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1、私募投资交易示范性协议条款清单 HOW TO MAKE A PRIV ATE EQUITY INVESTMENT-An illustrative term sheet for a private equity investment deal 如何进行私募投资 私募投资交易示范性协议条款清单 Series A Convertible Redeemable Preference/Preferred Share of Company Name A 系列 可转化 可赎回 优先性/优先 公司名称 股权 Company:公司：Name of the investee company,or other le
2、gal entity to be agreed with the Investors(as hereinafter defined)(the“Company).被投资方公司名称，或与投资方达成一致其他种类法律实体（如以下所定义）（简称“公司”）Investors：投资方：Investor As name and other investors to be determined(such other investors,together with Investor A,collectively,the Investors).投资方甲名称 以及其他有待确认投资方（甲方及其他投资方统称为“投资方”）
3、Investment Amount:投资总额：$million.Based on a pre-money equity valuation of$million,following the Completion,the Investors as a group will own%of the outstanding equity of the Company on a fully diluted and converted basis.百万美元。基于交易前资产估值所得 百万美元，在交割之后，在完全稀释转换基础上投资方将一共拥有%公司发行股票。Use of Proceeds:资金用途：The p
4、roceeds of the financing will be used for .融资所获资金将被用于 。Form of Security:证券形式：Series A Convertible Redeemable Preference/Preferred Shares(the Preference Shares).The Investors will subscribe for Preference Shares,in the aggregate.A 系列 可转换 可赎回优先性/优先股（以下称“优先股”）。投资方总共将认购 优先股。Subscription/Purchase Price:认
5、购/购买价格：$per Preference Share.每股优先股 美元。Anticipated Completion Date:预期交割日：(the date of actual completion is hereinafter referred to as the Completion Date).（以下将实际完成时间简称为“交割日”）。Optional Conversion:可选择性转换：The holders of Preference Shares shall have the right at any time to convert such Preference Shares
6、 into ordinary shares of the Company(Ordinary Shares).Each Preference Shares obtained by dividing the original subscription price for one Preference Share by the conversion price the in effect(the Conversion price).The initial Conversion Price shall be the subscription price for a Preference Share a
7、nd shall be 私募投资交易示范性协议条款清单 subject to adjustment in accordance with the provisions under sections entitled Adjustment of Conversion Price and Anti-Dilution below.优先股持有者有权随时将其持有优先股转换成公司普通股（“普通股”）。每股优先股转化成普通股数量将按照优先股认购价格除以当时有效转化价格（以下简称“转换价格”）计算。初始转换价格为优先股认购价格，并可根据以下条款中“转换价格调整”和“反稀释”条款调整。Automatic Con
8、version:自动转换：The Preference Shares shall be automatically converted into Ordinary Shares,at the then-applicable Conversion Price,upon the closing of a firmly underwritten public offering of Ordinary Shares on a recognized stock exchange(a Qualified IPO).公司股票在正规证券交易市场被承销完成（“合格首次公开发行”）时，优先股将按照可适用转换价格自
9、动转成普通股。Adjustment of Conversion Price:转换价格调整：The Conversion Price will be adjusted to reflect underlying structural changes to issued capital,including stock splits,stock dividends,consolidation,recapitalizations and other reorganizations of share capital.转换价格调整应该能反映出以下各种对于已发股本结构调整：包括股权分割、股息、合并、资本结构
10、调整以及其他各种对于股权资本重新整合。Anti-Dilution:反稀释：The Conversion Price shall be subject to a weighted average full ratchet adjustment if the Company issues any additional equity securities(the Equity Securities)in certain dilutive events.如果在一些特定稀释事件中，公司再次发行其他股权证券（以下简称“股权证券”），则转换价格应根据加权平均法全棘轮法进行调整。Performance Tar
11、gets:业绩目标：Insert if appropriate,including remedies for Investors(such as issue of additional Preference Shares or adjustment to the Conversion Price)if performance target not met.如果适合话，插入未达到业绩目标时对投资方补偿（例如发行附加优先股或者对于转换）Dividends:股息：The Preference Shares will have the right to receive dividends and di
12、stributions in preference to any dividend or distribution paid on shares of any other class of capital stock including,without limitation,any other class of Preference Shares(Other Shares).Such dividends and distribution will be determined on an as converted basis.优先股有权优先于其他各种类型股份受偿股息以及清算份额无限制地包含其他任
13、何种类优先股（“其他股份”），这些股息以及清算份额应在转换后基础上进行分配。Voting Rights:投票权：The Preference Shares will vote together with the Other Shares/as a separate class,except as specifically provided herein or as otherwise required by law.Each Preference Share shall have a number of votes equal to the number of Ordinary Shares
14、into which such Preference Share is convertible at the then applicable Conversion Price.除非本文明文规定或法律禁止，优先股享有投票权和其他股份一起/作为独立一类。每股优先股与按照可适用转换价格转换后普通股享有相同数量投票权。Right Attaching to the The Preference Shares will carry certain liquidation/preferred return 优先公司名称股权被投资方公司名称或与投资方达成一致其他种类法律实体如以下所定义简称公司投资方甲名称以及
15、其他有待确认投资方甲方及其他投资方统称为投资方百万美元基于交易前资产估值所得百万美元在交割之后在完全先股投资方总共将认购优先股每股优先股美元以下将实际完成时间简称为交割日公司投资方投资总额资金用途证券形式认购购买价格预期交割日可选择性转换私募投资交易示范性协议条款清单自动转换转换价格调整优先股持有者有效转化价格以下简称转换价格计算初始转换价格为优先股认购价格并可根据以下条款中转换价格调整和反稀释条款调整公司股票在正规证券交易市场被承销完成合格首次公开发行时优先股将按照可适用转换价格自动转成普通股转换私募投资交易示范性协议条款清单 Preference Shares in a Winging u
16、p,Change of Control,or IPO:在清算、变更控制权或首次公开发行时优先股所附带权利：rights in the event of a winding up,a sale/merger/change of control,or a non-qualified initial public offering.在清算、出售/合并/变更控制权或者不成功首次公开发行时，优先股享有一定清算/优先返还权。Board of Directors:董事会：The Companys Board of directors(the Board )shall be constituted as fo
17、llows:At least director(s)approved by the Investors will be entitled to serve on all committees of the Board.A quorum of the Board for meetings will be directors,including and including one of the directorsthe director appointed by the Investors.All decisions of the Board(other than decisions on mat
18、ters listed in the Section entitled“Investors Consent Rights“below)will be decided by a majority vote of those directors in attendance.公司董事会组成应如下：投资方委派董事中至少有 名董事在董事会各个委员会中被授权。召开董事会所需董事法定人数为 ，包括 并包括投资方委派董事（其中一位董事）（该董事）。董事会所有决定（除了针对下述“投资方许可权”所列事项所作决议外）经由出席董事多数票通过。Investor Board Representation:投资方董事会代表
19、：Prior to the date of the Qualified IPO(the IPO Date),the Investors will have the right to appoint director s to the Board and Observer for so long as they hold Shares(on an as-converted basis)representing in the aggregate at least%of the total issued and outstanding capital stock of the Company on
20、a fully diluted and converted basis.在合格首次公开发行日期（“IPO 日”）之前，投资方有权向董事会委派 名董事以及委派 名监事，只要其在全面稀释和转换基础上所持有股份（在依转换数量基础上）至少总共代表了公司已发行以及流通股份%。Right of First Offer Refusal:优先购股承购权：Prior to the IPO Date,no holder of Equity Securities may dispose or transfer its Equity Securities to another Investor or a third
21、party(other than a Permitted Transferee,as defined in the section entitled“Permitted Transfers”below)without first offering those Equity Securities to existing holders of Other Shares or Preference Shares(such shares,collectively,the“Shares”and such holders,the“Shareholders”)pursuant to a right of f
22、irst offerrefusal procedure whereby such other Shareholders,collectively,will be entitled to purchase the Equity Securities proposed to be sold.在 IPO 日之前，股份持有者若未向其他股份或优先股（统称“股份”）已有股东（统称“股东”）发出要约，则不得处分或向其他投资者或第三方转让其股份（在以下“经许可受让方”条款中所列经许可受让方除外）。根据优先购股承购权，其他股东有权优先购买代收股份。优先公司名称股权被投资方公司名称或与投资方达成一致其他种类法律实
23、体如以下所定义简称公司投资方甲名称以及其他有待确认投资方甲方及其他投资方统称为投资方百万美元基于交易前资产估值所得百万美元在交割之后在完全先股投资方总共将认购优先股每股优先股美元以下将实际完成时间简称为交割日公司投资方投资总额资金用途证券形式认购购买价格预期交割日可选择性转换私募投资交易示范性协议条款清单自动转换转换价格调整优先股持有者有效转化价格以下简称转换价格计算初始转换价格为优先股认购价格并可根据以下条款中转换价格调整和反稀释条款调整公司股票在正规证券交易市场被承销完成合格首次公开发行时优先股将按照可适用转换价格自动转成普通股转换私募投资交易示范性协议条款清单 Investors Tag
24、-along Right:投资方共同卖股权：Prior to the IPO Date,if a holder intends to dispose or transfer Equity Securities equal to%or more of the issued capital of the Company(on a fully converted and diluted basis)to any third party including any other Shareholder other than an existing Shareholder,other than a Per
25、mitted Transferee,such seller must notify the Investors,at least days prior to the proposed disposition,of the number of Equity Securities to be sold and of the terms of the proposed sale.Each Investor will have the right to include in such sale to the third party a pro rata number of its Shares on
26、an as-converted basis,at the same price and on the terms and conditions as the proposed selling holder.在 IPO 日之前，若股东想要处分或向任何第三方转让相当于%或更多公司股份（在充分转换和稀释基础上）包括任何其他股东除了一个现有股东外，除非对方是经许可受让方，否则出让方必须至少提前 天通知投资方待售股份数额以及交易条件。各投资方均有权按其股份所占比例依照这种交易所定条件和价格购买股份。Permitted Transfers:经许可转让：The Investor shall have the
27、 right to transfer all or part of its Shares to any affiliate of such Investor(a“Permitted Transferee”)that concurrently with such transfer becomes a party to the Shareholders Agreement.投资方有权向其任何附属机构（“许可受让方”）转让其持有全部或部分股份，这些受让方自交易完成起成为股东协议书一方。Drag-along Right:拖带权：Prior to the earlier to occur of the
28、IPO Date and the date which is years from the Completion Date,if any third party offers to buy Equity Securities held by holders of Equity Securities together holding%or more of the total issued share capital of the Company(on a fully converted and diluted basis),those holders may require the remain
29、ing holders to sell a pro rata portion of their Equity Securities,to that third party on the terms and conditions of the offer made by such third party provided that(i)the selling price per Equity Security,on an Ordinary Share equivalent basis,exceeds$(as adjusted for any stock splits,stock dividend
30、s,consolidation,recapitalizations and similar events after the Completion Date)and is payable in cash at completion,(ii)such other holders of Equity Securities are not required to give any representations and warranties except as to the title to does not contravene any laws or regulations.在 IPO 日之前开
31、始之前以及交割日后 年日期，若任何第三方提出要约购买股东持有%公司股份或更多公司已放行股份（在充分转换和稀释基础上），则这些过冬有权要求其他股东以相同价格和条件向该第三方出让相应比例股份假如（i）在以普通股为等价物前提下，每股售价超过 美元（出于应对交易终结日后股权分割、股息分配、合并、资本结构调整以及其他类似事件所作调整）并且能以现金支付来结束认购；（ii）除了针对所售股权所有权外，这些股权持有者不需要为所售股权作任何陈述或保证；（iii）这些股权交易不违反任何法律法规。Put/Redemption Option:If a Qualified IPO has not occurred on
32、or before the date years from the Completion Date or identify key persons cease to be actively 优先公司名称股权被投资方公司名称或与投资方达成一致其他种类法律实体如以下所定义简称公司投资方甲名称以及其他有待确认投资方甲方及其他投资方统称为投资方百万美元基于交易前资产估值所得百万美元在交割之后在完全先股投资方总共将认购优先股每股优先股美元以下将实际完成时间简称为交割日公司投资方投资总额资金用途证券形式认购购买价格预期交割日可选择性转换私募投资交易示范性协议条款清单自动转换转换价格调整优先股持有者有效转化
33、价格以下简称转换价格计算初始转换价格为优先股认购价格并可根据以下条款中转换价格调整和反稀释条款调整公司股票在正规证券交易市场被承销完成合格首次公开发行时优先股将按照可适用转换价格自动转成普通股转换私募投资交易示范性协议条款清单 强制购买/回购权：involved as executives of the Company,each Investor will have the right,free of any restrictions,to require the Company to redeem its Shares or require identify key shareholders
34、 to purchase its Shares,in each case at a price equal to the original subscription price of such Share plus a return in the aggregate amount that would yield a%IRR on such Investor s investment from the date of funding to the date of return of capital.假如在交割日 年后日期之前没有完成合格首次公开发行或者确定核心人员停止积极参与公司管理，则每个投
35、资人都有权不受任何限制地要求公司回购其股份或要求确定核心股东购买其股份，并将交易价格确定为原先认购这类股份价格加上相当于%内部收益率乘以投资方从出资到转让这段时间投资所得溢价。Investors Consent Rights:投资者许可权：Prior to the IPO Date and for so long as the Investors hold at least%of the total issued capital of the Company(on a fully diluted and converted basis),the Company may not,and no S
36、hareholder shall permit the Company to,undertake(and the Company shall take all action so as not to permit any of its subsidiaries or affiliates to undertake)any of the following matters without the prior consent of each InvestorInvestors holding not less than%of the Shares held by all Investors:在 I
37、PO 日之前只要投资者持有至少公司已发行股份%（在充分稀释和转换基础上），未经每个投资人投资人总共持有不少于%公司股份许可，公司不得且股东不应允许公司承担（且公司应主动采取行动防止其分支机构或关联企业承担）以下任何事项：(a)Alter the rights attaching to any Shares;(b)Alter the capital structure of any of the Company,its subsidiaries and its affiliates(collectively,the“Group Companies”);(c)Alter the organizat
38、ional documents of any Group Company;(d)Change the name of any Group Company;(e)Cease to carry on business or terminate any substantial portion of any Group Company s operations or sell all or substantially all of the assets of any Group Company;(f)Enter into any merger,（a）改变任何股份所附带权利；（b）改变公司及其附属企业或
39、关联方（统称“集团公司”）资本结构；（c）改变任何集团公司组织机构文件；（d）改变任何集团公司任何名称；（e）停止任何集团公司经营，取消任何集团公司任何实质性经营部分，或者出售集团公司全部或实质上全部财产；（f）参与任何并购、分拆、合优先公司名称股权被投资方公司名称或与投资方达成一致其他种类法律实体如以下所定义简称公司投资方甲名称以及其他有待确认投资方甲方及其他投资方统称为投资方百万美元基于交易前资产估值所得百万美元在交割之后在完全先股投资方总共将认购优先股每股优先股美元以下将实际完成时间简称为交割日公司投资方投资总额资金用途证券形式认购购买价格预期交割日可选择性转换私募投资交易示范性协议条款
40、清单自动转换转换价格调整优先股持有者有效转化价格以下简称转换价格计算初始转换价格为优先股认购价格并可根据以下条款中转换价格调整和反稀释条款调整公司股票在正规证券交易市场被承销完成合格首次公开发行时优先股将按照可适用转换价格自动转成普通股转换私募投资交易示范性协议条款清单 spin-off,consolidation or any other transaction which would result in a change of control of any Group Company;(g)Make any composition or arrangements with any Grou
41、p Company s creditors,or appoint a receiver or administrator;(h)Wind up any Group Company or do or permit an act which could cause any Group Company to be wound up;(i)Issue new Shares,options,debenture or other securities of any Group Company,including through an IPO and including any securities exc
42、hangeable,convertible or otherwise exercisable for equity securities of any Group Company but excluding options and shares issued pursuant to the ESOP;(j)Appoint or remove a Chairman,CEO or non-executive director of any Group Company(other than a director appointed pursuant to the Investors right to
43、 Board representation);(k)Enter into any transaction or series of transaction with any shareholder,director,officer,employee of any Group Company or an associate of any such shareholder,director,officer or employee which transaction or transactions involve an aggregate value in excess of$;(l)Adopt o
44、r modify the ESOP;(m)Adopt or modify the Business Plan(as described in the Section entitled“Business Plan”below);并或其他任何会导致集团公司控制权产生任何变化交易；（g）与集团公司任何债权人达成任何合作或安排，或向其委派任何接管人员或管理人员；（h）结束任何集团公司，采取或允许任何可以导致集团公司结束行为；（i）通过首次公开发行以及发行可转换、可兑换或者可用于取得任何集团公司资产证券等方式，发行新股份、期权、公司债券或其他任何种类集团公司证券，但这并不包括根据员工持股计划发行期权和股
45、份；（j）任命或解除集团公司董事会主席、首席执行官或者非执行董事（除了根据投资方对董事会代表权而任命主席）；（k）与任何集团公司股东、董事、管理人员、雇员或者这些股东、董事、管理人员、雇员关联人士进行任何总价值或合计价值超过 美元交易或一系列交易；（l）员工持股计划通过或修改；（m）商业计划通过或修改（详见以下“商业计划”规定）；优先公司名称股权被投资方公司名称或与投资方达成一致其他种类法律实体如以下所定义简称公司投资方甲名称以及其他有待确认投资方甲方及其他投资方统称为投资方百万美元基于交易前资产估值所得百万美元在交割之后在完全先股投资方总共将认购优先股每股优先股美元以下将实际完成时间简称为交
46、割日公司投资方投资总额资金用途证券形式认购购买价格预期交割日可选择性转换私募投资交易示范性协议条款清单自动转换转换价格调整优先股持有者有效转化价格以下简称转换价格计算初始转换价格为优先股认购价格并可根据以下条款中转换价格调整和反稀释条款调整公司股票在正规证券交易市场被承销完成合格首次公开发行时优先股将按照可适用转换价格自动转成普通股转换私募投资交易示范性协议条款清单(n)Unless specifically contemplated in the Business Plan;(i)create an encumbrance over any assets or group of assets
47、 of any Group Company with a value,in total or in aggregate,of$or more;(ii)give any guarantee or indemnity in respect of any liability or obligation of any person exceeding$in aggregate;(iii)borrow or lend$or more;(iv)dispose or acquire or agree to dispose or acquire,in one or several related transa
48、ctions,any assets or group of assets with a value,in total or in the aggregate,of$or more;(v)enter into a contract or arrangement involving a capital expenditure value,in total or in the aggregate of,$or more;or (vi)enter into a contract or arrangement involving the licensing of any intellectual pro
49、perty owned or licensed by any Group Company;(o)Declare or not declare dividends;(p)Change the auditors of any Group Company;and(q)Etc.and etc.（n）除非在商业计划中明确规定；（i）在任何集团公司总价值或 合 计 价 值 超 过 美元财产或某组财产上设置任何限制；（ii）对任何人合计超过 美元债务或义务作出任何担保或保证；（iii）借出或借入 美元及以上；（iv）在一项或数项关联交易中处分、购买或同意处分、购买任何总共或合计价值等于或超过 美元财产或某组
50、财产；（v）订立包含资本支出价值总计等于或超过 美元合同或协议；或者 （vi）订立包含许可使用集团公司所拥有或被授权知识产权合同或协议；（o）分配或不分配红利；（p）改变集团公司审计师；或者（q）其他。Business Plan:商业计划：The Company must,each year no later than ,present to the Board,for its review and comment,a Business Plan and operating budget for the next succeeding financial year.Such Business