AGREEMENT OF PREFERRED STOCK FINANCING 鑒于涉及此項投資的投資人已投入和將投入的時間和成本，無論此次融資是否完成，本條款清單之限制出售/保密條款、律師及費用條款對公司都具有強制約束力。未經各方一致簽署并交付的最終協議，本條款清單之其他條款不具AGREEMENT OF PREFERRED STOCK FINANCING
鑒于涉及此項投資的投資人已投入和將投入的時間和成本，無論此次融資是否完成，本條款清單之限制出售/保密條款、律師及費用條款對公司都具有強制約束力。未經各方一致簽署并交付的最終協議，本條款清單之其他條款不具有強制約束力。本條款清單并非投資人進行投資的承諾，其生效以完成令投資人滿意的盡職調查、法律審查和文件簽署為條件。本條款清單各方面受特拉華州法律管轄。
In consideration of the time and expense devoted and to be devoted by the Investors with respect to this investment, the No Shop/Confidentiality and Counsel and Expenses 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.
出資條款：Offering Terms
交割日：當公司接受此條款清單且交割條件完備時即盡快交割（“交割”）。（若需要多次交割，請與此寫明。）
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
投資人以及投資人和公司一致同意的其他投資人：
Investors: Investor as well other investors mutually agreed upon by Investors and the Company.
融資金額：Amount Raised: $ ，
含由過渡貸款轉換的本金及利息＄______
Including $______ from the conversion of principal and interest on bridge notes.
每股價格： $______ 每股 （以下文所列公司資本結構表為依據）(“原始購買價”）Price Per Share: $______ per share (based on the capitalization of the Company set forth below) (the “Original Purchase Price”).
融資前估價：原始購買價以充分稀釋融資前估價$______和融資后估價$______為基礎計算(含充分稀釋的融資后資本中員工股預留______％)
Pre-Money Valuation: The Original Purchase Price is based upon a fully-diluted pre-money valuation of $______ and a fully diluted post-money valuation of $______ (including an employee pool representing ______% of the fully diluted post-money capitalization).
資本結構表：交割前后公司資本結構表請見附件一。
Capitalization: The Company’s capital structure before and after the Closing is set forth as Exhibit A.
股息分配：Dividends:
可選方案1: 當普通股分配股息時，A系優先股按視為轉換成普通股參與分配
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
可選方案2: 經董事會宣布，A系優先股以每股＄______分配非累積性股息
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.
可選方案3: A系優先股按年利率______%分配累積性股息按年度計算復利，于公司清算或贖回股份時可分配。其他股息或分紅，按視為轉換成普通股參與普通股分配。
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 as-converted basis.
清算優先受償權：Liquidation Preference:
公司如因任何原因清算、解散或停業清理過程，公司收益將作如下分配：
In the event of any liquidation, dissolution or winding up of the Company, the proceeds shall be paid as follows:
可選方案1（優先股不參與分配）:首先,每股A系優先股按一倍原始購買價加累計股息加已宣布但未付股息分配。其余分配給普通股股東
Alternative 1 (non-participating Preferred Stock): First pay one times the Original Purchase 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.
可選方案2（優先股充分參與分配）:首先，每股A系優先股按一倍原始購買價加累計股息加已宣布未付股息 分配。然后優先股按視為轉換成普通股參與普通股分配
Alternative 2 (full participating Preferred Stock): First pay one times the Original Purchase 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.
可選方案3（優先股限制參與分配）:首先，每股A系優先股按一倍原始購買價加累計股息加已宣布未付股息 分配。然后優先股按視為轉換成普通股參與普通股分配，直至A系優先股股東獲得總計______倍于原始購買價的分配
Alternative 3 (cap on Preferred Stock participation rights): First pay one times the Original Purchase Price plus accrued dividends plus declared and unpaid dividends on each share of Series A Preferred. Thereafter, Series A Preferred participates with Common Stock on an as-converted basis until the holders of Series A Preferred receive an aggregate of ______ times the Original Purchase Price.
公司的兼并或合并（公司原股東擁有存續公司或收購公司的發行在外股票過半數表決權的情形除外）， 以及公司出售、租賃、轉讓或以其他方式處置公司全部或大部分資產的行為，應當視為公司清算事項(視為清算事項)，并導致上述清算優先權得以產生除非______％的A系優先股股東投票反對這種處理。
A merger or consolidation (other than one in which stockholders of the Company own a majority by voting power of the outstanding shares of the surviving or acquiring corporation) and a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company will be treated as a liquidation event (a “Deemed Liquidation Event”), thereby triggering payment of the liquidation preferences described above unless the holders of ___% of the Series A Preferred elect otherwise.
表決權：Voting Rights:
除下列情形外，A系優先股股東在視為轉換成普通股的基礎上與普通股股東一起表決，而不能作為獨立表決團體：
The Series A Preferred Stock shall vote together with the Common Stock on an as-converted basis, and not as a separate class, except
（i）A系優先股股東作為一個團體有權選舉______名董事會成員（A系董事）;
(ii)出現如下文所示“保護性條款”之情況;
（iii）法律另有的其他規定。
公司章程應當規定，經優先股和普通股股東多數同意，并作為一個表決團體集體表決（不經普通股股東單獨表決），公司可以增加或減少授權發行的股票數量4。
(i) the Series A Preferred as a class shall be entitled to elect _______ (_) members of the Board (the “Series A Directors”), (ii) as provided under “Protective Provisions” below or (iii) as required by law.
The Company’s Certificate of Incorporation will provide that the number of authorized shares of Common Stock may be increased or decreased with the approval of a majority of the Preferred and Common Stock, voting together as a single class, and without a separate class vote by the Common Stock.
保護性條款：Protective Provisions:
只要有___寫明固定數量、百分比或任何 A系優先股仍發行在外，未經至少 ％A系優先股股東書面同意，公司不得直接或變相進行兼并、合并或下列其他業務：
So long as insert fixed number, or %, or “any” shares of Series A Preferred are outstanding, the Company will not, without the written consent of the holders of at least ______% of the Company’s Series A Preferred, either directly or by amendment, merger, consolidation, or otherwise:
（i）清算、解散或停業清理，或進行任何視為清算事項;
(ii)以不利于A系優先股股東的方式修改、變更或撤銷公司章程或細則中的任何條款5
（iii）創設、授權創設或發行可轉換或可行使擁有優于或同等于A系優先股之權利、優待或特權的公司證券，或增加發行A系優先股授權數量；
(iv)優于A系優先股，對任何股份予以收購、贖回或分配股息。由于前員工的雇傭（或顧問的服務）關系的終止，以低于公平市場價回購其股份的除外由董事會（含 位A系董事）同意的除外；
(v)發行或授權發行任何公司債券若公司總計負債因此超過﹩______設備租賃或銀行信用額度除外無股權特征的負債除外此類債券獲得董事會（含 位A系董事）事先同意的除外；
（vi）增加或減少董事會成員人數。
(i) liquidate, dissolve or wind up the affairs of the Company, or effect any Deemed Liquidation Event;
(ii) amend, alter, or repeal any provision of the Certificate of Incorporation or Bylaws in a manner adverse to the Series A Preferred;
(iii) create or authorize the creation of or issue any other security convertible into or exercisable for any equity security, having rights, preferences or privileges senior to or on parity with the Series A Preferred, or increase the authorized number of shares of Series A Preferred;
(iv) purchase or redeem or pay any dividend on any capital stock prior to the Series A Preferred, other than stock repurchased from former employees or consultants in connection with the cessation of their employment/services, at the lower of fair market value or cost; other than as approved by the Board, including the approval of ______ Series A Director(s); or
(v) create or authorize the creation of any debt security if the Company’s aggregate indebtedness would exceed $____other than equipment leases or bank lines of creditother than debt with no equity featureunless such debt security has received the prior approval of the Board of Directors, including the approval of ______ Series A Director(s);
(vi) increase or decrease the size of the Board of Directors.
可選擇轉換：Anti-dilution Provisions:
A系優先股股東有權將其擁有每一A系優先股隨時轉換為普通股，每一A系優先股可轉換為普通股的數量為原始購買價除以轉換時的A系優先股轉換價（定義如下）。最初的A系優先股轉換價應當原始購買價。A系優先股轉換價應當根據普通股的配股、股票分割、股票合并等類似事項，以及如下“反稀釋條款”所述內容進行調整。
Optional Conversion: Each share of the Series A Preferred shall be convertible, at the option of the holder thereof, at any time, into such number of shares of Common Stock as is determined by dividing the Series A Original 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, combinations and similar events and as described below under “Anti-dilution Provisions.”
反稀釋條款：anti-dilution adjustment:
若公司以低于現行A系優先股轉換價的價格發行新的股票，該轉換價格應按下列公式調整：
可選方案1“典型”加權平均數：CP2=CP1*(A+B)/(A+C)
CP2=新A系優先股轉換價 CP1=新股發行前實際A系優先股轉換價
A=新股發行前視為已發行的普通股數量（含所有已發行的普通股，所有視為已轉換的已發行優先股，以及所有已發行的可行使期權;不含轉入此輪融資的任何可轉換證券）
B=公司此次發行預計融資總額除以CP1
C=本次交易中股票發行數量
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)
CP2 = New Series A Conversion Price
CP1 = Series A Conversion Price in effect immediately prior to new issue
A = Number of shares of Common Stock deemed to be outstanding immediately prior to new issue (includes all shares of outstanding common stock, all shares of outstanding preferred stock on an as-converted basis, and all outstanding options on an as-exercised basis; 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 CP1
C = Number of shares of stock issued in the subject transaction
可選方案2：完全棘輪方案—轉換價降到與新發行價一致
Alternative 2: Full-ratchet – the Series A Preferred Conversion Price will be reduced to the price at which the new shares are issued.
可選方案3：無基于價格調整的反稀釋措施
Alternative 3: No price-based anti-dilution protection.
下列發行不導致反稀釋調整：The following issuances shall not trigger anti-dilution adjustment:
（i）可發行證券是基于任何A系優先股轉換后產生，或作為A系優先股的股息或分紅；
（ii）可發行證券是基于任何信用債券，認股權證，期權或其它可轉換證券轉換后產生；
（iii）可發行普通股是基于股票分割，配股，或任何普通股的細分而產生；
（iv）普通股（或認購該類普通股的期權）發行或可發行給公司的員工、董事、顧問，是基于公司董事會董事（含至少_名A系董事）同意的任何股權計劃而產生的；
（v）普通股發行或可發行給銀行，設備出租人，是基于公司董事會董事（含至少_名A系董事）同意的債務融資，設備租賃或不動產租賃交易而產生的。
(i) securities issuable upon conversion of any of the Series A Preferred, or as a dividend or distribution on the Series A Preferred; (ii) securities issued upon the conversion of any debenture, warrant, option, or other convertible security; (iii) Common Stock issuable upon a stock split, stock dividend, or any subdivision of shares of Common Stock; 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).
強制性轉換：Mandatory Conversion:
若（i）公開發行價格高于_倍原始購買價承銷所有股票，且公司所取得的凈/總收入不低于＄_(“合格公開發行QPO”)，或
（ii）經％A系優先股股東書面同意，在具有包銷承諾的有保薦人的公開發行交割時，每股A系優先股將自動以當時適當的轉換率轉換為普通股。（適用普通股股息，分割，合并及類似調整業務）
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 commitment underwritten public offering with a price of ___ times the Original Purchase Price (subject to adjustments for stock dividends, splits, combinations and similar events) and net/gross proceeds to the Company of not less than $_______ (a “QPO”), or (ii) upon the written consent of the holders of ______% of the Series A Preferred.
出資人參與交易: Pay-to-Play:
除非董事會決定含多數A系董事投票決定允許主要投資人放棄參與權，在之后的公司再融資交易中，所有主要投資人都必須充分行使其參與權(如下文“投資人權利協議—按比例參與未來交易”所述)除非%A系優先股股東投票同意不按此方案處理，否則任何未行使上述參與權A系優先股8的主要 投資人所持有的全部A系優先股都將喪失反稀釋權利喪失未來交易參與權如果可適用，轉換為普通股并喪失董事席位。
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 Directors). All shares of Series A Preferred of any Major Investor failing to do so will automatically lose anti-dilution rights lose right to participate in future rounds convert to Common Stock and lose the right to a Board seat if applicable.
贖回權: Redemption Rights:
交割后第五年開始，經至少%的A系優先股股東選擇， A系優先股股東可以要求公司以可合法分配資金以原始購買價加所有累積未付股息 贖回其所持有的A系優先股。 贖回將在三年內分階段等額完成。如符合規定比例的A系優先股股東提出贖回請求，其他所有A系優先股都將被可贖回除明確選擇放棄上述權利的A系優先股股東外。
The Series A Preferred shall be redeemable from funds legally available for distribution at the option of holders of at least ______% of the Series A Preferred commencing 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 opt-out).
股份買賣協議書 Stock Purchase Agreement
陳述與保證: 公司提供標準的陳述與保證. 由公司創始人對技術所有權等提供陳述與保證. Representations and Warranties: Standard representations and warranties by the Company. Representations and warranties by Founders regarding technology ownership, etc..
完成交割的條件: 完成交割的標準條件，包括: 完成相應的財務和法律的盡職調查，股票的發行符合州證券法(Blue Sky laws)的規定，賦予了A系優先股權利和優待的公司章程的進行了登記備案,以及公司律師出具了法院意見函等事項。 Conditions to Closing: Standard conditions to Closing, which shall include, among other things, satisfactory completion of financial and legal due diligence, qualification of the shares under applicable Blue Sky laws, the filing of a Certificate of Incorporation establishing the rights and preferences of the Series A Preferred, and an opinion of counsel to the Company.
律師及費用: Counsel and Expenses:
投資人/公司的律師起草交割文件。公司在交割時，應當支付因融資產生的所有法律和行政花費，包括合理專業服務費用（投資人律師費由公司承擔部分不得超過$ ______）和其他費用由于投資人無故撤銷其承諾而使得交易未完成的除外。
Investor/Company counsel to draft closing documents. Company to pay all legal and administrative costs of the financing at Closing, including reasonable fees (not to exceed $______)and expenses of Investor counsel, unless the transaction is not completed because the Investors withdraw their commitment without cause .
公司律師：Company Counsel: 投資人律師: Investor Counsel:
投資人權利協議 INVESTOR RIGHTS AGREEMENT
登記權：Registration Rights:
可登記證券：Registrable Securities:
由A系優化股轉換后可發行的普通股的全部股權和投資人持有的其他普通股將被視為“可登記證券”
All shares of Common Stock issuable upon conversion of the Series A Preferred and any other Common Stock held by the Investors will be deemed “Registrable Securities.”
請求登記權: Demand Registration:
最早在（i）交割后3-5年；或（ii）首次發行新股（“IPO”）后的6個月的內,持有 ______%的可登記證券者可要求其持有股份的公司進行一二次(完備的)注冊登記。每次登記的發行總額不可少于五百萬至一千萬美元。
Upon earliest of (i) three-five years after the Closing; or (ii) six months following an initial public offering (“IPO”), persons holding ______% of the Registrable Securities may request onetwo (consummated) registrations by the Company of their shares. The aggregate offering price for such registration may not be less than $5-10 million.
S-3表格式登記權: Registration on Form S-3:
如果公司可進行S-3表格式登記, 且可登記證券的發行總額至少為1-5百萬美元,則持有 10-30%的可登記證券者有權要求公司以S-3 表格式進行登記.
The holders of 10-30% of the Registrable Securities will have the right to require the Company to register on Form S-3, if available for use by the Company, Registrable Securities for an aggregate offering price of at least $1-5 million.
附帶登記權: Registrable Securities
可登記證券持有人具有在公司證券注冊登記表之上的附帶登記權，但該項權利受限于于公司及其承銷人的如下權利：公司及其承銷人有權將預計登記出售的股票份額在各預計出售人將按比例減少至最低為30%比例。但是只有在其他股東所持股份減少之后，可登記證券持有人所要登記的股份才能減少.
Piggyback Registration: The holders of will be entitled to “piggyback” registration rights on all registration statements of the Company, subject to the right, however, of the Company and its underwriters to reduce the number of shares proposed to be registered to a minimum of 30% on a pro rata basis. In all events, the shares to be registered by holders of Registrable Securities will be reduced only after all other stockholders’ shares are reduced.
費用: Expenses:
所有登記費用（包括股份轉讓稅,承銷折扣和代理費用）由公司承擔。公司同時應支付一位代表全體參與股東的律師的費用不超過﹩ 以及其他合理費用。
The registration expenses (exclusive of stock transfer taxes, underwriting discounts and commissions will be borne by the Company. The Company will also pay the reasonable fees and expenses, not to exceed $______, of one special counsel to represent all the participating stockholders.
股權鎖定: Lock-up:
在首次發行新股（IPO）時, 若經首席承銷人要求，投資人應當同意，在首次發行新股（IPO）后的180天內不出售或轉讓公司的任何普通股股份不包括在首次發行新股（IPO）期間或其后買入的股份）（條件是，公司的所有董事，主管以及1-5%的股東也同意受同一股權鎖定協議約束）。此股權鎖定協議一經達成，即表明，對于公司或承銷人代表制定的此協議的限制條款作出任何放棄或終止措施,都應符合基于所持股份按比例計算的主要投資人的意見。“主要投資人”是指持有A系優先股的份額至少為$______的任何投資人。
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 lock-up). Such lock-up 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: Termination:
本協議因發生下列情形之一而終止:
首次發行新股（IPO）后(5年)內；
發生視為清算事項；或
在任何90天的期間內,任一投資人可以在不受第144(k)條限制的情形下合法賣出所持全部股份。
未經主要 可登記證券持有人同意,公司不授予任何優于投資人權益的登記權。
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 90-day period.
No future registration rights may be granted without consent of the holders of a majority of the Registrable Securities unless subordinate to the Investor’s rights.
管理權和知情權: Management and Information Rights:
公司應當向要求人以投資人可接收的合理形式開具管理權授權信, 并在交割之前送達每個要求出具該授權信的投資人。
在日常上班時間,經合理的預先通知,任何主要投資人(非競爭者)都有權進入公司設施及會見公司員工。
A Management Rights letter from the Company, in a form reasonably acceptable to the Investors, will be delivered prior to Closing to each Investor that requests one.
Any Major Investor (who is not a competitor) will be granted access to Company facilities and personnel during normal business hours and with reasonable advance notification.
公司應當向主要投資人提供: The Company will deliver to such Major Investor
（i）每年，每季度，和每月的財務報表，以及其他董事會認為適當的其他信息；
（ii）于每一財政年度結束的前30天內，針對下一財政年度提出按月列明的綜合財政預算表,其中須包括預期的公司收入，支出和資金配置情況;
（iii）在每一季度結束時,經由財務總監(CFO)簽字確認的最新資產負債表。
(i) annual, quarterly, and monthly financial statements, and other information as determined by the Board; (ii) thirty days prior to the end of each fiscal year, a comprehensive operating budget forecasting the Company’s revenues, expenses, and cash position on a month-to-month basis for the upcoming fiscal year; and (iii) promptly following the end of each quarter an up-to-date capitalization table, certified by the CFO.
按比例參與未來交易權: Right to Participate Pro Rata in Future Rounds:
所有主要投資人有權按比例優先認購公司今后發行股份權利（在本條款清單之“反稀釋條款”中列舉的發行以及因公司并購而產生的發行除外）。主要投資的認購比例基于這些投資人在公司普通股所有權中所占的百分比確定（假設所有已發行在外優先股都轉換為普通股，并且公司制定的股票發行計劃中的所有期權都被行使）。另外，如果任何主要投資人選擇不購買其全額按比例股份，其他主要投資人有權按比例購買余下股份。
All Major Investors shall have a pro rata right, based on their percentage equity ownership in the Company (assuming the conversion of all outstanding Preferred Stock into Common Stock and the exercise of all options outstanding under the Company’s stock plans), to participate in subsequent issuances of equity securities of the Company (excluding those issuances listed at the end of the “Anti-dilution Provisions” section of this Term Sheet and issuances in connection with acquisitions by the Company). In addition, should any Major Investor choose not to purchase its full pro rata share, the remaining Major Investors shall have the right to purchase the remaining pro rata shares.
需經投資人和董事會明確同意之事項: Matters Requiring Investor Director Approval:
只要_%初始發行的A系優先股仍發行在外未經董事會同意，以及包括至少_位A系董事的表決同意，公司將不得：
So long as ______% of the originally issued Series A Preferred remains outstanding the Company will not, without Board approval, which approval must include the affirmative vote of ____ of the Series A Director(s):
（i）向任何子公司或其他公司，合伙企業或者其他組織機構提供貸款或預付款，或者擁有其任何股份或其他有價證券，除非公司全額擁有這些機構或公司的所有權；
make any loan or advance to, or own any stock or other securities of, any subsidiary or other corporation, partnership, or other entity unless it is wholly owned by the Company;
（ii）提供貸款或預付款給任何個人，包括任何員工或董事，除非是公司常規運營下的預付款或者類似開支，或者是基于職工股或經董事會同意的的期權計劃；
make any loan or advance to any person, including, any employee or director, except advances and similar expenditures in the ordinary course of business or under the terms of a employee stock or option plan approved by the Board of Directors;
iii）為任何債務提供擔保，公司或其子公司在正常經營交易之中產生債務除外；
guarantee, any indebtedness except for trade accounts of the Company or any subsidiary arising in the ordinary course of business;
（iv）進行除下列投資以外的任何投資：優秀級商業票據，貨幣市場基金，在美國任一凈資產超過一億美元或由美利堅合眾國出具或擔保資信的銀行的定期存單，但上述任何一筆投資期限不得超過兩年；
make any investment other than investments in prime commercial paper, money market funds, certificates of deposit in any United States bank having a net worth in excess of $100,000,000 or obligations issued or guaranteed by the United States of America, in each case having a maturity not in excess of two years;
（v）負擔任何在董事會同意的預算之外且總計超過$______的債務，但在正常經營交易產生的應付款項除外，
incur any aggregate indebtedness in excess of $______ that is not already included in a Board-approved budget, other than trade credit incurred in the ordinary course of business;
（vi）參與到與公司的任何董事、主管或員工或有關 的交易中或者成為交易的一方當事人，或者成為上述人員的合伙人（詳見《證券交易法案》第12條b款第2項的規定）每年由公司或向公司支付款項少于$60000的交易除外公司正常經營交易產生的應付款項，以及按照公司正常經營的合理要求和基于經董事會多數同意的公平合理的條款進行的交易除外；
enter into or be a party to any transaction with any director, officer or employee of the Company or any “associate” (as defined in Rule 12b-2 promulgated under the Exchange Act) of any such person except transactions resulting in payments to or by the Company in an amount less than $60,000 per year, or transactions made in the ordinary course of business and pursuant to reasonable requirements of the Company’s business and upon fair and reasonable terms that are approved by a majority of the Board of Directors;
（vii）雇用、解雇高級管理人員或改變其薪酬，包括通過任何期權計劃；
hire, fire, or change the compensation of the executive officers, including approving any option plans;
（viii）改變公司主營業務，進入新的業務，或退出現有業務；
change the principal business of the Company, enter new lines of business, or exit the current line of business; or
（ix）出賣、轉讓、許可、抵押或質押技術或知識產權，但屬于公司正常經營活動中的許可除外。
sell, transfer, license, pledge or encumber technology or intellectual property, other than licenses granted in the ordinary course of business.
競業禁止協議: Non-Competition and Non-Solicitation and Agreements:
每位創始人和主要員工都應以投資人可接受的合理方式簽定一年的競業禁止協議.
Each Founder and key employee will enter into a one year non-competition and non-solicitation agreement in a form reasonably acceptable to the Investors.
保密及知識產權轉讓協議: Non-Disclosure and Developments Agreement:
每一位知悉公司保密信息/貿易秘密的現任和前任創始人、員工和顧問都應以投資人可接受的合理方式簽定保密及知識產權轉讓協議．
Each current and former Founder, employee and consultant with access to Company confidential information/trade secrets will enter into a non-disclosure and proprietary rights assignment agreement in a form reasonably acceptable to the Investors.
關于董事會的事項：Board Matters:
每個董事會應包括至少一名A系董事。
董事會議應至少每月每季度召開一次,除非經多數董事表決反對.
公司應按董事會要求的數額 購買董事及經理(D&O)保險．如果公司與其他組織機構合并且不再獨立存續，或者轉讓所有資產，公司應留有適當儲備以使公司的繼任者承擔起對董事的賠償責任。
Each Board Committee shall include at least one Series A Director.
The Board of Directors shall meet at least monthlyquarterly, unless otherwise agreed by a vote of the majority of Directors.
The Company will bind D&O insurance with a carrier and in an amount satisfactory to the Board of Directors. In the event the Company merges with another entity and is not the surviving corporation, or transfers all of its assets, proper provisions shall be made so that successors of the Company assume Company’s obligations with respect to indemnification of Directors.
員工期權: Employee Stock Options:
所有員工期權應以如下方式賦予：一年以后賦予25%，其余在36個月內逐月賦予.
A系優先股投資以前，______股份應被納入期權儲備，以創設______股未分配期權。 All employee options to vest as follows: 25% after one year, with remaining vesting monthly over next 36 months.
Immediately prior to the Series A Preferred Stock investment, ______ shares will be added to the option pool creating an unallocated option pool of _______ shares.
關鍵員工保險: Key Person Insurance:
公司以董事會同意的數額為創始人列出每個創始人的姓名申請人壽保險.受益方為公司. Company to acquire life insurance on Founders name each Founder in an amount satisfactory to the Board. Proceeds payable to the Company.
首次發行新股IPO Directed Shares:
（IPO）的指定股: 在相關法律和美國證監會(SEC)政策允許范圍內，當首次發行新股（IPO）在交割一年后完成時，公司應盡合理最大努力，促使承銷人在所提供股份中確定10%作為指定股，且其中的50%分配給主要投資人.
To the extent permitted by applicable law and SEC policy, upon an IPO consummated one year after Closing, Company to use reasonable best efforts to cause underwriters to designate 10% of the offering as directed shares, 50% of which shall be allocated by Major Investors.
合格小規模商業股(QSB): QSB Stock:
公司應盡合理最大努力，使其股份成為合格小規模商業股(QSB)，［除非董事會認為該股份與公司的最高利益相悖。
Company shall use reasonable best efforts to cause its capital stock to constitute Qualified Small Business Stock unless the Board determines that such qualification is inconsistent with the best interests of the Company.
權利終止條款: Termination:
投資人權利協議中規定的全部權利，除登記權外，都應在下列情形發生時自然終止：首次發行新股(IPO)，視為清算事項，或50%以上的公司表決權的被轉讓時。
All rights under the Investor Rights Agreement, other than registration rights, shall terminate upon the earlier of an IPO, a Deemed Liquidation Event or a transfer of more than 50% of Company’s voting power.
優先認購權/共同出售權和表決權協議
RIGHT OF FIRST REFUSAL/CO-SALE AGREEMENT AND VOTING AGREEMENT
優先認購權/共同出售權: Right of first Refusal
公司最先，投資人其次，(在董事會認定的范圍內)對創始人及應持有大于5%的公司普通股（假設優先股已轉換）的公司員工有意出售的公司股份依次享有優先認購權，同時對于其他投資人未認購的股份也享有超額認購權。
如果公司和其他投資人都未行使優先認購權,，則該出售者在出售普通股之前，應通知其他投資人， 其他投資人享有按照出售者以及其他投資人所持有證券的比例出售股份的權力。Right of Co-Sale (Take-me-Along): Company first and Investors second (to the extent assigned by the Board of Directors,) have a right of first refusal with respect to any shares of capital stock of the Company proposed to be sold by Founders and employees holding greater than 5% of Company Common Stock (assuming conversion of Preferred Stock), with a right of oversubscription for Investors of shares unsubscribed by the other Investors.
Before any such person may sell Common Stock, he will give the Investors an opportunity to participate in such sale on a basis proportionate to the amount of securities held by the seller and those held by the participating Investors.
董事會: 在首次交割中，董事會應包括______名成員：（i）姓名作為主投資人 姓名 指派的代表
（ii）姓名作為其余投資人指派的代表
（iii）姓名作為創始人指派的代表,（iv）當時就任公司首席執行官(CEO)的人員；以及
（v）______等雖未被公司雇用但被創始人和投資人董事一致認可的人員. Board of Directors: At the initial Closing, the Board shall consist of ______ members comprised of (i) Name as the representative designated by ____, as the lead Investor, (ii) Name as the representative designated by the remaining Investors, (iii) Name as the representative designated by the Founders, (iv) the person then serving as the Chief Executive Officer of the Company, and (v) ___ person(s) who are not employed by the Company and who are mutually acceptable to the Founders and Investorsto the other directors.
拖曳前行條款: Drag Along:
優先股股東和創始人以及所有當前和將要持有5%以上普通股的股東（假設所有優先股已轉換所有期權已行命名）應當與投資人簽定協議，當發生董事會和 (多數)/(絕大多數)視為已轉換的已發行在外優先股的股東同意的視為清算事項或公司50%以上表決權被轉讓的交易時，上述人員應投票支持這一交易。
Holders of Preferred Stock and the Founders and all current and future holders of greater than 5% of Common Stock (assuming conversion of Preferred Stock and whether then held or subject to the exercise of options) shall be required to enter into an agreement with the Investors that provides that such stockholders will vote their shares in favor of a Deemed Liquidation Event or transaction in which 50% or more of the voting power of the Company is transferred, approved by the Board of Directors and the holders of a majoritysuper majority of the outstanding shares of Preferred Stock, on an as-converted basis.
終止條款: Termination:
優先認購權/共同出售權和表決權協議中規定的全部權利因以下原因終止：首次發行新股（IPO），視為清算事項，或者公司50%以上表決權的轉讓。
All rights under the Right of First Refusal/Co-Sale and Voting Agreements shall terminate upon an IPO, a Deemed Liquidation Event or a transfer of more than 50% of Company’s voting power.
其他事項 OTHER MATTERS
創始人的股份: Founders’ Stock:
公司對于所有創始人的股份擁有以成本價回購的權利；交割后的頭12個月有權回購______%的股份；在此之后的 個月內，回購權逐月等額遞減。
All Founders to own stock outright subject to Company right to buyback at cost. Buyback right for ______% for first 12 months after Closing; thereafter, right lapses in equal monthly increments over following ______ months.
限制出售及保密條款: No Shop/Confidentiality:
公司同意誠實運作，力求盡快完成交割.公司和創始人同意，在本協議條款被接受之日起6個月內，不采取任何行動邀請、提出、鼓勵或協助提交，來自投資人以外任何個人或組織機構的，關于出售、發行公司股份的計劃、談判或要約或者并購、出售、租賃、許可或以其他方式處分公司股份及資產的行為。如果任何第三人就上述行為對公司提出詢問，公司應立即通知投資人。如果公司違反上述限制出售 義務，或于之前，與任何人達成上文所述交易而未向投資人提供與所達成的交易相等的條件，則公司應于此交易交割時向投資人賠償$作為雙方約定的固定違約金21。
未經投資人的書面同意，公司不得向除公司高級管理人員、董事會成員、公司會計師、律師和經主投資人______認可的其他潛在投資人以外的任何人批露本條款清單的任何內容。
The Company agrees to work in good faith expeditiously towards a closing. The Company and the Founders agree that they will not, for a period of six weeks from the date these terms are accepted, take any action to solicit, initiate, encourage or assist the submission of any proposal, negotiation or offer from any person or entity other than the Investors relating to the sale or issuance, of any of the capital stock of the Company or the acquisition, sale, lease, license or other disposition of the Company or any material part of the stock or assets of the Company and shall notify the Investors promptly of any inquiries by any third parties in regards to the foregoing. In the event that the Company breaches this no-shop obligation and, prior to ______, closes any of the above-referenced transactions without providing the Investors the opportunity to invest on the same terms as the other parties to such transaction, then the Company shall pay to the Investors $_______ upon the closing of any such transaction as liquidated damages.
The Company will not disclose the terms of this Term Sheet to any person other than officers, members of the Board of Directors and the Company’s accountants and attorneys and other potential Investors acceptable to _________, as lead Investor, without the written consent of the Investors.
終止: Expiration:
如果公司沒有在_______之前接受本條款清單，則本條款清單自然終止。
This Term Sheet expires on _______ if not accepted by the Company by that date.
本條款清單于200_ __ __由下列各方簽字蓋章：
EXECUTED THIS____ DAY OF _____
簽名 SIGNATURE BLOCKS
Exhibit A 附件1
Capitalization and Financing Plan 資本結構表與融資計劃
Series A Financing A系融資
Pre-Money Capitalization 融資前資本結構
Pre-Money Equity %融資前股本比例
Series A Financing A系融資
Post-Money Capitalization融資后資本結構
Post-Money Equity %融資后股本比例
Founders創始人
non-founder shareholders未創始人股東
Warrants認股權證
options outstanding發行在外期權
balance of Plan reserve職工持股計劃預留結余
increase to Plan reserve職工持股計劃結余增量
Series A investors A系投資者
pre-money valuation融資前企業價值
price per share每股價格
capital raised融資額
post-money valuation融資后企業價值
