風(fēng)險投資中條款清單中英文樣本

1、風(fēng)險投資中的條款清單（樣本）本A系優(yōu)先股融資條款清單由中國政法大學(xué)法律碩士學(xué)院張章橋、董菲同學(xué)依據(jù)美國風(fēng)險投資協(xié)會（NationalVentureCapitalAssociation）所供給的文本翻譯。翻譯時略有修改。本條款清單僅供教學(xué)使用，請勿用于商業(yè)用途。中文翻譯英文原文_企業(yè)A系優(yōu)先股融資條款清單_，200_TERMSHEETFORSERIESAPREFERREDSTOCKFINANCINGOFINSERTCOMPANYNAME,INC._,200_本條款清單概括了_企業(yè)，一家特拉華企業(yè)（“公司”）A系優(yōu)先股融資的主要條款?？紤]到涉及此項投資的投資人已投入和將投入的時間和成本，無論此次融

2、資能否完成，本條款清單之限制銷售/保密條款、律師及花費條款對企業(yè)都擁有強迫拘束力。未經(jīng)各方一致簽訂并交付的最后協(xié)議，本條款清單之其余條款不擁有強迫拘束力。本條款清單并不是投資人進行投資的承諾，其奏效以完成令投資人滿意的盡責(zé)檢查、法律審察和文件簽訂為條件。本條款清單各方面受特拉華州法律管轄。ThisTermSheetsummarizestheprincipaltermsoftheSeriesAPreferredStockFinancingof_,Inc.,aDelawarecorporation(the“Company”).Inconsiderationofthetimeandexpensede

3、votedandtobedevotedbytheInvestorswithrespecttothisinvestment,theNoShop/ConfidentialityandCounselandExpensesprovisionsofthisTermSheetshallbebindingobligationsoftheCompanywhetherornotthefinancingisconsummated.Nootherlegallybindingobligationswillbecreateduntildefinitiveagreementsareexecutedanddelivered

4、byallparties.ThisTermSheetisnotacommitmenttoinvest,andisconditionedonthecompletionofduediligence,legalreviewanddocumentationthatissatisfactorytotheInvestors.ThisTermSheetshallbegovernedinallrespectsbythelawsoftheStateofDelaware.出資條款：交割日：當(dāng)企業(yè)接受此條款清單且交割條件齊備時即趕忙交割（“交割”）。（若需要多次交割，請與此寫明。）投資人：投資人1:股（%），$投資

5、人2:股（%），$以及投資人和企業(yè)一致贊同的其余投資人融資本額：$，含由過渡貸款變換的本金及利息1每股價格：$每股（以下文所列企業(yè)資本結(jié)構(gòu)表為依照）(“原始購買價”）OfferingTermsClosingDate:AssoonaspracticablefollowingtheCompanyacceptanceofthisTermSheetandsatisfactionoftheConditionstoClosing(the“Closing”).provideformultipleclosingsifapplicableInvestors:InvestorNo.1:_shares(_%),$_

6、InvestorNo.2:_shares(_%),$_aswellotherinvestorsmutuallyagreeduponbyInvestorsandtheCompanyAmountRaised:$_,including$_fromtheconversionofprincipalandinterestonbridgenotes.1PricePerShare:$_pershare(basedonthecapitalizationoftheCompanysetforthbelow)(theOriginal“PurchasePrice”).1Modifythisprovisiontoacco

7、untforstagedinvestmentsorinvestmentsdependentontheachievementofmilestonesbytheCompany.Pre-MoneyTheOriginalPurchasePriceisbasedupona融資前估價：原始購買價以充分稀釋融資前估價Valuation:fully-dilutedpre-moneyvaluationof$_$_和融資后估價$_為基礎(chǔ)andafully-dilutedpost-moneyvaluationof$_(includinganemployeepool計算(含充分稀釋的融資后資本中職工represent

8、ing_%ofthefully-dilutedpost-股預(yù)留)moneycapitalization).Capitalization:TheCompanyscapitalstructurebeforeandafter資本結(jié)構(gòu)表：交割前后企業(yè)資本結(jié)構(gòu)表請見附件一。theClosingissetforthasExhibitA.企業(yè)章程2CHARTER2股息分配：可選方案1:當(dāng)一般股分配股息Dividends:時，A系優(yōu)先股按視為轉(zhuǎn)換成一般股參加分配可選方案2:經(jīng)董事會宣告，A系優(yōu)先股以每股分配非積累性股息可選方案3:A系優(yōu)先股按年利率%分配積累性股息按年度計算復(fù)，于企業(yè)清理或贖回股份時可分配。其

9、余股息或分紅，按視為變換成一般股參加一般股分配。3Alternative1:DividendswillbepaidontheSeriesAPreferredonanas-convertedbasiswhen,as,andifpaidontheCommonStockAlternative2:Non-cumulativedividendswillbepaidontheSeriesAPreferredinanamountequalto$_pershareofSeriesAPreferredwhenandifdeclaredbytheBoard.Alternative3:TheSeriesAPrefe

10、rredwillcarryanannual_%cumulativedividendcompoundedannually,payableuponaliquidationorredemption.Foranyotherdividendsordistributions,participationwith3CommonStockonanas-convertedbasis.2TheCharterisapublicdocument,filedwiththeDelawareSecretaryofState,thatestablishesalloftherights,preferences,privilege

11、sandrestrictionsofthePreferredStock.NotethatifthePreferredStockdoesnothaverights,preferences,andprivilegesmateriallysuperiortotheCommonStock,then(afterClosing)theCompanycannotdefensiblygrantCommonStockoptionspricedatadiscounttothePreferredStock.3Insomecases,accruedandunpaiddividendsarepayableonconve

12、rsionaswellasuponaliquidationevent.Mosttypically,however,dividendsarenotpaidifthepreferredisconverted.AnotheralternativeistogivetheCompanytheoptiontopayaccruedandunpaiddividendsincashorincommonsharesvaluedatfairmarketvalue.Thelatterarereferredtoas“PIK-in”-kind)(paymentdividends.清理優(yōu)先受償權(quán)：企業(yè)如因任何原由清理、解散

13、或休業(yè)清理過程，企業(yè)收益將作以下分配：可選方案1（優(yōu)先股不參加分配）:第一,每股A系優(yōu)先股按一倍原始購買價加累計股息加已宣告但未付股息分配。其余分配給一般股股東可選方案2（優(yōu)先股充分參加分配）:第一，每股A系優(yōu)先股按一倍原始購買價加累計股息加已宣告未付股息分配。而后優(yōu)先股按視為變換成一般股參加一般股分配可選方案3（優(yōu)先股限制參加分配）:第一，每股A系優(yōu)先股按一倍原始購買價加累計股息加已宣告未付股息分配。而后優(yōu)先股按視為變換成一般股參加一般股分配，直至A系優(yōu)先股股東獲取總計倍于原始購買價的分配LiquidationIntheeventofanyliquidation,dissolutionorP

14、reference:windingupoftheCompany,theproceedsshallbepaidasfollows:Alternative1(non-participatingPreferredStock):FirstpayonetimestheOriginalPurchasePriceplusaccrueddividendsplusdeclaredandunpaiddividendsoneachshareofSeriesAPreferred.ThebalanceofanyproceedsshallbedistributedtoholdersofCommonStock.Altern

15、ative2(fullparticipatingPreferredStock):FirstpayonetimestheOriginalPurchasePriceplusaccrueddividendsplusdeclaredandunpaiddividendsoneachshareofSeriesAPreferred.Thereafter,theSeriesAPreferredparticipateswiththeCommonStockonanas-convertedbasis.Alternative3(caponPreferredStockparticipationrights):First

16、payonetimestheOriginalPurchasePriceplusaccrueddividendsplusdeclaredandunpaiddividendsoneachshareofSeriesAPreferred.Thereafter,SeriesAPreferredparticipateswithCommonStockonanas-convertedbasisuntiltheholdersofSeriesAPreferredreceiveanaggregateof_timestheOriginalPurchasePrice.mergerorconsolidation(othe

17、rthanoneinwhichstockholdersoftheCompanyownamajoritybyvotingpoweroftheoutstandingsharesofthesurvivingoracquiringcorporation)andasale,lease,transferorotherdispositionofallorsubstantiallyalloftheassetsofthe企業(yè)的兼并或合并（企業(yè)原股東擁有存續(xù)企業(yè)或收買企業(yè)的刊行在外股票過多數(shù)表決權(quán)的情況除外），以及公司銷售、租借、轉(zhuǎn)讓或以其余方式處置企業(yè)所有或大多數(shù)財富的行為，應(yīng)當(dāng)視為企業(yè)清理事項(視為清理事)，

18、并以致上述清理優(yōu)先權(quán)得以產(chǎn)生除非的A系優(yōu)先股股東投票反對這類辦理。Companywillbetreatedasaliquidationevent(a“DeemedLiquidationEvent”),therebytriggeringpaymentoftheliquidationpreferencesdescribedaboveunlesstheholdersof_%oftheSeriesAPreferredelectotherwise.表決權(quán)：除以下情況外，A系優(yōu)先股股東在視VotingRights:TheSeriesAPreferredStockshallvote為變換成一般股的基礎(chǔ)上與一

19、般股股togetherwiththeCommonStockonanas-東一起表決，而不可以作為獨立表決團convertedbasis,andnotasaseparateclass,體：except(i)theSeriesAPreferredasaclassshallbeentitledtoelect_(_)（i）A系優(yōu)先股股東作為一個集體有membersoftheBoard(the“SeriesA權(quán)選舉名董事會成員（A系董Directors”),(ii)asprovidedunder“Protectiv事）;Provisions”belowor(iii)asrequiredbylaw.(ii

20、)出現(xiàn)以下文所示“保護性條款”之狀況;（iii）法律還有的其余規(guī)定。TheCompanysCertificateofIncorporation企業(yè)章程應(yīng)當(dāng)規(guī)定，經(jīng)優(yōu)先股和一般willprovidethatthenumberofauthorizedsharesofCommonStockmaybeincreasedor股股東多數(shù)贊同，并作為一個表決團decreasedwiththeapprovalofamajorityof體集體表決（不經(jīng)一般股股東單獨表thePreferredandCommonStock,voting決），企業(yè)可以增添或減少受權(quán)刊行togetherasasingleclass,a

21、ndwithouta的股票數(shù)目4。4separateclassvotebytheCommonStock.4ForCaliforniacorporations,onecannot“optout”ofthestatutoryrequirementofaseparateclassvotebyCommonStockholderstoauthorizesharesofCommonStock.保護性條款：只要有_寫明固定數(shù)目、百分比或任何A系優(yōu)先股仍刊行在外，未經(jīng)最少A系優(yōu)先股股東書面贊同，企業(yè)不得直接或變相進行兼并、合并或以下其余業(yè)務(wù)：（i）清理、解散或休業(yè)清理，或進行任何視為清理事項;(ii)以不利于

22、A系優(yōu)先股股東的方更正、改正或撤掉企業(yè)章程或細則中的任何條款5iii）創(chuàng)建、受權(quán)創(chuàng)建或刊行可變換或可執(zhí)行擁有優(yōu)于或相同于A系優(yōu)先股之權(quán)益、厚待或特權(quán)的企業(yè)證券，或增添刊行A系優(yōu)先股受權(quán)數(shù)目；優(yōu)于A系優(yōu)先股，對任何股份予以收買、贖回或分配股息。因為前職工的聘任（或顧問的服務(wù)）關(guān)系的停止，以低于公正市場價回購其股份的除外由董事會（含位A系董事）贊同的除外；刊行或受權(quán)刊行任何企業(yè)債券若企業(yè)總計負(fù)債所以超出_設(shè)施ProtectiveSolongasinsertfixednumber,or%,orProvisions:“any”sharesofSeriesAPreferredareoutstanding

23、,theCompanywillnot,withoutthewrittenconsentoftheholdersofatleast_%oftheCompanysSeriesAPreferred,eitherdirectlyorbyamendment,merger,consolidation,orotherwise:(i)liquidate,dissolveorwind-uptheaffairsoftheCompany,oreffectanyDeemedLiquidationEvent;(ii)amend,alter,orrepealanyprovisionoftheCertificateofIn

24、corporationorBylawsinamanner5adversetotheSeriesAPreferred;(iii)createorauthorizethecreationoforissueanyothersecurityconvertibleintoorexercisableforanyequitysecurity,havingrights,preferencesorprivilegesseniortooronparitywiththeSeriesAPreferred,orincreasetheauthorizednumberofsharesofSeriesAPreferred;(

25、iv)purchaseorredeemorpayanydividendonanycapitalstockpriortotheSeriesAPreferred,otherthanstockrepurchasedfromformeremployeesorconsultantsinconnectionwiththecessationoftheiremployment/services,attheloweroffairmarketvalueorcost;otherthanasapprovedbytheBoard,includingtheapprovalof_SeriesADirector(s);orc

26、reateorauthorizethecreationofanydebtsecurityiftheCompanysaggregate5Notethatasamatterofbackgroundlaw,Section242(b)(2)oftheDelawareGeneralCorporationLawprovidesthatifanyproposedcharteramendmentwouldadverselyaltertherights,preferencesandpowersofoneseriesofPreferredStock,butnotsimilarlyadverselyalterthe

27、entireclassofallPreferredStock,thentheholdersofthatseriesareentitledtoaseparateseriesvoteontheamendment.租借或銀行信譽額度除外無股權(quán)特色的負(fù)債除外此類債券獲取董事會（含位A系董事）早先贊同的除；（vi）增添或減少董事會成員人數(shù)?？蛇x擇變換：A系優(yōu)先股股東有權(quán)將其擁有每一A系優(yōu)先股隨時變換為一般股，每一A系優(yōu)先股可變換為一般股的數(shù)目為原始購買價除以變換時的A系優(yōu)先股轉(zhuǎn)換價（定義以下）。最初的A系優(yōu)先股變換價應(yīng)當(dāng)原始購買價。A系優(yōu)先股變換價應(yīng)當(dāng)依據(jù)一般股的配股、股票切割、股票合并等近似事項，以及

28、以下“反稀釋條款”所述內(nèi)容進行調(diào)整。反稀釋條款：若企業(yè)以低于現(xiàn)行A系優(yōu)先股變換價的價格刊行新的股票，該變換價格應(yīng)按以下公式調(diào)整：可選方案1“典型”加權(quán)均勻數(shù)：CP2=CP1*(A+B)/(A+C)indebtednesswouldexceed$_otherthanequipmentleasesorbanklinesofcreditotherthandebtwithnoequityfeatureunlesssuchdebtsecurityhasreceivedthepriorapprovaloftheBoardofDirectors,includingtheapprovalof_SeriesAD

29、irector(s);(vi)increaseordecreasethesizeoftheBoardofDirectors.OptionalEachshareoftheSeriesAPreferredshallbeConversion:convertible,attheoptionoftheholderthereof,atanytime,intosuchnumberofsharesofCommonStockasisdeterminedbydividingtheSeriesAOriginalPurchasePricebySeriesAPreferredConversionPrice(asdefi

30、nedbelow)ineffectatthetimeofconversion.The“SeriesAPreferredConversionPrice”shallinitiallybeequalto$_(theSeriesAOriginalPurchasePrice).SuchinitialSeriesAConversionpriceissubjecttoadjustmentsforstockdividends,splits,combinationsandsimilareventsandasdescribedbelowunder“Anti-dilutionProvisions.”Anti-dil

31、utionIntheeventthattheCompanyissuesadditionalProvisions:securitiesatapurchasepricelessthanthecurrentSeriesAPreferredConversionPrice,suchconversionpriceshallbeadjustedinaccordancewiththefollowingformula:Alternative1:“Typical”weightedaverage:CP2=CP1*(A+B)/(A+C)CP2=新A系優(yōu)先股變換價CP1=新股刊行前實質(zhì)A系優(yōu)先股變換價A=新股刊行前視為

32、已刊行的一般股數(shù)目（含所有已發(fā)行的一般股，所有視為已變換的已刊行優(yōu)先股，以及所有已刊行的可執(zhí)行期;不含轉(zhuǎn)入此輪融資的任何可變換證券）B=企業(yè)此次刊行估計融資總額除以CP1C=本次交易中股票刊行數(shù)目可選方案2：完整棘輪方案變換價降到與新刊行價一致可選方案3：無基于價風(fēng)格整的反稀釋措施CP2=NewSeriesAConversionPriceCP1=SeriesAConversionPriceineffectimmediatelypriortonewissue=NumberofsharesofCommonStockdeemedtobeoutstandingimmediatelypriortonew

33、issue(includesallsharesofoutstandingcommonstock,allsharesofoutstandingpreferredstockonanas-convertedbasis,andalloutstandingoptionsonanas-exercisedbasis;anddoesnotincludeanyconvertiblesecuritiesconvertingintothisroundoffinancing)=AggregateconsiderationreceivedbytheCorporationwithrespecttothenewissued

34、ividedbyCP1=NumberofsharesofstockissuedinthesubjecttransactionAlternative2:Full-ratchettheSeriesAPreferredConversionPricewillbereducedtothepriceatwhichthenewsharesareissued.Alternative3:Noprice-basedanti-dilutionprotection.Thefollowingissuancesshallnottriggeranti-以下刊行不以致反稀釋調(diào)整6：dilutionadjustment:6i）

35、可刊行證券是基于任何A系優(yōu)先股變換后產(chǎn)生，或作為A系優(yōu)先股的股息或分紅；ii）可刊行證券是基于任何信譽債券，認(rèn)股權(quán)證，期權(quán)或其余可變換證券變換后產(chǎn)生；iii）可刊行一般股是基于股票切割，配股，或任何一般股的細分而產(chǎn)生；iv）一般股（或認(rèn)購該類一般股的期權(quán)）刊行或可刊行給企業(yè)的職工、董事、顧問，是基于企業(yè)董事會董事（含最少_名A系董事）贊同的任何股權(quán)計劃而產(chǎn)生的；v）一般股刊行或可刊行給銀行，設(shè)備出租人，是基于企業(yè)董事會董事（含最少_名A系董事）贊同的債務(wù)融資，設(shè)施租借或不動產(chǎn)租借交易而產(chǎn)生的。強迫性變換：若（i）公開刊行價格高于_倍原始購買價承銷所有股票，且企業(yè)所獲得的凈/總收入不低于_(“合

36、格公開刊行QPO”)，或（ii）經(jīng)A系優(yōu)先股股東書面同意，在擁有包銷承諾的有保薦人的securitiesissuableuponconversionofanyoftheSeriesAPreferred,orasadividendordistributionontheSeriesAPreferred;securitiesissuedupontheconversionofanydebenture,warrant,option,orotherconvertiblesecurity;(iii)CommonStockissuableuponastocksplit,stockdividend,oranys

37、ubdivisionofsharesofCommonStock;and(iv)sharesofCommonStock(oroptionstopurchasesuchsharesofCommonStock)issuedorissuabletoemployeesordirectorsof,orconsultantsto,theCompanypursuanttoanyplanapprovedbytheCompanysBoardofDirectorsincludingatleast_SeriesADirector(s)(v)sharesofCommonStockissuedorissuabletoba

38、nks,equipmentlessorspursuanttoadebtfinancing,equipmentleasingorrealpropertyleasingtransactionapprovedbytheBoardofDirectorsoftheCorporation,includingatleast_SeriesADirector(s).MandatoryEachshareofSeriesAPreferredwillConversion:automaticallybeconvertedintoCommonStockatthethenapplicableSeriesAPreferred

39、ConversionPriceintheeventoftheclosingofafirmcommitmentunderwrittenpublicofferingwithapriceof_timestheOriginalPurchasePrice(subjecttoadjustmentsforstockdividends,6Notethatadditionalexclusionsarefrequentlynegotiated,suchasissuancesinconnectionwithequipmentleasingandcommercialborrowing.公開刊行交割時，每股A系優(yōu)先股將

40、自動以當(dāng)時合適的變換率變換為一般股。（適用一般股股息，切割，合并及近似調(diào)整業(yè)務(wù)）出資人參加交易:除非董事會決定含多數(shù)A系董事投Pay-to-Play:票決定贊同主要投資人放棄參加權(quán)，在以后的企業(yè)再融資交易中，所有主要投資人都一定充分執(zhí)行其參加權(quán)(以下文“投資人權(quán)益協(xié)議按比率參加將來交易”所述)除非%A系優(yōu)先股股東投票贊同不按此方案辦理，否則任何未執(zhí)行上述參加權(quán)A系優(yōu)先股的主要投資人所擁有的所有A系優(yōu)先股都將喪失反稀釋權(quán)益喪失將來交易參加權(quán)假如可適用，變換為一般9splits,combinationsandsimilarevents)andnet/grossproceedstotheCompan

41、yofnotlessthan$_(a“QPO”),or(ii)uponthewrittenconsentoftheholdersof_%ofthe7SeriesAPreferred.Unlesstheholdersof_%oftheSeriesAelectotherwise,onanysubsequentdownroundallMajorInvestorsarerequiredtoparticipatetothefullextentoftheirparticipationrights(asdescribedbelowunder“InvestorRightsAgreementRighttoPar

42、ticipateProRatainFutureRounds”),unlesstheparticipationrequirementiswaivedforallMajorInvestorsbytheBoard(includingvoteofamajorityoftheSeriesADirectors).AllsharesofSeriesA8PreferredofanyMajorInvestorfailingtodosowillautomaticallyloseanti-dilutionrightsloserighttoparticipateinfutureroundsconverttoCommo

43、nStockandlosetherighttoaBoardseatifapplicable.97ThepersharetestensuresthattheinvestorachievesasignificantreturnoninvestmentbeforetheCompanycangopublic.Alsoconsiderallowinganon-QPOtobecomeaQPOifanadjustmentismadetotheConversionPriceforthebenefitoftheinvestor,sothattheinvestordoesnothavethepowertobloc

44、kapublicoffering.8Alternatively,thisprovisioncouldapplyonaproportionatebasis(e.g.,ifInvestorplaysfor?ofproratashare,receives?ofanti-dilutionadjustment).9IfthepunishmentforfailuretoparticipateislosingsomebutnotallrightsofthePreferred(e.g.,anythingotherthanaforcedconversiontocommon),theCharterwillneed

45、tohaveso-called“blankcheckpreferred”provisionsatleasttotheextentnecessaryenbletotheBoardtoissuea“shadow”classofpreferredwithdiminishedrightsintheeventaninvestorfailstoparticipate.Notethatasadraftingmatteritisfareasiertosimplyhave(someorallof)thepreferredconverttocommon.贖回權(quán)10:交割后第五年開始，經(jīng)最少%的A系10Redemp

46、tionRights:TheSeriesAPreferredshallberedeemable優(yōu)先股股東選擇，A系優(yōu)先股股東可fromfundslegallyavailablefordistribution以要求企業(yè)以可合法分配資本以原始attheoptionofholdersofatleast_%of購買價加所有積累未付股息贖回其theSeriesAPreferredcommencinganytimeafterthefifthanniversaryoftheClosingata所擁有的A系優(yōu)先股。贖回將在三年priceequaltotheOriginalPurchasePrice內(nèi)分階段等額

47、完成。如切合規(guī)定比率plusallaccruedbutunpaiddividends.的A系優(yōu)先股股東提出贖回央求，其Redemptionshalloccurinthreeequalannual他所有A系優(yōu)先股都將被可贖回除明portions.Uponaredemptionrequestfrom確選擇放棄上述權(quán)益的A系優(yōu)先股股theholdersoftherequiredpercentageofthe東外11。SeriesAPreferred,allSeriesAPreferredsharesshallberedeemed(exceptforany11SeriesAholderswhoaffi

48、rmativelyopt-out).10RedemptionrightsallowInvestorstoforcetheCompanytoredeemtheirsharesatcostplusasmallguaranteedrateofreturn(e.g.,dividends).Inpractice,redemptionrightsarenotoftenused;however,theydoprovideaformofexitandsomepossibleleverageovertheCompany.Whileitispossiblethattherighttoreceivedividend

49、sonredemptioncouldgiverisetoaCodeSection305“deemeddividendtioners”problem,takethemanyviewthattaxpractiiftheliquidationpreferenceprovisionsintheCharteraredraftedtoprovidethat,onconversion,theholderreceivesthegreaterofitsliquidationpreferenceoritsas-convertedamount(asprovidedintheNVCAmodelCertificateo

50、fIncorporation),thenthereisnoSection305issue.11Duetostatutoryrestrictions,itisunlikelythattheCompanywillbelegallypermittedtoredeemintheverycircumstanceswhereinvestorsmostwantit(theso-called“sidewayssituation”),investorswillsometimesrequestthatcertainpenaltyprovisionstakeeffectwhereredemptionhasbeenr

51、equestedbuttheCompanysavailablecashflowdoesnotpermitsuchredemption-e.g.,theredemptionamountshallbepaidintheformofaone-yearnotetoeachunredeemedholderofSeriesAPreferred,andtheholdersofamajorityoftheSeriesAPreferredshallbeentitledtoelectamajorityoftheCompanysBoardofDirectorsuntilsuchamountsarepaidinful

52、l.股份買賣協(xié)議書陳說與保證:企業(yè)供給標(biāo)準(zhǔn)的陳說與保證.由企業(yè)開創(chuàng)人對技術(shù)所有權(quán)等供給陳說與保證.12完成交割的條件:完成交割的標(biāo)準(zhǔn)條件，包含:完成相應(yīng)的財務(wù)和法律的盡責(zé)檢查，股票的刊行切合州證券法(BlueSkylaws)的規(guī)定，給予了A系優(yōu)先股權(quán)益和厚待的企業(yè)章程的進行了登記存案,以及公司律師出具了法院建議函等事項。StockPurchaseAgreementRepresentationStandardrepresentationsandwarrantiesbythesandCompany.RepresentationsandwarrantiesbyWarranties:12Founder

53、sregardingtechnologyownership,etc.ConditionstoStandardconditionstoClosing,whichshallinclude,Closing:amongotherthings,satisfactorycompletionoffinancialandlegalduediligence,qualificationofthesharesunderapplicableBlueSkylaws,thefilingofaCertificateofIncorporationestablishingtherightsandpreferencesofthe

54、SeriesAPreferred,andanopinionofcounseltotheCompany.律師及花費:投資人/企業(yè)的律師草擬交割文件。CounselandInvestor/Companycounseltodraftclosing企業(yè)在交割時，應(yīng)當(dāng)支付因融財富生Expenses:documents.Companytopayalllegaland的所有法律和行政花銷，包含合理專administrativecostsofthefinancingatClosing,業(yè)服務(wù)花費（投資人律師費由企業(yè)承includingreasonablefees(nottoexceed$_)andexpens

55、esofInvestorcounsel,unless擔(dān)部分不得超出$）和其余花費由thetransactionisnotcompletedbecausethe于投資人無故撤掉其承諾而使得交易Investorswithdrawtheircommitmentwithout未完成的除外13。13cause.CompanyCounsel:企業(yè)律師：InvestorCounsel:投資人律師:NotethatwhileitisnotatalluncommonineastcoastdealstorequiretheFounderstopersonallyrepandwarrant(atleastastoc

56、ertainkeymatters,andusuallyonlyintheSeriesAround),suchFoundersrepsarerarelyfoundinwestcoastdeals.13ThebracketedtextshouldbedeletedifthissectionisnotdesignatedintheintroductoryparagraphasoneofthesectionsthatisbindingupontheCompanyregardlessofwhetherthefinancingisconsummated.投資人權(quán)益協(xié)議登記權(quán)：可登記證券：由A系優(yōu)化股變換后

57、可刊行的一般股的所有股權(quán)和投資人擁有的其余一般股將被視為“可登記證券”14.央求登記權(quán):最早在（i）交割后3-5年；或ii）初次刊行新股（“IPO”）后的6個月的內(nèi),擁有%的可登記證券者可要求其擁有股份的企業(yè)進行一二次(齊備的)注冊登記。每次登記的刊行總數(shù)不行少于五百萬至一千萬美元。S-3表格式登記權(quán):假如企業(yè)可進行S-3表格式登記,且可登記證券的刊行總數(shù)最少為1-5百萬美元,則擁有10-30%的可登記證券者有官僚求企業(yè)以S-3表格式進行登記.附加登記權(quán):可登記證券擁有人擁有在企業(yè)證券注冊登記表之上的附加登記權(quán)，但該項權(quán)益受限于于企業(yè)及其承銷人的以下權(quán)益：企業(yè)及其承銷人有權(quán)將估計登記銷售的股票

58、份額在各估計銷售人將按比率減少至最低為30%比率。但是INVESTORRIGHTSAGREEMENTRegistrationRights:RegistrableAllsharesofCommonStockissuableuponSecurities:conversionoftheSeriesAPreferredandanyotherCommonStockheldbytheInvestors14willbedeemed“RegistrableSecurities.”DemandUponearliestof(i)three-fiveyearsaftertheRegistration:Closing

59、;or(ii)sixmonthsfollowinganinitialpublicoffering(IPO”“),personsholding_%oftheRegistrableSecuritiesmayrequestonetwo(consummated)registrationsbytheCompanyoftheirshares.Theaggregateofferingpriceforsuchregistrationmaynotbelessthan$5-10million.RegistrationTheholdersof10-30%oftheRegistrableonFormS-3:Secur

60、itieswillhavetherighttorequiretheCompanytoregisteronFormS-3,ifavailableforusebytheCompany,RegistrableSecuritiesforanaggregateofferingpriceofatleast$1-5million.PiggybackTheholdersofRegistrableSecuritieswillbeRegistration:entitledto“piggyback”registrationrightsonallregistrationstatementsoftheCompany,s