Term Sheet Clean创投主要条款文档标准模板.docx

Term Sheet Clean创投主要条款文档标准模板.docx

《Term Sheet Clean创投主要条款文档标准模板.docx》由会员分享，可在线阅读，更多相关《Term Sheet Clean创投主要条款文档标准模板.docx（27页珍藏版）》请在冰豆网上搜索。

TermSheetClean创投主要条款文档标准模板

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.ThisTermSheetshallbegovernedinallrespectsbythelawsofthe[StateofDelaware].

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.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’sCharterorBy-laws,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）securitiesissuableuponconversionofanyoftheSeriesAPreferred,orasadividendordistributionontheSeriesAPreferred;（ii）securitiesi