【正文】 r 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]。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。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。最初的 A 系優(yōu)先股轉(zhuǎn)換價(jià)應(yīng)當(dāng)原始購買價(jià)。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)。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。 (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。Lockup: 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 lockup). Such lockup 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.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。 of antidilution adjustment).9 If the punishment for failure to participate is losing some but not all rights of the Preferred (., anything other than a forced conversion to mon), the Charter will need to have socalled “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 mon.10 Redemption rights allow Investors to force the Company to redeem their shares at cost [plus a small guaranteed rate of return (., dividends)]. In practice, redemption rights are not often used。] [other than as approved by the Board, including the approval of [_____] Series A Director(s)]。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。考慮到涉及此項(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。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。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。Demand Registration:Upon earliest of (i) [threefive] years after the Closing。主要投資的認(rèn)購比例基于這些投資人在公司普通股所有權(quán)中所占的百分比確定（假設(shè)所有已發(fā)行在外優(yōu)先股都轉(zhuǎn)換為普通股，并且公司制定的股票發(fā)行計(jì)劃中的所有期權(quán)都被行使）。Rata in Future R