PE风险投资条款清单样本附中英文对照

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 SHEET

FOR 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 [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].

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”）。（若需要多

次交割，请与此写明。）Closing Date: As soon as practicable following the Company’s

acceptance of this Term Sheet and satisfaction of

the Conditions to Closing (the “Closing”).

[provide for multiple closings if applicable]

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] Investors: Investor No. 1: [_______] shares ([__]%),

$[_________]

Investor No. 2: [_______] shares ([__]%),

$[_________]

[as well other investors mutually agreed upon by

Investors and the Company]

融资金额：$[ ]，[含由过渡贷款转换的本金及

利息＄[ ]1Amount Raised: $[________], [including $[________] from the

conversion of principal [and interest] on bridge

notes].1

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”）Price Per Share: $[________] per share (based on the

capitalization of the Company set forth below)

(the “Original Purchase Price”).

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[ ]％) Pre-Money

Valuation:

The Original Purchase Price is based upon a

fully-diluted pre-money valuation of $[_____]

and a fully-diluted post-money valuation of

$[______] (including an employee pool

representing [__]% of the fully-diluted

post-money capitalization).

资本结构表：交割前后公司资本结构表请见附件一。

Capitalization: The Company’s capital stru cture before and after 1Modify this provision to account for staged investments or investments dependent on the achievement of milestones by the Company.

the Closing is set forth as Exhibit A. 公司章程2CHARTER2

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Dividends: [Alternative 1: Dividends will be paid on the

Series A Preferred on an as-converted basis

when, as, and if paid on the Common Stock]

[Alternative 2: Non-cumulative dividends will

be paid on the Series A Preferred in an amount

equal to $[_____] per share of Series A Preferred

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.

非累积性股息]

[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]，于公司清算或赎回股份时可分配。其他股息或分红，按视为转换成普通股参与普通股分配]。3when and if declared by the Board.] [Alternative 3: The Series A Preferred will carry an annual [__]% cumulative dividend [compounded annually], payable upon a liquidation or redemption. For any other dividends or distributions, participation with Common Stock on an as-converted basis.]3

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.

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[一]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[一]倍原始购

买价[加累计股息][加已宣布未付股

息] 分配。然后优先股按视为转换成普

通股参与普通股分配]

[可选方案3（优先股限制参与分配）:

首先，每股A系优先股按[一]倍原始购

买价[加累计股息][加已宣布未付股

息] 分配。然后优先股按视为转换成普

通股参与普通股分配，直至A系优先股

股东获得总计[ ]倍于原始购买价的

分配] Liquidation

Preference:

In the event of any liquidation, dissolution or

winding up of the Company, the proceeds shall

be paid as follows:

[Alternative 1 (non-participating Preferred

Stock): First pay [one] times the Original

Purchase Price [plus accrued dividends] [plus

declared and unpaid dividends] on each share of

Series A Preferred. The balance of any

proceeds shall be distributed to holders of

Common Stock.]

[Alternative 2 (full participating Preferred

Stock): First pay [one] times the Original

Purchase Price [plus accrued dividends] [plus

declared and unpaid dividends] on each share of

Series A Preferred. Thereafter, the Series A

Preferred participates with the Common Stock

on an as-converted basis.]

[Alternative 3 (cap on Preferred Stock

participation rights): First pay [one] times the

Original Purchase Price [plus accrued dividends]

[plus declared and unpaid dividends] on each

share of Series A Preferred. Thereafter,

Series A Preferred participates with Common

Stock on an as-converted basis until the holders

of Series A Preferred receive an aggregate of

[_____] times the Original Purchase Price.]

A merger or consolidation (other than one in

which stockholders of the Company own a

majority by voting power of the outstanding

shares of the surviving or acquiring corporation)

and a sale, lease, transfer or other disposition of

公司的兼并或合并（公司原股东拥有存续公司或收购公司的发行在外股票过半数表决权的情形除外），以及公司出售、租赁、转让或以其他方式处置公司全部或大部分资产的行为，应当视为公司清算事项(视为清算事项)，并导致上述清算优先权得以产生[除非[ ]％的A系优先股股东投票反对这种处理]。all or substantially all of the assets of the Company will be treated as a liquidation event (a “Deemed Liquidation Event”), thereby triggering payment of the liquidation preferences described above [unless the holders of [___]% of the Series A Preferred elect otherwise].

表决权：除下列情形外，A系优先股股东在视为

转换成普通股的基础上与普通股股东

一起表决，而不能作为独立表决团体：

（i）A系优先股股东作为一个团体有

权选举[ ]名董事会成员（A系董事）;

(ii)出现如下文所示“保护性条款”

之情况;

（iii）法律另有的其他规定。

公司章程应当规定，经优先股和普通股

股东多数同意，并作为一个表决团体集

体表决（不经普通股股东单独表决），

公司可以增加或减少授权发行的股票

数量4。Voting Rights: The Series A Preferred Stock shall vote

together with the Common Stock 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) as required by law.

The Company’s Certificate of Incorporation

will provide that the number of authorized

shares of Common Stock may be increased or

decreased with the approval of a majority of

the Preferred and Common Stock, voting

together as a single class, and without a

separate class vote by the Common Stock.4

4For California corporations, one cannot “opt out” of the statutory requirement of a separate class vote by Common Stockholder s to authorize shares of Common Stock.

保护性条款：只要有___[写明固定数量、百分比或任

何] A系优先股仍发行在外，未经至少

[ ]％A系优先股股东书面同意，公司

不得直接或变相进行兼并、合并或下列

其他业务：

（i）清算、解散或停业清理，或进行

任何视为清算事项;

(ii)[以不利于A系优先股股东的方

式]修改、变更或撤销公司章程或细则

中的任何条款 5

（iii）创设、授权创设或发行可转换

或可行使拥有优于或同等于A系优先

股之权利、优待或特权的公司证券，或

增加发行A系优先股授权数量；

(iv)优于A系优先股，对任何股份予以

收购、赎回或分配股息。[由于前员工

的雇佣（或顾问的服务）关系的终止，

以低于公平市场价回购其股份的除

外][由董事会（含[ ] 位A系董事）同

意的除外]；

(v)发行或授权发行任何公司债券[若

公司总计负债因此超过﹩[__]][设备Protective

Provisions:

So long as[insert fixed number, or %, or

“any”] shares of Series A Preferred are

outstanding, the Company will not, without

the written consent of the holders of at least

[__]% of the Company’s Series A P referred,

either directly or by amendment, merger,

consolidation, or otherwise:

(i) liquidate, dissolve or wind-up the affairs of

the Company, or effect any Deemed

Liquidation Event; (ii) amend, alter, or repeal

any provision of the Certificate of

Incorporation or Bylaws [in a manner

adverse to the Series A Preferred];5

(iii) create or authorize the creation of or

issue any other security convertible into or

exercisable for any equity security, having

rights, preferences or privileges senior to or

on parity with the Series A Preferred, or

increase the authorized number of shares of

Series A Preferred; (iv) purchase or redeem

or pay any dividend on any capital stock prior

to the Series A Preferred, [other than stock

repurchased from former employees or

consultants in connection with the cessation of

their employment/services, at the lower of fair

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 the Company’s aggregate

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 series of Preferred Stock, but not similarly adversely alter the entire class of all Preferred Stock, then the holders of that series are entitled to a separate series vote on the amendment.

租赁或银行信用额度除外][无股权特

征的负债除外][此类债券获得董事会（含[ ]位A系董事）事先同意的除外]；

（vi）增加或减少董事会成员人数。indebtedness would exceed $[____][other than equipment leases or bank lines of credit][other than debt with no equity feature][unless such debt security has received the prior approval of the Board of Directors, including the approval of [________] Series A Director(s)]; (vi) increase or decrease the size of the Board of Directors.

可选择转换：A系优先股股东有权将其拥有每一A系

优先股随时转换为普通股，每一A系优

先股可转换为普通股的数量为原始购

买价除以转换时的A系优先股转换价

（定义如下）。最初的A系优先股转换

价应当原始购买价。A系优先股转换价

应当根据普通股的配股、股票分割、股

票合并等类似事项，以及如下“反稀释

条款”所述内容进行调整。Optional

Conversion:

Each share of the Series A Preferred shall be

convertible, at the option of the holder thereof, at

any time, into such number of shares of

Common Stock as is determined by dividing the

Series A Original Purchase Price by Series A

Preferred Conversion Price (as defined below) in

effect at the time of conversion. T he “Series A

Preferr ed Conversion Price” shall initially be

equal to $____ (the Series A Original Purchase

Price). Such initial Series A Conversion price

is subject to adjustments for stock dividends,

splits, combinations and similar events and as

described below under “Anti-dilution

Provisions.”

反稀释条款：若公司以低于现行A系优先股转换价

的价格发行新的股票，该转换价格应按

下列公式调整：

[可选方案1“典型”加权平均数：

CP

2=CP

1

*(A+B)/(A+C)

Anti-dilution

Provisions:

In the event that the Company issues additional

securities at a purchase price less than the current

Series A Preferred Conversion Price, such

conversion price shall be adjusted in accordance

with the following formula:

[Alternative 1: “Typical” weighted average:

CP2 = CP1 * (A+B) / (A+C)

CP

2

=新A系优先股转换价

CP

1

=新股发行前实际A系优先

股转换价

A=新股发行前视为已发行的普通股数量（含所有已发

行的普通股，所有视为已

转换的已发行优先股，以

及所有已发行的可行使期

权;不含转入此轮融资的

任何可转换证券）

B=公司此次发行预计融资总

额除以CP

1

C=本次交易中股票发行数量] CP2= New Series A Conversion Price

CP1 = Series A Conversion Price in effect immediately prior to new issue

A = Number of shares of Common Stock deemed to be outstanding immediately prior to new issue (includes all shares of outstanding common stock, all shares of outstanding preferred stock on an as-converted basis, and all outstanding options on an as-exercised basis; and does not include any convertible securities converting into this round of financing)

B = Aggregate consideration received by the Corporation with respect to the new issue divided by CP1

C = Number of shares of stock issued in the subject transaction]

[可选方案2：完全棘轮方案—转换价

降到与新发行价一致] [Alternative 2: Full-ratchet –the Series A Preferred Conversion Price will be reduced to the price at which the new shares are issued.]

[可选方案3：无基于价格调整的反稀

释措施] [Alternative 3: No price-based anti-dilution protection.]

下列发行不导致反稀释调整6：

（i）可发行证券是基于任何A系优先股转换后产生，或作为A系优先股的股息或分红；

（ii）可发行证券是基于任何信用债券，认股权证，期权或其它可转换证券转换后产生；

（iii）可发行普通股是基于股票分割，配股，或任何普通股的细分而产生；（iv）普通股（或认购该类普通股的期权）发行或可发行给公司的员工、董事、顾问，是基于公司董事会董事（含至少[_]名A系董事）同意的任何股权计划而产生的；

（v）普通股发行或可发行给银行，设备出租人，是基于公司董事会董事（含至少[_]名A系董事）同意的债务融资，设备租赁或不动产租赁交易而产生的。The following issuances shall not trigger anti-dilution adjustment:6

(i) securities issuable upon conversion of any of the Series A Preferred, or as a dividend or distribution on the Series A Preferred; (ii) securities issued upon the conversion of any debenture, 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) shares of Common Stock (or options to purchase such shares of Common Stock) issued or issuable to employees or directors of, or consultants to, the Company pursuant to any plan approved by the Company’s Board of Directors [including at least [_______] Series A Director(s)] [(v) shares of Common Stock issued or issuable to banks, equipment lessors pursuant to a debt financing, equipment leasing or real property leasing transaction approved by the Board of Directors of the Corporation [, including at least [_______] Series A Director(s)].

强制性转换：若（i）公开发行价格高于[_]倍原始购

买价承销所有股票，且公司所取得的

[净/总]收入不低于＄[_](“合格公开

发行[QPO]”)，或

（ii）经[]％A系优先股股东书面同意，

在[具有包销承诺的]有保荐人的公开

发行交割时，每股A系优先股将自动以Mandatory

Conversion:

Each share of Series A Preferred will

automatically be converted into Common Stock

at the then applicable Series A Preferred

Conversion Price in the event of the closing of a

[firm commitment] underwritten public offering

with a price of [___]times the Original Purchase

Price (subject to adjustments for stock dividends,

splits, combinations and similar events) and

6Note that additional exclusions are frequently negotiated, such as issuances in connection with equipment leasing and commercial borrowing.

当时适当的转换率转换为普通股。（适用普通股股息，分割，合并及类似调整业务）[net/gross] proceeds to the Company of not less than $[_______] (a “QPO”), or (ii) upon the written consent of the holders of [__]%of the Series A Preferred.7

出资人参与交易: 除非董事会决定[含[多数]A系董事投

票决定]允许[主要]投资人放弃参与权，

在之后的公司再融资交易中，所有[主

要]投资人都必须充分行使其参与权(如

下文“投资人权利协议—按比例参与未

来交易”所述)[除非[]%A系优先股股东

投票同意不按此方案处理]，否则任何

未行使上述参与权A系优先股8的[主

要] 投资人所持有的全部A系优先股

都将[丧失反稀释权利][丧失未来交易

参与权][如果可适用，转换为普通股并

丧失董事席位]9。[Pay-to-Play: [Unless the holders of [__]% of the Series A

elect otherwise,] on any subsequent down round

all [Major] Investors are required to participate

to the full extent of their participation rights (as

described below under “Investor Rights

Agreement –Right to Participate Pro Rata in

Future Rounds”), unless the participation

requirement is waived for all [Major] Investors

by the Board [(including vote of [a majority of]

the Series A Director[s])]. All shares of Series

A Preferred8of 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 if applicable].9

7The 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 ? of pro rata share, receives ? 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” provisions at 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.

赎回权10:交割后第五年开始，经至少[]%的A系

优先股股东选择， A系优先股股东可

以要求公司以可合法分配资金以原始

购买价[加所有累积未付股息] 赎回其

所持有的A系优先股。赎回将在三年

内分阶段等额完成。如符合规定比例的

A系优先股股东提出赎回请求，其他所

有A系优先股都将被可赎回[除明确选

择放弃上述权利的A系优先股股东

外]11。Redemption Rights:10The Series A Preferred shall be redeemable

from funds legally available for distribution

at the option of holders of at least[__]% of

the Series A Preferred commencing any time

after the fifth anniversary of the Closing at a

price equal to the Original Purchase Price

[plus all accrued but unpaid dividends].

Redemption shall occur in three equal annual

portions. Upon a redemption request from

the holders of the required percentage of the

Series A Preferred, all Series A Preferred

shares shall be redeemed [(except for any

Series A holders who affirmatively opt-out)].11

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 provide a form of exit and some possible leverage over the Company. While it is possible that the right to recei ve dividends on redemption could give rise to a Code Section 305 “deemed dividend” problem, many tax practitioners take the v iew that if 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.

11 Due 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 request that certain penalty provisions take effect where redemption h as been requested but the Company’s available cash flow d oes 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 th e Company’s Board of Directors until such amounts are paid in full.

股份买卖协议书Stock Purchase Agreement

陈述与保证: 公司提供标准的陈述与保证. [由公司

创始人[对技术所有权等]提供陈述与

保证]. 12Representation

s and

Warranties:

Standard representations and warranties by the

Company. [Representations and warranties by

Founders regarding [technology ownership, etc.].12

完成交割的条件: 完成交割的标准条件，包括: 完成相应

的财务和法律的尽职调查，股票的发行

符合州证券法(Blue Sky laws)的规定，

赋予了A系优先股权利和优待的公司

章程的进行了登记备案,以及公司律师

出具了法院意见函等事项。Conditions to

Closing:

Standard conditions to Closing, which shall include,

among other things, satisfactory completion of

financial and legal due diligence, qualification of

the shares under applicable Blue Sky laws, the

filing of a Certificate of Incorporation establishing

the rights and preferences of the Series A

Preferred, and an opinion of counsel to the

Company.

律师及费用: [投资人/公司]的律师起草交割文件。公

司[在交割时]，应当支付因融资产生的

所有法律和行政花费，包括合理专业服

务费用（投资人律师费由公司承担部分

不得超过$ [ ]）和其他费用[由于投

资人无故撤销其承诺而使得交易未完

成的除外]13。

公司律师：[ ]

投资人律师: [ ] Counsel and

Expenses:

[Investor/Company] counsel to draft closing

documents. Company to pay all legal and

administrative costs of the financing [at Closing],

including reasonable fees (not to exceed

$[_____])and expenses of Investor counsel[, unless

the transaction is not completed because the

Investors withdraw their commitment without

cause]13.

Company Counsel: []

Investor Counsel: [ ]

12 Note 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 found in west coast deals.

13 The 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.

投资人权利协议INVESTOR RIGHTS AGREEMENT 登记权：Registration

Rights:

可登记证券：由A系优化股转换后可发行的普通股

的全部股权和[投资人持有的其他普通

股]将被视为“可登记证券”14.

Registrable

Securities:

All shares of Common Stock issuable upon

conversion of the Series A Preferred and [any

other Common Stock held by the Investors]

will be deemed “Registrable Securities.”14

请求登记权: 最早在（i）交割后[3-5]年；或（ii

首次发行新股（“IPO”）后的[6]个月

的内,持有 [ ]%的可登记证券者可要

求其持有股份的公司进行[一][二]次

(完备的)注册登记。每次登记的发行总

额不可少于[五百万至一千万]美元。

Demand

Registration:

Upon earliest of (i) [three-five] years after the

Closing; or (ii) [six] months following an initial

public offering (“IPO”), persons holding [__]%

of the Registrable Securities may request

[one][two] (consummated) registrations by the

Company of their shares. The aggregate

offering price for such registration may not be

less than $[5-10] million.

S-3表格式登记权: 如果公司可进行S-3表格式登记, 且

可登记证券的发行总额至少为[1-5百

万美元],则持有 [10-30]%的可登记证

券者有权要求公司以S-3 表格式进行

登记.

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, Registrable Securities

for an aggregate offering price of at least $[1-5

million].

附带登记权: 可登记证券持有人具有在公司证券注

册登记表之上的附带登记权，但该项权

利受限于于公司及其承销人的如下权

利：公司及其承销人有权将预计登记出

售的股票份额在各预计出售人将按比

Piggyback

Registration:

The holders of Registrable Securities will be

entitled to “piggyback” registration rights on all

registration statements of the Company, subject

to the right, however, of the Company and its

underwriters to reduce the number of shares

proposed to be registered to a minimum of

14 Note that Founders/management sometimes also seek registration rights.

例减少至最低为[30]%比例。但是只有在其他股东所持股份减少之后，可登记证券持有人所要登记的股份才能减少. [30]% on a pro rata basis. In all events, the shares to be registered by holders of Registrable Securities will be reduced only after all other stockholders’ shares are reduced.

费用: 所有登记费用（包括股份转让税,承销

折扣和代理费用）由公司承担。公司同

时应支付一位代表全体参与股东的律

师的费用[不超过﹩ ] 以及其他合

理费用。Expenses: The registration expenses (exclusive of stock transfer taxes, underwriting discounts and

commissions will be borne by the Company.

The Company will also pay the reasonable fees

and expenses[, not to exceed $______,] of one

special counsel to represent all the participating

stockholders.

股权锁定: 在首次发行新股（IPO）时, 若经首席

承销人要求，投资人应当同意，在首次

发行新股（IPO）后的180天内不出售

或转让公司的任何普通股股份[不包括

在首次发行新股（IPO）期间或其后买

入的股份）]（条件是，公司的所有董

事，主管以及[1-5]%的股东也同意受同

一股权锁定协议约束）。

此股权锁定协议一经达成，即表明，对

于公司或承销人代表制定的此协议的

限制条款作出任何放弃或终止措施,都

应符合基于所持股份按比例计算的[主

要]投资人的意见。“主要投资人”是

指持有A系优先股的份额至少为

$[ ]的任何投资人。Lock-up: Investors shall agree in connection with the IPO, if requested by the managing underwriter,

not to sell or transfer 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 any

discretionary waiver or termination of the

restrictions of such agreements by the Company

or representatives of the underwriters shall

apply to [Major] Investors, pro rata, based on

the number of shares held. A “Major

Investor” means any Investor who purchases at

least $[______] of Series A Preferred.

终止条款: 本协议因发生下列情形之一而终止:

首次发行新股（IPO）后([5]年)内；

发生视为清算事项；或

Termination

:

Earlier of [5] years after IPO, upon a Deemed

Liquidation Event, or when all shares of an

Investor are eligible to be sold without

restriction under Rule 144(k) within any 90-day

在任何90天的期间内,任一投资人可以在不受第144(k)条限制的情形下合法卖出所持全部股份。

未经[主要]可登记证券持有人同意,公司不授予任何优于投资人权益的登记权。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.

管理权和知情权: 公司应当向要求人以投资人可接收的

合理形式开具管理权授权信, 并在交

割之前送达每个要求出具该授权信的

投资人。.15

在日常上班时间,经合理的预先通知,

任何主要投资人[(非竞争者)]都有权

进入公司设施及会见公司员工。

公司应当向主要投资人提供:

（i）每年，每季度，[和每月]的财务

报表，以及其他董事会认为适当的其他

信息；

（ii）于每一财政年度结束的前30天

内，针对下一财政年度提出按月列明的

综合财政预算表,其中须包括预期的公

司收入，支出和资金配置情况;

（iii）在每一季度结束时,经由财务总

监(CFO)签字确认的最新资产负债表。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.15

Any 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.

按比例参与未来交易所有[主要]投资人有权按比例优先认购Right to All [Major] Investors shall have a pro rata right, 15See commentary in introduction to NVCA model Managements Rights Letter, explaining purpose of such letter.

权: 公司今后发行股份权利（在本条款清单

之“反稀释条款”中列举的发行以及因

公司并购而产生的发行除外）。主要投

资的认购比例基于这些投资人在公司

普通股所有权中所占的百分比确定（假

设所有已发行在外优先股都转换为普

通股，并且公司制定的股票发行计划中

的所有期权都被行使）。

另外，如果任何[主要]投资人选择不购

买其全额按比例股份，其他[主要]投资

人有权按比例购买余下股份。Participate Pro

Rata in Future

Rounds:

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 listed 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 the remaining pro

rata shares.

需经投资人和董事会明确同意之事项: [只要[_]%初始发行的A系优先股仍发

行在外]未经董事会同意，以及包括至

少[_]位A系董事的表决同意，公司将

不得：

（i）向任何子公司或其他公司，合伙

企业或者其他组织机构提供贷款或预

付款，或者拥有其任何股份或其他有价

证券，除非公司全额拥有这些机构或公

司的所有权；

（ii）提供贷款或预付款给任何个人，

包括任何员工或董事，除非是公司常规

运营下的预付款或者类似开支，或者是

基于职工股或经董事会同意的的期权

计划；

（iii）为任何债务提供担保，公司或其

子公司在正常经营交易之中产生债务

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

stock or 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

除外；

（iv）进行除下列投资以外的任何投资：优秀级商业票据，货币市场基金，在美国任一净资产超过一亿美元或由美利坚合众国出具或担保资信的银行的定期存单，但上述任何一笔投资期限不得超过[两年]；

（v）负担任何在董事会同意的预算之外且总计超过$[ ]的债务，但在正常经营交易产生的应付款项除外，（vi）参与到与公司的任何董事、主管或员工或有关的交易中或者成为交易的一方当事人，或者成为上述人员的合伙人（详见《证券交易法案》第12条b款第2项的规定）[每年由公司或向公司支付款项少于$[60000]的交易除外][公司正常经营交易产生的应付款项，以及按照公司正常经营的合理要求和基于经董事会多数同意的公平合理的条款进行的交易除外]；16

（vii）雇用、解雇高级管理人员或改变其薪酬，包括通过任何期权计划；（viii）改变公司主营业务，进入新的业务，或退出现有业务；

（ix）出卖、转让、许可、抵押或质押技术或知识产权，但属于公司正常经营活动中的许可除外。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 be a party to any transaction with any director, officer or employee of the Company or any “associate” (as defined 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 Board of 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

16Note that Section 402 of the Sarbanes-Oxley Act of 2003 would require repayment of any loans in full prior to the Company filing a registration statement for an IPO.

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.

竞业禁止协议17: 每位创始人和主要员工都应以投资人

可接受的合理方式签定[一年]的竞业禁

止协议. Non-Competitio

n and

Non-Solicitation

and

Agreements:17

Each Founder and key employee will enter into

a [one] year non-competition and

non-solicitation agreement in a form reasonably

acceptable to the Investors.

保密及知识产权转让协议: 每一位知悉公司保密信息/贸易秘密的

现任和前任创始人、员工和顾问都应

以投资人可接受的合理方式签定保密

及知识产权转让协议．

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.

关于董事会的事项：每个董事会应包括至少[一]名A系董

事。

董事会议应至少[每月][每季度]召开一

次,除非经多数董事表决反对.

公司应按董事会要求的数额购买董事

及经理(D&O)保险．如果公司与其他组

织机构合并且不再独立存续，或者转让Board Matters:Each Board Committee shall include at least

[one] Series A Director.

The Board of Directors shall meet at least

[monthly][quarterly], unless otherwise agreed

by a vote of the majority of Directors.

The Company will bind D&O insurance with a

carrier and in an amount satisfactory to the

Board of Directors. In the event the Company

merges with another entity and is not the

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 view that it should be up to the Board on a case-by-case basis to determine whether any particular key employee is required to sign such an agreement. Non-competes typically have a one year duration, although state law may permit up to two years.

所有资产，公司应留有适当储备以使公司的继任者承担起对董事的赔偿责任。surviving corporation, or transfers all of its assets, proper provisions shall be made so that successors of the Company assume Company’s obligations with respect to indemnification of Directors.

员工期权: 所有员工期权应以如下方式赋予：[一

年以后赋予25%，其余在36个月内逐

月赋予].

[A系优先股投资以前，[ ]股份应被

纳入期权储备，以创设[ ]股未分配期

权。] Employee Stock

Options:

All employee options to vest as follows: [25%

after one year, with remaining vesting monthly

over next 36 months].

[Immediately prior to the Series A Preferred

Stock investment, [______] shares will be

added to the option pool creating an unallocated

option pool of [_______] shares.]

关键员工保险: 公司以董事会同意的数额为创始人[列

出每个创始人的姓名]申请人寿保险.

受益方为公司. Key Person

Insurance:

Company to acquire life insurance on Founders

[name each Founder] in an amount satisfactory

to the Board. Proceeds payable to the

Company.

首次发行新股（IPO）的指定股:在相关法律和美国证监会(SEC)政策允

许范围内，当首次发行新股（IPO）在

交割一年后完成时，公司应尽合理最大

努力，促使承销人在所提供股份中确定

[10]%作为指定股，且其中的50%分配

给主要投资人.]

[IPO Directed

Shares:18

To the extent permitted by applicable law and

SEC policy, upon an IPO consummated one

year after Closing, Company to use reasonable

best efforts to cause underwriters to designate

[10]% of the offering as directed shares, 50% of

which shall be allocated by Major Investors.]

合格小规模商业股(QSB): 公司应尽合理最大努力，使其股份成为

合格小规模商业股(QSB)，［除非董事

会认为该股份与公司的最高利益相

[QSB Stock: Company shall use reasonable best efforts to

cause its capital stock to constitute Qualified

Small Business Stock unless the Board

18SEC 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 n eed 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.