投资条款清单termsheet

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投资协议条款清单

投资协议条款清单

投资协议条款清单(Term Sheet)- 强卖权Term Sheet: Drag AlongThis is one of those terms that has recently increased in importance to VCs due to the all the financing and exit dynamics that occurred during the downturn of 2001 – 2003. A typical drag-along agreement is short and sweet and looks as follows:"Drag-Along Agreement: The [holders of the Common Stock] or [Founders] and Series A Preferred shall enter into a drag-along agreement whereby if a majority of the holders of Series A Preferred agree to a sale or liquidation of the Company, the holders of the remaining Series A Preferred and Common Stock shall consent to and raise no objections to such sale."As transactions started occurring that were at or below the preferred liquidation preferences, entrepreneurs and founders –not surprisingly – started to resist doing these transactions since they often weren't getting anything in the deal. While there are several mechanisms to address sharing consideration below the liquidation preferences (e.g. the "carve out" - which we'll talk more extensively about some other time), the fundamental issue is that if a transaction occurs below the liquidation preferences, it's likely that some or all of the VCs are losing money on the transaction. The VC point of view on this varies widely (and is often dependent on the situation) – some VCs can deal with this and are happy to provide some consideration to management to get a deal done; others are stubborn in their view that since they lost money, management shouldn't receive anything.However, in all of these situations, the VCs would much rather control their ability to compel other shareholders to support the transaction being considered. As more of these situations appeared, the major holders of common stock (even when they were in the minority of ownership) began refusing to vote for the proposed transaction unless the holders of preferred waived part of their liquidation preferences in favor of the common. Needless to say, this "hold out technique" did not go over well in the venture community and, as a result, the drag-along became more prevalent.I've heard founders and early shareholders say a variety of things with regard to a drag-along, but the most inane is "it's not fair – I want to be able to vote my stock however I want to." Remember that this term is one of a basket of terms that are part of an overall negotiation associated with injecting money into your company. There are tradeoffs in any negotiation and nothing is standard – so "fair" is an irrelevant concept –if you don't like the terms, don't do the deal.If you are faced with a drag-along, your ownership position will determine whether or not this is a relevant issue for you. An M&A transaction does not require unanimous consent of shareholders (these rules vary by jurisdiction, although the two most common situations are either majority of each class (California) or majority of all shares on an as converted basis (Delaware)), although most acquirers will want 85% to 90% of shareholders to consent to a transaction. So – if you own 1% of a company, while the VCs would like you to sign up to a drag-along, it doesn't matter that much (unless there are 30 of you that own 1%.) Again –make sure you know what you are fighting for in the negotiation – don't put disproportionate energy against terms that don't matter.When a company is faced with a drag along in a VC financing proposal, the most common compromise position is to try to get the drag along to pertain to following the majority of the common stock, not the preferred. This way – if you own common – you are only dragged along when a majority of the common consents to the transaction. This is a graceful position for a very small investor to take (e.g. I'll play ball if a majority of the common plays ball) and one that I've always been willing to take when I've owned common in a company (e.g. I'm not going to stand in the way of something a majority of folks that have rights equal to me want to do.) Of course, preferred investors can always convert some of their holding to common to generate a majority, but this also results in a benefit to the common as it lowers the overall liquidation preference.投资协议条款清单(Term Sheet)- 购买参与权Term Sheet: Pay-to-PlayAt the turn of the century, a pay-to-play provision was rarely seen. After the bubble burst in 2001, it became ubiquitous. Interesting, this is a term that most companies and their investors can agree on if they approach it from the right perspective.In a pay-to-play provision, an investor must keep "paying" (participating pro ratably in future financings) in order to keep "playing"(not have his preferred stock converted to common stock) in the company. Sample language follows:"Pay-to-Play: In the event of a Qualified Financing (as defined below), shares of Series A Preferred held by any Investor which is offered the right to participate but does not participate fully in such financing by purchasing at least its pro rata portion as calculated above under "Right of First Refusal" below will be converted into Common Stock. [(Version 2, which is not quite as aggressive): If any holder of Series A Preferred Stock fails to participate in the next Qualified Financing, (as defined below), on a pro rata basis (according to its total equity ownership immediately before such financing) of their Series A Preferred investment, then such holder will have the Series A Preferred Stock it owns converted into Common Stock of the Company. If such holder participates in the next Qualified Financing but not to the full extent of its pro rata share, then only a percentage of its Series A Preferred Stock will be converted into Common Stock (under the same terms as in the preceding sentence), with such percentage being equal to the percent of its pro rata contribution that it failed to contribute.]A Qualified Financing is the next round of financing after the Series A financing by the Company that is approved by the Board of Directors who determine in good faith that such portion must be purchased pro rata among the stockholders of the Company subject to this provision. Such determination will be made regardless of whether the price is higher or lower than any series of Preferred Stock.When determining the number of shares held by an Investor or whether this "Pay-to-Play" provision has been satisfied, all shares held by or purchased in the Qualified Financing by affiliated investment funds shall be aggregated. An Investor shall be entitled to assign its rights to participate in this financing and future financings to its affiliated funds and to investors in the Investor and/or its affiliated funds, including funds which are not current stockholders of the Company." We believe this is good for the company and its investors as it causes the investors "stand up" and agree to support the company during its lifecycle at the time of the investment. If they do not, the stock they have is converted from preferred to common and they lose the rights associated with the preferred stock. When our co-investors push back on this term, we ask: "Why? Are you not going to fund the company in the future if other investors agree to?" Remember, this is not a lifetime guaranteeof investment, rather if other prior investors decide to invest in future rounds in the company, there will be a strong incentive for all of the prior investors to invest or subject themselves to total or partial conversion of their holdings to common stock. A pay-to-play term insures that all the investors agree in advance to the "rules of engagement" concerning participating in future financings.The pay-to-play provision impacts the economics of the deal by reducing liquidation preferences for the non-participating investors. It also impacts the control of the deal, as it reshuffles the future preferred shareholder base by insuring only the committed investors continue to have preferred stock (and the corresponding rights).When companies are doing well, the pay-to-play provision is often waived, as a new investor wants to take a large part of the new round. This is a good problem for a company to have, as it typically means there is an up-round financing, existing investors can help drive company-friendly terms in the new round, and the investor syndicate increases in strength by virtue of new capital (and –presumably –another helpful co-investor) in the deal.。

投资条款清单Term Sheet-中文新版

投资条款清单Term Sheet-中文新版

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。

风险投资协议(TermSheet)解释

风险投资协议(TermSheet)解释

协议争议解决机制
协商解决
双方在协议执行过程中发生争议,应首先通过友好协商解 决,寻求双方都能接受的解决方案。
01
调解解决
若协商无果,双方可寻求第三方调解机 构进行调解,达成调解协议后,双方应 遵守并执行。
02
03
诉讼解决
若调解无果或双方不愿调解,任何一 方均有权将争议提交至有管辖权的人 民法院进行诉讼解决。
2023
PART 05
风险投资协议谈判策略和 技巧
REPORTING
了解市场和行业情况
研究行业趋势
深入了解所在行业的发展趋势、市场规模、竞争格局 以及未来发展方向。
分析市场动态
关注市场新闻、政策变化以及行业动态,以便及时调 整谈判策略。
了解同类公司情况
研究同类公司的融资情况、估值以及业务模式,为自 身谈判提供参考。
2023
PART 06
风险投资协议的执行和管 理
REPORTING
协议签署和执行流程
1 2
协议谈判和签署
风险投资协议经过双方谈判达成一致后,由双方 代表签署,明确各自的权利和义务。
资金到位和投资实施
投资者按协议约定将资金划入指定账户,创业者 开始按照协议规定使用资金,实施投资计划。
3
信息披露和报告制度
引言
REPORTING
目的和背景
明确投资意向
风险投资协议是投资者与创业企 业之间达成初步投资意向的书面 文件,为双方提供明确的合作框 架。
规定投资条件
协议中详细规定了投资金额、估 值、股权分配、投资回报等关键 条款,确保双方权益得到保障。
促进谈判进程
通过签订风险投资协议,双方可 进入更深入的谈判和尽职调查阶 段,最终实现投资合作。

投资条款清单(term-sheet)详解

投资条款清单(term-sheet)详解

04 Term Sheet的签署与执 行
Term Sheet的签署流程
初步接触
创业公司与投资人初步接触修改
双方就Term Sheet中的条款进行谈判和修 改,达成一致意见。
条款清单发送
创业公司向投资人发送Term Sheet,包含 投资条件、估值、股权比例等关键条款。
它为双方提供一个框架,以便在尽职 调查和最终协议签署之前进行谈判和 达成共识。
Term Sheet的目的
明确投资意向
通过Term Sheet,创业公司可以 向投资人展示其投资潜力和吸引 力,投资人也可以明确表达投资
意向。
指导谈判
Term Sheet为双方提供了谈判的 框架和指导,有助于双方在签署最 终协议之前达成一致。
竞业禁止
限制关键人员在职期间或离职后一定 时间内从事与公司业务相竞争的工作 或创业。
保密协议
要求员工和投资者对公司的商业机密、 技术秘密等信息予以保密,防止泄露。
03 Term Sheet的谈判要点
估值与投资额的平衡
要点一
总结词
在Term Sheet中,估值和投资额是需要平衡的两个关键因 素。
要点二
VS
应对策略
在Term Sheet中明确投资后的权利义务 ,如委派董事、监管企业经营等,同时建 立有效的风险预警和应对机制,确保投资 安全。
合同违约风险与法律救济途径
合同违约风险
在Term Sheet中,如双方未约定明确的违 约责任和罚则,可能导致合同履行过程中出 现纠纷。
法律救济途径
在Term Sheet中明确约定违约责任和罚则, 同时选择有管辖权的法院解决纠纷,确保自 身权益得到有效保障。
投资方式
01

投资协议条款清单(Term Sheet)- 回购权

投资协议条款清单(Term Sheet)- 回购权

投资协议条款清单(Term Sheet)- 回购权作者: 桂曙光Term Sheet: Redemption RightsRedemption rights usually look something like:"Redemption at Option of Investors: At the election of the holders of at least majority of the Series A Preferred, the Company shall redeem the outstanding Series A Preferred in three annual installments beginning on the [fifth] anniversary of the Closing. Such redemptions shall be at a purchase price equal to the Original Purchase Price plus declared and unpaid dividends."There is some rationale for redemption rights. First, there is the "fear" (on the VCs part) that a company will become successful enough to be an on-going business, but not quite successful enough to go public or be acquired. In this case, redemption rights were invented to allow the investor a guaranteed exit path. However, any company that is around for a while as a going concern that is not an attractive IPO or acquisition candidate will not generally have the cash to pay out redemption rights.The second reason for redemption rights pertains to the life span of venture funds. The average venture fund has a 10 years life span to conduct its business. If a VC makes an investment in year 5 of the fund, it might be important for that fund manager to secure redemption rights in order to have a liquidity path before his fund must wind down. As with the previous case, whether or not the company has the ability to pay is another matter.Often, companies will claim that redemption rights create a liability on their balance sheet and can make certain business optics more difficult. In the past few years, accountants have begun to argue more strongly that redeemable preferred stock is a liability on the balance sheet, not an equity feature. Unless the redeemable preferred stock is mandatorily redeemable, this is not the case and most experienced accountants will be able to recognize the difference.There is one form of redemption that we have seen in the past few years and we view as overreaching – the adverse change redemption. We recommend you never agree to the following which has recently crept into terms sheets."Adverse Change Redemption: Should the Company experience a material adverse change to its prospects, business or financial position, theholders of at least majority of the Series A Preferred shall have the option to commit the Company to immediately redeem the outstanding Series A Preferred. Such redemption shall be at a purchase price equal to the Original Purchase Price plus declared and unpaid dividends."This is just too vague, too punitive, and shifts an inappropriate amount of control to the investors based on an arbitrary judgment. If this term is being proposed and you are getting pushback on eliminating it, make sure you are speaking to a professional investor and not a loan shark.In our experience, redemption rights are well understood by the market and should not create a problem, except in a theoretical argument between lawyers or accountants.。

投资条款清单TERM-SHEET (中英文版)

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.

TermSheet、SPA、SHA是啥?一张图告诉你VC投资协议的26个条款!

TermSheet、SPA、SHA是啥?一张图告诉你VC投资协议的26个条款!

TermSheet、SPA、SHA是啥?⼀张图告诉你VC投资协议的26个条款!写这个标题,想起了之前的创投律师圈的⼀个笑话。

⼀个哥们是创投圈的律师精英,典型的⼯作狂⼈,难得上⽹被我逮到,于是上去寒暄两句。

“晚上⼲嘛?”我问。

他答道:“做个SPA。

”“哦?你也喜欢做SPA?喜欢哪种精油呢?”那之后,不知道为啥,他不理我了…好吧,解释条款,先从这⼏个概念说起。

Term Sheet、SPA、SHA是啥?主要是缩写,让⼤家感到迷惑了。

Term Sheet是指投资意向书(有时候简写为:TS)SPA 是指股权认购协议(国内公司法就是“增资协议”)SHA 是指股东协议,就是股东之前的特殊约定,例如马云及于软银和雅虎签署了股东协议,约定了投票权等安排。

三者是相互关联的,TS的内容是对于SPA和SHA主要内容的概括。

TS除了保密、排他性、费⽤等条款外,其他条款⼀般都没有法律约束⼒的,双⽅可以重新修改的,不遵守。

那么,接下来我们就说说条款吧。

典型的投资协议的26个条款我把VC投资的26个条款分了五个类型,也就是每个类型的条款性质不⼀样,可以在创业融资的时候采取不同的谈判策略,我就上图吧:VC投资协议典型条款上图可以看出,SPA和SHA的内容,主要是⼀些列的条款,主要有:投资⾦额、估值、增资数量、交割条件,还会包括;投资⼈防稀释权利、优先购买权、随售权、登记申请权、保护性条款(需投资⼈和投资⼈董事特别批准的公司事项)、董事会构成、优先股转换等股东权利等等。

在投资的不同阶段,投资的诉求他们的诉求是不⼀样,了解这些有利于推进融资谈判。

投资⼈保护机制,来源:李宁律师但是,这肯定不是天使投资协议的条款,不过如果你知道了VC投资协议的26个条款,天使投资协议会有其中的5-7个条款,也就不难去了解了。

天使投资的必备条款徐⼩平的真格基⾦向创业者推两页纸投资协议,包含了投资额、股权⽐例、期权、董事会席位等关键项关键条款,只有两页纸,⼀⽬了然,简单易懂。

投资条款清单(term_sheet)详解

投资条款清单(term_sheet)详解

购买价和初始估值: 购买价代表投资前全面稀释公司估值人民币【】万元、投资后全面 稀释公司估值人民币【】万元,估值的依据为公司提供的盈利预测 。交割完成后公司的股权结构表附后。 按照业绩调整条款(见下文),初始估值可以向下调整。
解读
1、如何确定合适的融资额及股份作价?
融资额过高 或过低的风 险
如何确定 合适的融 资额及股 价?
案例
法律可行性分析
1990年11月最高人民法院《关于审理联营合同纠纷案件若干问题 的解答》关于联营保底条款:保底条款违背了联营活动中应当遵 循的共负盈亏、共担风险的原则,损害了其他联营方和联营体的 债权人的合法权益,因此,应当确认无效。 《公司法》第三十五条规定,有限责任公司的股东按照实缴的出 资比例分取红利,但是,全体股东约定不按照出资比例分红的除 外。 第一百六十七条规定,股份有限公司按照股东持有的股份比例分 配,但股份有限公司章程规定不按持股比例分配的除外。 点评:优先分红权类似于债权投资的无风险报酬,可视为联营保 底条款,存在约定无效的风险。实践中,可以通过股东补足责任 的安排,实现了股东优先分红权到股东固定回报的过桥。
2、降价融资中的防稀释条款
条款示例
降价融资中的防稀释条款:如果公司发行新的权益证券的价格低 于当时适用的A系列优先股转化价格,则A系列优先股的转换价格 将按照广义加权平均的方式进行调整以减少投资人的稀释。 分类:(1)完全棘轮条款 举例:如果A轮融资$200万,发行200万股A系列优先股,初 始转换比例1:1。由于业绩下滑,在B轮融资时,B系列优先股的发 行价跌为每股$0.5,则根据完全棘轮条款的规定,A系列优先股的 转换价格也调整为$0.5,则A轮投资人的200万优先股可以转换为 400万股普通股,而不再是原来的200万股。
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TERM SHEET
FOR PURCHASE OF EQUITY IN [ ]
[ ]股权投资条款清单
This Term Sheet summarizes the principal terms with respect to anticipated investments by the Investors (as defined hereunder) in [ ] (the “Company”) and is qualified in its entirety by the more detailed provisions to be set forth in the Definitive Agreements (as defined hereunder) which may be entered into by and between the Company, the Investors and the Actual Controller (as defined hereunder). The parties understand and acknowledge that, except for the sections captioned “Confidentiality”, “No Shop”, “Expenses”, and “Governing Law”, this Term Sheet is not legally binding and that failure to execute and deliver the Definitive Agreements shall impose no liability on the parties. This Term Sheet does not constitute either an offer to sell or an offer to purchase shares of the Company. THIS PREAMBLE IS AN INTEGRAL PART OF THIS TERM SHEET. This Term Sheet is executed by all parties as of the date of [ ].
本投资条款清单概述了投资人(如下文定义)拟[ ](简称“公司”)的主要条款。

本条款完整及其详尽地说明将于公司、投资人及实际控制人(如下文定义)将要拟定的最终协议(如下文定义)
等相关文件中进一步约定。

各方了解并承认除标题为“保密”、“排他性”、“费用”和“适用法律”之外的其他条款不具有法律约束力。

各方无需承担进一步拟定和执行最终协议的责任和义务。

本条款清单不构成买卖公司股权的效力。

该导言是本条款清单必不可少的一部分。

本投资条款清单由各方于[ 年月日]签署。

To avoid doubt, each of the Investors has the right to transfer, sell or dispose of all or parts of its equity in the Company at its sole discretion at any time.
若发生如下任一情形,则每一位投资人有权利按其持股比例要求实际控制人以回购价回购投资人持有的部分或全部公司股权:
i.公司未能实现[ ]年或[ ]年的业绩承诺;
ii.公司未能在[ ]前未能实现合格的首次公开发行;
iii.公司现有股东出现重大个人诚信问题,尤其是公司出现投资人不知情的账外现金销售收支
时。

回购价等于该投资人支付的投资额加上每年[12%]的内部收益回报率(包括公司已经向该投资人支付的现金分红)。

即,如投资人要求实际控制人于第n年届满后回购其股权,则
除上文中提到的回购权外,投资人亦有权向任何有兴
[Signature Pages to Follow]签字页附后
Signature Page/签字页
[ ]
[ 英飞尼迪创业投资中心(有限合伙)] By: __________________
Title: ________________
Date: ________________
[ ]
[ ]
By: __________________
Title: ________________
Date: ________________
Actual Controller:
实际控制人:__________________
By: __________________
Print Name: Mr.
ID Number(身份证号码): ________________________________ Date: __________________。

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