清算优先权条款在中国法律框架内的适用.docxVIP

“清算优先权”条款在中国法律框架内的适用 一、“清算优先权”条款的基本内容 “清算优先权”是风险投资条款清单（Term Sheet）中的一个重要条款，对于保护投资人的利益非常重要，是外国风险投资机构（VC）投资时经常适用的一个条款，并在红筹架构下广泛适用。 根据美国风险投资协议（NVCA）2010年条款清单示范文本，“清算优先权”条款的基本内容是： “Liquidation Preference: 清算优先权： In the event of any liquidation, dissolution or winding up of the Company, the proceeds shall be paid as follows: 公司一旦进行清算、解散或关闭，其盈余将做如下分配： [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 pro rata to holders of Common Stock.] 【方案1（优先股不参与分配）：首先向A类优先股支付相当于其入股价格【一】倍的金额【加累计股息】【加已宣布但未支付的股息】。剩余财产分配给普通股股东。】 [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 pro rata on an as-converted basis.] 【方案2（优先股充分参与分配）：首先向A类优先股支付相当于其入股价格【一】倍的金额【加累计股息】【加已宣布但未支付的股息】。之后，A类优先股与普通股共同参与剩余财产的分配。】 [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 pro rata on an as-converted basis until the holders of Series A Preferred receive an aggregate of [_____] times the Original Purchase Price (including the amount paid pursuant to the preceding sentence).] 【方案3（优先股有限参与分配）：首先向A类优先股支付相当于其入股价格【一】倍的金额【加累计股息】【加已宣布但未支付的股息】。之后，A类优先股视同已转换与普通股参与剩余财产的分配，但分配的上限为认购价格的【×】倍（包括前述应支付的相当于认购价格【一】倍的金额）。】 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, exclusive license or other disposition of all or substantially al