委托投资协议中英文

委托投资协议

Entrusted Investment Agreement

甲方（委托人）：

Party A (The grantor):

身份证号ID No.：

乙方（受托人）：

Party B (the trustee):

身份证号ID No.：

根据《中华人民共和国合同法》、《中华人民共和国公司法》以及英国证券相关法律法规，甲、乙达成如下协议。

Subject to Contract Law of Peoples Republic of China,Company Law of Peoples Republic of China and relevant laws and regulations relating to UK securities, Party A and Party B enter into the following agreement

一、委托事项

Entrusted matters

甲方将全权委托李忠全先生收购其英国雅惠生态农业集团PLC（YAHUI AGRICULTURE PLC）的英国股票股，其股票认购投资款共计人民币元，每笔交易不低于500股，每股价格按照前2个交易日的平均价（在20xx年5月9号挂牌当天，认购其股票，将享受每股折合人民币7元/股的股原始股配售价，每人仅限10000股）计算。现甲方将该股

票投资款全部委托给乙方管理，委托乙方严格按照英国天富资本（英国保荐商）的要求，在海外进行股权登记、过户等交割手续，使其持有英国农业集团PLC（AGRICULTURE PLC）股份。

Party A will fully authorize Mr. Zhongquan Li to subscribe for ……….. UK shares of YAHUI AGRICULTURE PLC. Total investment of share subscription is RMB Yuan, with each transaction not less than 500 shares. The price of each share is the average price of 2 prior trading days (on the listing date-9th May, 2014, the investor will enjoy the price of original share 7 Yuan/share and each investor is limited to subscribe 10,000 shares that day ). Now Party A is authorizing Party B to manage the investment in share subscription, to complete the registration, transfer and other delivery process relating to shares and to ensure Party A hold the shares of YAHUI AGRICULTURE PLC 八、生效及其他 Validity and others

本协议由双方签字和支付后即生效。本协议一式两份，双方各执一份，具有同等法律效力。

The agreement will come into force after being signed and payment has been made. The agreement includes two copies and each party holds one copy separately. Two copies has the equal legal effect.

甲方Party A：乙方Party B：

协议签订日期：年月日

Date:

第二篇：PE投资协议条款样本(NVCA中英文对照版)

风险投资中的条款清单（样本）

中文

[____]公司A系优先股融资

条款清单

[______，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。

英文

TERM SHEET

FOR SERIES A PREFERRED STOCK FINANCING OF

[INSERT COMPANY NAME], INC.

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 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].

出资条款：

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。）

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]

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] Investor No. 1: [_______] shares ([__]%), $[_________]

Investor No. 2: [_______] shares ([__]%), $[_________]

[as well other investors mutually agreed upon by Investors and the Company]

投资人：

Investors:

融资金额：

每股价格：

$[ ]，[含由过渡贷款转换的本金及

利息＄[ ]1

$[ ] 每股（以下文所列资本结构表为依据）(“原始购买价”）

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[ ]％)

Amount Raised:

$[________], [including $[________] from the conversion of principal [and interest] on bridge notes].1

融资前估价：

Price Per Share: $[________] per share (based on the

capitalization of the Company set forth below) (the “Original Purchase Price”). 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).

The Company’s capital structure before and after

资本结构表：

Capitalization:

交割前后公司资本结构表请见附件一。

Modify this provision to account for staged investments or investments dependent on the achievement of milestones by the Company.

股息分配： the Closing is set forth as Exhibit A. 公司章程2 Dividends: 2 [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 [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

The 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. 2

非累积性股息]

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 as-converted basis.] 3 [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]。3

In some cases, 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. 3

公司如因任何原因清算、解散或停业Liquidation 清理过程，公司收益将作如下分配： Preference:

[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]

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 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.]

[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.]

[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.]

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

清算优先受偿权：

公司的兼并或合并（公司原股东拥有存续公司或收购公司的发行在外股票过半数表决权的情形除外），以及公司出售、租赁、转让或以其他方式处置公司全部或大部分资产的行为，应当视为公司清算事项(视为清算事项)，并导致上述清算优先权得以产生[除非[ ]％的A系优先股股东投票反对这种处理]。

表决权：

除下列情形外，A系优先股股东在视为转换成普通股的基础上与普通股股东一起表决，而不能作为独立表决团体：

（i）A系优先股股东作为一个团体有权选举[ ]名董事会成员（A系董事）;

(ii)出现如下文所示“保护性条款”之情况;

（iii）法律另有的其他规定。

公司章程应当规定，经优先股和普通股股东多数同意，并作为一个表决团体集体表决（不经普通股股东单独表决），公司可以增加或减少授权发行的股票数量4。

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].

Voting Rights:

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) 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.4

For California corporations, one cannot “opt out” of the statutory requirement of a separate class vote by Common Stockholders to authorize

shares of Common Stock.

保护性条款：

只要有___[写明固定数量、百分比或任何] A系优先股仍发行在外，未经至少[ ]％A系优先股股东书面同意，公司不得直接或变相进行兼并、合并或下列其他业务：

（i）清算、解散或停业清理，或进行任何视为清算事项;

(ii)[以不利于A系优先股股东的方式]修改、变更或撤销公司章程或细则中的任何条款5

Protective Provisions:

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) 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];5 (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

（iii）创设、授权创设或发行可转换或可行使拥有优于或同等于A系优先股之权利、优待或特权的公司证券，或增加发行A系优先股授权数量；

(iv)优于A系优先股，对任何股份予以收购、赎回或分配股息。[由于前员工的雇佣（或顾问的服务）关系的终止，以低于公平市场价回购其股份的除外][由董事会（含[ ] 位A系董事）同意的除外]；

(v)发行或授权发行任何公司债券[若公司总计负债因此超过﹩[__]][设备

Note that as a matter of background law, Section 242(b)(2) of the Delaware General Corporation Law provides that if any proposed charter

amendment would adversely alter the rights, preferences and powers of one series of Preferred Stock, but not similarly adversely alter the entire class of all Preferred Stock, then the holders of that series are entitled to a separate series vote on the amendment.

租赁或银行信用额度除外][无股权特征的负债除外][此类债券获得董事会（含[ ]位A系董事）事先同意的除外]；

（vi）增加或减少董事会成员人数。 indebtedness would exceed $[____][other than equipment leases or bank lines of credit][other than debt with no equity feature][unless such debt security has received the prior approval of the Board of Directors, including the approval of [________] Series A Director(s)]; (vi) increase 可选择转换：

反稀释条款：

A系优先股股东有权将其拥有每一A系优先股随时转换为普通股，每一A系优先股可转换为普通股的数量为原始购买价除以转换时的A系优先股转换价（定义如下）。最初的A系优先股转换价应当原始购买价。A系优先股转换价应当根据普通股的配股、股票分割、股票合并等类似事项，以及如下“反稀释条款”所述内容进行调整。

若公司以低于现行A系优先股转换价的价格发行新的股票，该转换价格应按下列公式调整：

[可选方案1“典型”加权平均数：

CP2=CP1*(A+B)/(A+C)

CP2=新A系优先股转换价

Optional Conversion:

Anti-dilution Provisions:

or decrease the size of the Board of Directors. 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.”

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)

CP1=新股发行前实际A系优

先股转换价

A=新股发行前视为已发行的普通股数量（含所有已发行的普通股，所有视为已转换的已发行优先股，以及所有已发行的可行使期权;不含转入此轮融资的任何可转换证券）

B=公司此次发行预计融资总额除以CP1

C=本次交易中股票发行数量]

[可选方案2：完全棘轮方案—转换价

降到与新发行价一致]

[可选方案3：无基于价格调整的反稀

释措施]

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]

[Alternative 2: Full-ratchet – the Series A Preferred Conversion Price will be reduced to the price at which the new shares are issued.]

[Alternative 3: No price-based anti-dilution protection.]

下列发行不导致反稀释调整6：

（i）可发行证券是基于任何A系优先股转换后产生，或作为A系优先股的股息或分红；

（ii）可发行证券是基于任何信用债券，认股权证，期权或其它可转换证券转换后产生；

（iii）可发行普通股是基于股票分割，配股，或任何普通股的细分而产生；

（iv）普通股（或认购该类普通股的期权）发行或可发行给公司的员工、董事、顾问，是基于公司董事会董事（含至少[_]名A系董事）同意的任何股权计划而产生的；

（v）普通股发行或可发行给银行，设备出租人，是基于公司董事会董事（含至少[_]名A系董事）同意的债务融资，设备租赁或不动产租赁交易而产生的。

若（i）公开发行价格高于[_]倍原始购买价承销所有股票，且公司所取得的[净/总]收入不低于＄[_](“合格公开发行[QPO]”)，或

（ii）经[]％A系优先股股东书面同

The following issuances shall not trigger anti-dilution adjustment:6

(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)].

强制性转换：

Mandatory Conversion:

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

Note that additional exclusions are frequently negotiated, such as issuances in connection with equipment leasing and commercial borrowing.

意，在[具有包销承诺的]有保荐人的公开发行交割时，每股A系优先股将自动以当时适当的转换率转换为普通股。（适用普通股股息，分割，合并及类似调整业务）

出资人参与交易:

[Pay-to-Play: 除非董事会决定[含[多数]A系董事投票决定]允许[主要]投资人放弃参与

权，在之后的公司再融资交易中，所

有[主要]投资人都必须充分行使其参与权(如下文“投资人权利协议—按比例参与未来交易”所述)[除非[]%A系优先股股东投票同意不按此方案处理]，否则任何未行使上述参与权A系优先股的[主要] 投资人所持有的全部A系优先股都将[丧失反稀释权利][丧失未来交易参与权][如果可适用，转换为普通股并丧失董事席位]9。

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.7

[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 Director[s])]. All shares of Series A Preferred8 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].9

The per share test ensures that the investor achieves a significant return on investment before the Company can go public. Also consider allowing

a non-QPO to become a QPO if an adjustment is made to the Conversion Price for the benefit of the investor, so that the investor does not have the power to block a public offering.

Alternatively, this provision could apply on a proportionate basis (e.g., if Investor plays for ? of pro rata share, receives ? of anti-dilution

adjustment).

If the punishment for failure to participate is losing some but not all rights of the Preferred (e.g., anything other than a forced conversion to

common), the Charter will need to have so-called “blank check preferred” provisions at least to the extent necessary to enable the Board to issue a “shadow” class of preferred with diminished rights in the event an investor fails to participate. Note that as a drafting matter it is far easier to simply have (some or all of) the preferred convert to common.

赎回权10

交割后第五年开始，经至少[]%的优先股股东选择， A系优先股股东可以要求公司以可合法分配资金以原始购买价[加所有累积未付股息] 赎回其所持有的A系优先股。赎回将在三年内分阶段等额完成。如符合规定比例的A系优先股股东提出赎回请求，其他所有A系优先股都将被可赎回[除明确选择放弃上述权利的A系优先股股东外]11。

Redemption Rights:10 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)].11

Redemption rights allow Investors to force the Company to redeem their shares at cost [plus a small guaranteed rate of return (e.g., dividends)]. In

practice, redemption rights are not often used; however, they do provide a form of exit and some possible leverage over the Company. While it is possible that the right to receive dividends on redemption could give rise to a Code Section 305 “deemed dividend” problem, many tax practitioners take the view that if the liquidation preference provisions in the Charter are drafted to provide that, on conversion, the holder receives the greater of its liquidation preference or its as-converted amount (as provided in the NVCA model Certificate of Incorporation), then there is no Section 305 issue.

Due to statutory restrictions, it is unlikely that the Company will be legally permitted to redeem in the very circumstances where investors most

want it (the so-called “sideways situation”), investors will sometimes request that certain penalty provisions take effect where redemption has been requested but the Company’s available cash flow does not permit such redemption - - e.g., the redemption amount shall be paid in the form of a one-year note to each unredeemed holder of Series A Preferred, and the holders of a majority of the Series A Preferred shall be entitled to elect a majority of the Company’s Board of Directors until such amounts are paid in full.

陈述与保证:

股份买卖协议书

公司提供标准的陈述与保证. [由公司创始人[对技术所有权等]提供陈述与保证]. 12

完成交割的标准条件，包括: 完成相应的财务和法律的尽职调查，股票的发行符合州证券法(Blue Sky laws)的规定，赋予了A系优先股权利和优待的公司章程的进行了登记备案,以及公司律师出具了法院意见函等事项。

Representations and

Warranties: Conditions to Closing:

Stock Purchase Agreement

Standard representations and warranties by the Company. [Representations and warranties by Founders regarding [technology ownership, etc.].12 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.

[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]13.

Company Counsel: [ Investor Counsel:

[

]

完成交割的条件:

律师及费用:

Counsel and [投资人/公司]的律师起草交割文件。

公司[在交割时]，应当支付因融资产生Expenses: 的所有法律和行政花费，包括合理专业服务费用（投资人律师费由公司承担部分不得超过$ [ ]）和其他费用[由于投资人无故撤销其承诺而使得交易未完成的除外]13 。

公司律师：[ ]

投资人律师: [ ]

Note that while it is not at all uncommon in east coast deals to require the Founders to personally rep and warrant (at least as to certain key matters,

and usually only in the Series A round), such Founders reps are rarely found in west coast deals.

The bracketed text should be deleted if this section is not designated in the introductory paragraph as one of the sections that is binding upon the

Company regardless of whether the financing is consummated.

投资人权利协议

INVESTOR RIGHTS AGREEMENT

登记权：

Registration Rights: 可登记证券：

由A系优化股转换后可发行的普通股Registrable 的全部股权和[投资人持有的其他普通Securities:

股]将被视为“可登记证券”14. 请求登记权:

最早在（i）交割后[3-5]年；或

Demand （ii）首次发行新股（“IPO”）后的Registration:

[6]个月的内,持有 [ ]%的可登记证券者可要求其持有股份的公司进行[一][二]次(完备的)注册登记。每次登记的发行总额不可少于[五百万至一千万]美元。

如果, 且 Registration 可登记证券的发行总额至少为[1-5百on Form S-3: 万美元],则持有 [10-30]%的可登记证券者有权要求公司以S-3 表格式进行登记.

附带登记权:

可登记证券持有人具有在公司证券注 Piggyback 册登记表之上的附带登记权，但该项Registration:

权利受限于于公司及其承销人的如下权利：公司及其承销人有权将预计登记出售的股票份额在各预计出售人将

Note that Founders/management sometimes also seek registration rights.

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.”14 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 [one][two] (consummated) registrations by the Company of their shares. The aggregate offering price for such registration may not be less than $[5-10] million.

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]. The holders of Registrable Securities 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

费用:

股权锁定:

终止条款:

按比例减少至最低为[30]%比例。但是只有在其他股东所持股份减少之后，可登记证券持有人所要登记的股份才能减少.

所有登记费用（包括股份转让税,承销

折扣和代理费用）由公司承担。公司同时应支付一位代表全体参与股东的律师的费用[不超过﹩ ] 以及其他合理费用。

在首次发行新股（IPO）时, 若经首席承销人要求，投资人应当同意，在首次发行新股（IPO）后的180天内不出售或转让公司的任何普通股股份[不包括在首次发行新股（IPO）期间或其后买入的股份）]（条件是，公司的所有董事，主管以及[1-5]%的股东也同意受同一股权锁定协议约束）。

此股权锁定协议一经达成，即表明，对于公司或承销人代表制定的此协议的限制条款作出任何放弃或终止措施,都应符合基于所持股份按比例计算的[主要]投资人的意见。“主要投资人”是指持有A系优先股的份额至少为$[ ]的任何投资人。

本协议因发生下列情形之一而终止: 首次发行新股（IPO）后([5]年)内； :发生视为清算事项；或

Expenses:

Lock-up:

Termination

[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.

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.

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.

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

管理权和知情权:

在任何90天的期间内,任一投资人可以在不受第144(k)条限制的情形下合法卖出所持全部股份。

未经[主要] 可登记证券持有人同意,公司不授予任何优于投资人权益的登记权。

公司应当向要求人以投资人可接收的合理形式开具管理权授权信, 并在交割之前送达每个要求出具该授权信的投资人。.15

在日常上班时间,经合理的预先通知,任何主要投资人[(非竞争者)]都有权进入公司设施及会见公司员工。

公司应当向主要投资人提供:

（i）每年，每季度，[和每月]的财务报表，以及其他董事会认为适当的其他信息；

（ii）于每一财政年度结束的前30天内，针对下一财政年度提出按月列明的综合财政预算表,其中须包括预期的公司收入，支出和资金配置情况; （iii）在每一季度结束时,经由财务总监(CFO)签字确认的最新资产负债表。

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.

Management A Management Rights letter from the and Information Company, in a form reasonably acceptable to Rights: the Investors, will be delivered prior to Closing

to each Investor that requests one. 15

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. The Company will deliver to such Major Investor (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.

See commentary in introduction to NVCA model Managements Rights Letter, explaining purpose of such letter.

按比例参与未来交易权:

需经投资人和董事会明确同意之事项:

所有[主要]投资人有权按比例优先认购Right to

公司今后发行股份权利（在本条款清Participate Pro 单之“反稀释条款”中列举的发行以Rata in Future 及因公司并购而产生的发行除外）。Rounds:

主要投资的认购比例基于这些投资人在公司普通股所有权中所占的百分比确定（假设所有已发行在外优先股都转换为普通股，并且公司制定的股票发行计划中的所有期权都被行使）。另外，如果任何[主要]投资人选择不购买其全额按比例股份，其他[主要]投资人有权按比例购买余下股份。

[只要[_]%初始发行的仍发Matters 行在外]未经董事会同意，以及包括至Requiring 少[_]位A系董事的表决同意，公司将Investor 不得： Director

Approval:

（i）向任何子公司或其他公司，合伙企业或者其他组织机构提供贷款或预付款，或者拥有其任何股份或其他有价证券，除非公司全额拥有这些机构或公司的所有权；

（ii）提供贷款或预付款给任何个人，包括任何员工或董事，除非是公司常规运营下的预付款或者类似开支，或者是基于职工股或经董事会同意的的期权计划；

（iii）为任何债务提供担保，公司或

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.

[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) 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) 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) guarantee, any indebtedness except for trade accounts of

其子公司在正常经营交易之中产生债务除外；

（iv）进行除下列投资以外的任何投资：优秀级商业票据，货币市场基金，在美国任一净资产超过一亿美元或由美利坚合众国出具或担保资信的银行的定期存单，但上述任何一笔投资期限不得超过[两年]；

（v）负担任何在董事会同意的预算之外且总计超过$[ ]的债务，但在正常经营交易产生的应付款项除外，（vi）参与到与公司的任何董事、主管或员工或有关的交易中或者成为交易的一方当事人，或者成为上述人员的合伙人（详见《证券交易法案》第12条b款第2项的规定）[每年由或向公司支付款项少于$[60000]的交易除外][公司正常经营交易产生的应付款项，以及按照公司正常经营的合理要求和基于经董事会多数同意的公平合理的条款进行的交易除外]；16

（vii）雇用、解雇高级管理人员或改变其薪酬，包括通过任何期权计划；（viii）改变公司主营业务，进入新的业务，或退出现有业务；

（ix）出卖、转让、许可、抵押或质押技术或知识产权，但属于公司正常经营活动中的许可除外。

the Company or any subsidiary arising in the ordinary course of business; (iv) 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) 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) 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];16 (vii) hire, fire, or change the compensation of the executive officers, including approving any option plans; (viii) change the principal business of the Company, enter new lines of business, or exit the current

Note that Section 402 of the Sarbanes-Oxley Act of 2003 would require repayment of any loans in full prior to the Company filing a registration

statement for an IPO.

line of business; or (ix) sell, transfer, license, pledge or encumber technology or intellectual property, other than licenses granted in the ordinary course of business.

竞业禁止协议17:

Non-每位创始人和主要员工都应以投资人

可接受的合理方式签定[一年]的竞业禁Competition and

Non-Solicitation 止协议.

and

Agreements:17 每一位知悉公司保密信息/贸易秘密的现任和前任创始人、员工和顾问都应以投资人可接受的合理方式签定保密及知识产权转让协议．

Non-Disclosure and

Developments Agreement:

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.

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.

Each Board Committee shall include at least [one] Series A Director.

The Board of Directors shall meet at least [monthly][quarterly], 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

保密及知识产权转让协议:

关于董事会的事项：

每个董事会应包括至少[一]名A系董事。

董事会议应至少[每月][每季度]召开一次,除非经多数董事表决反对.

公司应按董事会要求的数额购买董事及经理(D&O)保险．如果公司与其他组织机构合并且不再独立存续，或者转让所有资产，公司应留有适当储备

Board Matters:

Note that non-compete restrictions (other than in connection with the sale of a business) are prohibited in California, and may not be enforceable in

other jurisdictions, as well. In addition, some investors do not require such agreements for fear that employees will request additional consideration in exchange for signing a Non-Compete/Non-Solicit (and indeed the agreement may arguably be invalid absent such additional consideration - - although having an employee sign a non-compete contemporaneous with hiring constitutes adequate consideration). Others take the view that it should be up to the Board on a case-by-case basis to determine whether any particular key employee is required to sign such an agreement. Non-competes typically have a one year duration, although state law may permit up to two years.

以使公司的继任者承担起对董事的赔偿责任。

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.

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.]

Company to acquire life insurance on Founders [name each Founder] in an amount satisfactory to the Board. Proceeds payable to the Company.

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.] 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

员工期权:

所有员工期权应以如下方式赋予：[一Employee Stock 年以后赋予25%，其余在36个月内逐Options: 月赋予].

[股份应被纳入期权储备，以创设[ ]股未分配期权。]

公司以董事会同意的数额为创始人[列出每个创始人的姓名]申请人寿保险. 受益方为公司.

Key Person Insurance:

关键员工保险:

首次发行新股（IPO）的指定股:

合格小规模商业股在相关法律和美国证监会(SEC)政策允[IPO Directed

许范围内，当首次发行新股（IPO）在Shares: 交割一年后完成时，公司应尽合理最大努力，促使承销人在所提供股份中确定[10]%作为指定股，且其中的50%分配给主要投资人.]

[QSB Stock: 公司应尽合理最大努力，使其股份成

为合格小规模商业股(QSB)，［除非董事会认为该股份与公司的最高利益相

SEC Staff examiners have taken position that, if contractual right to friends and family shares was granted less than 12 months prior to filing of

registration statement, this will be considered an “offer” made prematurely before filing of IPO prospectus. So, investors need to agree to drop shares from offering if that would hold up the IPO. While some documents provide for alternative parallel private placement where the IPO does occur within 12 months, such a parallel private placement could raise integration issues and negatively impact the IPO. Hence, such an alternative is not provided for here.

悖。]

权利终止条款:

投资人权利协议中规定的全部权利，除登记权外，都应在下列情形发生时自然终止：首次发行新股(IPO)，视为清算事项，或50%以上的公司表决权的被转让时。

优先认购权/共同出售权和表决权协议

公司最先，投资人其次，(在董事会认定的范围内)对创始人[及应持有大于[5]%的换）的公司员工]有意出售的公司股份依次享有优先认购权，同时对于其他投资人未认购的股份也享有超额认购权。

如果公司和其他投资人都未行使优先认购权,，则该出售者在出售普通股之前，应通知其他投资人，其他投资人享有按照出售者以及其他投资人所持有证券的比例出售股份的权力。

Termination:

inconsistent with the best interests of the Company.]

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.

RIGHT OF FIRST REFUSAL/CO-SALE AGREEMENT

Right of first Refusal/

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.19

Board of Directors:

At the initial Closing, the Board shall consist of [______] members comprised of (i) [Name] as [the representative designated by [____], as the

优先认购权/共同出售权:

董事会:

在首次交割中，董事会应包括[ ]名成员：（i）[姓名]作为主投资人[ 姓名 ]

Certain exceptions are typically negotiated, e.g., estate planning or de minimis transfers

拖曳前行条款:

终止条款:

指派的代表

（ii）[姓名]作为其余投资人指派的代表

（iii）[姓名]作为创始人指派的代表,（iv）当时就任公司首席执行官(CEO)的人员；以及

（v）[ ]等虽未被公司雇用但被[创始人和投资人][董事]一致认可的人员.

优先股股东和创始人[以及所有当前和[Drag Along:

将要持有[5]%以上普通股的股东（假设所有优先股已转换所有期权已行命名）]应当与投资人签定协议，当发生[和[(多数)/(绝大多数)]视为已转换的已发行在外优先股的股东]同意的视为清算事项或公司50%以上表决权被转让的交易时，上述人员应投票支持这一交易。

优先认购权/共同出售权和表决权协议Termination:

中规定的全部权利因以下原因终止：首次发行新股（IPO），视为清算事项，或者公司50%以上表决权的转让。

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 Investors][to the other directors].

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 [majority][super majority] of the outstanding shares of Preferred Stock, on an as-converted basis].

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.

其他事项

OTHER MATTERS 创始人的股份:

限制出售及保密条款:

公司对于所有创始人的股份拥有以成本价回购的权利；交割后的头[12个月]有权回购[ ]%的股份；在此之后的个月内，回购权逐月等额递减。

公司同意诚实运作，力求尽快完成交割.公司和创始人同意，在本协议条款被接受之日起[6]个月内，不采取任何行动邀请、提出、鼓励或协助提交，来自投资人以外任何个人或组织机构的，关于出售、发行公司股份的计划、谈判或要约[或者并购、出售、租赁、许可或以其他方式处分公司股份及资产的行为]。如果任何第三人就上述行为对公司提出询问，公司应立即通知投资人。[如果公司违反上述限制出售义务，或于[ ]之前，与任何人达成上文所述交易[而未向投资人提供与所达成的交易相等的条件]，则公司应于此交易交割时向投资人赔偿$[ ]作为双方约定的固定违约金21。]

未经投资人的书面同意，公司不得向

Founders’ Stock:

Shop/Confidentiality:

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.

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

除公司高级管理人员、董事会成员、公司会计师、律师和经主投资人[ ]认可的其他潜在投资人以外的任何人批露本条款清单的任何内容。

liquidated damages.]20

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.

Expiration:

This Term Sheet expires on [_______ __, 200_] if not accepted by the Company by that date. EXECUTED THIS [__] DAY OF [_________], 200[_].

[SIGNATURE BLOCKS]

终止:

如果公司没有在[ ，200_]之前接受本条款清单，则本条款清单自然终止。

本条款清单于200[_] __ __由下列各方签字盖章： [签名处]

It is unusual to provide for such “break-up” fees in connection with a venture capital financing, but might be something to consider where there is

a substantial possibility the Company may be sold prior to consummation of the financing (e.g., a later stage deal).

Exhibit A 附件1

Capitalization and Financing Plan 资本结构表与融资计划

Pre-Money Capitalization 融资前资本结构

7,000,000 1,250,000 50,000 200,000 1,500,000 2,500,000

pre-money valuation 融资前企业价值 price per share 每股价格 capital raised 融资额

post-money valuation 融资后企业价值

Series A Financing

A系融资

Pre-Money Equity % 融资前股本比例

56.00% 10.00% 0.40% 1.60% 12.00% 20.00% 0.00%

2,500,000

$25,000,000

$2.0000 $5,000,000 $30,000,000

2,500,000

Founders 创始人

non-founder shareholders 未创始人股东 Warrants 认股权证

options outstanding 发行在外期权

balance of Plan reserve 职工持股计划预留结余 increase to Plan reserve 职工持股计划结余增量 Series A investors A系投资者

Series A Financing A系融资 Post-Money Capitalization 融资后资本结构

7,000,000 1,250,000 50,000 200,000 4,000,000

Post-Money Equity % 融资后股本比例

46.67% 8.33% 0.33% 1.33% 26.67% 0.00% 16.67%

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