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1、投资协议条款清单（TermSheet）－股权给付作者:桂曙光TermSheet-VestingWhilevestingisasimpleconcept,itcanhaveprofoundandunexpectedimplications.Typically,stockandoptionswillvestoverfouryears-whichmeansthatyouhavetobearoundforfouryearstoownallofyourstockoroptions(fortherestof
2、thispost,I'llsimplyrefertotheequityas"stock"althoughexactlythesamelogicappliestooptions.)Ifyouleavethecompanyearlierthanthefouryearperiod,thevestingformulaappliesandyouonlygetapercentageofyourstock.Asaresult,manyentrepreneursviewvestingasawayforVCsto
3、"controlthem,theirinvolvement,andtheirownershipinacompany"which,whileitcanbetrue,isonlyapartofthestory.Atypicalstockvestingclauselooksasfollows:StockVesting:AllstockandstockequivalentsissuedaftertheClosingtoemployees,directors,consultantsandotherserv
4、iceproviderswillbesubjecttovestingprovisionsbelowunlessdifferentvestingisapprovedbythemajority(includingatleastonedirectordesignatedbytheInvestors)consentoftheBoardofDirectors(the"RequiredApproval"):25%tovestattheendofthefirstyearfollowingsuchissuanc
5、e,withtheremaining75%tovestmonthlyoverthenextthreeyears.Therepurchaseoptionshallprovidethatuponterminationoftheemploymentoftheshareholder,withorwithoutcause,theCompanyoritsassignee(totheextentpermissibleunderapplicablesecuritieslawqualification)retai
6、nstheoptiontorepurchaseatthelowerofcostorthecurrentfairmarketvalueanyunvestedsharesheldbysuchshareholder.AnyissuanceofsharesinexcessoftheEmployeePoolnotapprovedbytheRequiredApprovalwillbeadilutiveeventrequiringadjustmentoftheconversionpriceasprovided
7、aboveandwillbesubjecttotheInvestors'firstofferrights.TheoutstandingCommonStockcurrentlyheldby_________and___________(the"Founders")willbesubjecttosimilarvestingtermsprovidedthattheFoundersshallbecreditedwith[oneyear]ofvestingasoftheClosing,withtheirr
8、emainingunvestedsharestovestmonthlyoverthreeyears.Industrystandardvestingforearlystagecompaniesisaoneyearcliffandmonthlythereafterforatotalof4years.Thismeansthatifyouleavebeforethefirstyearisup,youdon'tvestanyofyourstock.Afterayear,youhavevested25%(t
