【正文】 riginal Purchase Price by Series A Preferred Conversion Price (as defined below) in effect at the time of conversion. The “Series A Preferred 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, binations and similar events and as described below under “Antidilution Provisions.”反稀釋條款： 若公司以低于現(xiàn)行 A 系優(yōu)先股轉(zhuǎn)換價(jià)的價(jià)格發(fā)行新的股票，該轉(zhuǎn)換價(jià)格應(yīng)按下列公式調(diào)整： [可選方案 1“典型”加權(quán)平均數(shù)：CP2=CP1*(A+B)/(A+C) CP2=新 A 系優(yōu)先股轉(zhuǎn)換價(jià)Antidilution 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)9 / 25CP1=新股發(fā)行前實(shí)際 A 系優(yōu)先股轉(zhuǎn)換價(jià)A=新股發(fā)行前視為已發(fā)行的普通股數(shù)量（含所有已發(fā)行的普通股，所有視為已轉(zhuǎn)換的已發(fā)行優(yōu)先股，以及所有已發(fā)行的可行使期權(quán)。 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(gòu)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(huì)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(huì)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(dòng)產(chǎn)租賃交易而產(chǎn)生的。 (ii) securities issued upon the conversion of any debenture, warrant, option, or other convertible security。 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(gòu)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。[PaytoPlay: [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 Preferred8 of any [Major] Investor failing to do so will automatically [lose antidilution rights] [lose right to participate in future rounds] [convert to Common Stock and lose the right to a Board seat if applicable].9贖回權(quán) 10: 交割后第五年開始，經(jīng)至少[]%的 A 系 Redemption Rights:10 The Series A Preferred shall be redeemable 7 The per share test ensures that the investor achieves a significant return on investment before the Company can go public. Also consider allowing a nonQPO to bee 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.8 Alternatively, this provision could apply on a proportionate basis (., if Investor plays for 189。 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。 贖回將在三年內(nèi)分階段等額完成。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