【正文】 with a price of [___] times the Original Purchase Price (subject to adjustments for stock dividends, splits, binations and similar events) and 6 Note that additional exclusions are frequently negotiated, such as issuances in connection with equipment leasing and mercial borrowing.11 / 25自動以當(dāng)時(shí)適當(dāng)?shù)霓D(zhuǎn)換率轉(zhuǎn)換為普通股。 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 CP1C =Number of shares of stock issued in the subject transaction][可選方案 2：完全棘輪方案—轉(zhuǎn)換價(jià)降到與新發(fā)行價(jià)一致][Alternative 2: Fullratchet – the Series A Preferred Conversion Price will be reduced to the price at which the new shares are issued.][可選方案 3：無基于價(jià)格調(diào)整的反稀釋措施][Alternative 3: No pricebased antidilution protection.]The following issuances shall not trigger anti10 / 25下列發(fā)行不導(dǎo)致反稀釋調(diào)整 6：（i）可發(fā)行證券是基于任何 A 系優(yōu)先股轉(zhuǎn)換后產(chǎn)生，或作為 A 系優(yōu)先股的股息或分紅；（ii）可發(fā)行證券是基于任何信用債券，認(rèn)股權(quán)證，期權(quán)或其它可轉(zhuǎn)換證券轉(zhuǎn)換后產(chǎn)生；（iii）可發(fā)行普通股是基于股票分割，配股，或任何普通股的細(xì)分而產(chǎn)生；（iv）普通股（或認(rèn)購該類普通股的期權(quán)）發(fā)行或可發(fā)行給公司的員工、董事、顧問，是基于公司董事會董事（含至少[_]名 A 系董事）同意的任何股權(quán)計(jì)劃而產(chǎn)生的；（v）普通股發(fā)行或可發(fā)行給銀行，設(shè)備出租人，是基于公司董事會董事（含至少[_]名 A 系董事）同意的債務(wù)融資，設(shè)備租賃或不動產(chǎn)租賃交易而產(chǎn)生的。最初的 A 系優(yōu)先股轉(zhuǎn)換價(jià)應(yīng)當(dāng)原始購買價(jià)。] [other than as approved by the Board, including the approval of [_____] Series A Director(s)]。[由于前員工的雇傭（或顧問的服務(wù)）關(guān)系的終止，以低于公平市場價(jià)回購其股份的除外][由董事會（含[ ] 位 A 系董事）同意的除外]；(v)發(fā)行或授權(quán)發(fā)行任何公司債券[若公司總計(jì)負(fù)債因此超過﹩[__]][設(shè)備租賃或銀行信用額度除外][無股權(quán)特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 Preferred, either directly or by amendment, merger, consolidation, or otherwise: (i) liquidate, dissolve or windup the affairs of the Company, or effect any Deemed Liquidation Event。（iii）法律另有的其他規(guī)定。然后優(yōu)先股按視為轉(zhuǎn)換成普通股參與普通股分配][可選方案 3（優(yōu)先股限制參與分配）:首先，每股 A 系優(yōu)先股按[一]倍原始購買價(jià)[加累計(jì)股息][加已宣布未付股息] 分配。Capitalization: The Company’s capital structure before and after the Closing is set forth as Exhibit A.公司章程 2 CHARTER22 The 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, 4 / 25股息分配： [可選方案 1: 當(dāng)普通股分配股息時(shí)，A 系優(yōu)先股按視為轉(zhuǎn)換成普通股參與分配] [可選方案 2: 經(jīng)董事會宣布，A 系優(yōu)先股以每股＄[ ]分配非累積性股息] [可選方案 3: A 系優(yōu)先股按年利率[ ]%分配累積性股息[按年度計(jì)算復(fù)利]，于公司清算或贖回股份時(shí)可分配。本條款清單各方面受[特拉華州]法律管轄。中文翻譯 英文原文[____]公司 A 系優(yōu)先股融資條款清單 [______，200___] TERM SHEETFOR SERIES A PREFERRED STOCK FINANCING OF[INSERT COMPANY NAME], INC.[ __, 200_]本條款清單概括了_______公司，一家[特拉華]公司（“公司”）A 系優(yōu)先股融資的主要條款。1 / 25風(fēng)險(xiǎn)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)根據(jù)美國風(fēng)險(xiǎn)投資協(xié)會（National Venture Capital Association）所提供的文本翻譯?？紤]到涉及此項(xiàng)投資的投資人已投入和將投入的時(shí)間和成本，無論此次融資是否完成，本條款清單之限制出售/保密條款、律師及費(fèi)用條款對公司都具有強(qiáng)制約束力。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 mitment to invest, and is conditioned on the pletion 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].2 / 25出資條款： Offering Terms交割日： 當(dāng)公司接受此條款清單且交割條件完備時(shí)即盡快交割（“交割”）。其他股息或分紅，按視為轉(zhuǎn)換成普通股參與普通股分配]。然后優(yōu)先股按視為轉(zhuǎn)換成普通股參與普通股分配，直至 A 系優(yōu)先股股東獲得總計(jì)[ ]倍于原始購買價(jià)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 (nonparticipating 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 asconverted 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 asconverted 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 all or substantially all of the assets of the 6 / 25公司的兼并或合并（公司原股東擁有存續(xù)公司或收購公司的發(fā)行在外股票過半數(shù)表決權(quán)的情形除外）， 以及公司出售、租賃、轉(zhuǎn)讓或以其他方式處置公司全部或大部分資產(chǎn)的行為，應(yīng)當(dāng)視為公司清算事項(xiàng)(視為清算事項(xiàng))，并導(dǎo)致上述清算優(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種處理]。公司章程應(yīng)當(dāng)規(guī)定，經(jīng)優(yōu)先股和普通股股東多數(shù)同意，并作為一個(gè)表決團(tuán)體集體表決（不經(jīng)普通股股東單獨(dú)表決），公司可以增加或減少授權(quán)發(fā)行的股票數(shù)量 4。 (ii) amend, alter, or repeal any provision of the Certificate of Incorporation or Bylaws [in a manner adverse to the Series A Preferred]。 or (v) create or authorize the creation of any debt secur