【正文】 hares held. A “Major Investor” means any Investor who purchases at least $[______] of Series A Preferred.終止條款: 本協(xié)議因發(fā)生下列情形之一而終止:首次發(fā)行新股（IPO）后([5]年)內(nèi)；發(fā)生視為清算事項(xiàng)；或在任何 90 天的期間內(nèi),任一投資人可以在不受第 144(k)條限制的情形下合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 90day 16 / 25法賣出所持全部股份。 and (iii) promptly following the end of each quarter an uptodate capitalization table, certified by the CFO. 按比例參與未來交易權(quán): 所有[主要 ]投資人 有權(quán)按比例優(yōu)先認(rèn)購公司今后發(fā)行股份權(quán)利（在本條款清Right to Participate Pro All [Major] Investors shall have a pro rata right, based on their percentage equity ownership in 15 See mentary in introduction to NVCA model Managements Rights Letter, explaining purpose of such letter.17 / 25單之“反稀釋條款”中列舉的發(fā)行以及因公司并購而產(chǎn)生的發(fā)行除外）。 (v) incur any aggregate indebtedness in excess of $[_____] that is not already included in a Boardapproved budget, other than trade credit incurred in the ordinary course of business。 (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。公司應(yīng)當(dāng)向主要投資人提供:（i）每年，每季度，[和每月]的財(cái)務(wù)報(bào)表，以及其他董事會(huì)認(rèn)為適當(dāng)?shù)钠渌畔?；（ii）于每一財(cái)政年度結(jié)束的前 30 天內(nèi)，針對(duì)下一財(cái)政年度提出按月列明的綜合財(cái)政預(yù)算表,其中須包括預(yù)期的公司收入，支出和資金配置情況。公司同時(shí)應(yīng)支付一位代表全體參與股東的律師的費(fèi)用[不超過﹩ ] 以及其他合理費(fèi)用。from funds legally available for distribution at the option of holders of at least [__]% of the Series A Preferred mencing 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 optout)].11 the right to receive dividends on redemption could give rise to a Code Section 305 “deemed dividend” problem, many tax practitioners take the view 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 asconverted 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 socalled “sideways situation”), investors will sometimes request that certain penalty provisions take effect where redemption has been requested but the Company’s available cash flow does not permit such redemption ., the redemption amount shall be paid in the form of a oneyear 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 the Company’s Board of Directors until such amounts are paid in full.13 / 25股份買賣協(xié)議書 Stock Purchase Agreement陳述與保證: 公司提供標(biāo)準(zhǔn)的陳述與保證. [由公司創(chuàng)始人[對(duì)技術(shù)所有權(quán)等]提供陳述與保證]. 12Representations and Warranties:Standard representations and warranties by the Company. [Representations and warranties by Founders regarding [technology ownership, etc.].12完成交割的條件: 完成交割的標(biāo)準(zhǔn)條件，包括: 完成相應(yīng)的財(cái)務(wù)和法律的盡職調(diào)查，股票的發(fā)行符合州證券法(Blue Sky laws)的規(guī)定，賦予了 A 系優(yōu)先股權(quán)利和優(yōu)待的公司章程的進(jìn)行了登記備案,以及公司律師出具了法院意見函等事項(xiàng)。 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)].強(qiáng)制性轉(zhuǎn)換： 若（i）公開發(fā)行價(jià)格高于[_]倍原始購買價(jià)承銷所有股票，且公司所取得的[凈/總]收入不低于＄[_](“合格公開發(fā)行[QPO]”)，或 （ii）經(jīng)[]％A 系優(yōu)先股股東書面同意，在[具有包銷承諾的]有保薦人的公開發(fā)行交割時(shí)，每股 A 系優(yōu)先股將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 mitment] underwritten public offering 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(dòng)以當(dāng)時(shí)適當(dāng)?shù)霓D(zhuǎn)換率轉(zhuǎn)換為普通股。最初的 A 系優(yōu)先股轉(zhuǎn)換價(jià)應(yīng)當(dāng)原始購買價(jià)。[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(chǎng)價(jià)回購其股份的除外][由董事會(huì)（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。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。本條款清單各方面受[特拉華州]法律管轄。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(guó)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(guó)風(fēng)險(xiǎn)投資協(xié)會(huì)（National Venture Capital Association）所提供的文本翻譯。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