一篇文章看透私募交易核心条款

私慕好帮手

在私募投融资交易过程中，绝大多数标的公司尚处于未上市的早期初创阶段，商业模式通常还没有完全跑通，赛道也彻底确定，有的天使轮公司甚至可能刚刚设立。在这种情况下，即便投资人看好创始团队，愿意注入一笔金额不菲的投资款，但如果仅仅只能换回一定比例的公司股权，多多少少肯定是没有安全感的，毕竟未来充满诸多的不确定性，公司的发展前景都不明朗。你要知道，人类最大的恐惧往往就来源于“未知”。

于是，投资人在提供投资款的同时，往往会附带一系列的条款约束，有的是为了凸显投资人股权的“优先性”，购买股权优先、未来退出优先、话语权优先、知情权优先，总之方方面面都得优先；有的是为了约束和限制公司和创始团队，诸如创始团队连带责任、股份兑现、转股限制、期权激励，等等。

针对业内人士来讲，类似安排可能早已司空见惯、习以为常，前几年行业发展生机勃勃的时候，手边全是林林总总的TS、SPA、SHA、M&AA、RSA。最近节奏缓下来了，现在有时间也有精力去回顾一下之前见过的五花八门的交易条款，尝试梳理一下其中可能涉及的核心要点，希望能成为您手机里的一份checklist。

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（1）合格上市 Qualified IPO

【标准条款】

“合格首次公开发行”系指公司之股份在各方认可的知名的证券交易所上市和挂牌交易，且公司上市之时的市值不少于【】亿美元或其等值人民币且上市融资金额扣除承销折扣后不少于【】万美元或其等值人民币。

“Qualified IPO” shall mean a public offering of Ordinary Shares of the Company (or securities representing such Ordinary Shares) registered under the Securities Act and with net proceeds (excluding underwriting discounts, commissions and stock transfer taxes applicable to a sale of securities) to the Company of at least US$[*] million and an implied, pre-money valuation of US$[*] million or more, or in a similar public offering of Ordinary Shares in a jurisdiction and on an internationally recognized securities exchange or inter-dealer quotation system outside of the United States, including The Stock Exchange of Hong Kong Limited, provided such public offering is equivalent to the aforementioned in terms of offering proceeds and regulatory approval, and is approved by the holders of at least a [majority of the then outstanding Preferred Shares].

【关注要点】

①批准主体：股东会or董事会，是否需要经过投资人or投资人董事同意

②上市地：境内or境外，是否包括北交所/新三板

③上市前估值、融资金额

（2）回购权 Redemption

【标准条款】

如发生下列任一情形（“回购情形”）（以较早者为准），则投资方有权要求公司和/或创始股东按照回购价格回购投资方所持有的全部或部分公司股权：

(a)   公司未能于【】年【】月【】日前完成合格首次公开发行；

(b)   任一创始股东和/或集团公司管理层存在重大个人诚信问题，任一创始股东和/或集团公司重大违反适用法律及/或适用法规及/或出现任何构成犯罪的行为；

(c)   实际控制人与集团公司终止劳动合同关系或停止为集团公司服务；

(d)   任一创始股东和/或集团公司严重违反交易文件的规定，并且未在投资方发出要求予以补救的书面通知后【十（10）】个工作日内采取投资方合理满意的补救措施；或

(e)   任何其他股东要求公司和/或创始股东回购其股权。

回购价格按照以下方式计算：

P1= 以下两者孰高：(i) [M × (1+10%)T1 × S1] + N1; 或 (ii) 投资方要求回购的股权届时所对应的市场公允价值（该等市场公允价值由投资方合理认可的评估机构或类似机构评估确定）。其中：

P1= 投资方的“回购价格”，是指其要求回购的股权所对应的回购总价；

M= 投资方的“每单位认购价格”，是指投资方取得每1元人民币公司认购注册资本的价格。

T1= 自交割日至回购价格实际足额支付日的期间天数除以365；

S1= 投资方要求回购的股权所对应的公司认购注册资本；

N1= 投资方要求回购的股权上已累积的红利和/或已宣布但未分配的股息（如有）。

At any time after the earlier of (i) the occurrence of a material breach by any Group Company or any of the Key Parties of any of their respective representations, warranties, covenants or undertakings under the Transaction Documents, (ii) the failure by the Company to complete a Qualified IPO or an Approved Sale within [five (5)] years after the Series [*] Original Issue Date, or (iii) the date on which there occurs (a) any dishonesty, fraud on the party of any Key Party which materially and adversely affects any Group Company, or (b) any Key Party’s conviction of breaches or violation of applicable laws and/or regulations which may have a material adverse effect on the Group Companies, each Preferred Share shall be redeemable at the option of each holder of the Preferred Shares, out of funds legally available therefor in accordance with the following terms.  The redemption price shall be, with respect to the holders of Series [*] Preferred Shares, [*] percent ([*]%) of the Series [*] Original Issue Price (adjusted for any share splits, share dividends, combinations, recapitalizations and similar transactions), plus in each case all dividends declared and unpaid with respect thereto per Preferred Share then held by such holder (the “Redemption Price”).

【关注要点】

①回购触发事项：交割后多少年年内未完成QIPO，是否包括其他股东交叉回购条款；

②回购顺位：是否所有投资人都有回购权，投资人之间的顺位如何安排；

③回购金额：投资款+X%年【单/复】利or本轮1.X倍投资款；不同投资人之间是否有不同约定；

④创始股东回购责任情形：有无连带责任（创始团队成员是否都有连带责任，连带责任是否及于全部的回购情形），责任有无上限（是否以股权价值/股权可变现价值为上限、可否追及个人财产），上限有无例外情形（是否有“欺诈”“故意”例外情况）。

（3）优先清算权 Liquidation Preference

【标准条款】

如发生公司清算事件或者出售事件，则可分配财产应按下列方案和顺序进行分配：

首先，在公司其他股东获得任何分配之前，投资方有权获得的优先清算金额为：

P2 = [M × (1+10%)T2 × S2] + N2

其中：

P2   =     投资方的“优先清算金额”；

M    =     投资方的“每单位认购价格”；

S2   =     投资方参与清算事件或出售事件的股权所对应的公司认购注册资本；

T2   =     自交割日至优先清算金额实际足额支付日的期间天数除以365；

N2  =     投资方届时所持有的股权上已累积的红利和/或已宣布但未分配的股息（如有）。

Upon any liquidation, dissolution or winding up of the Company and/or any Group Company, either voluntary or involuntary (each a “Liquidation Event”), distributions to the Members of the Company shall be made in the following manner:

Before any distribution or payment shall be made to the holders of any Junior Shares, each holder of Series [*] Preferred Shares shall be entitled to receive, on parity with each other, an amount equal to [*] percent ([*]%) of the Series [*] Original Issue Price (in each case as adjusted for any share splits, share dividends, combinations, recapitalizations and similar transactions), plus all dividends declared and unpaid with respect thereto per Series [*] Preferred Share, then held by such holder.

【关注要点】

①优先清算金额：投资款+X%年【单/复】利+股息及红利or本轮1.X倍投资款；不同投资人之间是否有不同约定；

②清算顺位：是否所有投资人都有优先清算权，投资人之间的顺位如何安排；

③投资人可否参与后续分配、分配原则（实缴出资/认购出资比例）。

（4）领售权/拖售权 Drag-along

【标准条款】

在投资方持有公司股权期间，如果发生任何出售事件，且【投资方和创始股东】（与投资方合称“领售权人”）批准该等出售事件，则其他股东应同意按照相同的条款和条件出售或转让其持有的全部或部分公司股权，或支持公司出售其全部或实质性全部的资产或业务，包括但不限于在公司股东会和/或董事会上投赞成票通过出售公司股权/资产的决议、签署相关股权/资产转让合同、办理相关工商变更手续等。如其他股东不同意该出售事件的（以下称“反对股东”），领售权人有权要求反对股东按照整体出售相同的条款和条件购买同意该出售事件的股东拟出售的全部股权。

If the Series [*] Preferred Majority (collectively, the “Drag Holders”) approve a Trade Sale, which is at an implied valuation of the Group Companies of not less than US$[*] (such sale, transfer, conveyance or assignment pursuant to this section, a “Drag-Along Sale”), at the request of the Drag Holders, then each remaining Shareholder shall sell, transfer, convey or assign its Shares pursuant to, and so as to give effect to, such offer to purchase, merger or consolidation, sale or transfer, as the case may be.

【关注要点】

①拖售主体：投资人是否有权单独拖售，是否包括创始团队；

②拖售时间：是否有要求拖售权触发时间（比如本轮交割后的X个月）；

③拖售估值：是否有限制拖售时的公司估值（比如本轮估值的X倍或者达到X万元）。

（5）共同出售权 Co-sale Right

【标准条款】

如果优先购买权人未就转让方拟转让股权行使其优先购买权，则优先购买权人有权（但没有义务）按照受让方提出的相同的价格和条款条件，并在符合本条规定的前提下，与转让方一同向受让方转让其持有的公司股权（“共同出售权”）。共同出售方可行使共同出售权的最大股权数额为拟转让股权的总额与下述共同出售比例的乘积：共同出售比例＝共同出售方所持有的公司股权比例÷（共同出售方所持有的公司股权比例＋转让方所持有的公司股权比例）。

To the extent any Non-Selling Shareholder does not exercise its respective rights of first refusal as to all of the Transfer Shares, such Non-Selling Shareholder shall have the right, exercisable upon delivery of a written notice to the Selling Shareholder, with a copy to the Company, within [twenty (20)] Business Days after the receipt of the Transfer Notice, to participate in the sale of any Transfer Shares to the extent of such Non-Selling Shareholder’s Pro Rata Co-Sale Share at the same price and upon the same terms and conditions indicated in the Transfer Notice.  Each Non-Selling Shareholder may sell all or any part of its Pro Rata Share of the Transfer Shares. A Non-Selling Shareholder’s “Pro Rata Co-Sale Share” of a specified quantity of Transfer Shares shall mean that number of Ordinary Shares (or that number of Preferred Shares which, if converted at the current conversion ratio, would equal that number of Ordinary Shares) which equals the specified quantity of Transfer Shares proposed to be transferred multiplied by a fraction equal to (i) the total number of Ordinary Shares (on an as converted basis) then held by such Non-Selling Shareholder exercising co-sale rights pursuant to this section, divided by (ii) the total number of Ordinary Shares held by the Selling Shareholder plus the total number of Ordinary Shares then held by all Non-Selling Shareholders exercising co-sale rights pursuant to this section, on an as converted basis.

【关注要点】

①共售权主体：是否所有投资人都有共售权；

②共售股份：共售股份比例如何计算，共售股份总数是否排除已经行使优先购买权的份额数量。

（6）投资人自由转股 Assignment

【标准条款】

投资方向其关联方或任何其他第三方转让其在公司中持有的股权不受任何限制。如果根据法律规定，投资方转让其在公司中持有的股权，需要公司其他股东同意或公司其他股东具有优先购买权的，公司其他股东确认其已经通过签署本协议给予法律要求的全部同意并就此放弃优先购买权；同时，其应签署一切必要的文件和采取一切行动（包括但不限于向有关政府部门办理登记），以协助完成投资方股权转让。

The Preferred Shareholder may sell, assign, transfer, pledge, hypothecate, mortgage, encumber or otherwise dispose of any Shares held by it freely without any restriction (including but not limited to the right of first refusal and co-sale right). Each of the Parties (other than the transferring Preferred Shareholder) shall approve and do all things necessary to effect such proposed permitted transfer. This Agreement and the rights and obligations of each other Party (other than Preferred Shareholders) hereunder shall not otherwise be assigned without the mutual written consent of the other Parties except as expressly provided herein.

【关注要点】

①投资人自由转股是否受限：创始团队是否有优先购买权；

②受让方是否有限制：是否可以转股给公司竞争对手（如有，建议由公司明确列举竞争对手，同时清单的更新是否需要经过投资人同意），受让方资质是否有特殊要求（比如不能存在外资、不能是“三类股东”）；

③公司是否有战队条款：投资人是否可以转股给公司其他战略投资人的竞争对手；

④投资人其他投资是否受限：能否投资/追加投资公司竞争对手。

（1）认股权证 Warrant

【标准条款】

当公司在本轮交割后【】个月内进行新一轮融资（“新融资”）时，投资方和/或其关联方有权按照新融资价格的【】%另行投资【】万元，认股应当于不晚于新融资交割之日完成；如公司未在本轮交割后【】个月内进行新融资，则投资方和/或其关联方有权按照与公司友好协商的价格另行投资【】万元，认股应当在公司通知的相应期限内完成（下称“认股权”）。

If the Company has a new round financing (“New Financing”) within [*] months following the Closing, the Investor and/or its affiliate(s) shall be entitled to invest another USD[*] at a per share price of [*]% of the per share price of the New Financing no later than the date of closing of the New Financing; if there is no New Financing within [*] months following the Closing, the Investor and/or its affiliate(s) shall be entitled to invest another USD[*] at a per share price otherwise agreed by the Company and the Investor through amicable negotiation within such period as noticed by the Company (the “Warrant”).

【关注要点】

①行权期限、价格、份额；

②其他投资人是否有未行权的认股权证。

（2）优先认购权 Right of First Offer / Participation Right

【标准条款】

在公司合格首次公开发行前，如公司计划新增注册资本或进行类似行为（“后续增资”）时，各投资方有权（但无义务）以同等条件按照该投资方在后续增资之前持有的公司股权比例优先于公司的任何其他股东及/或任何第三方认购公司后续增资涉及的全部或部分的新增注册资本（“优先认购权”）；其中，各投资方行使优先认购权认购的公司新增注册资本不超过(a)后续增资时新增注册资本总额，乘以(b)该投资方在后续增资之前持有的【公司股权比例】（“优先认购份额”）。为免疑义，就届时相应投资方选择行权的新增注册资本，其他方在此明确放弃其根据适用法律、公司章程或基于任何其他事由可享有的优先认购权及可能存在的其他任何权利。

Any holder of Preferred Shares, and its assignees, to whom the rights under this section have been duly assigned (hereinafter referred to as a “Participation Rights Holder”) shall have the right of first refusal to purchase all (or any part) of such Participation Rights Holder’s Pro Rata Share (as defined below), of any New Securities that the Company may from time to time issue after the date of this Agreement (the “Right of Participation”).  A Participation Rights Holder’s “Pro Rata Share” for purposes of the Right of Participation is equal to the product obtained by multiplying (x) the aggregate number of the New Securities to be issued by the Company by (y) a fraction, the numerator of which is the number of Ordinary Shares (calculated on a fully-diluted and as-converted basis) held by such Participation Rights Holder and the denominator of which is the total number of [Ordinary Shares] (calculated on a fully-diluted and as-converted basis) then outstanding immediately prior to the issuance of New Securities giving rise to the Right of Participation.

【关注要点】

①优先认购比例：按【绝对持股比例/相对持股比例】认购新股；

②超额优先认购：投资人有无二次认购的权利。

（3）优先购买权 Right of First Refusal

【标准条款】

如受限人士（统称为“转股股东”）拟向任何第三方（“预期买方”）直接或间接转让或以其他方式处置其直接或间接持有的公司股权（“转让股权”），各投资方有权（但无义务）以与预期买方相同的价格和条件，优先于公司的其他股东及/或预期买方及/或其他第三方，按照其届时相对持股比例，购买全部或部分的转让股权（“优先购买权”）；其中，各投资方行使优先购买权购买的转让股权不超过(a)转让股权总额，乘以(b)该投资方届时持有的公司股权占【全部享有优先购买权的投资方】届时合计持有的公司股权的比例（“优先购买份额”）。为免疑义，就届时相应投资方选择行权的转让股权，其他方在此明确放弃其根据适用法律、公司章程或基于任何其他事由可享有的优先购买权及可能存在的其他任何权利。

If any Restricted Shareholder (the “Selling Shareholder”) proposes to, directly or indirectly, sell, assign, pledge, hypothecate, transfer, or otherwise encumber or dispose of in any way or otherwise grant any interest or right with respect to all or any part of any interest in (“Transfer”) any equity securities now held by it or subsequently issuable to it, then such Selling Shareholder shall promptly give written notice (the “Transfer Notice”) to the Company and each Preferred Shareholder (the “ROFR Holders”) prior to such Transfer.  Each ROFR Holder shall have the right to purchase that number of the Offered Shares or ROFR Holders’ Overallotment Shares (the “First Refusal Allotment”) equivalent to the product obtained by multiplying the aggregate number of the Offered Shares or ROFR Holders’ Overallotment Shares, as the case may be, by a fraction, the numerator of which is the number of Ordinary Shares (on an as-converted basis) held by such ROFR Holder or Fully Participating ROFR Holder, as the case may be, at the time of the transaction and the denominator of which is the total number of Ordinary Shares (on an as-converted basis) owned by [all ROFR Holders or all Fully Participating ROFR Holder], as the case may be, at the time of the transaction who have exercised the right of first refusal purchase.

【关注要点】

①优先购买范围：创始人自由转股额度是否包括在内；

②优先购买比例：投资人按【绝对持股比例/相对持股比例】优先购买；

③超额优先购买：投资人有无二次优先购买权。

（4）反稀释 Anti-dilution

【标准条款】

交割日后，如公司以低于投资方的每单位认购价格进行增资扩股（“低价增资”），亦即认购新增注册资本的股东认购公司新增注册资本的单价（即增资股东为认购新注册资本所支付的总价款÷新注册资本）低于投资方的每单位认购价格，则投资方的股权应根据本条以下条款进行调整。如发生低价增资，则投资方投资于公司的每单位认购价格和投资方于低价增资完成后在公司的股权比例将按照完全棘轮/加权平均的方式进行如下调整：

【完全棘轮】调整后每单位认购价格=增资股东认购新注册资本的单价

【加权平均】调整后每单位认购价格 = 每单位认购价格×((A+B))/((A+C) )

其中：A=    低价增资前公司的注册资本总额

B=  低价增资时增资股东以投资方每单位认购价格可认购的公司注册资本额

C=  低价增资时的新注册资本额

投资方的持股比例 = (投资方投资总额÷调整后每单位认购价格)/低价增资完成后公司的总注册资本

投资方可选择通过下列方式根据以上反稀释规则调整投资方的持股比例：(i)由公司以人民币1元的名义价格或法律允许的最低对价向投资方发行股权；或(ii)由创始股东分别且连带地以人民币1元的名义价格或其他法律允许的最低价格向投资方转让调整所需的股权，或(iii)由【公司和创始股东】以现金形式补偿投资方并同意投资方用于对公司的增资。公司和创始股东应当对于按照反稀释规则调整投资方股权比例承担连带责任。若在实现上述调整时，投资方应当向公司或创始股东支付任何对价或款项，则公司和创始股东应当向投资方补偿相应的款项。在该调整完成前，公司不得实施低价增资或增发与股权相关的任何证券（包括但不限于可转债）。

In the event that the Company shall issue Additional Ordinary Shares without consideration or for a consideration per share received by the Company (net of any selling concessions, discounts or commissions) that is less than the Series [*] Conversion Price in effect on the date of and immediately prior to such issue, then and in such event, the Series [*] Conversion Price shall be reduced, concurrently with such issue, to a price determined as set forth below. The mathematical formula for determining the adjusted Series [*] Conversion Price is as follows and is subject to the more detailed textual description set forth thereafter:

AP = OP * (OS + (NP/OP)) / (OS + NS)

WHERE:

AP = adjusted Series [*] Conversion Price

OP = old Series [*] Conversion Price

OS = the number of outstanding Ordinary Shares immediately before the Additional Ordinary Shares are issued or sold, treating for this purpose as outstanding all Ordinary Shares issuable upon exercise, conversion or exchange of any outstanding Ordinary Share Equivalents immediately before the Additional Ordinary Shares are issued or sold

NP = the total consideration received for the issuance or sale of Additional Ordinary Shares

NS = the number of Additional Ordinary Shares issued or sold

The newly adjusted Series [*] Conversion Price shall be the amount equal to the price determined by multiplying the old Series [*] Conversion Price by a fraction:

(i)    the numerator of which shall be the number of Ordinary Shares outstanding immediately prior to such issuance plus the number of Ordinary Shares which the aggregate consideration received by the Company for the total number of Additional Ordinary Shares would purchase at the old Series [*] Conversion Price; and

(ii)   the denominator of which shall be the number of Ordinary Shares outstanding immediately prior to such issuance plus the number of such Additional Ordinary Shares so issued.

【关注要点】

①反稀释补偿公式：广义加权平均or完全棘轮；

②对投资人的补偿机制：股权补偿or现金补偿；

③补偿主体：公司or创始人。

（5）新项目优先投资权 New Project

【标准条款】

集团公司及创始股东承诺，若集团公司和/或创始股东未经投资方事先书面同意利用集团公司资源（包括但不限于办公场地、人力资源、业务信息资源、创始股东时间、精力等）孵化（包括但不限于通过投资、管理、参与经营或任职等方式）任何独立新项目或将集团公司任何业务部门剥离成立新公司（统称“新项目”），投资方有权在新项目中无偿获得不低于其届时在公司所持比例的股权。

In the event any Warrantor use company resources (including but without limitation the office premises, human resources, business information, Founder’s time and efforts) to incubate any independent new projects or divest any business department to establish new companies (collectively “New Project”), the Investor shall be entitled to obtain equity interests in such New Project of a percentage no less than its shareholding percentage in the Company on a fully diluted and as-convert basis at no consideration.

【关注要点】

①交易对价：无偿or市场价格；

②股权比例：现有股权比例自动平移过去or在同等条件下现有投资人有权利优先投资新项目（具体比例另行协商确定）。

（6）估值调整

【标准条款】

各方确认，本次增资对应的公司投前估值将按照本协议约定的方式作出调整。若经调整的投前估值低于投资方本轮投前估值的，投资方有权自行决定要求公司采取以下一项或多项措施：（i）公司以人民币1元的名义价格或法律允许的最低对价向投资方发行股权；（ii）由【公司和创始股东】以现金形式补偿投资方;（iii）投资方及公司同意的其他方式。如果因遵守届时有效的适用法律导致投资方获得估值调整补偿股权所支付的对价超过人民币1元的，公司应当将超出部分以投资方认可的方式补偿给投资方，创始人对公司前述的补偿义务承担连带责任。

Notwithstanding anything to the contrary contained herein, the Series [*] pre-investment valuation of the Company as to any Investor shall be recalculated and adjusted according to the formula below.  As to any Investor, if the relevant Adjusted Series [*] Pre-investment Valuation is lower than US$[*], such adjustment shall be carried out through one or more following manners (which shall be selected by such Investor, severally but not jointly), to ensure such Investor holding certain number of Series [*] Preferred Shares representing the Adjusted Shareholding Percentage on the applicable Closing Date: (i) the Company to duly and validly issue to such Investor certain number of additional fully paid and non-assessable Series [*] Preferred Shares (the “Additional Shares”) at par value; (ii) The Company to pay or cause to be paid certain amount of cash compensation to such Investor; (iii) the adjustment of the relevant conversion price of certain Series [*] Preferred Shares held by such Investor; and/or (iv) other manners mutually agreed by such Investor and the Company.

【关注要点】

①估值调整公式：是否符合双方商业约定；

②补偿方案：股权补偿or现金补偿；

③补偿主体：公司or创始人。

（1）信息权 Information Right

【标准条款】

只要投资方在公司中持有股权，公司应当，并且现有股东应当促使公司，向投资方交付与集团公司及其关联方相关的下列文件：

(i)    在每个会计年度结束后的【九十（90）】日内，向投资方提交投资方认可的中国会计师事务所根据中国会计准则出具的年度合并审计报告、年度合并经营报告；

(ii)   在前三个季度每个会计季度结束后的【三十（30）】日内，向投资方提交未经审计的根据中国会计准则编制的上一季度合并季度财务报表和经营季报；

(iii)  在每个会计年度结束【四十五（45）】日前，向投资方提交集团公司下一年度的运营计划、财务预测和投资计划；

(iv)  每个会计月份或投资方同意的其它周期结束后的【十五（15）】日内，向投资方提交月度或其他周期性运营数据；以及

(v)   投资方合理要求的其它信息、统计数据、交易和财务数据等。

The Company covenants and agrees that, commencing on the date of this Agreement, and for so long as the Investor holds any Investment Securities, the Company will and will cause the Group Companies to, deliver to the Investor the following with respect to the Company and its Subsidiaries:

(i)    annual audited consolidated financial statements within [ninety (90)] days after the end of each fiscal year, audited in accordance with U.S. GAAP or other accounting principle as approved by the Investor by a reputable accounting firm approved by Investor;

(ii)   quarterly unaudited consolidated financial statements within [thirty (30)] days after the end of each quarter;

(iii)  an annual consolidated budget for the following fiscal year within [forty-five (45)] days prior to the end of each fiscal year;

(iv)  monthly bank statements of each Group Company and monthly unaudited consolidated financial statements of the Group Companies within [fifteen (15)] days after the end of each calendar month; and

(v)   upon the request by the Investor, such other information as the Investor shall reasonably request.

【关注要点】

①投资人行使权利是否持股比例限制；

②投资人要求提供的财务信息和经营信息是否符合惯常的市场要求；

③投资人提出的时间和期限要求公司能否满足；

④投资人如果投资/追加投资公司竞争对手，该等权利是否受限。

（2）检查权 Inspection Right

【标准条款】

在合理提前通知的情形下，投资方或其指定代表有权在工作时间内对集团公司行使检查权（“检查权”），检查权内容包括但不限于：

(i) 检查集团公司的设施、运营情况、当月、季、年度经营记录、账簿及会计记录（包括原始会计凭证）以及财务报告，摘录和复制当中内容，核查集团公司的财产和资产，并与相关董事、监事、高级管理人员、员工、会计师、法律顾问和投资银行讨论集团公司的业务、经营和情况；

(ii) 除集团公司自身开展的例行年度审计之外，投资方有权自行或委托会计师事务所对任何集团公司进行财务审计（以下称“专项审计”）。集团公司和创始股东应积极配合并提供，并确保其他集团公司积极配合并提供必要的条件和资料以便投资方完成专项审计；

(iii) 根据适用法律法规，投资方可以享有的其他检查权内容和范围。

The Company covenants and agrees that, commencing on the date of this Agreement, and for so long as the Investor holds any Investment Securities, the Investor or its appointee shall have the right of inspection, including the right to access, examine and copy all books or accounts of each Group Company and/or any of their respective Subsidiaries, and to discuss the business, operations and conditions of each Group Company and their respective Subsidiaries with their respective directors, officers, employees, accounts, legal counsel and investment bankers.

【关注要点】

①投资人行使权利是否持股比例或其他限制（比如提前通知、次数限制）；

②投资人要求检查的事项是否符合惯常的市场要求；

③如投资人需要开展专项审计，审计费用由投资人or公司谁来承担；

④投资人如果投资/追加投资公司竞争对手，该等权利是否受限。

（3）优先分红权 Dividend Right

【标准条款】

交割日后，如【董事会】决定进行利润分配，公司和创始股东应采取一切必要的行动以确保投资方优先于公司其他股东享受下述两种分红方式较高者：(i)增资款的X%，即人民币【】元；或(ii)投资方按照其届时在公司中的股权比例（不计算尚未发放的激励股权）应享有的分红。

Each holder of the Series [*] Preferred Shares shall be entitled to receive dividends, out of any funds legally available therefor, (A) prior and in preference to any declaration or payment of any dividend on the Junior Shares (including but not limited to Ordinary Shares), carried at the rate of [*] percent ([*]%) per annum of the Series [*] Original Issue Price (as adjusted for any share splits, share dividends, combinations, recapitalizations and similar transactions) on each such Series [*] Preferred Share held by such holder. Such dividends shall be payable and accrue when, as and if declared by the Board and shall be cumulative; (B) participate in any subsequent distribution among the Junior Shares (including but not limited to Ordinary Shares) pro rata based on the number of Ordinary Shares held by each Holder of Series [*] Preferred Shares (calculated on an as-converted basis). Unless and until any dividends or other distributions in like amount have been paid in full on the Preferred Shares (on an as-converted basis), the Company shall not declare, pay or set apart for payment, any dividend and other distributions on any Junior Shares or make any payment on account of, or set apart for payment, money for a sinking or other similar fund for, the purchase, redemption or other retirement of, any Junior Shares or any warrants, rights, calls or options exercisable or exchangeable for or convertible into any Junior Shares, or make any distribution in respect thereof, either directly or indirectly, and whether in cash, obligations or shares of the Company or other property.

【关注要点】

①分红决策权：公司董事会or经一定比例的优先股股东同意；

②优先清算金额：1+X%年利率or按比例分配；可否累积计算；不同投资人之间是否有不同约定；

③分红顺位：是否所有投资人都有优先分红权，投资人之间的顺位如何安排。

（4）保护性条款/一票否决权 Protective Provisions / Veto Right

【标准条款】

尽管有其他约定，在投资方持有公司任何股权期间，关于下列事项，应当经过股东会审议通过，且必须取得【投资方】同意。未经【投资方】同意，任何集团公司不得直接或间接地采取下列任何行动，且集团公司、集团公司任何股东和董事均无权采取或批准，或许可任何集团公司采取或批准下列任何行动。

以下事项需要经全体董事的【二分之一】以上同意（包含【投资方董事】同意）方可通过。未经【投资方董事】同意，任何集团公司不得直接或间接地采取下列任何行动，且集团公司、集团公司任何股东和董事均无权采取或批准，或许可任何集团公司采取或批准下列任何行动。

特别地，创始股东同意，在公司股东会或董事会就以下事项进行表决前，创始股东应事先征询并善意考虑投资方的合理意见。

In addition to such other limitations as may be provided in the Restated Articles, for so long as any Preferred Shares are outstanding, the following acts (whether by amendment of the Restated Articles or otherwise, and whether in a single transaction or a series of related transactions) of the Company, directly or indirectly, in any manner, shall require the prior written approval of the [Preferred Majority]. Notwithstanding anything to the contrary contained herein, where any such action requires a special resolution of the shareholders in accordance with the Companies Act (as amended) of the Cayman Islands and if the shareholders vote in favor of such act but the approval of the [Preferred Majority] has not yet been obtained, the holders of the Preferred Shares who vote against such act at a meeting of the shareholders in aggregate shall have the voting rights equal to the aggregate voting power of all the shareholders who voted in favor of such act plus one.

In addition to such other limitations as may be provided in the Restated Articles, any of the following acts (whether by amendment of the Restated Articles or otherwise, and whether in a single transaction or a series of related transactions) of the Company, directly or indirectly, in any manner, shall require the affirmative votes of more than [*] percent ([*]%) of votes of the directors of the Board, including the affirmative vote(s) from each [Investor Director].

【关注要点】

①Veto主体：哪些主体有单独Veto，哪些主体有联合Veto；

②具体事项：是否区分股东会和董事会层面分别约定；

③Veto事项：是否会影响到公司日常业务经营（如可能涉及，建议设置一定的金额/比例限制或者除外条款）；

④如涉及反垄断红线事项，表决机制上是否有特殊安排；

⑤惯常的一票否决权事项包括：

A.股权变更类事项：增资、减资、转股；

B.重大资产变更类事项：出售、抵押/质押重大资产；

C.架构类事项：重组、合并、并购、清算、解散、变更组织形式、对外投资、子公司/合资公司设立；

D.利冲类事项：关联交易；

E.人员类事项：董事会构成、重大核心人员（CXO）、员工期权激励计划；

F.财务类事项：超出预算的支出、营业外支出、审计师选择、会计政策。

（4）最惠国待遇 Most Favorable Terms

【标准条款】

若任何集团公司及/或创始股东给予任何截至交割日的公司股东或在【未来融资】（包括股权融资及债权融资）中给予任何融资出资方和/或股东优于投资方在本协议项下的条款和条件（“更优惠条款”），则投资方有权享受该等更优惠条款并将此种优惠应用于投资方在公司的投资。各方应重新签订相关协议或对本协议进行相应修改或补充，以使投资方享受该等更优惠条款。

In the event the Company hereafter grants any other investors or shareholders any rights, privileges or protections more favorable than those granted to the Investor, the Investor shall, at its option, be entitled to the same rights, privileges or protections pari passu with the other investors or shareholders.

【关注要点】

①权利主体：是否所有投资人都有最惠国待遇条款（如果某些投资人不享有某些优先权利，建议做例外处理）；

②时间限制：【向前及/或向后】的最惠国待遇（针对未来融资，建议设置优先权顺位可以根据估值高低/轮次先后进行排序的例外）；

③最惠国事项：是否SPA、SHA、M&AA约定的全部条款都适合设置最惠国安排（比如投资人董事席位是否需要做例外）。

（5）登记权 Registration Right

【标准条款】

The holders of the Investment Securities shall be entitled to the following rights with respect to any potential public offering of Ordinary Shares of the Company (or securities representing such Ordinary Shares) in the United States, and to any analogous or equivalent rights with respect to any other offering of shares in any other jurisdiction pursuant to which the Company undertakes to publicly offer or list such securities for trading on a recognized securities exchange.

(a) Demand Registration.  If the Company shall receive, at any time after the earlier of (i) the [*] anniversary of the date hereof, or (ii) a Qualified IPO, a written request from the Holders of at least [ten] percent ([10]%) of the Registrable Securities then outstanding that the Company files a registration statement under the Securities Act covering the registration of Registrable Securities pursuant to this section, then the Company shall, within [ten (10)] Business Days after the receipt of such written request, give a written notice of such request (the “Request Notice”) to all Holders.  The Holders shall send a written notice stating the number of Registrable Securities requested to be registered and included in such registration (the “Request Securities”) to the Company within [ten (10)] Business Days after receipt of the Request Notice.  The Company shall thereafter use its best efforts to effect, as soon as practicable, the registration of the Request Securities, subject only to the limitations of this section.

(b) Piggyback Registrations.  The Company shall notify all Holders of Registrable Securities in writing at least [thirty (30)] days prior to filing of any registration statement under the Securities Act for purposes of effecting a public offering of securities of the Company and will afford each such Holder an opportunity to include in such registration statement all or any part of the Registrable Securities then held by such Holder.  Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by such Holder shall within [ten (10)] Business Days after receipt of the above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Securities such Holder wishes to include in such registration statement.  If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein.

(c) Form S-3 or Form F-3 Registration.  After its initial public offering, the Company shall use its best efforts to qualify for registration on Form S-3 or Form F-3 or any comparable or successor form promptly and to maintain such qualification thereafter.  If the Company is qualified to use Form S-3 or Form F-3, any Holder or Holders shall have a right to request in writing that the Company effect a registration on either Form S-3 or Form F-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, and upon receipt of each such request, the Company shall perform the tasks.

注：（1）要求登记权/主动登记权（Demand Registrations）：达到一定持股门槛的投资人，在本轮交割后的一定期限（一般是QIPO约定的截止日）或公司上市/上市后的一定期限（取孰早）内，可要求公司向SEC申请登记其转换为普通股的股份（相当于变相再次强调了公司QIPO的deadline）；

（2）共同登记权/附带登记权（Piggyback Registrations）：如果公司发起登记，投资人可以要求与发起人共同登记（可以理解为，如果有股东要求登记了，其他股东也可以搭便车）；

（3）S-3/F-3登记权（Form S-3 or Form F-3 Registration）：公司在IPO后需要使用S-3或F-3表格向SEC提交登记声明以发股，此时投资人也可以要求公司登记其股份。

【关注要点】

①要求登记权：持股比例门槛（通常为10%-30%），登记次数上限（通常为1-3次），行权时间（通常与QIPO保持一致，公司可能会要求延长到IPO完成后的6-12个月后），登记费用由公司承担（投资人通常可以接受撤回登记作为例外，除非投资人同意使用一次登记机会）；

②共同登记权：登记费用由公司承担（投资人通常可以接受取消或者延迟登记作为例外）；

③S-3/F-3登记权：惯常不设置持股比例门槛但会设置最低金额限制（通常为100万美元以下），惯常不设置登记次数上限但会设置行权间隔（通常为6-12个月），登记费用由公司承担（投资人通常可以接受取消或者延迟登记作为例外）。

（6）优先权利终止与恢复 Termination of Rights

【标准条款】

投资方在此确认并同意，为使公司在【】年【】月【】日前顺利实现合格首次公开发行之目的，本协议项下投资方的回购权、优先分配利润权、共同出售权、优先清算权、反稀释权、一致行动权以及任何其他可能构成公司首次公开发行股票并上市的法律障碍于公司向中国证券监督管理委员会（“证监会”）或证券交易所正式提交合格上市申请之日起自动失效。若公司在向证监会或证券交易所正式提交合格上市申请之日后发生如下任何一种情形，则根据上款自动失效或被投资方放弃之各项权利和安排立即自动恢复，并视同该等权利和安排从未失效或被放弃：(i)公司主动撤回首次公开发行并上市申请，或公司的上市保荐人撤回对公司的上市保荐；(ii)公司未能在提交正式上市申请之日起【十八（18）】个月内通过证监会发行审核委员会审核或获得证监会的注册；(iii)公司在其股票首次公开发行并上市申请获得证监会发行批文/注册批文所规定的期限内，无论因任何原因导致没有完成在证券交易所的上市交易。

This Agreement and all rights and covenants contained herein, except for obligations set forth in Sections [*], shall terminate on the closing of a Qualified IPO.  If for the purpose of a Qualified IPO and as approved by the Investor, the Group Companies are required or advised by their counsel to conduct a reorganization, the Investor may elect to waive any or all of its preferred or special rights hereunder, effective as of the completion of such reorganization; provided that, in the event that the Qualified IPO does not occur within [eighteen (18)] months after the completion of such reorganization, each of the Group Companies and the Key Parties shall take all such actions as necessary or desirable to restore all the rights and privileges of the Investor contained herein, including without limitation (i) causing the Company to amend the Restated M&A, (ii) causing the Company to issue to the Investor applicable class and number of shares of the Company, and (iii) entering into agreements containing substantially the same terms and conditions hereof.

【关注要点】

①权利终止：需要终止的优先权利是否为境内外上市的必须要求（如有可解释空间，建议提前与券商、律师确认）；

②权利恢复：期限设置是否合理，权利恢复条款表述是否符合境内外上市的相关要求（建议提前与券商、律师确认）；

③从公司管理各轮融资交易的角度，也提示关注新的股东协议是否已经完整取代了旧的股东协议，以避免股东权利之间的冲突。

（1）实际控制权 Control

【关注要点】

①创始人应当尽可能持有或控制或被授权更多的股份投票权，包括其本人及其家庭成员、创始团队持股平台、员工持股计划、一致行动人等；

②投资人应当关注公司普通股是否被划分为AB股（进而设置不同的表决权Vote）、创始人持有的普通股是否设置多倍投票权（包括股东会层面和董事会层面）；如有，是否符合境内外上市的相关要求（建议提前与券商、律师确认）。

（2）董事会席位 Composition of the Board

【标准条款】

公司董事会应由【】名董事组成，董事人选根据下述方式产生：(i)投资方有权提名总计【】名董事候选人（“投资方董事”）；(ii)创始股东有权提名总计【】董事候选人。提名的人选经股东会选举被任命为公司董事。公司每一股东均同意其将投票赞成根据本提名的人选，并否决撤换任何依照上述董事会提名规则被提名的董事，除非有权提名该等董事的股东书面同意该等撤换。公司设董事长一（1）人，不设副董事长，董事长由董事会选举产生。除以上外，无论投资方是否向公司委派董事，投资方还有权委派【一（1）】名董事会观察员，观察员有权列席公司董事会会议。

The Company’s Restated M&A shall provide that the Company’s Board shall consist of up to [*] members, which number of members shall not be changed except pursuant to an amendment to the Restated M&A. For so long as the Investor holds any Preferred Share then outstanding, the Investor shall be entitled to designate [*] Directors (collectively the “Series [*] Directors”). Any vacancy on the Board occurring because of the death, resignation or removal of a Director shall be filled by the vote or written consent of the same shareholder or shareholders who nominated and elected such Director.

【关注要点】

①公司董事会席位总数通常为奇数（或奇数投票权）；

②创始人应当尽可能多的委派或控制董事会绝对/相对多数席位；

③投资人应当关注是否有董事Director委派权（如没有，建议争取董事会观察员Observer），董事委派门槛是否有持股比例限制，投资人董事是给到特定投资人的还是给到某轮次优先股的，投资人董事是单独还是联合的（是某轮次内的投资人联合，还是按照投资人在公司的合计持股比例取Top）；

④如果投资人投资/追加投资了公司竞争对手，投资人董事席位是否受限。

（3）员工期权激励 Employee Share Option Plan

【标准条款】

在员工股权激励计划下，向员工授予的激励股权应继续由激励股权持股主体代持（指按照本协议约定分别由【创始股东】和【激励股权持股主体】在不同阶段代持），公司、被授予员工和激励股权持股主体将另行签署经公司董事会批准（其中应包括【投资方董事】的同意）的股权激励协议和其他相关协议和文件。激励股权持股主体在员工股权激励计划下所代持的激励股权在任何情况下均不得以任何方式被认定为直接或者间接地归属于激励股权持股主体和/或其股东/合伙人（被授权员工除外）所有，激励股权持股主体不得以转让或其他任何方式直接或间接地处置其持有的激励股权实体部分或全部权益或在该等权益之上设置质押等任何权利负担。各方同意，除非经公司董事会批准（应包括【投资方董事】的同意），预留激励股权的授予期限应自授予日起不少于【四（4）】年（“授予期限”），预留激励股权中被授予的股权应在授予期限内按每年不高于【25】%的比例依次逐年释放。

As soon as practicable after the Closing, the Board (with the affirmative votes of the Series [*] Directors) shall establish and adopt an employee share option plan (the “ESOP”) and up to a total of [*] Ordinary Shares (proportionally adjusted to reflect any share dividends, share splits, or similar transactions), representing approximately [*]% of the Company's issued share capital immediately after the Closing (on a fully diluted and as-converted basis) will be reserved for issuance of share options pursuant to the terms and conditions under the ESOP.  To the extent practicable under PRC Laws, the Group Companies shall cause to be filed and registered with the competent local branch of the State Administration of Foreign Exchange of the PRC with respect to the establishment and adoption of the ESOP.  Unless the Board determines otherwise (including the affirmative votes of the Series [*] Directors), all options issued or granted under the ESOP shall be subject to a minimum [four (4)] year vesting schedule no faster than the following, counting from the applicable grant date with respect to the total issued options or shares: [twenty-five] percent ([25]%) of the options shall vest at the first anniversary of the grant date, and the remaining options shall vest annually in equal installments over the next [three (3)] years.

【关注要点】

①投资人应当结合DD情况，整体评估ESOP方案，包括期权池比例（通常为15%-20%）、已发放/未发放情况、个别关键员工/高管期权情况、后续扩大期权池（投资人是否享有veto）、行权时间表（期权分X年授予、每年释放X%）等，并就重点关切的事项在交易文件里加以约定；

②创始人应当关注投资人针对ESOP是否有具体要求，比如制定或通过期权计划是否有时间要求（比如本轮交割之前）、期权的发放和实施是否要求veto；

③从公司长远发展角度，也应当关注期权计划的核心条款设置是否妥当，比如员工行权价格（通常会参考公司最近一轮融资的估值，同时给到员工一定比例的折扣，初创公司可能只有市场化估值的1-2折，成熟公司可能也会给到8-9折的优惠价格，通常建议支付一定的对价、不要免费赠送，否则员工意识不到公司股权的价值，也就起不到激励员工的目的）、员工离职后如何处理（通常未行权部分公司就要自动收回了，已行权部分继续持有或由公司回购，回购价格可以是届时的市场价格、初始投资成本、票面价格/0对价、董事会决定的其他价格）。

（1）赔偿责任 Indemnification

【标准条款】

【集团公司和创始股东】共同并且连带地同意，对于投资方直接或间接与下列事项相关或由于下列事项而实际遭受、蒙受或发生的或针对投资方和/或其关联方、董事、合伙人、股东、雇员、代理及代表（合称“受偿人士”）提起的（无论是第三方索赔、本协议各方之间的索赔还是其他索赔）任何损害、损失、权利要求、诉讼、付款要求、判决、和解、税费、利息、费用和开支（包括但不限于合理的律师费），集团公司和创始股东应共同且连带地向投资方进行赔偿、为投资方提供辩护并使其免受损害，投资方代表其自身或其他每一位受偿人士行事，以使得投资方及其他每一位受偿人士得以获得赔偿，不论其是否是本协议的一方。

Each Warrantor hereby agrees to, jointly and severally, indemnify and hold harmless the Investor, and the Investor’s Affiliates, directors, officers, agents and assigns, from and against any and all Indemnifiable Losses suffered by the Investor, or its Affiliates, directors, officers, agents and assigns (each, an “Indemnified Person”), directly or indirectly, as a result of, or based upon or arising from [*]. The rights contained in this section shall not be deemed to preclude or otherwise limit in any way the exercise of any other rights or pursuit of other remedies for the breach of this Agreement or with respect to any misrepresentation. This section shall survive any termination of this Agreement.

【关注要点】

①投资人应当关注创始团队违约责任承担方式（连带责任/补充责任、是否先公司赔偿再创始团队赔偿的顺位安排、是否设置了免赔额/起赔额、创始团队成员是否都有连带赔偿责任），有无责任上限（是否以股权价值/股权可变现价值为上限、是否有“欺诈”“故意”例外情况、可否追及个人财产），SPA/SHA是否均设置了违约赔偿条款和连带责任（是否有时间或者期限上的限制），是否设置了特殊赔偿条款（如有，特殊赔偿事项是否涵盖了DD findings，通常包括税务、社保公积金、业务资质、知识产权等）；

②创始人应当争取以股权为限承担个人责任（个人财产作为除外事项）。

（2）股份兑现安排 Vesting Schedule

【标准条款】

创始股东在本协议签署日直接和间接持有的全部公司股权及其对应的注册资本（不包括代为持有的各方同意的用于实施员工股权激励计划的激励股权）为限制性股权（“限制性股权”），受限于为期【四（4）】年的兑现期（“兑现期”）。自交割日开始，每满【一（1）】周年，创始股东所持有限制性股权总额的【25】%予以兑现。尽管有前述约定，创始股东应享有其所持全部限制性股权的所有权利及权益（包括投票权、股息分配权），无论该等限制性股权是否已兑现，直至离职股东的限制性股权按照本条的下述规定被予以收购或其离职后有权继续持有的已兑现的股权的表决权被予以委托。

[Twenty-five] percent ([25]%) of the Restricted Shares shall be vested upon the [first (1st)] anniversary of the Closing and thereafter, the remaining [seventy-five] percent [(75%)] of the Restricted Shares shall vest annually in equal installments over the next [three (3)] years on the last day of each annual interval following the [first (1st)] anniversary of the Closing; provided that the Principal remains a full-time employee of any Group Company as of the date of such vesting.  In the event that the Principal’s employment relationship with the relevant Group Company is terminated prior to the Full Release Date (the “Trigger Events”, and each a “Trigger Event”), and regardless of whether or not the Principal is then serving as a director of the board of any Group Company, the Company shall have the right, at its sole discretion, to repurchase from the Principal, the Principal Holding Company and/or other person or entity that holds the Restricted Shares for or on behalf of the Principal or Principal Holding Company (which person or entity will be deemed as the Principal Holding Company for the purpose of this Agreement), such number of the Vested Restricted Shares and Unvested Restricted Shares at the price set forth below.

【关注要点】

①投资人应当关注创始人受限股份的兑现安排（尚未兑现的股权分X年兑现、每年兑现X%），受限股份的回购主体是否包括投资人（投资人和公司的回购顺位），创始人离职是否区分了有无过错的情形（投资人通常可以接受的方案是：如有过错情形，【无偿】收回全部已兑现和未兑现股权；如无过错情形，按【原始成本/市场价格】收回已兑现股权，按【原始成本】收回未兑现股权）；

②创始人应当评估并确认是否接受投资人提出的股份受限安排；如接受，应当关注其持有的股权中是否有已经兑现的部分，尚未兑现的部分发生“过错”情形的概率和潜在风险。

（3）股权转股限制 Restrictions on Transfers

【标准条款】

未经投资方事先书面同意，【创始股东】（“限制转股人”）不得直接或间接转让或以其他任何方式处置其直接或间接持有的公司部分或全部股权或在该等股权之上设置质押等任何权利负担。为本条之目的，“间接转让”包括但不限于以下情形：(a)如果限制转股人或被授予激励股权的员工系通过一家或多家中间层实体持有公司股权的，其向任何第三方转让该中间层实体的股权，或者允许任何第三方通过对中间层实体认购增资等安排从而导致该第三方间接享有公司股权，或者限制转股人在中间层实体上通过改变其股权、权益或份额（包括但不限于转让、增发、减少限制转股人自身的股权、权益或份额等）而导致其间接持有的公司股权发生改变；(b)对公司或中间层实体的股权（或权益）进行抵押、质押、担保、赠与或者设置其他类似权利负担；以及(c)让与公司或中间层实体的重大股东权利（如选举董事权、表决权、分红权等）。

Subject to the provisions of any severance agreement that the Key Parties may enter into, each Key Party agrees that, without the prior written consent of the [Series [*] Preferred Majority], it shall not, directly or indirectly, sell, transfer, pledge, encumber, hypothecate or otherwise dispose of any of its Shares in the Company or any of other Group Companies. In the case that any Share is held by its ultimate beneficial owner through one or more level of holding companies (including without limitation, the Founder Holdco), any transfer, repurchase, or new issuance of the shares of such holding companies or similar transactions that have the effect of change the beneficial ownership of such Share shall be deemed as an indirect transfer of such Shares. The Parties agree that the restrictions on the transfer of the Shares held by the Key Parties contained in this Agreement shall apply to such indirect transfer and shall not be circumvented by means any indirect transfer of the Shares.

【关注要点】

①投资人应当关注受限主体（是否包括了全部创始团队成员、创始团队持股平台、员工持股平台）、是否有小比例自由转股的额度（是占公司股权的比例，还是占创始人持股的比例）、是否有受限的例外情形（投资人通常可以接受，为资产筹划目的转让一定股权给予配偶、子女或信托计划，前提是公司实控人不因此变化，且受让方应承担文件下对创始股东的约定）；

②创始人应当关注受限主体中是否有需要排除的对象，自由转股的额度是否合适（比如改善生活的目的，转让公司股权总数的5%）。

（1）陈述保证 Representations and Warranties

【标准条款】

除已经在披露函中披露并被投资方认可的各项事项外（披露函指向本协议将被修正的特定章节，并应与本协议一同被阅读，系本协议的组成部分），自本协议签署日（包括本协议签署日）至交割日（包括交割日），承诺方共同并连带地做出如下陈述和保证，并确认本轮投资方对本协议及其他交易文件的签署依赖于该等陈述和保证在所有方面均真实、准确和完整。

The Founders, the Group Companies (collectively, the “Seller Parties” and individually, a “Seller Party”) hereby jointly and severally represent and warrant to the Investors, that the statements contained in this Article are true, complete, correct and not misleading, subject to the disclosures set forth in the Disclosure Schedule, as of the date hereof and as of the applicable Closing Date.

【关注要点】

①投资人应当关注保证主体（是否包括了创始团队成员、创始团队持股平台、员工持股平台）、保证对象（是否涵盖了全部集团公司）、保证事项（是否涵盖了DD findings）、有无“重大”等限制（投资人通常可以接受个别条款的“重大”限制，前提是有公司侧可以提供充足的理由，但不能接受整体的“重大”限制）、有无期限限制、披露函中的事项可以免责（建议结合DD情况逐项确认具体披露事项）；

②创始人应当关注陈述保证事项中有无需要事先披露或者明确除外的事项。

（2）交割前提条件 Conditions of the Closing

【标准条款】

投资方按照本协议的规定向公司支付增资款应当以下列每一条条件（“交割前提条件”）在交割时或之前全部满足或被本轮投资方自行决定事先书面豁免为前提条件。任何被本轮投资方书面豁免的交割前提条件将作为承诺方在本协议项下于交割后须及时履行的义务。

The obligation of the Investors to purchase the Purchased Shares at the Closing is subject to the fulfillment, to the satisfaction of the Investors (or waiver thereof by the Investors) on or prior to the First Closing Date, of the following conditions.

【关注要点】

①投资人应当关注CP中是否包括了DD结果令投资人满意（如有重大DD findings需要在交割前解决，建议约定为具体的CP条件），是否有经过IC批准的条款，是否包含了政府手续（比如JV架构下的工商变更、商委信息报告、银行开户，红筹/VIE架构下的股权重组/外翻、人民币投资人ODI，战略投资人的反垄断审查，保险资金报备，私募基金备案）；

②创始人应当争取在相关文件签署完成的同时即可满足全部CP条件，避免影响交割流程的不确定性；如有某个投资人单独的CP，建议明确不影响其他投资人的交割。

（3）交割后承诺事项 Covenants

【标准条款】

承诺方共同并连带地作出如下承诺，除创始人外其他现有股东仅就其相关事项分别且非连带地作出承诺。

The Seller Parties hereby jointly and severally covenant to the Investors as follows.

【关注要点】

①投资人应当关注承诺事项是否约定了明确的时间期限（对应DD findings和解决方案），如有被投资人豁免的CP条件，建议自动转化为交割后承诺；

②创始人应当根据实际情况合理判断承诺事项的完成时限，如有在前轮约定期限基础上需要延期的，建议向投资人提供合理性说明；如有已经延误期限的事项，建议由前轮投资人豁免违约责任。

（4）交割截止日 Long Stop Date

【标准条款】

如本次交易的交割或工商变更登记（以较晚为准）无法在本协议签署日起【】个工作日内或各方协商一致认可的其他日期完成的，投资方有权提前至少【十（10）】个工作日以书面形式通知其他各方解除本协议，并于通知中载明解除生效日期。

This Agreement may be terminated prior to the Closing by the Investor if the Closing has not been consummated by [*].  If this Agreement is terminated pursuant to the provision of this section, this Agreement will be of no further force or effect, provided that no party shall be relieved of any Liability for a breach of this Agreement or for any misrepresentation hereunder, nor shall such termination be deemed to constitute a waiver of any available remedy (including specific performance if available) for any such breach or misrepresentation.

【关注要点】

惯常来讲，为了投融资的效率考虑，也为了督促投资人和公司都积极促成交易，双方会在协议中约定一个交割截止日（Long Stop Date），如果超过这个deadline，则投资协议解除。从公司角度，需要关注上述解除权是投资人单方的权利，还是投资人和公司双方都有的权利。

（5）费用承担 Expense and Cost

【标准条款】

在交易文件签署并生效后，或因下述原因导致交易文件约定的本次交易未能交割的情况下，集团公司应承担投资方因本次交易而产生的费用（包括审计费用、财务及法律尽职调查费用，以及起草、谈判和签署所有法律文件的费用，下称“投资方交易费用”，但不得超过人民币【】万元）：（1）投资方尽职调查结果与集团公司及创始股东向投资方陈述信息之间存在重大不利差异；（2）非因投资方单方的原因。集团公司应在交割日后的【五（5）】个工作日内，或因前述第（1）或第（2）项原因导致本次交易未能完成且自投资方或其指定方向集团公司发出付款通知之日起【五（5）】个工作日内，向投资方或其指定方一次性支付全部投资方交易费用。如果本次交易仅因投资方单方的原因未能完成，则投资方应当自行负担其自身在本次交易过程中发生的费用，但投资方无义务负担本协议其他方发生的费用。

The Company shall pay the Investor’s fees and expenses, including legal, accounting and out-of-pocket costs incurred by the Investor in connection with the transactions contemplated hereby, within [five (5)] Business Days after its receipt of written invoices for such fees and expenses, provided that such fees and expenses shall not exceed US$[*].  In the event the Closing does not occur due to a reason attributable to any Warrantor, the Company shall promptly reimburse to the Investor all legal and other professional costs and expenses incurred by or on behalf of the Investor in connection with the transactions contemplated by this Agreement.  In the event of any action at law, suit in equity or arbitration proceeding in relation to this Agreement or any Purchased Shares or Conversion Shares, the prevailing party shall be entitled to an award of reasonable attorney’s fees and out-of pocket expenses from the losing party.

【关注要点】

通常而言，投资方的交易费用通常由公司承担，但可以设置一定的费用cap。