风险投资中的条款清单（样本）
本《A系优先股融资条款清单》由中国政法大学法律硕士学院张章桥、董菲同学根据美国风险投资协会（National Venture Capital Association）所提供的文本翻译。翻译时略有删改。本《条款清单》仅供教学使用，请勿用于商业用途。
中文翻译英文原文
[____]公司A系优先股融资
条款清单
[______，200___]
TERM SHEET
FOR SERIES A PREFERRED STOCK FINANCING OF [INSERT COMPANY NAME], INC.
[ __, 200_]
本条款清单概括了_______公司，一家[特拉华]公司（“公司”）A系优先股融资的主要条款。考虑到涉及
此项投资的投资人已投入和将投入的时间和成本，无论此次融资是否完成，本条款清单之限制出售/保密条款、律师及费用条款对公司都具有强制约束力。未经各方一致签署并交付的最终协议，本条款清单之其他条款不具有强制约束力。本条款清单并非投资人进行投资的承诺，其生效以完成令投资人满意的尽职调查、法律审查和文件签署为条件。本条款清单各方面受[特拉华州]法律管辖。
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 expen devoted and to be devoted by the Investors with respect to this investment, the No Shop/Confidentiality and Counl and Expens 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
commitment to invest, and is conditioned on the
completion 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].
出资条款：Offering Terms
交割日：当公司接受此条款清单且交割条件完备
时即尽快交割（“交割”）。（若需要
多次交割，请与此写明。）Closing Date:As soon as practicable following the
Company’s acceptance of this Term
Sheet and satisfaction of the
Conditions to Closing (the
“Closing”). [provide for multiple
closings if applicable]
投资人：投资人1: [ ]股（[ ]%），$[ ]
投资人2: [ ]股（[ ]%），$[ ]
[以及投资人和公司一致同意的其他投
资人]Investors:Investor No. 1: [_______] shares
([__]%), $[_________]
Investor No. 2: [_______] shares
([__]%), $[_________]
[as well other investors mutually
agreed upon by Investors and the
Company]
融资金额：$[ ]，[含由过渡贷款转换的本金及
利息＄[ ]1Amount
Raid:
$[________], [including $[________]
from the conversion of principal [and
interest] on bridge notes].1
每股价格：$[ ] 每股（以下文
所列公司资本结构表为依据）(“原始
购买价”）Price Per
Share:
$[________] per share (bad on the
capitalization of the Company t forth
below) (the “Original Purcha
Price”).
融资前估价：原始购买价以充分稀释融资前估价
$[_____]和融资后估价$[_____]为基
础计算(含充分稀释的融资后资本中员
工股预留[ ]％)Pre-Money
Valuation:
The Original Purcha Price is bad
upon a fully-diluted pre-money
valuation of $[_____] and a
fully-diluted post-money valuation of
$[______] (including an employee pool
reprenting [__]% of the fully-diluted
post-money capitalization).
资本结构表：交割前后公司资本结构表请见附件一。Capitalization:The Company’s capital structure before
and after the Closing is t forth as
Exhibit A.
1Modify this provision to account for staged investments or investments dependent on the achievement of milestones by the Company.
公司章程2CHARTER2
股息分配： [可选方案1: 当普通股分配股息
时，A系优先股按视为转
换成普通股参与分配]
[可选方案2: 经董事会宣布，A系
优先股以每股＄[ ]分配
非累积性股息]
[可选方案3:A系优先股按年利率
[ ]%分配累积性股息[按年度计算复
利]，于公司清算或赎回股份时可分
配。其他股息或分红，按视为转换成
普通股参与普通股分配]。3Dividends:[Alternative 1: Dividends will be paid
on the Series A Preferred on an
as-converted basis when, as, and if
paid on the Common Stock]
[Alternative 2: Non-cumulative
dividends will be paid on the Series A
Preferred in an amount equal to
$[_____] per share of Series A
Preferred when and if declared by the
Board.]
[Alternative 3: The Series A Preferred
will carry an annual [__]% cumulative
dividend [compounded annually], payable
upon a liquidation or redemption. For
any other dividends or distributions,
participation with Common Stock on an
2The 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, then (after Closing) the Company cannot defensibly grant Common Stock options priced at a discount to the Preferred Stock.
as-converted basis.]3
清算优先受偿权：公司如因任何原因清算、解散或停业
清理过程，公司收益将作如下分配：
[可选方案1（优先股不参与分配）:
首先，每股A系优先股按[一]倍原始购
买价[加累计股息][加已宣布但未付股
息]分配。其余分配给普通股股东]
[可选方案2（优先股充分参与分
配）：首先，每股A系优先股按[一]倍
原始购买价[加累计股息][加已宣布未
付股息] 分配。然后优先股按视为转
换成普通股参与普通股分配]
[可选方案3（优先股限制参与分
配）：首先，每股A系优先股按[一]倍
原始购买价[加累计股息][加已宣布未
付股息] 分配。然后优先股按视为转
换成普通股参与普通股分配，直至A
系优先股股东获得总计[ ]倍于原始
购买价的分配]Liquidation
Preference:
In the event of any liquidation,
dissolution or winding up of the
Company, the proceeds shall be paid as
follows:
[Alternative 1 (non-participating
Preferred Stock): First pay [one]
times the Original Purcha 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 Purcha 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 as-converted
basis.]
[Alternative 3 (cap on Preferred Stock
participation rights): First pay [one]
3In some cas, accrued and unpaid dividends are payable on conversion as well as upon a liquidation event. Most typically, however, dividends are not paid if the preferred is converted. Another alternative is to give the Company the option to pay accrued and unpaid dividends in cash or in common shares valued at fair market value. The latter are referred to as “PIK” (payment-in-kind) dividends.
