注册证明或公司章程中的任何条款对A类优先股产生不利影响； (ii) 变更法定普通股或优先股股本； (iii) 设立或批准设立任何拥有高于或等同于A类优先股的权利、优先权或特许权的其他股份； (iv) 批准任何合并、资产出售或其他公司重组或收购； (v) 回购或赎回公司任何普通股（不包括董事会批准的根据股份限制协议，在顾问、董事或员工终止服务时的回购） (vi) 宣布或支付给普通股或优先股股利； (vii) 批准公司清算或解散；这些保护性条款的数量有多有少，少则3、4条，多则二十多条。
（三）附上限参与分配优先清算权
附上限参与分配权表示优先股按比例参与分配剩余清算资金，直到获得特定回报上限。在优先权条款后会附加以下条款：参与权：在支付给A系列优先股股东清算优先权回报之后，剩余资产由普通股股东与A系列优先股股东按相当于转换后股份比例进行分配；但A系列优先股股东一旦其获得的回报达到[x]倍于原始购买价格以及宣布但尚未发放的股利，将停止参与分配。之后，剩余的资产将由普通股股东按比例分配。
上图的意思就是：如果你在1年之内离开公司，你兑现不了任何股份。1年之后，你可以兑现25%的股份（这就是 “阶梯”），然后你开始按月在剩余的年限里（3年）兑现剩余股份。比如你在投资交割1年半之后离开公司，你可以兑现你所有股份的37.5% （25%+75%*6/36）。股份持有人在离开公司后，他那些还没有兑现的股份通常由公司收回注销，这些股份不会重新分配，所有其他留守的股东都被反向稀释而增加股权比例，比如VC、普通股东、期权持有人。对于没有兑现的期权，公司收回至期权池，可以继续分配给后续员工。

投资条款清单Term Sheet-中文版

本条款清单概述了潜在投资者（“投资人”）投资于xxxx有限公司（“公司”）的拟议的主要条款。

本清单旨在概述投资协议中的主要意向性条款，并不构成有约束力的协议。

“公司”：xxxx有限公司，成立于中华人民共和国的有限责任公司“投资人”深圳市xxxx创业投资有限公司及其他一致行动人所管理的资金（以下简称“xx创投”）“投资金额”：￥xxxxxxxx元人民币其中，“xx创投” 投资￥xxxxxxxx元人民币“预计上市”：预期“公司”股份最晚将于201x年12月31日以前于中国国内证券交易所(“证交所”)上市（首次公开发行）“投资股份”：相当于完全摊薄后“公司”总股本的x%“目前投资估值”：完全摊薄及包含“投资人”投入资金之估值为￥xxxxxxxxxx元人民币“可转让性”：“投资人”可在“公司”上市后根据中国“证交所”上市规则的要求在禁售期后出售全部或部分股份“投资人的权利”：“投资人”将享有所有的监察权，包括收到提供予公司管理层之所有信息的权利“陈述与保证”：于重要的事项上，如组织及资格、财务报表、授权、执行和交割、协议有效性和可执行性、股票发行、相关监管机构所要求报告、未决诉讼、符合法律及环保规定、政府同意、税项、保险充足性、与协议及章程条款无冲突性、资本化、没有重大的不利改变等事情上，由“公司”所作出的惯例性的陈述与保证；“投资人”及公司免于对投资前的财务报表中未反映的税收和负债承担责任，公司现有股东同意承担由此所引起的全部责任；除非经“投资人”同意，公司现有股东不得将其在“公司”及子公司的股份质押或抵押给第三方“保密”：除当法律上要求或/和遵守相关监管机构/权威机构（视情况而定）的披露要求外，在此的任何一方同意就本清单所包含的信息保守秘密“排他性”：于预期的结束日期200x年x月xx日之前，被投资方现有股东及其任何职员、董事、雇员、财务顾问、经纪人、股东或者代表公司行事的人士不得寻求对于企业有关资产或股权的收购融资计划，以及就此与投资方以外的任何其他方进行谈判。

PE投资协议条款样本(NVCA中英文对照版)

PE投资协议条款样本(NVCA中英文对照版)PE投资协议条款，常见于PE（私募股权投资）的投资协议中，用于规范投资者与被投资公司之间的关系，确保投资者的合法权益。

本文将介绍一个无控股交易的PE投资协议条款样本，并提供中英文对照。

指导意义1.每个PE投资协议条款不完全相同，内容的不同主要由谈判当事人协商决定。

2.以下为PE投资协议条款样本，供读者参考，不对内容的准确性和适用性作任何保证和承诺。

3.读者在使用样本时，请注意自己的特定需求（如国别、行业等），并自行定制或补充相关条款以确保协议的适用性。

协议条款引言【中文】该投资协议（“协议”）由以下各方签署：1) [投资方名称]（＂投资方＂）；2) [公司名称]（“公司”）。

本协议旨在管理投资方与公司之间的关系，以合法维护投资方的权益。

【英文】This investment agreement (“Agreement”) is entered into by and among the following parties: 1) [Investor Name] (the “Investor”); and 2) [Company Name] (the “Company”).The purpose of this Agreement is to govern the relationship between the Investor and the Company and to provide for the lawful protection of the Investor’s interests.投资和出资投资金额【中文】投资方将投资投资金额，以获得投资金额代表的[投资公司名称]的一定份额。

【英文】The Investor shall invest [Investment Amount] to acquire a certain percentage of the equity of [Investee Company Name] represented by [Investment Amount].出资方式【中文】该投资是无控制股权的被动少数股权投资。

美国风险投资示范合同(中英文对照本)

竭诚为您提供优质文档/双击可除美国风险投资示范合同(中英文对照本)篇一：美国风险投资示范合同.3.3除交易协议预期或披露外，该创始人非任何关于证券法下的并购、处置和登记或公司证券投票的书面或口头协议的当事方，对前述协议亦不知情。

3.4【就创始人所知，3.5a）受限于联邦破产法或任何州破产法下的主动或被动诉讼，或受限于法庭对其业务或财产指定接收人、财务代理人或类似官员；（b）在刑事诉讼中被判有罪或成为未决刑事诉讼的主体（不包括交通肇事和其他轻微违法行为）；（c）受限于任何有管辖权的法院永久或暂时禁止其参与任何证券、投资建议、银行业、保险或其它类型业务或担任公开上市公司的官员或董事，或以其他方式设置其参与前述业务的限制或条件之裁定、裁决或指令（此后不可取消、终止或撤销）；（d）有管辖权的法院在民事诉讼中裁定或证券交易委员会或商品期权交易委员会认定其违反联邦或州证券法、商品交易法或反不公平交易法，改裁定或认定此后未被取消、终止或撤销。

4.各购买者谨此向公司单独而非共同地向公司做出下述陈述和担保：4.1约方的交易协议构成购买者有效和有法定约束力的义务，可根据协议条款得到执行，但下述情况除外：(a)受限于可适用的破产法、重组法、延期偿付法、欺诈性财产让与和影响一般债权人权利执行的普遍适用的其他法律，以及受关于强制履行、禁令救济或其他衡平救济的可用性的法律约束；（b）在投资者权利协议或补偿协议中的补偿规定范围内，受限于可适用的联邦或州证券法。

4.2完全为自身原因的购买。

本协议依据购买者向公司所作声明而与购买者订立，购买者经签署本协议，谨此确认，购买者取得股份仅为自身投资目的，而不是代表他人或代理他人购买，不以重新出售或分配所得股份之任何部分为目的，且购买者现在无意将所购股票进行出售、向他人授予任何参与权或进行其他分配。

通过签署本协议，购买者进一步声明其目前没有与任何人订立任何合同、承诺、协议或安排，向该人或任何第三人进行所购股票的出售、转让或授予参与权。

风险融资过程中投资协议条款清单(TermSheet)谈判

风险融资过程中投资协议条款清单(Term Sheet)谈判我认为在风险融资过程中最重要的部分是投资协议条款清单(Term Sheet)谈判。

虽然只有2-3页的篇幅,Term Sheet中囊括了融资相关的所有关键内容的概要,因此,一旦签署,接下来的融资过程就会非常程序化。

根据我作为投资者和创业者所看到和经历过的融资,我给创业者总结了最重要的11条经验(我新增了一条)如下(不分先后):1.请一位好律师。

一位真正好的律师,而不是你自己感觉不错或是能用又不贵的律师(比如说你太太的兄弟的朋友的邻居),你要的是一位对风险融资了如指掌的律师。

这样的律师有很多,他们中不少还曾经为VC工作过,也为创业者工作过,他们能够让你免受损失。

不管你经验多么丰富,律师会比你更丰富。

2.关注关键条款。

典型的Term Sheet至少有20多条详细条款,最终只有少数条款是关键。

其它条款你也要让你的律师确认是合理的或是标准的。

把时间花在公司估值、证券类型、期权比例、董事会构成以及你自己的报酬和权力等关键条款上。

2a (新增)获得清晰的资本结构(即使在估值上让步)。

所有人都认为投资交易中最重要的是谋求价格/公司估值的最大化,事实上,从长远来讲资本结构更为重要。

风险投资人占你公司33%还是30%的股份并不重要,重要的是资本结构对后续投资者(如投资银行或和后期投资VC)是否易于理解,并有投资意愿。

3.准备最佳替代方案。

这可能是我最重要的一条建议,不仅针对Term Sheet,而是对所有的谈判。

如果有2-3个投资者有意向投资你,我可以保证,如你谈判得当,你将会从最好的投资者那得到更好的投资条款。

如果你只有一份Term Sheet,你就没有谈判的筹码。

虽然你会花2-3倍的时间,但是这是完全值得的。

4.选择好的投资者。

好的与差的投资者有天壤之别(不管是合伙人还是投资公司),他们将最终对你的企业能取得多大的成功产生非常重大的影响。

虽然投资者的好坏不如产品和团队的好坏重要,但确实有影响。

投资条款清单TERM-SHEET (中英文版)

Investor
投资人
and/or its affiliates
创业投资中心（有限合伙）及/或其关联方
Actual Controller
实际控制人
“Actual Controller” means any person or group of persons acting in concert that controls the Company, including.
“合格的首次公开发行”指在上海/深圳证券交易所、香港证券交易所主板、NYSE、NASDAQ或其它得到国际认可的证券交易所进行的一次承销的公开招股，且公司的市场价值至少达到亿人民币，并且融资规模不少于亿人民币。
实际控制人和公司承诺尽最大努力在年月日前实现首次公开发行，并且在公开发行后保持公司股票足够的流动性。
交割预计将于最终协议生效之日起个工作日内进行，届时投资人向公司新开立的验资账户支付全部投资款项。
Qualified IPO
合格的首次公开发行
“Qualified IPO” means the closing of a firm commitment underwritten public offering of common shares of the Company at Shanghai/Shenzhen Stock Exchange, the Main Board of the Hong Kong Stock Exchange, NYSE, NASDAQ or other internationally recognized stock exchanges, with the Company’s market capitalization at least RMBand funding size no less than RMB.

E投资协议条款样本NVC中英文对照

风险投资中的条款清单（样本）中文英文[____]公司A系优先股融资条款清单[______，200___]TERM SHEETFOR SERIES A PREFERRED STOCK FINANCING OF [INSERT COMPANY NAME], 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。

This Term Sheet summarizes the principal terms of the Series A Preferred Stock Financing of [___________], Inc., a [Dela ware] 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].出资条款：Offering Terms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”）。

投资条款清单模版Term Sheet

投资条款清单模版Term Sheet投资条款清单模版（Term Sheet）是在进行一项初步投资决策之前，投资人和公司之间达成的一份协议。

它可以被视为投资合同的“简化版”，其中包含了双方就一些主要条款达成的共识，并且为投资阶段的后续谈判奠定了基础。

以下是一份投资条款清单模版的示范，帮助你了解其主要组成部分和内容。

投资基本信息•投资人名称：•投资金额：•融资轮次（Pre-Seed, Seed, Series A/B/C, 等）：•其他投资人（如果有）：•投资估值：•投资人持有股份比例：•投资人优先权（如果有）：•投资人退出方式（如回购、IPO、融资计划等）：股本结构•公司名称：•公司成立日期：•注册资本：•实收资本：•股东的股份比例：•稀释：•优先股或普通股等股份类型的数量和比例：投资条件•投资条款：股份或债务转换、退出方案、股权回购等：•股东权利：议汇权、投票权、信息披露等：•涉及的业务和产品：•营销和销售计划：•就业和人力资源相关事项：•风险、保证和承诺：•权利与完整性保证：其他条款•谈判期限：•条款解释：•法律适用法律：•保密协议：•终止条款：执行条款•需要的文件和信息：•批准和签字：总结上述条款只是投资条款清单模版的一个示范，实际上，有些投资人可能会有其他的特定要求和条款。

因此，在确定任何投资交易之前，双方都应盡量详细地讨论和协商出各种问题，以确保交易的成功和避免未来的法律纠纷。

掌握这份模版只是一个良好的起点，在投资交易中，最重要的是通过良好的沟通和协商达成双方的共识。

风险投资协议TERM SHEET(英文版)

This sample document is the work product of a coalition of attorneys who specialize in venture capital financings, working under the auspices of the NVCA. See the NVCA website for a list of the Working Group members. This document is intended to serve as a starting point only, and should be tailored to meet your specific requirements. This document should not be construed as legal advice for any particular facts or circumstances. Note that this sample presents an array of (often mutually exclusive) options with respect to particular deal provisions.TERM SHEETPreliminary NotesThis Term Sheet maps to the NVCA model documents, and for convenience the provisions are grouped according to the particular model document in which they may be found. Although this Term Sheet is perhaps somewhat longer than a "typical" VC Term Sheet, the aim is to provide a level of detail that makes the Term Sheet useful as both a road map for the document drafters and as a reference source for the business people to quickly find deal terms without the necessity of having to consult the legal documents (assuming of course there have been no changes to the material deal terms prior to execution of the final documents).TERM SHEETFOR 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.1Modify this provision to account for staged investments or investments dependent on the achievement of milestones by the Company.CHARTER2Dividends: [Alternative 1: Dividends will be paid on the Series A Preferred onan as-converted basis when, as, and if paid on the Common Stock][Alternative 2: Non-cumulative dividends will be paid on the SeriesA Preferred in an amount equal to $[_____] per share of Series APreferred when and if declared by the Board.][Alternative 3: The Series A Preferred will carry an annual [__]%cumulative dividend [compounded annually], payable upon aliquidation or redemption. For any other dividends or distributions,participation with Common Stock on an as-converted basis.] 32The 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.3In 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.Liquidation Preference: In the event of any liquidation, dissolution or winding up of theCompany, the proceeds shall be paid as follows:[Alternative 1 (non-participating Preferred Stock): First pay [one]times the Original Purchase Price [plus accrued dividends] [plusdeclared and unpaid dividends] on each share of Series A Preferred.The balance of any proceeds shall be distributed to holders ofCommon Stock.][Alternative 2 (full participating Preferred Stock): First pay [one]times the Original Purchase Price [plus accrued dividends] [plusdeclared and unpaid dividends] on each share of Series A Preferred.Thereafter, the Series A Preferred participates with the CommonStock on an as-converted basis.][Alternative 3 (cap on Preferred Stock participation rights): Firstpay [one] times the Original Purchase Price [plus accrued dividends][plus declared and unpaid dividends] on each share of Series APreferred. Thereafter, Series A Preferred participates with CommonStock on an as-converted basis until the holders of Series APreferred receive an aggregate of[_____] times the OriginalPurchase Price.]A merger or consolidation (other than one in which stockholders ofthe Company own a majority by voting power of the outstandingshares of the surviving or acquiring corporation) and a sale, lease,transfer or other disposition of all or substantially all of the assets ofthe Company will be treated as a liquidation event (a “DeemedLiquidation Event”), thereby trig gering payment of the liquidationpreferences described above [unless the holders of [___]% of theSeries A Preferred elect otherwise].Voting Rights: The Series A Preferred Stock shall vote together with the CommonStock 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) asrequired by law. The Company’s Certificate of Incorporation willprovide that the number of authorized shares of Common Stock maybe increased or decreased with the approval of a majority of thePreferred and Common Stock, voting together as a single class, andwithout a separate class vote by the Common Stock.44For California corporations, one cannot “opt out” of the statutory requirement of a separate class vote by Common Stockholders to authorize shares of Common Stock.Protective Provisions: So long as[insert fixed number, or %, or “any”] shares of Series APreferred are outstanding, the Company will not, without the writtenconsent of the holders of at least [__]% of the Company’s Se ries APreferred, either directly or by amendment, merger, consolidation,or otherwise:(i) liquidate, dissolve or wind-up the affairs of the Company, oreffect any Deemed Liquidation Event; (ii) amend, alter, or repealany provision of the Certificate of Incorporation or Bylaws [in amanner adverse to the Series A Preferred];5 (iii) create orauthorize the creation of or issue any other security convertibleinto or exercisable for any equity security, having rights,preferences or privileges senior to or on parity with the Series APreferred, or increase the authorized number of shares of SeriesA Preferred; (iv) purchase or redeem or pay any dividend on anycapital stock prior to the Series A Preferred, [other than stockrepurchased from former employees or consultants in connectionwith the cessation of their employment/services, at the lower offair 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 theCompany’s aggregate indebtedness would exceed $[____][otherthan equipment leases or bank lines of credit][other than debtwith no equity feature][unless such debt security has received theprior approval of the Board of Directors, including the approvalof [________] Series A Director(s)]; (vi) increase or decrease thesize of the Board of Directors.Optional Conversion: The Series A Preferred initially converts 1:1 to Common Stock atany time at option of holder, subject to adjustments for stockdividends, splits, combinations and similar events and as describedbelow under “Anti-dilution Provisions.”Anti-dilution Provisions: In the event that the Company issues additional securities at apurchase price less than the current Series A Preferred conversionprice, such conversion price shall be adjusted in accordance with thefollowing formula:[Alternative 1: “Typical” weighted average:CP2 = CP1 * (A+B) / (A+C)5Note 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 seriesof Preferred Stock, but not similarly adversely alter the entire class of all Preferred Stock, then the holders of that seriesare entitled to a separate series vote on the amendment.CP2= New Series A Conversion PriceCP1= Series A Conversion Price in effect immediatelyprior to new issueA = Number of shares of Common Stock deemed to beoutstanding immediately prior to new issue (includesall shares of outstanding common stock, all shares ofoutstanding preferred stock on an as-converted basis,and all outstanding options on an as-exercised basis;and does not include any convertible securitiesconverting into this round of financing)B = Aggregate consideration received by the Corporationwith respect to the new issue divided by CP1C = Number of shares of stock issued in the subjecttransaction][Alternative 2: Full-ratchet – the conversion price will be reduced tothe price at which the new shares are issued.][Alternative 3: No price-based anti-dilution protection.]The following issuances shall not trigger anti-dilution adjustment:6(i) securities issuable upon conversion of any of the Series APreferred, or as a dividend or distribution on the Series APreferred; (ii) securities issued upon the conversion of anydebenture, 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) sharesof Common Stock (or options to purchase such shares ofCommon Stock) issued or issuable to employees or directors of,or consultants to, the Company pursuant to any plan approved bythe Company’s Board of Directors [including at least [_______]Series A Director(s)] [(v) shares of Common Stock issued orissuable to banks, equipment lessors pursuant to a debtfinancing, equipment leasing or real property leasing transactionapproved by the Board of Directors of the Corporation [,including at least [_______] Series A Director(s)].Mandatory Conversion: Each share of Series A Preferred will automatically be convertedinto Common Stock at the then applicable conversion rate in theevent of the closing of a [firm commitment] underwritten publicoffering with a price of [___]times the Original Purchase Price(subject to adjustments for stock dividends, splits, combinations andsimilar events) and [net/gross] proceeds to the Company of not less6Note that additional exclusions are frequently negotiated, such as issuances in connection with equipment leasing and commercial borrowing.than $[_______] (a “QPO”), or (ii) upon the written consent of theholders of [__]%of the Series A Preferred.7[Pay-to-Play: [Unless the holders of [__]% of the Series A elect otherwise,] on anysubsequent down round all [Major] Investors are required toparticipate to the full extent of their participation rights (as describedbelow under “Investor Rights Agreement – Right to Participate ProRata in F uture Rounds”), unless the participation requirement iswaived for all [Major] Investors by the Board [(including vote of [amajority of] the Series A Director[s])]. All shares of Series APreferred8 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 ifapplicable].9Redemption Rights:10The Series A Preferred shall be redeemable from funds legallyavailable for distribution at the option of holders of at least[__]% ofthe Series A Preferred commencing any time after the fifthanniversary of the Closing at a price equal to the Original PurchasePrice [plus all accrued but unpaid dividends]. Redemption shalloccur in three equal annual portions. Upon a redemption requestfrom the holders of the required percentage of the Series APreferred, all Series A Preferred shares shall be redeemed [(exceptfor any Series A holders who affirmatively opt-out)].117The 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.8Alternatively, this provision could apply on a proportionate basis (e.g., if Investor plays for ½ of pro rata share, receives ½ of anti-dilution adjustment).9If 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” provisionsat 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.10Redemption 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 providea form of exit and some possible leverage over the Company. While it is possible that the right to receive dividends on redemption could give rise to a Code Section 305 “deemed dividend” problem, many tax practitioners take the view thatif 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.11Due 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 requestthat certain penalty provisions take eff ect where redemption has been requested but the Company’s available cash flow does 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 the Company’s Board of Directors until such amounts are paid in full.。

风险投资中的条款清单-译国译民

风险投资中的条款清单(样本)-译国译民翻译公司xx公司A系优先股融资条款清单[ ，200 ]本条款清单概括了xx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。

本条款请单各方面受[特拉华州]法律管辖。

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，请与此写明。

）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]融资金额：$[ ]，[含由过渡贷款转换的本金及利息$[ ]每股价格：$[ ]每股（以下文所列公司资本结构表为依据）（“原始购买价”）融资前估价：原始购买价以充分稀释融资前估价$[ ]和融资后估价$[ ]为基础计算（含充分稀释的融资后资本中员工股预留[ ]%）资本结构表：交割前后公司资本结构表请见附件公司章程股息分配：[ 可选方案1：当普通股分配股息时，A系优先股按视为转换成普通股参与分配][可选方案2：经董事会宣布，A系优先股以每股$[ ]分配非积累性股息][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]，于公司清单或赎回过分时可分配。

其他股息或分红，按视为转换成普通股参与普通股分配]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[ ]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[ ]倍原始购买价[加累计股息][加已宣布未付股息]分配。

风险投资协议条款清单

风险投资协议条款清单本协议为风险投资协议，由以下各方（以下统称为“合作方”）于（日期）签署：1. 合作事项：本协议旨在规范合作方进行股权投资的条件和条款，以促进项目发展和利益共享。

2. 投资金额：投资方将向项目方注资（金额）作为股权投资，该投资金额应在一定期限内支付完毕。

3. 股权份额：根据投资金额与项目方总股本的比例计算，投资方将获得相应的股权份额，并享有相应的股权权益。

4. 资金用途：项目方将根据协议约定合理使用投资方注资的资金，用于资本开支、企业发展、市场推广等方面。

5. 股权变动：任何一方在合作期间内转让或受让其股权，应提前以书面形式通知其他合作方，并获得其他合作方的同意。

6. 出资方式：投资方有权选择一次性出资或分期支付出资，但出资期限应在协议中明确。

7. 股东权益：投资方作为股东有权参与公司决策、提供战略指导，享有收益分配、增值权益等各项权益。

8. 利润分配：按照项目方总股本和各方股权比例，利润按照约定的分配方式进行分配。

9. 盈亏共担：各方在项目运营过程中，按照各自股权比例共同分担盈利和损失。

10. 投资回报：投资方享有合理投资回报，包括股权增值、投资收益等形式的回报。

11. 裁决和争议解决：对于发生的争议，各方应尽力通过友好协商解决，若协商无果，则应提交仲裁机构解决。

12. 违约责任：任何一方未履行协议约定的义务，应承担相应的违约责任，包括但不限于赔偿损失、违约金等。

13. 保密条款：各方应对获知的商业机密、技术资料和知识产权等进行保密，并在协议终止后继续承担保密义务。

14. 协议生效：本协议的生效条件为各方签署并盖章，合同文本及其副本具有同等法律效力。

15. 协议解除：在未尽事宜达成一致的情况下，本协议自然终止或任意一方提前通知其他合作方解除。

16. 其他条款：各方可就协议内容进行适度修改，并在书面形式上达成一致。

以上为风险投资协议的主要条款清单，各方应在签署前详细阅读并充分理解协议内容。

风险投资协议条款汇总

风险投资协议（Term Sheet）详解之一：清算优先权情景一：假如你是第一次创业，你正在寻找风险投资（VC），在经过跟风险投资人漫长的商业计划演示和交流之后，突然有一天，投资人对你的公司产生了投资兴趣，于是给你出了一份所谓“投资协议条款清单”（Term Sheet）。

但是，包括你的团队、你的董事会、你周围的朋友在内，都没有人曾经看到过一份Term Sheet，里面的某个“清算优先权”条款是这样写的（通常是英文）：Series A Preferred shall be entitled to receive in preference to the holders of the Common Stock a per share amount equal to 2x the Original Purchase Price…A系列优先股有权优先于普通股股东每股获得初始购买价格2倍的回报…你完全搞不懂这是什么意思。

情景二：假如你接受了上面那份Term Sheet，投资人跟你投资了$2M，给你的投资前估值（Pre-money valuation）是$3M，投资后（Post-money）估值$5M，于是投资人拥有你公司40％的股份。

经过1年，公司运营不是很好，被人以$5M的价格并购。

你认为你手上60％的股份可以分得$2.5M的现金，也还满意。

但是投资人突然告诉你，根据协议，他要拿走$4M （投资额的2倍），留给你的只有$1M。

你又糊涂了。

什么是清算优先权（Liquidation Preference）?几乎所有的VC选择可转换优先股（Convertible preferred stock）的投资方式，而可转换优先股的最重要的一个特性就是拥有清算优先权。

优先清算权是Term sheet中一个非常重要的条款，决定公司在清算后蛋糕怎么分配，即资金如何优先分配给持有公司某特定系列股份的股东，然后分配给其他股东。

例如，A轮（Series A）融资的Term sheet中，规定A轮投资人，即A系列优先股股东（Series A preferred shareholders）能在普通股（Common）股东之前获得多少回报。

风险投资条款清单

SUMMARY OF PRINCIPAL TERMSOF SERIES B PREFERRED STOCK FINANCING OFXYZ STARTUP, INC.[Alternative terms are in brackets.]This memorandum summarizes the principal terms of a proposed Series B Preferred Stock financing of XYZ Startup, Inc. (the "Company"):Issuer: XYZ Startup, Inc.University AvenuePalo Alto, California 94301Amount of Financing: $Security: shares of Series B Preferred Stock Price: $ per share ("Original Purchase Price")Investor: (the "Investor")Expected Closing Date: , 2000Post-ClosingCapitalizationSeries A PreferredStock Outstanding: sharesSeries B PreferredStock Outstanding: sharesCommon StockOutstanding: sharesCommon Stock Reservedfor Options to Employeesand Consultants: shares of Common Stock reserved for options or warrants toemployees and consultants, of which were subject tooutstanding options as of , 2000. The standard vestingschedule for the employee stock option plan is four years, with 25% ofoption shares vesting upon the first anniversary of service, and thebalance vesting on a monthly basis over the remaining three years.Rights, Preferences, Privileges and Restrictions of Series B Preferred Stock.Generally: Comment: Dividends typically range from 8% to 10% of the Original Purchase Price.The holders of Series B Preferred Stock shall have rights on par with the holders of Series A Preferred Stock. The terms described herein are substantially identical to the terms agreed to in the Company's Series A Preferred Stock financing. The Series A Preferred Stock and the Series B Preferred Stock are sometimes referred to herein as the "Preferred."Dividends: The holders of the Series A and Series B Preferred Stock shall beentitled to receive noncumulative dividends at the rate of $ and$ , respectively, per share per annum when, as, and if declaredby the Board of Directors, prior to any payment of dividends on theCommon Stock.Liquidation Preference: Comment: This is a simple participating preferred. A modified version might give the holders of the Common Stock a set amount per share back before all series share ratably on an "as converted" basis.(a) In the event of any liquidation, dissolution or winding up of the Company, the holders of Preferred shall be entitled to receive in preference to the holders of Common Stock the amount of $ per share of Series A Preferred Stock and [original Purchase Price] per share of Series B Preferred Stock. If the funds to be distributed to the holders of Preferred are not sufficient to permit payment in full of the foregoing liquidation preference, then all available funds shall be distributed ratably among the holders of the Preferred in proportion to the preferential amount each holder is otherwise entitled to receive. After payment of such sum, the holders of the Common Stock and the Preferred shall share pro rata in the remaining proceeds (on an as-converted basis). [After payment of such sum, the holders of the Common Stock and the Preferred shall share pro rata in the remaining proceeds (on an as converted basis) until such time as the holders of the Preferred Stock have received a total of three times the liquidation preference per share of Preferred then held (i.e. $________ per share of Series A and $ per share of Series B). After payment of such sum, the holders of Common Stock shall receive the remaining proceeds on a pro rata basis.]Comment: Possible to structure so that merger or sale won't be treated as a liquidation if proceeds are in excess of a certain dollar amount.(b) A consolidation or merger of the Company (where a change of control results) or sale of all or substantially all of its assets shall be deemed to be a liquidation, dissolution or winding up for purposes of the liquidation preference.Redemption: Comment: Note that in some cases VCs may seek redemption rights such as these. Note that you will have to consider whether a partial redemption would be a possible deemed dividend treatment for tax purposes.(iii) Redemption at Option of Investor: At election of the holders of at least 50% of the Preferred, the Company shall redeem 1/3 of the Preferred on the fifth anniversary of Closing, 1/3 on the sixth anniversary of Closing, each at a redemption price equal to the Original Purchase Price [plus a rate of return equal to 10% per year on the Original Purchase Price] minus the amount of any dividends previously paid to holders of Preferred.Conversion: Each holder of the Preferred shall have the right to convert its Preferred,at the option of the holder, at any time, into shares of Common Stock ofthe Company. One share of Preferred shall initially be convertible intoone share of Common Stock based on a conversion price equal to theOriginal Purchase Price ("Conversion Price"). The Conversion Pricemay be adjusted based on certain events. See "Antidilution Protection"below.Automatic Conversion: All outstanding Preferred shall be automatically converted into CommonStock at the then applicable conversion rate, in the event that theholders of at least 2/3 of the Preferred Stock consent to the conversionto Common Stock or upon the closing of an underwritten,registered public offering of shares of the Company at a public offeringprice per share not less than $ per share and which results ingross proceeds to the Company of at least $ ("QualifyingIPO").Antidilution ProtectionComment: This "ratchet" is limited until the occurrence of a specific event; i.e., raising additional equity funds at a Closing after the First Closing. This could be structured to apply for a specific period (one or two years instead).Comment: Narrow-based" antidilution formula does not take account of outstanding warrants and options for purposes of determining adjustment.Proportional adjustments of the Series A and Series B conversion rates will be made for splits, combinations, stock dividends, recapitalizations, and the like. Also, the conversion rate for the Preferred will be subject to adjustment in the event that the Company issues additional equity securities other than (i) shares (or securities convertible into shares) issued to employees, consultants and directors and (ii) securities issued in connection with credit agreements with equipment lessors or commercial lenders at a purchase price per common stock equivalent to less than the then applicable Conversion Price for each series. The Conversion Price will be subject to ratchet adjustment for any issuances prior to sale of additional equity securities resulting in gross proceeds to the Company of at least $ . [Thereafter, the Conversion Prices (and resulting conversion rates) will be subject to adjustment using a broad-based weighted average formula.]Voting Rights: Comment: If investor has sufficient leverage they might be able to negotiate for control of the Board.The holder of each share of Preferred shall have the right to that number of votes equal to the number of shares of Common Stock issuable upon conversion of the Preferred Stock. The size of the Company's Board of Directors shall initially be set at . The holders of Preferred Stock, voting together as a single class, shall be entitled to electdirector(s). The holders of Common Stock, voting together as a single class, shall be entitled to elect directors. The remaining director shall be elected by the holders of Preferred and Common Stock voting together as a single class.Shareholders' Voting Agreements: Comment: Provides for investors to obtain control of Board of Directors if Company does not meet its milestones.(ix) Shareholders' Voting Agreements: The Investor and _______ and ________ (the "Founders") will enter into a Shareholders' Voting Agreement, whereby each of them will use his or its best efforts to elect one director mutually agreed to by the Investor and the Founders. If the Company does not meet its milestones as approved by the Investor over the next six months the Founders will vote in favor of an increase in the authorized number of directors to and will use their best efforts to elect additional Directors designated by the Investorto fill the vacancies created by such increase.Protective Provisions: Comment: This term provides for a "block" on exclusive technology licenses as well as other fundamental matters. Percentage required for approval will depend on composition of current and prior investor groups.The consent of the holders of a majority of the Preferred Stock shall be required for any action which:(i) creates any new class of shares senior to or on parity with the Preferred with respect to dividends or other distributions or liquidation, (ii) amends the Company's Articles of Incorporation or Bylaws if such action alters or changes the rights, preferences or privileges of the Preferred,(iii) effects any transactions, including any merger of the Company with or into another entity or sale of all or substantially all of the Company's assets which results in a change in voting control of the Company, (iv) licenses any of its core technology on an exclusive basis.Information Rights: Each purchaser of Preferred and each transferee of a purchaser holdingat least shares of Preferred Stock or Common Stock issuedupon conversion of the Preferred ("Conversion Stock"), shall be entitledto receive from the Company unaudited monthly and quarterly andaudited annual financial statements. These obligations shall terminateupon the closing of the Company's initial public offering of CommonStock.Registration Rights:Demand Rights: If, at any time after the earlier of [two] years from the Closing or sixmonths after the effective date of a registration statement for theCompany's initial public offering, holders of Preferred Stock and theirtransferees request that the Company file a registration statement fortheir shares, the Company will use its best efforts to cause such sharesto be registered. The Company shall not be obligated to effect morethan two registrations under this demand right provision.S-3 Registration: Comment: Registrations on Form S-3 not possible until one year after IPO; shorter form, much less expensive.If available for use by the Company, the Holders will be entitled to S-3 registrations, provided the aggregate offering price of shares sold in such registration is in excess of $500,000.CompanyRegistration: Comment: Limited underwriter "cutback" after IPO; typically 20-30%. Founders may be given limited or subordinate rights.The holders of Preferred and Founders of the Company shall be entitled to "piggyback" registration rights on registrations of the Company, subject to the right, however, of the Company and its underwriters to reduce the number of shares proposed to be registered in view of market conditions; provided, however, that following the Company's initial public offering, the holders and the founders may not be reduced below 25% of a Company registration and all founders must be excluded before any holders are so excluded.Expenses: The registration expenses of the aforementioned registrations (exclusiveof underwriting discounts and commissions), including reasonable feesand costs of one special counsel for all selling shareholders, shall beborne by the Company.Transfer of Rights: The registration rights may be transferred to a transferee who acquiresat least shares of Preferred or Conversion Stock. Theregistration rights shall expire five years from the effective date of theQualifying IPO.Other Provisions: Comment: Condition "lock-up" on agreement of officers and other employees to be subject to same restrictions.Other provisions shall be contained in the investor rights agreement with respect to registration rights as are reasonable, including the Company's ability to delay the filing of the demand registration for a period of at least 90 days, the agreement by holders of the Preferred Stock if requested by the underwriter in the Company's initial public offering not to sell any Common Stock that they hold for a period of 180 days following the effective date of the registration statement for such offering (subject to officers and directors of the Company entering into similar agreements), cross-indemnification, the period of time in which the registration statement shall be kept effective, underwriting arrangements and the like.Key Man Insurance: Comment: Key man insurance is good source of funds for redemption in early stage company.$1,000,000 policy on the lives of each of the Founders, with the Company as beneficiary but with proceeds to be applied to redemption of Preferred Stock at the election of holders of the majority of Preferred.Investor Right ofFirst Refusal: Comment: Allows investors to maintain their percentage ownership by participating in subsequent financings.In the event that the Company issues equity securities or securities convertible or exercisable for equity securities (other than shares (or options to purchase shares) issued to employees, consultants and directors pursuant to approval of the Board of Directors, to equipment lessors or financial institutions and other customary exclusions), each of the holders of Preferred shall be given the right to purchase a percentage of such securities, on the same basis as the other purchasers, equal to the percentage ownership of the Company's outstanding capital stock it holds prior to such issuance. This right shall terminate at the closing of the Company's initial public offering.Stock Restriction Agreement: Comment: No vesting for first year is typical, then monthly.Each Founder will execute a stock restriction agreement with the Company pursuant to which the Company will have a repurchase option to buy back at cost a portion of the shares of Common Stock held by such person in the event that such shareholder's employment with the Company is terminated, prior to the expiration of 48 months from the date of [employment][the Preferred Stock Purchase Agreement] (the "Measuring Date"). A portion of the shares will be released from the repurchase option based upon continued employment by the Company as follows: 25% will be released from the repurchase option on the first anniversary of the Measuring Date and an additional 2.08% will be released on the completion of each month thereafter. The Company and then the Investor will also have right of first refusal with respect to any Founder's shares proposed to be resold, which right will terminate upon a public offering.Investor Co-Sale Rights: Comment: Co-sale rights are almost never actually used but may be important where an individual is key to investment and you can't impose vesting.The holders of Preferred will also have co-sale rights on a pro rata basis (based upon their relative holdings of the Company's capital stock on a fully-diluted basis) with respect to transfers of the founder's shares of the Company's capital stock. This right will terminate at the closing of the Company's Qualifying IPO.Drag-Along Rights: Holders of a majority of Preferred and Common will have the right torequire other holders of Preferred Common who are parties to theRights Agreement to vote to approve certain corporate transactionsincluding mergers.Board Observation Rights:Comment: If Investor does not hold a Board seat.The Company shall execute a management rights letter with Investor pursuant to which an Investor representative shall have the right to attend all meetings of the Board of Directors in a non-voting advisory capacity and the right to examine Company records. Such rights will terminate upon the closing of the Company's IPO.Qualified Small Business Stock: The Company represents and warrants to the Investors that it qualifies as a "Qualified Small Business" as defined in Section 1202(d) of the Internal Revenue Code of 1986, as amended (the "Code") and covenants that so long as the Shares are held by the Investors (or a transferee in whose hands the Shares are eligible to qualify as Qualified Small Business Stock as defined in Section 1202(c) of the Code), it will use its best efforts to cause the Shares to qualify as Qualified Small Stock.IPO Allocation: Comment: More appropriate for later stage financing.In the event of an initial public offering for the capital stock of the Company (the "IPO"), the Company shall request that the managing underwriters of the IPO establish a directed share program (the "Program") in connection with the IPO. The Program shall consist of at least that number of shares of capital stock determined by dividing $ by the IPO price (the "Minimum Shares"). The Company shall cause the managing underwriters to give priority to them with respect to the Minimum Shares in allocating the shares available for purchase in the directed share program.Proprietary Information and Inventions Agreement: Each officer, director and key employee of the Company will enter into a proprietary information and inventions agreement with the Company.The Purchase Agreement: The purchases of the Preferred will be made pursuant to a preferredstock purchase agreement reasonably acceptable to the Company andthe Investor, which agreement shall contain, among other things,appropriate representations and warranties of the Company, covenantsof the Company reflecting the provisions set forth herein andappropriate conditions to closing which will include, among other things,qualification of the shares under applicable Blue Sky laws, the filing ofAmended and Restated Articles of Incorporation, receipt of an opinionof counsel and a minimum investment of $ .Expenses: The Company and the Investor will each bear their own legal and otherexpenses with respect to the transaction (except that, assuming asuccessful completion of the transaction, the Company will payreasonable legal fees and expenses incurred by counsel to the Investor).Counsel to the : [name of firm][address]Telephone:Fax:Attention:This memorandum of terms does not constitute an offer and is presented solely for discussion purposes. This memorandum of terms shall not be construed as creating any obligation on any party whatsoever.。

风险投资Termsheet投资条款清单.

范本一：有限公司与有限公司TERMSHEET投资条款清单本投资条款系投资方和被投资方在前期初步了解和接触的基础上达成的意向性条款摘要，以作为双方就投资事宜进一步工作的基础。

有限公司（盖章）有限公司（盖章）法人代表或授权代表签字人姓名：法人代表或授权代表签字人姓名：日期：日期：签字：签字：范本二：【基金名称】与【公司名称】A类优先股融资投资条款清单20【】年【】月【】日本投资条款清单仅供谈判之用，不构成投资机构与公司之间具有法律约束力的协议，但“保密条款”、“排他性条款”和“管理费用”具有法律约束力。

在投资人完成尽职调查并获得投资委员会的批准并以书面（包括电子邮件）通知公司后，本协议便对协议各方具有法律约束力，协议各方应尽最大努力根据本协议的规定达成、签署和报批投资合同。

排他性条款公司同意，在签订本框架协议后的肆拾伍（45）天内，公司及其股东、董事会成员、员工、亲属、关联公司和附属公司在未获得投资人书面同意的情况下，不得通过直接或间接方式向任何第三方寻求股权/债务融资或接受第三方提供的要约；不得向第三方提供任何有关股权/债务融资的信息或者参与有关股权/债务融资的谈判和讨论；且不得与第三方达成任何有关股权/债务融资的协议或安排。

如公司为满足本框架协议中股票购买协议部分所载明成交条件造成延期，本排他性条款有效期限自动延展。

尽管有上述规定，若公司或投资人均未在排他性条款有效期截止日五天之前发出希望终止谈判的书面通知，则公司应继续与投资人进行排他性谈判直至公司或投资人发出书面终止谈判通知。

保密条款有关投资的条款和细则（包括所有条款约定甚至本框架协议的存在以及任何相关的投资文件）均属保密信息而不得向任何第三方透露，除非另有规定。

若根据法律必须透露信息，则需要透露信息的一方应在透露或提交信息之前的合理时间内征求另一方有关信息披露和提交的意见。

且如另一方要求，需要透露信息一方应尽可能为所披露或提交的信息争取保密待遇。

风险投资协议条款汇总

风险投资协议（Term Sheet）详解之一：清算优先权情景一：假如你是第一次创业，你正在寻找风险投资（VC），在经过跟风险投资人漫长的商业计划演示和交流之后，突然有一天，投资人对你的公司产生了投资兴趣，于是给你出了一份所谓“投资协议条款清单”（Term Sheet）。

但是，包括你的团队、你的董事会、你周围的朋友在内，都没有人曾经看到过一份Term Sheet，里面的某个“清算优先权”条款是这样写的（通常是英文）：Series A Preferred shall be entitled to receive in preference to the holders of the Common Stock a per share amount equal to 2x the Original Purchase Price…A系列优先股有权优先于普通股股东每股获得初始购买价格2倍的回报…你完全搞不懂这是什么意思。

情景二：假如你接受了上面那份Term Sheet，投资人跟你投资了$2M，给你的投资前估值（Pre-money valuation）是$3M，投资后（Post-money）估值$5M，于是投资人拥有你公司40％的股份。

经过1年，公司运营不是很好，被人以$5M的价格并购。

你认为你手上60％的股份可以分得$2.5M的现金，也还满意。

但是投资人突然告诉你，根据协议，他要拿走$4M （投资额的2倍），留给你的只有$1M。

你又糊涂了。

什么是清算优先权（Liquidation Preference）?几乎所有的VC选择可转换优先股（Convertible preferred stock）的投资方式，而可转换优先股的最重要的一个特性就是拥有清算优先权。

优先清算权是Term sheet中一个非常重要的条款，决定公司在清算后蛋糕怎么分配，即资金如何优先分配给持有公司某特定系列股份的股东，然后分配给其他股东。

例如，A轮（Series A）融资的Term sheet中，规定A轮投资人，即A系列优先股股东（Series A preferred shareholders）能在普通股（Common）股东之前获得多少回报。

风险投资中的条款清单(中英文样本)

投资条款清单(Term Sheet)详解

风险投资协议(英文版)

上海证券交易所主板投资风险揭示书必备条款 英文版

风险投资关键条款详解

投资条款清单Term Sheet-中文版

PE投资协议条款样本(NVCA中英文对照版)

美国风险投资示范合同(中英文对照本)

风险融资过程中投资协议条款清单(TermSheet)谈判

投资条款清单TERM-SHEET (中英文版)

E投资协议条款样本NVC中英文对照

投资条款清单模版Term Sheet

风险投资协议TERM SHEET(英文版)

风险投资中的条款清单-译国译民

风险投资协议条款清单

风险投资协议条款汇总

风险投资条款清单

风险投资Termsheet投资条款清单.

风险投资协议条款汇总

上海证券交易所主板投资风险揭示书必备条款英文版