风险投资协议（TermSheet）要点解析江苏华成创投基金培训资料之一厚力资本龚大兴二〇一〇年五月六日目录1.风险投资协议（TermSheet）详解之一：清算优先权...........................11.1什么是清算优先权（LiquidationPreference）？....................................11.1.1不参与分配优先清算权（Non-participatingliquidationpreference）..........21.1.2完全参与分配优先清算权（Full-participatingliquidationpreference）.......31.1.3附上限参与分配优先清算权（Capped-participatingliquidationpreference）...31.2清算优先权激活：清算事件（LiquidationEvent）...................................41.3清算优先权背后的逻辑............................................................51.4创业者如何理解清算优先权........................................................51.4.1优先股是债权（Liability）还是权益（Equity）...............................51.4.2投资人与创业者存在退出利益不一致..........................................51.4.3了解投资人要求清算优先倍数的动因..........................................61.4.4要仔细研究并跟投资人谈判..................................................61.5后续融资的清算优先权............................................................61.6一个清算优先权案例..............................................................61.7谈判后可能的清算优先权条款......................................................71.8总结............................................................................82风险投资协议（TermSheet）详解之二：防稀释条款............................92.1结构性防稀释条款（Structuralanti-dilution）....................................9（1）转换权（Conversion）.......................................................9（2）优先购买权（Rightoffirstrefusal）......................................102.2降价融资的防稀释保护权（Anti-dilutionprotectioninDownRound）...............10（1）完全棘轮条款（Full-ratchetanti-dilutionprotection）.....................11（2）加权平均条款（Weightedaverageanti-dilutionprotection）.................112.3防稀释条款的谈判要点...........................................................13（1）企业家要争取“继续参与”（pay-to-play）条款...............................13（2）列举例外事项..............................................................13（3）降低防稀释条款的不利后果..................................................14（4）企业家可能获得的防稀释条款................................................142.4企业家在跟VC就防稀释条款谈判时可能得到不同的谈判结果..........................152.5防稀释条款背后的道理...........................................................152.6一个防稀释条款案例.............................................................152.7总结...........................................................................163风险投资协议（TermSheet）详解之三：董事会...............................173.1董事会席位.................................................................183.2董事会应该反映出公司的所有权关系...........................................183.3设立独立董事席位...........................................................193.4设立CEO席位...............................................................203.5在融资谈判中，创始人需要明确：.............................................203.6公平的投资后董事会结构.....................................................213.7总结.......................................................................214风...
