募資- 2,看懂Term Sheet (投資條件書)

Term Sheet是一個”有條件” 的投資提案或風險投資協議

在創業家和創投接觸數個月後,假設一切順利,雙方都有意願更進一步來合作投資,創投VC會提出一個Term sheet,是創投決定向創業家投資的投資條件書,投資條件清單,很像民間的議價書(Offer Letter),是一個” 有條件” 的投資提案。一般正式一點的投資案,也許會先簽LOI (Letter of Intent) 和NDA(Non Disclosure Agreement ),也許BP會修改過幾輪後,創投才會出第一版的Term Sheet,然後雙方再經過一段時間討論其中Terms & Conditions,達成共識後,term sheet確認,才會進行更嚴格的DD(Due Diligence) 投資評估包含資產調查等,我們後面再談。不過通常到這裡,除非在DD前,你有隱瞞重大資訊,讓創投反悔決定,理論上這個投資案己經八九不離十了。最後進行到投資簽約時,這些同意的條件,就會正式列在投資協議書(Investment Agreement),或是股票購買合約書(Stock Purchase Agreement)裡。

Term Sheet是一個奇怪的東西,收到它代表著你幾個月的辛苦耕耘,終於有投資人受到你的熱情感動,向你提出了投資條件書,也有點像你是努力的找買家要賣你的股票,終於有人出價了,好高興。但如果你收到了Term Sheet,這也代表了這不是一個Friend&Family朋友的友情投資,而是正式的,公司對公司的交易,一切都要和正式商業合作案一樣,最好是有律師參與討論,因為小小一份Term Sheet,內容可是十分不簡單。收不收的到Term Sheet也不是投資過程中的必要步驟,也有的是LOI簽完就直接進入DD,雙方合作談判達成共識後,就會進行合約的討論簽訂。不過,主要投資條件(Key terms) 的討論,在投資決定的過程中,一定會是花最多時間的地方。

Term Sheet 的內容

Term sheet最主要的內容是投資股數,金額,公司增資前價值(Pre Money Valuation),公司增資後價值(Post Money Valuation),和所佔百分比。這幾個算是基本常識的名詞,不懂就遜掉了。

公司增資前價值(Pre Money Valuation),和增資後價值(Post Money Valuation)

我舉一個例子,某新創公司己發行二百萬股,每股臺幣十元,其中技術股佔三成,就是六十萬股,因此實收資本額是一仟四百萬,但是技術股也要作價,總股數乘上每股價格,也就是增資前公司資本額是二仟萬。如果本次增資預計發行一百萬新股,溢價二十元發行,可以募得二仟萬元,新股佔總股票數33%,總股數變成三百萬股,乘上目前股價,增資後公司價值(Post Money Valuation) 為六千萬,也代表增資前公司價值(Pre Money Valuation)是六仟萬減上新投資兩仟萬,是四仟萬。原始股東股票從原始的二千萬增值二倍到價值四仟萬,蠻不錯的,但舊股股權因加上新股稀釋,手上一股權利變成相當於現在的0.67股,就是稀釋67%。

如果嫌募資二仟萬不夠,另外一個可能性是發行二百萬新股,一樣溢價二十元發行,可以募得四仟萬元,新股佔總股票50%,總股數變成四百萬股,乘上目前股價,增資後公司價值(Post Money Valuation) 為八千萬,增資前公司價值(Pre Money Valuation)是八仟萬減上新投資四仟萬,是四仟萬。原始股東股票還是增值二倍,但舊股股權因加上新股稀釋,一股權利變成相當於現在的0.5股。

搞清了這些觀念,你就可用下面的表來玩了。溢價二十元賣太貴了? 沒人買。十五元如何呢? 請看第三和第四行。 如果公司現在太熱門了,你要溢價100元賣,只要有人買,就算你只發行五十萬股,也可以募得五仟萬,公司的Pre Money Valuation一舉漲了10倍,到二億,好像很誇張? Well,只要有人買單,一點都不奇怪。

在Term Sheet裡,其實這個部份十分合理,本來投資前就要講清楚這些東西,才不會有紛爭,所以這一條還好嘛。不過別高興的太早,這個條款以下幾乎所有的內容,都是創投為了保護投資利益,所訂的嚴格條款,沒看過的人請心理準備一下,不要被嚇到了。我們來看一些主要的條件內容:

Preferred Stock優先股

這個preferred Stock的優先股股票,命名是因為相對於Common Shares的一般股股票。也代表了優先股的權利,和一般股是不一樣的。但請不要想太多,身為創業家的你,擁有的一定是一般股,在某些待殊狀況下,如果你真得擁有優先股,或是優先股已經發行給先前的投資人了,那新的創投也可以發行不同權利的更高優先股,把以前的優先股叫Preferred A,新的叫Preferred B,而且一般是採堆疊法,就是C比B大,B比A大,B先優先處理,再處理A,如此類推,很有趣吧。這個優先股的優先權利,一直會到公司公開上市後才會以一定的比例換成一般股,所以這些特權條款,以及其他所有的terms,會一路陪伴著你到公司上市的那一天。

那這個優先股到底有多preferred呢?

Liquidation Preferences清算優先

除了上市外,公司不管是被併購,所有權易手,倒閉,或破產,都需要被清算。清算就是把公司剩餘的資產賣掉,加上現金,還清負債後,剩下的錢再分還給股東。聽起來有點悲情,其實不然,現在的新創公司,只要不是破產倒閉,有時候被其他大公司併購的財務回報一點都不輸給股票上市IPO,而且立刻可以拿到現金,不像上市後賣股票還有很多時間限制,不能立刻換現。所以現在說某某公司創業成功,未必是公司IPO,被好價錢併購的也是成功典範。

好,那什麼是清算優先呢,就是如果發生上述清算事實,有這項權利的人可以優先把他們投資的原始資金拿回來,例如某公司賣了兩億,扣掉負債還剩一億五仟萬,某投資人當時投了五仟萬的優先股,佔30%公司股權,有清算優先條款,所以這個投資人可以先拿回五仟萬,清算金額剩一億。然後再按照股權等比例均分,英文叫Pro-Rata basis(其實pro-rata是拉丁文,創投律師把它那來當英文用,嚇唬人用的),因為是30%,可以再拿到三千萬。所以其實是剝了兩層皮,先拿回原來投資的錢,再分剩下的錢。這個例子裡,如果公司賣的不好,只有一億,扣掉負債後,剛好還剩五仟萬,被清算優先股拿掉後,一般股連一毛都分不到。

還沒結束呢,清算優先還有變型的,創投可以有Liquidation Preferences(X1),(X2),一直到(X10)都有可能,(X2)代表的是創投可以先拿回二倍的原始投資金額,再和大家分。(X3)就是三倍,(X10)就是十倍,雖然現在已經不是internet瘋狂年代,(X10)不太可能發生,一般都是(X1) 了,不過也不是沒有(X2),(X3) 的例子。

還有另一種型式就Participation(參與),光看名字看不出什麼所以然,Participation(X1) 的意思就是清算優先的錢拿完之後,要Pro-rata 均分時,要先分所佔股權的錢,上個例子是30%,所以先拿走30%的錢,因為是X1一倍,所以沒什麼差別,如果是(X2),就是他的30%的錢要拿二次,剩下的人再用剩下的錢均分。創投也會選擇不參與,好像Participation(X0)的感覺,只拿清算優先的部分;也有對參與回收設有上限,這些都有可能。

太複雜了? 好,我們用上面的例子來看,假設這家公司太棒了,賣了七億,有一個創投之前投了五仟萬,佔30%的股份,但有Liquidation Preferences(X2) 和Participation(X2) 的條款,假設公司負債一億,付完後還剩六億,這個創投可以先把原始五千萬兩倍拿走,剩五億,五億的30%是一億五千萬,這個創投可以先拿走一億五千萬的兩倍,也就是三億,剩下兩億,如果還有其他優先股的堆疊,剩下這二億再玩一次,最後其他的一般股股東再去均分。如果假設沒有其他優先股的堆疊了,剩下70%都是Common Shares,,最後結果就是這個投五仟萬原始投資只有30%股權的創投拿回四億,剩下的70%全部只能分兩億。所以假設當時這個創投是以溢價三倍買的股票,代表其他的一般股可能當時才出資不到四仟萬,就擁有70%的股權,創投投了五仟萬,才拿30%的股權,在當時看似吃虧了。可是最後創投五仟萬變四億,賺八倍;其他70%出資四仟萬變兩億,只賺五倍,所以你怎麼算也算不過華爾街小朋友的,這樣講有了解嗎? 我們再玩一玩,同樣的例子,但公司只賣五億,請你算一算回收比例。

Term Sheet裡第一重要的陷阱就是清算優先相關的terms了,請特別留意。

Special Voting Power特殊投票權力

創投可以在preferred stock裡綁入這個董事會特別投票權,明訂某些議題,如增減資,出售等事件,只有這種有特權股的董事才能投票,其他人就算佔大股也不能投。擺明少數人決定的態勢。有點像聯合國一百多個國家,個個都有投票權,但只要安理會大國裡有任何一國反對,其他一百多國投票贊成也沒用,都是玩假的一樣道理。

Dividends 股利

Term Sheet裡也可以規定,每一股的優先股每年可以拿回多少百分比的投資金額,百分比不一定,可以是5%到15%,如果原始投資是五仟萬,15%一年就是七百五十萬,好多錢的。不過一般創投也不會真得做這種太殺雞取卵的事情,這個股利可以由新股對價取代,不用真得付現金。可是別高與的太早,如果股利是支付股票來處理,那今年股利而得的新股也會加入明年百分比計算的基數,假設每年股利是10%,第一年後總股數就變成110%,第二年股利就會是11%,加起來變成121%,如此類推,幾年後就很可觀了。

Anti Dilution反稀釋條款

反稀釋是一個常常被誤解的terms,Anti Dilution不是應用在所有的股權稀釋狀況裡,如果公司募資每一輪股價都是上漲的,這叫做Up Round, 雖然舊股股權會被稀釋,但其實股票價值valuation是被提高的,並沒有Downside Protection的問題,所以反稀釋條款並不會成立。反稀釋是被運用在當下一輪增資,因為公司經營不善、或任何其他因素,導致股價下降,比上一輪價錢低,這叫做Down Round,Anti Dilution條款就會生效了,股票分割Split,合併Reverse Split,發股票股利(Stock Dividends)造成股權稀釋,也可能照成Valuation下降的down round效果,損害優先股的權利,也算進反稀釋的成立條件裡。反稀釋成立後,可以用印新股給優先股創投的方式,也可以改變在IPO前調整優先股兌換成一般股的兌換比例(Conversion Rate) 來完成,兩者方式各有利弊。

另外,反稀釋又可分為三種型態:

Full Ratchet Anti Dilution全制輪型: 舉例來說,某公司第一輪增資股價溢價二十元發售,賣了一百萬股給某創投,得了二仟萬。但是到了第二輪因為景氣不好,因此降回十元發售,對第一輪的創投來說,等於股票價值縮水一半,所以有簽Full Ratchet Anti Dilution的這一百萬股,有權得到新的一百萬股,或conversion rate變成1:2,因為加上原先的一百萬股,共兩百萬股,乘上新價格十元,才可以等於之前的二仟萬元投資的價值。這乍看合理,不過你想想,founder的一般股股票並沒有這種特權,所以相對來說,這個創投的股權比例瞬間增大了一倍,你的股權,在還沒有第二輪新股進來稀釋前,就被拿掉一大塊了。

(Narrow based) Weighted Average Calculation Anti Dilution(一般)加權平均型:

這種加權型其實比較通用,也比較不會像Full Ratchet那麼離譜。用上面的例子來說,假設這個公司有一般股兩佰萬股,第二輪還是希望有兩仟萬的新投資,因為股價下修變成十元,所以要發行二百萬新股才能募到二仟萬。如果,只是如果,可以按照原來第一輪的二十元價格出售,只要賣一百萬股可以了。所以這個公式是

(二百萬一般股+一百萬股@二十元)/( 二百萬一般股+二百萬股@十元)

=(三百萬股)/( 四百萬股)

=3/4

=0.75

這個0.75的數字就是加權比例,乘上第一輪價格二十元,變成十五元,也就是說,根據加權平均的算法,這個創投在第一輪投入的二十元一股,現在變成十五元一股,也可以說這批股票的Conversion Price從原本的20元,變成15元,為了要回復稀釋前的二仟萬價值,股數應該為二仟萬除以十五元,是一百三十三萬三千三百三十三股,conversion rte應該變成1:1.33。如果是以做新股的方式來處理,減掉現在已有的一百萬股,應該新給這個創投三十三萬多股,比起Full Ratchet的一百萬新股好多了。這個公式看似複雜,其實非常容易理解,這個方法是因為創投接受認知一般股也有損失,所以和它們平均掉損失,比較公平。身為工程師的你不要被這一些小小的財務計算花招嚇到了,一但你了解原理,這比起寫程式簡單一百倍。

Board based Weighted Average Calculation Anti Dilution廣義加權平均型

這個Board based 和Narrow based差別只是在是否把未轉換成股票的選擇權(Options) 和購買權(Warrants) 也加進來平均損失,延續上面的例子,假設公司還有一百萬股的員工Options,加上一般股,再套上上面的公式,加權比例會變成4/5,就是0.8,調整後價格(Conversion Price)為16元,這樣只要再給創投二十五萬新股就可以了,真是佛心來的。

Reverse Vesting創辨人股權重新分配

創投可以要求包含所有創辨人的一般股股票,全部重新吐回公司,然後再按照繼續待在公司的時間,一般是四年,逐年或逐季再陸續發還這些股票。如果其中某創辨人離職了,就會自動放棄未發還的股票。這個條款,主要的目的就是梆住公司重要幹部,不要投資的錢一拿到,就帶著他的股票跑了,對未來不再貢獻,當然不應該有股票獎勵。這個條件,是創投只顧自己的Downside Protection,而忽視創辨人辛苦放棄一切努力到今天的成就,是一個非常自私的想法。

但是,就像有一好沒二好,有一壞也沒兩壞,這個看似極不合理的條件,要是真得碰上了,當然會很不高興自己手中的股票還要再賺一次,但從另外一方面來看,除非你自己就是打算募了資後就落跑,當然這也就是創投要防你的地方。否則其實這個條約會幫你解決一些創辨人合夥貢獻度不一的問題,因為創立公司時可能沒有訂一個” 符合人性的制度”, 導致全職努力的founder,和兼職打嘴砲的founder,或是半路落跑的founder,擁有的股票都一樣,非常不公平,但股票發都發了,拿也拿不回來。也許因為這個terms,借外力之手,解決這個問題,也不失為一用。

No Shop不得再找其他創投

Term Sheet裡也可以規定一定簽訂了這個term sheet,在一段時間內,多半是一到兩個月,不得找其他創投,用這份Term Sheet去談判更好的條件。否則會使這份term sheet失效,影響後續的投資簽約。

Registration Rights股票登記權

在美國,公司就算IPO了,股票要賣要經過一個Registration登記的動作,可能有一些情況是股票可以賣的比所有的股票少,沒有登記權的股票想賣都不行賣。所有如果你的公司未來是選擇是在美國上市,創投都會放這條來確保他們的股票登記權。不過這個概念並沒有在臺灣或香港等亞洲國家適用,所以如果你的公司將來計畫在這些國家上市,這條並不適用。

囉囉嗦嗦的說了一大堆,可能還是沒什麼感覺,我從網上找到一個範例,節錄一些,我們一起來看一看,主要我們會關注在:

amount raised,

price per share,

pre-money valuation,

liquidation preference,

voting rights,

anti-dilution provisions,

好,開始了:

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

DD/MM/20XX

THE TERMS SET FORTH BELOW ARE SOLELY FOR THE PURPOSE OF OUTLINING THOSE TERMS PURSUANT TO WHICH A DEFINITIVE AGREEMENT MAY BE ENTERED INTO AND DO NOT AT THIS TIME CONSTITUTE A BINDING CONTRACT, EXCEPT THAT BY ACCEPTING THESE TERMS THE COMPANY AGREES THAT FOR A PERIOD OF 30 DAYS FOLLOWING THE DATE OF SIGNATURE, PROVIDED THAT THE PARTIES CONTINUE TO NEGOTIATE TO CONCLUDE AN INVESTMENT, THEY WILL NOT NEGOTIATE OR ENTER INTO DISCUSSION WITH ANY OTHER INVESTORS OR GROUP OF INVESTORS REGARDING THIS “SERIES X" ROUND OF INVESTMENT. AN INVESTMENT IN THE COMPANY IS CONTINGENT UPON, AMONG OTHER THINGS, COMPLETION OF DUE DILIGENCE AND THE NEGOTIATION AND EXECUTION OF A SATISFACTORY STOCK PURCHASE AGREEMENT.

(註: 這一段用大寫字是故意讓你不想去讀它的,所有用英文寫的合約都有這種Disclaimer,不讀是不對的,條約第0條就在這裡,美國的律師真是太多了,什麼都想好好的,等著你來跳。Anyway,這裡大意是說這份term sheet不是一個有約束力的合約,只是一份描述投資條款的大綱。會不會投資還要看整體的Due Diligence,股價的談判和其他terms的談判結果。另加一條,這份term sheet簽名後三十天內,不得和其他創投接觸談terms,否則本份失效,Wow,真是是要求多多,但責任撇的乾乾淨淨的約定)

Summary of Terms for Proposed Private

Placement of Series X Preferred Stock 

I. Issuer:  ABC Inc. (Hereinafter referred to as the “Company").(註:你的公司)

II. Investor: VC, LLC or its affiliates (“VC")and other investors acceptable to the Company and VC (collectively the “Investors")(註: 某創投)

III. Security: Series X Preferred Stock (“Preferred")(註:優先股)

IV. Amount of Investment: $[           ]

V. Valuation: Pre money valuation is $[           ]

VI. Post-Investment Ownership:

The company would be capitalized such that post investment ownership at closing would be as follows:

VC [                ]%
Founders, Management & Other [              ]%
Option Pool [              ]%

(註: 以上這裡列的是Pre-Money和Post-Money公司價值,和股權分配)

VII. Closing Date:

Closing for the investment would be on or before _________________, provided that all requirements for the closing have been met or expressly waived in writing by the Investors.

(註: 投資截止日期)

VIII. Board Representation:

The Board of Directors will include a total of five (5) people. Holders of Series X Convertible Preferred Stock are entitled to two (2) representatives on the Company’s Board of Directors. Common Shareholders will have three (3) designees to the board, one of which must be the CEO of the Company. Board of Directors meetings would be scheduled on a monthly basis until such time as the Board of Directors votes to schedule them less frequently.

VC’s representative would be appointed to all Board Committees (including the compensation committee), each of which would consist of three (3) members. The Company would reimburse each Director’s reasonable expenses incurred in attending the board meetings or any other activities (e.g., meetings, trade shows) which are required and/or requested and that involve expenses.

(註: 這裡是說,不管創投投資幾股,他們會指派五席董事中的兩席,和他們的特權等)

IX. Proprietary Information and Inventions Agreement:

Each officer, director, and employee of the Company shall have entered into a proprietary information and inventions agreement in a form reasonably acceptable to the Company and the Investors. Each Founder and other key technical employee shall have executed an assignment of inventions acceptable to the Company and Investors.

(註: 所有員工包含創辨人都要有簽字的的智慧財產權屬於公司的合約文件)

DESCRIPTION OF SERIES B PREFERRED

X. Dividends:

An [  ]% annual dividend would accrue as of the closing date to holders of the Series X Convertible Preferred. Accrued dividends would be payable (a) if, as and when determined by the Company’s Board of Directors, (b) upon the liquidation or winding up of the company, or (c) upon redemption of the Series X Preferred. Upon an automatic conversion, accrued but unpaid dividends would be forfeited. No dividends may be declared and/or paid on the Common Stock until all dividends have been paid in full on the Convertible Preferred Stock. The Convertible Preferred Stock would also participate pari passu in any dividends declared on Common Stock. Dividends will cease to accrue in the event that the Investor converts its holdings to Common Stock.

(註: 這裡規定每年要付股利的百分比。同時也註明,股利在1)董事會決議要付;2)公司清算;3) 本批股票贖回,這些情形下股利要立即付。但是如果股票上市(automatic conversion就是這個意思),未付的股利就一筆勾銷。如果公司決定要付股利時,要先付完這些優先股的股利,然後再去付其他一般股的股利。還沒完,一般股股利的分放百分比,優先股也要比照辨理(這就是Pari Passu這個拉丁文的意思),所以要再拔一層皮。最後這個每年發放股利的優先股特權,在這些優先股轉換成一般股後就自動消失了,這個簡直是廢話,公司股票上市後就沒有優先股了,優先股轉換成一般股通常就是股票上市的時侯,股票上市後這種優先股特權股利就會不合法,當然會失效了)

XI. Liquidation Preference:

In the event of any liquidation or winding up of the Company, the Series X Preferred will be entitled to receive in preference to the holders of Common Stock an amount per share equal to their Original Purchase Price plus all accrued but unpaid dividends (if any).

The Series X Preferred will be participating so that after payments of the Original Purchase Price and all accrued dividends to the Preferred, the remaining assets shall be distributed pro-rata to all shareholders on a common equivalent basis.

A merger, acquisition or sale of substantially all of the assets of the Company in which the shareholders of the Company do not own a majority of the outstanding shares of the surviving corporation shall be deemed a liquidation of the Company.

(註: 你在上面本文裡讀過了清算優先的介紹後,再看這段應該是很簡單了,拔兩層皮的做法也清楚在這裡驗証,不過在這個範例裡,因為沒有特別倍數要求,所以Liquidation Preference和Participation都是(X1),所以in a way,還算好。 另外這裡特別註明,被收購,併購,導致這個公司是被併入另一家公司,就是說Surviving company不是你的公司,是屬於清算,創投要先把錢拿回,再用pro-rata均分基礎和一般股一樣的處置,可以分錢,也可換股 )

XII. Conversion:

The Preferred will have the right to convert Preferred shares at the option of the holder, at any time, into shares of Common Stock at an initial conversion rate of 1-to-1. The conversion rate shall be subject from time to time to anti-dilution adjustments as described below.

(註: 這裡的conversion指得是優先股和一般股的兌換比例,從1:1開始,如果有反稀釋條款發生後,conversion price有變化,這個比例就會變化。不過如果反稀釋條款是以做新股給創投來調整,則不會影響這裡的兌換比例)

XIII. Automatic Conversion:

The Series X Preferred would be automatically converted into Common Stock, at the then applicable conversion price, upon the sale of the Company’s Common Stock in an initial public offering (“Public Offering") at a price equal to or exceeding [ ] times the Series X Preferred original purchase price in an offering which, after deduction for underwriter commissions and expenses related to the gross proceeds, is not less than [ ].

(註:automatic conversion指的就是公司股票上市IPO時,優先股會自動用兌換比例換一般股。但這裡主要指的是IPO上市時股票價格不得低於X倍於創投原始購買的價格,以及總價扣掉所有上市相關的費用後的投資回報,不得低於XX元,否則不能兌換,well,也就是不能上市的意思)

XIV. Antidilution Provisions:

Proportional anti-dilution protection for stock splits, stock dividends, combinations, re-capitalization, etc. The conversion price of the Preferred shall be subject to adjustment to prevent dilution, on a “weighted average" basis, in the event that the Company issues additional shares of Common or Common equivalents (other than reserved employee shares) at a purchase price less than the applicable conversion price.

(註: 沒讀前面關於反稀釋的解釋,肯定看不懂這裡在說什麼。但讀懂了,就知道這裡是用一般型加權平均,以及用修改兌換比例的方式來處理反稀釋條款)

XV. Voting Rights:

The Preferred will have a right to that number of votes equal to the number of shares of Common Stock issuable upon conversion of the Preferred.

(註: 這裡是屁話,Special Voting rights 在下面一節Restrictions and Limitations講的才是重點)

XVI. Restrictions and Limitations:

Consent of the Series X Preferred, voting as a separate class would be required for any actions which:

i) alter or change the rights, preferences or privileges of the Series X Preferred;

ii) increase the authorized number of shares of Series X Preferred;

iii) increase the authorized number of shares of any other class of Preferred Stock;

iv) create any new class or series of stock, which has preference over or is on parity with the Series X Preferred;

v) involve a merger, consolidation, reorganization, encumbrance, or sale of all or substantially all of the assets or sale or of more than 50% of the Company’s stock;

vi) involve a repurchase or other acquisition of shares of the Company’s stock other than pursuant to redemption provisions described below under “Redemption"; or

amend the Company’s charter or bylaws.

(註: voting as a separate class的意思就是文雅的說明,我不鳥其他人,這裡列表的事,只有我有這種優先股的董事才可以決定和優先投票。什麼事呢? 改變優先股規則,新增優先股,發行新股,增加其他種類的優先股或是更優先股(見前述),收購,合併,公司重組,減資,資產出售,股票贖回,更改公司章程(當然包含改變董事會人員) 等等,任何可能會影響到創投權利的事,都會適用)

XVII. Redemption:

After five (5) years and at the request of the holders of the Series X Preferred, all or part of the Series X Preferred shares may be redeemed at 110% of the Series X purchase price plus all accrued but unpaid dividends.

(註: 這裡規定五年後,如果公司還沒IPO,創投覺得沒搞頭了,這些優先股可以強迫你用110%的價挌贖回,加上數年來未付的股利)

XVIII. Conditions precedent to

Investor’s obligation to invest:

(i) Legal documentation satisfactory to the Investor and Investor’s counsel.

(ii) Satisfactory completion of due diligence.

(iii) If not already in place, the Company would obtain employment agreements with key employees, which would include satisfactory (to Investor) non-compete and non-disclosure language.

(註: 投資人投資的條件,主要是DD有沒有過創投的投審會)

XIX. Registration Rights:

–              If, at any time after the Issuer’s initial public offering (but not within 6 months of the effective date of a registration), Investors holding at least 51% of the Common issued or issuable upon conversion of the Preferred request that the Issuer file a Registration Statement covering at least 20% of the Common issued or issuable upon conversion of the Preferred (or any lesser percentage if the anticipated aggregate offering price would exceed $[ ]), the Issuer will be obligated to cause such share to be registered. The Issuer will not be obligated to effect more than two registrations (other than on Form S-3 under these demand right provisions.

–              Company Registration: The Preferred shall be entitled to “piggy-back" registration rights on registrations of the Company or on demand registrations of any later round investor subject to the right, however, of the Company and its underwriters to reduce the number of shares proposed to be registered pro rata in view of market conditions. No shareholder of the Company shall be granted piggyback registration rights superior to those of the Series X Preferred without the consent of the holders of at least 50% of the Series X (or Common Stock issued upon conversion of the Series X Preferred or a combination of such Common Stock and Preferred).

–              S-3 Rights: Preferred shall be entitled to an unlimited number of demand registrations on Form S-3 (if available to the Company) so long as such registration offerings are in excess of $500,000, provided, however, that the Company shall only be required to file two Form S-3 Registration Statements on demand of the Preferred every 12 months.

–              Expenses: The Company shall bear registration expenses (exclusive of underwriting discounts and commissions and special counsel of the selling shareholders) of all demands, piggybacks, and S-3 registrations. The expenses in excess of $15,000 of any special audit required in connection with a demand registration shall be borne pro rata by the selling shareholders.

–              Transfer of Rights: The registration rights may be transferred provided that the Company is given written notice thereof and provided that the transfer (a) is in connection with a transfer of at least 20% of the securities of the transferor, (b) involves a transfer of at least 100,000 shares, or (c) is to constituent partners of shareholders who agree to act through a single representative.

–              Other Provisions: Other provisions shall be contained in the Investor Rights Agreement with respect to registration rights as are reasonable, including cross-indemnification, the period of time in which the Registration Statement shall be kept effective, standard standoff provisions, underwriting arrangements and the ability of the Company to delay demand registrations for up to 90 days (S-3 Registrations for up to 60 days).

(註: 股票要在美國上市專屬的登記權條件)

XX. Right of First Offer:

The Preferred shall have the right in the event the Company proposes an equity offering of any amount to any person or entity (other than for a strategic corporate partner, employee stock grant, equipment financing, acquisition of another company, shares offered to the public pursuant to an underwritten public offering, or other conventional exclusion) to purchase up to [   ]% of such shares.

The Company has an obligation to notify the Preferred of any proposed equity offering of any amount.

If the Preferred does not respond within 15 days of being notified of such an offering, or decline to purchase all of such securities, then that portion which is not purchased may be offered to other parties on terms no less favorable to the Company for a period of 120 days. Such right of first offer will terminate upon an underwritten public offering of shares of the Company.

In addition, the Company will grant the Preferred any rights of first refusal or registration rights granted to subsequent purchasers of the Company’s equity securities to the extent that such subsequent rights are superior, in good faith judgment of the Board, to those granted in connection with this transaction.

(註: 這裡規定公司將來發行任何新股,他們有優先承購權)

XXI. Right of Co-Sale:

The Company, the Preferred and the Founders will enter into a co-sale agreement pursuant to which any Founder who proposes to sell all or a portion of his shares to a third party, will offer the Preferred the right to participate in such sale on a pro rate basis or to exercise a right of first refusal on the same basis (subject to customary exclusions for up to 15% of the stock, gifts, pledges, etc.). The agreement will terminate on the earlier of an IPO or fifteen (15) years from the close of this financing.

(註: 如果創辨人在股票未上市前要把股票賣給第三方,創投也要有等比例的權利加入,而且還有否決權,把創辨人綁得死死的)

XXII. Use of Proceeds:

The proceeds from the sale of the Preferred will be used solely general corporate purposes.

(註: 投資得來的錢只能用在公司營運相關)

XXIII. Reporting Covenants:

The Company would furnish to the Investor the following:

–              Monthly reports. Within 20 days following the end of each month, an income statement, cash flow and balance sheet for the prior monthly period. Statements would include year-to-date figures compared to budgets, with variances delineated.

–              Annual Financial Statements. Within 90 days following the end of the fiscal year, an unqualified audit, together with a copy of the auditor’s letter to management, from a Big Five accounting firm or equivalent, which firm would be approved by the Investor.

–              Audit. In the event the Company fails to provide monthly reports and/or financial statements in accordance with the foregoing, Investor would have the authority, at the Company’s expense, to request an audit by an accounting firm of its choice, such that statements are produced to the satisfaction of the Investor.

–              Annual Budget. At least 30 days before the end of each fiscal year, a budget, including projected income statement, cash flow and balance sheet, on a monthly basis for the ensuing fiscal year, together with underlying assumptions and a brief qualitative description of the company’s plan by the Chief Executive Officer in support of that budget.

–              Non-compliance. Within 10 days after the discovery of any default in the terms of the stock purchase agreement, or of any other material adverse event, a statement outlining such default or event, and management’s proposed response.

(註: 之後一堆固定報告要做)

XXIV. Purchase Agreement

The purchase of the Company’s Series X Preferred Stock would be made pursuant to a Series X Convertible Preferred Stock Purchase Agreement drafted by counsel to the Investor, which would be mutually agreeable to the Company, and the Investor. This agreement would contain, among other things, appropriate representations and warranties of the Company, covenants of the Company reflecting the provisions set forth herein and other typical covenants, and appropriate conditions of closing, including among other things, qualification of the shares under applicable Blue Sky laws, the filing of a certificate of amendment to the Company’s charter to authorize the Series X Preferred, and an opinion of counsel. Until the Purchase Agreement is signed, there would not exist any binding obligation on the part of either party to consummate the transaction. This Summary of Terms does not constitute a contractual commitment of the Company or the Investor or an obligation of either party to negotiate with the other.

(註: Blue Sky Law美國的州政府投資及反詐騙相關法律)

XXV. Other:

The Company would pay legal expenses incurred by the Investor at closing from the proceeds of the investment. The investor would make all reasonable efforts to see that this expense does not exceed $30,000. Once this term sheet is signed, the Company would accept responsibility for legal fees incurred by the Investor if the transaction does not close up to the amount set forth above.

(註: 簽定投資協議前的律師討論,DD,是要花錢的。這條是說,如果最後這個投資案沒成,創投花的律師費,最多三萬美金,是要你買單的)

XXVI. Exclusivity:

(i) Upon the acceptance hereof, the Company, its officers and shareholders agree not to discuss the sale of assets or any equity or equity type securities, provide any information to or close any such transaction with any other investor or prospective investor, except to named entities mutually acceptable to Management and Investor.

(ii) The undersigned agree to proceed in good faith to execute and deliver definitive agreements incorporating the terms outlined above and such additional terms as are customary for transactions of the type described herein. This letter expresses the intent of the parties and is not legally binding on any of them unless and until such mutually satisfactory definitive agreements are executed and delivered by the undersigned. This letter of intent may be signed by the parties in counterparts.

(註: 這就是No Shop,簽名之後就是雙方機密文件了)

If this Summary of Terms is not signed and returned to VC by midnight (EST) [ ], it shall expire without any further action on the part of VC and shall be of no further force or effect.

(註: 這是這份term sheet的有效截止日期時間,一般不會離現在太久,會讓你手忙腳亂一陣的了)

VENTURE CAPITAL PARTNERS, LLC

Date ___________

By: _________________________________________

Terms agreed to and accepted by:

ABC, INC.

Date _______________

By:_________________________________________

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

收到term sheet的第一件事,就是召開公司管理會議,和其他創辨人或重要幹部一起討論,可以集眾人的智慧,幫助你做決策。也許你要找你有term sheet經驗,信的過的朋友諮詢建議,最好你有一個創業導師Mentor,願意花時間來幫你看term sheet,都會很有幫助。最後如果你決定要簽回這個term sheet,你也有義務召開董事會,不過一般董事會通過term sheet簽回不是必要的,將來簽投資協議(Stock Purchase Agreement),才需要董事會通過。

終於講完這章了,這章連同範例,可能會是本書最長的一章,因為這些是與創投成功交易的基本知識,不懂這些根本沒得談,只有被玩的份。也許你會問,懂了這些terms,收到了term sheet,可以有討論的空間嗎? 當然有的,這裡每一條term都可以討論和修改,一直到雙方滿意為只。不過如果你也讀了我關於募資心理,和談判技巧的章節,就會了解這是一個” 態勢” 的角力,一供一需的問題,你越強,創投越會讓步;你越需要錢,terms一定是越嚴苛。Term sheet只是一張紙,裡面的玩法也會一直翻新,但是處理供需問題的道理永遠都是一樣地。

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21 thoughts on “募資- 2,看懂Term Sheet (投資條件書)

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