英文版股权投资TSTERM SHEET.docx
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英文版股权投资TSTERM SHEET.docx
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英文版股权投资TSTERMSHEET
PreliminaryNote
ThistermsheetmapstotheNVCAModelDocuments,andforconveniencetheprovisionsaregroupedaccordingtotheparticularModelDocumentinwhichtheymaybefound.Althoughthistermsheetissomewhatlongerthana“typical”VCTermSheet,theaimistoprovidealevelofdetailthatmakesthetermsheetusefulasbotharoadmapforthedocumentdraftersandasareferencesourceforthebusinesspeopletoquicklyfinddealtermswithoutthenecessityofhavingtoconsultthelegaldocuments(assumingofcoursetherehavebeennochangestothematerialdealtermspriortoexecutionofthefinaldocuments).ForSeriesBandlatertransactions,considersubstantiallyshorteningtorefertodealtermsbeing“consistentwithpriorrounds,subjecttoreasonablereviewbyLeadInvestor”(asnotedinthepriorsentence,dealtermsoftenarenegotiatedfurtherbetweentermsheetandclosing,sorelyingonatermsheetforoneroundinalaterroundmayproveinaccurate).
TERMSHEET
FORSERIESAPREFERREDSTOCKFINANCINGOF
[INSERTCOMPANYNAME],INC.
[__________,20__]
ThisTermSheetsummarizestheprincipaltermsoftheSeriesAPreferredStockFinancingof[___________],Inc.,a[Delaware]corporation(the“Company”).InconsiderationofthetimeandexpensedevotedandtobedevotedbytheInvestorswithrespecttothisinvestment,theNoShop/ConfidentialityprovisionsofthisTermSheetshallbebindingobligationsoftheCompanywhetherornotthefinancingisconsummated.Nootherlegallybindingobligationswillbecreateduntildefinitiveagreementsareexecutedanddeliveredbyallparties.ThisTermSheetisnotacommitmenttoinvest,andisconditionedonthecompletionoftheconditionstoclosingsetforthbelow.ThisTermSheetshallbegovernedinallrespectsbythelawsof[___________].
OfferingTerms
Security:
SeriesAPreferredStock(the“SeriesAPreferred”).
ClosingDate:
AssoonaspracticablefollowingtheCompany’sacceptanceofthisTermSheetandsatisfactionoftheconditionstoclosing(the“Closing”).[provideformultipleclosingsifapplicable]
ConditionstoClosing:
StandardconditionstoClosing,including,amongotherthings,satisfactorycompletionoffinancialandlegalduediligence,qualificationofthesharesunderapplicableBlueSkylaws,thefilingofaCertificateofIncorporationestablishingtherightsandpreferencesoftheSeriesAPreferred,[obtainingCFIUSclearanceand/orastatementfromCFIUSthatnofurtherreviewisnecessary,][andanopinionofcounseltotheCompany].
Investors:
InvestorNo.1:
[_______]shares([__]%),$[_________]
InvestorNo.2:
[_______]shares([__]%),$[_________]
[aswellotherinvestorsmutuallyagreeduponbyInvestorsandtheCompany]
AmountRaised:
$[________],[including$[________]fromtheconversionofSAFEs/principal[andinterest]onbridgenotes].
Pre-MoneyValuation:
ThepricepershareoftheSeriesAPreferred(the“OriginalPurchasePrice”)shallbethepricedeterminedonthebasisofafully-dilutedpre-moneyvaluationof$[_____](whichpre-moneyvaluationshallincludean[unallocatedanduncommitted]employeeoptionpoolrepresenting[__]%ofthefullydilutedpost-moneycapitalization)andafullydilutedpost-moneyvaluationof$[______].
CHARTER
Dividends:
[Alternative1:
DividendswillbepaidontheSeriesAPreferredonanasconvertedbasiswhen,as,andifpaidontheCommonStock.]
[Alternative2:
Non-cumulativedividendswillbepaidontheSeriesAPreferredinanamountequalto$[_____]pershareofSeriesAPreferredwhenandifdeclaredbytheBoardofDirectors.]
[Alternative3:
TheSeriesAPreferredwillcarryanannual[__]%cumulativedividend[payableuponaliquidationorredemption].Foranyotherdividendsordistributions,participationwithCommonStockonanas-convertedbasis.]
LiquidationPreference:
Intheeventofanyliquidation,dissolutionorwindingupoftheCompany,theproceedsshallbepaidasfollows:
[Alternative1(non-participatingPreferredStock):
Firstpay[__times]theOriginalPurchasePrice[plus[accruedand]declaredandunpaiddividends]oneachshareofSeriesAPreferred(or,ifgreater,theamountthattheSeriesAPreferredwouldreceiveonanas-convertedbasis).ThebalanceofanyproceedsshallbedistributedproratatoholdersofCommonStock.]
[Alternative2(fullparticipatingPreferredStock):
Firstpay[___times]theOriginalPurchasePrice[plusaccruedanddeclaredandunpaiddividends]oneachshareofSeriesAPreferred.Thereafter,theSeriesAPreferredparticipateswiththeCommonStockprorataonanas-convertedbasis.]
[Alternative3(caponPreferredStockparticipationrights):
Firstpay[___times]theOriginalPurchasePrice[plusaccruedanddeclaredandunpaiddividends]oneachshareofSeriesAPreferred.Thereafter,SeriesAPreferredparticipateswithCommonStockprorataonanas-convertedbasisuntiltheholdersofSeriesAPreferredreceiveanaggregateof[_____]timestheOriginalPurchasePrice(includingtheamountpaidpursuanttotheprecedingsentence).]
Amergerorconsolidation(otherthanoneinwhichstockholdersoftheCompanyownamajoritybyvotingpoweroftheoutstandingsharesofthesurvivingoracquiringcorporation)orasale,lease,transfer,exclusivelicenseorotherdispositionofallorsubstantiallyalloftheassetsoftheCompanywillbetreatedasaliquidationevent(a“DeemedLiquidationEvent”),therebytriggeringpaymentoftheliquidationpreferencesdescribedaboveunlesstheholdersof[___]%oftheSeriesAPreferredelectotherwise(the“RequisiteHolders”).[TheInvestors’entitlementtotheirliquidationpreferenceshallnotbeabrogatedordiminishedintheeventpartoftheconsiderationissubjecttoescroworindemnityholdbackinconnectionwithaDeemedLiquidationEvent.]
VotingRights:
TheSeriesAPreferredshallvotetogetherwiththeCommonStockonanas-convertedbasis,andnotasaseparateclass,except(i)solongas[insertfixednumberor%]ofthesharesofSeriesAPreferredissuedinthetransactionareoutstanding,theSeriesAPreferredasaseparateclassshallbeentitledtoelect[_______][(_)]membersoftheBoardofDirectors([eacha]“PreferredDirector”),(ii)asrequiredbylaw,and(iii)asprovidedin“ProtectiveProvisions”below.TheCompany’sCharterwillprovidethatthenumberofauthorizedsharesofCommonStockmaybeincreasedordecreasedwiththeapprovalofamajorityofthePreferredandCommonStock,votingtogetherasasingleclass,andwithoutaseparateclassvotebytheCommonStock.
ProtectiveProvisions:
Solongas[insertfixednumberor%]sharesofSeriesAPreferredissuedinthetransactionareoutstanding,inadditiontoanyothervoteorapprovalrequiredundertheCompany’sCharterorBylaws,theCompanywillnot,withoutthewrittenconsentoftheRequisiteHolders,eitherdirectlyorbyamendment,merger,consolidation,recapitalization,reclassification,orotherwise:
(i)liquidate,dissolveorwinduptheaffairsoftheCompanyoreffectanyDeemedLiquidationEvent;(ii)amend,alter,orrepealanyprovisionoftheCharterorBylaws[inamanneradversetotheSeriesAPreferredStock];(iii)createorauthorizethecreationoforissueanyothersecurityconvertibleintoorexercisableforanyequitysecurityunlessthesameranksjuniortotheSeriesAPreferredwithrespecttoitsrights,preferencesandprivileges,orincreasetheauthorizednumberofsharesofSeriesAPreferred;(iv)sell,issue,sponsor,createordistributeanydigitaltokens,cryptocurrencyorotherblockchain-basedassetswithoutapprovaloftheBoardofDirectors[,includingtheInvestorDirectors];(v)purchaseorredeemorpayanydividendonanycapitalstockpriortotheSeriesAPreferred,otherthanstockrepurchasedatcostfromformeremployeesandconsultantsinconnectionwiththecessationoftheirservice,[orasotherwiseapprovedbytheBoardofDirectors[,includingtheapprovalof[atleastone]PreferredDirector];or(vi)[adopt,amend,terminateorrepealanyequity(orequity-linked)compensationplanoramendorwaiveanyofthetermsofanyoptionorothergrantpursuanttoanysuchplan;(vii)]createorauthorizethecreationofanydebtsecurity[,iftheaggregateindebtednessoftheCorporationanditssubsidiariesforborrowedmoneyfollowingsuchactionwouldexceed$[____][otherthanequipmentleases,banklinesofcreditortradepayablesincurredintheordinarycourse][unlesssuchdebtsecurityhasreceivedthepriorapprovaloftheBoardofDirectors,includingtheapprovalof[atleastone]PreferredDirector;[or](viii)createorholdcapitalstockinanysubsidiarythatisnotwholly-owned,ordisposeofanysubsidiarystockorallorsubstantiallyallofanysubsidiaryassets;[or(ix)increaseordecreasetheauthorizednumberofdirectorsconstitutingtheBoardofDirectorsorchangethenumberofvotesentitledtobecastbyanydirectorordirectorsonanymatter].
OptionalConversion:
TheSeriesAPreferredinitiallyconverts1:
1toCommonStockatanytimeatoptionofholder,subjecttoadjustmentsforstockdividends,splits,combinationsandsimilareventsandasdescribedbelowunder“Anti-dilutionProvisions.”
Anti-dilutionProvisions:
IntheeventthattheCompanyissuesadditionalsecuritiesatapurchasepricelessthanthecurrentSeriesAPreferredconversionprice,suchconversionpriceshallbeadjustedinaccordancewiththefollowingformula:
CP2=CP1*(A+B)/(A+C)
Where:
CP2=SeriesAConversionPriceineffectimmediatelyafternewissue
CP1=SeriesAConversionPriceineffectimmediatelypriortonewissue
A=NumberofsharesofCommonStockdeemedtobeoutstandingimmediately
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