美国优先股法律模板之Term Sheet Clean.docx
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美国优先股法律模板之Term Sheet Clean.docx
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美国优先股法律模板之TermSheetClean
Thissampledocumentistheworkproductofanationalcoalitionofattorneyswhospecializeinventurecapitalfinancings,workingundertheauspicesoftheNVCA.Thisdocumentisintendedtoserveasastartingpointonly,andshouldbetailoredtomeetyourspecificrequirements.Thisdocumentshouldnotbeconstruedaslegaladviceforanyparticularfactsorcircumstances.Notethatthissampledocumentpresentsanarrayof(oftenmutuallyexclusive)optionswithrespecttoparticulardealprovisions.
TERMSHEET
PreliminaryNote
ThistermsheetmapstotheNVCAModelDocuments,andforconveniencetheprovisionsaregroupedaccordingtotheparticularModelDocumentinwhichtheymaybefound.Althoughthistermsheetisperhapssomewhatlongerthana"typical"VCTermSheet,theaimistoprovidealevelofdetailthatmakesthetermsheetusefulasbotharoadmapforthedocumentdraftersandasareferencesourceforthebusinesspeopletoquicklyfinddealtermswithoutthenecessityofhavingtoconsultthelegaldocuments(assumingofcoursetherehavebeennochangestothematerialdealtermspriortoexecutionofthefinaldocuments).
TERMSHEET
FORSERIESAPREFERREDSTOCKFINANCINGOF
[INSERTCOMPANYNAME],INC.
[__,20__]
ThisTermSheetsummarizestheprincipaltermsoftheSeriesAPreferredStockFinancingof[___________],Inc.,a[Delaware]corporation(the“Company”).InconsiderationofthetimeandexpensedevotedandtobedevotedbytheInvestorswithrespecttothisinvestment,theNoShop/Confidentiality[andCounselandExpenses]provisionsofthisTermSheetshallbebindingobligationsoftheCompanywhetherornotthefinancingisconsummated.Nootherlegallybindingobligationswillbecreateduntildefinitiveagreementsareexecutedanddeliveredbyallparties.ThisTermSheetisnotacommitmenttoinvest,andisconditionedonthecompletionofduediligence,legalreviewanddocumentationthatissatisfactorytotheInvestors.ThisTermSheetshallbegovernedinallrespectsbythelawsof[______________the].
OfferingTerms
ClosingDate:
AssoonaspracticablefollowingtheCompany’sacceptanceofthisTermSheetandsatisfactionoftheConditionstoClosing(the“Closing”).[provideformultipleclosingsifapplicable]
Investors:
InvestorNo.1:
[_______]shares([__]%),$[_________]
InvestorNo.2:
[_______]shares([__]%),$[_________]
[aswellotherinvestorsmutuallyagreeduponbyInvestorsandtheCompany]
AmountRaised:
$[________],[including$[________]fromtheconversionofprincipal[andinterest]onbridgenotes].
PricePerShare:
$[________]pershare(basedonthecapitalizationoftheCompanysetforthbelow)(the“OriginalPurchasePrice”).
Pre-MoneyValuation:
TheOriginalPurchasePriceisbaseduponafully-dilutedpre-moneyvaluationof$[_____]andafullydilutedpost-moneyvaluationof$[______](includinganemployeepoolrepresenting[__]%ofthefullydilutedpost-moneycapitalization).
Capitalization:
TheCompany’scapitalstructurebeforeandaftertheClosingissetforthonExhibitA.
CHARTER
Dividends:
[Alternative1:
DividendswillbepaidontheSeriesAPreferredonanasconvertedbasiswhen,as,andifpaidontheCommonStock]
[Alternative2:
TheSeriesAPreferredwillcarryanannual[__]%cumulativedividend[payableuponaliquidationorredemption].Foranyotherdividendsordistributions,participationwithCommonStockonanas-convertedbasis.]
[Alternative3:
Non-cumulativedividendswillbepaidontheSeriesAPreferredinanamountequalto$[_____]pershareofSeriesAPreferredwhenandifdeclaredbytheBoard.]
LiquidationPreference:
Intheeventofanyliquidation,dissolutionorwindingupoftheCompany,theproceedsshallbepaidasfollows:
[Alternative1(non-participatingPreferredStock):
Firstpay[one]timestheOriginalPurchasePrice[plusaccrueddividends][plusdeclaredandunpaiddividends]oneachshareofSeriesAPreferred(or,ifgreater,theamountthattheSeriesAPreferredwouldreceiveonanas-convertedbasis).ThebalanceofanyproceedsshallbedistributedproratatoholdersofCommonStock.]
[Alternative2(fullparticipatingPreferredStock):
Firstpay[one]timestheOriginalPurchasePrice[plusaccrueddividends][plusdeclaredandunpaiddividends]oneachshareofSeriesAPreferred.Thereafter,theSeriesAPreferredparticipateswiththeCommonStockprorataonanas-convertedbasis.]
[Alternative3(caponPreferredStockparticipationrights):
Firstpay[one]timestheOriginalPurchasePrice[plusaccrueddividends][plusdeclaredandunpaiddividends]oneachshareofSeriesAPreferred.Thereafter,SeriesAPreferredparticipateswithCommonStockprorataonanas-convertedbasisuntiltheholdersofSeriesAPreferredreceiveanaggregateof[_____]timestheOriginalPurchasePrice(includingtheamountpaidpursuanttotheprecedingsentence).]
Amergerorconsolidation(otherthanoneinwhichstockholdersoftheCompanyownamajoritybyvotingpoweroftheoutstandingsharesofthesurvivingoracquiringcorporation)andasale,lease,transfer,exclusivelicenseorotherdispositionofallorsubstantiallyalloftheassetsoftheCompanywillbetreatedasaliquidationevent(a“DeemedLiquidationEvent”),therebytriggeringpaymentoftheliquidationpreferencesdescribedabove[unlesstheholdersof[___]%oftheSeriesAPreferredelectotherwise].[TheInvestors'entitlementtotheirliquidationpreferenceshallnotbeabrogatedordiminishedintheeventpartoftheconsiderationissubjecttoescrowinconnectionwithaDeemedLiquidationEvent.]
VotingRights:
TheSeriesAPreferredshallvotetogetherwiththeCommonStockonanas-convertedbasis,andnotasaseparateclass,except(i)[solongas[insertfixednumber,or%,or“any”]sharesofSeriesAPreferredareoutstanding,]theSeriesAPreferredasaclassshallbeentitledtoelect[_______][(_)]membersoftheBoard(the“SeriesADirectors”),and(ii)asrequiredbylaw.TheCompany’sCertificateofIncorporationwillprovidethatthenumberofauthorizedsharesofCommonStockmaybeincreasedordecreasedwiththeapprovalofamajorityofthePreferredandCommonStock,votingtogetherasasingleclass,andwithoutaseparateclassvotebytheCommonStock.
ProtectiveProvisions:
[Solongas[insertfixednumber,or%,or“any”]sharesofSeriesAPreferredareoutstanding,]inadditiontoanyothervoteorapprovalrequiredundertheCompany’sCharterorBylaws,theCompanywillnot,withoutthewrittenconsentoftheholdersofatleast[__]%oftheCompany’sSeriesAPreferred,eitherdirectlyorbyamendment,merger,consolidation,orotherwise:
(i)liquidate,dissolveorwinduptheaffairsoftheCompany,oreffectanymergerorconsolidationoranyotherDeemedLiquidationEvent;(ii)amend,alter,orrepealanyprovisionoftheCertificateofIncorporationorBylaws[inamanneradversetotheSeriesAPreferred];(iii)createorauthorizethecreationoforissueanyothersecurityconvertibleintoorexercisableforanyequitysecurity,havingrights,preferencesorprivilegesseniortooronparitywiththeSeriesAPreferred,orincreasetheauthorizednumberofsharesofSeriesAPreferred;(iv)purchaseorredeemorpayanydividendonanycapitalstockpriortotheSeriesAPreferred,[otherthanstockrepurchasedfromformeremployeesorconsultantsinconnectionwiththecessationoftheiremployment/services,attheloweroffairmarketvalueorcost;][otherthanasapprovedbytheBoard,includingtheapprovalof[_____]SeriesADirector(s)];or(v)createorauthorizethecreationofanydebtsecurity[iftheCompany’saggregateindebtednesswouldexceed$[____][otherthanequipmentleasesorbanklinesofcredit][unlesssuchdebtsecurityhasreceivedthepriorapprovaloftheBoardofDirectors,includingtheapprovalof[________]SeriesADirector(s)];(vi)createorholdcapitalstockinanysubsidiarythatisnotawholly-ownedsubsidiaryordisposeofanysubsidiarystockorallorsubstantiallyallofanysubsidiaryassets;[or(vii)increaseordecreasethesizeoftheBoardofDirectors].
OptionalConversion:
TheSeriesAPreferredinitiallyconverts1:
1toCommonStockatanytimeatoptionofholder,subjecttoadjustmentsforstockdividends,splits,combinationsandsimilareventsandasdescribedbelowunder“Anti-dilutionProvisions.”
Anti-dilutionProvisions:
IntheeventthattheCompanyissuesadditionalsecuritiesatapurchasepricelessthanthecurrentSeriesAPreferredconversionprice,suchconversionpriceshallbeadjustedinaccordancewiththefollowingformula:
[Alternative1:
“Typical”weightedaverage:
CP2=CP1*(A+B)/(A+C)
CP2=SeriesAConversionPriceineffectimmediatelyafternewissue
CP1=SeriesAConversionPriceineffectimmediatelypriortonewissue
A=NumberofsharesofCommonStockdeemedtobeoutstandingimmediatelypriortonewissue(includesallsharesofoutstandingcommonstock,allsharesofoutstandingpreferredstockonanas-convertedbasis,andalloutstandingoptionsonanas-exercisedbasis;anddoesnotincludeanyconvertiblesecuritiesconvertingintothisroundoffinancing)
B=AggregateconsiderationreceivedbytheCorporationwithrespecttothenewissuedividedbyCP1
C=Numberofsharesofstockissuedinthesubjecttransaction]
[Alternative2:
Full-ratchet–theconversionpricewillbereducedtothepriceatwhichthenewsharesareissued.]
[Alternative3:
Noprice-basedanti-dilutionprotection.]
Thefollowingissuancesshallnottriggeranti-dilutionadjustment:
(i)securitiesissuableuponconversionofanyoftheSeries
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