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女主被暗卫肉高H

2020作者:admin

本文作者David Willbe,是伦敦的一名律师

他向科技公司、创始人和投资者提供贯穿企业生命周期的各个阶段提供咨询服务,从种子期到IPO

Variations On A Theme主题延伸Sometimes a termsheet will give the investor the right to “overapply”, i.e. exercise a right to take up more than their pro rata share of the new issue.有时,条款说明书会赋予投资者“超额认购”(overapply)的权利,即有权以超出其比例的份额认购新发行的股票

This can be referred to as a “super pro rata”, and is more commonly seen where all shareholders (not just the investor) have the option?—?though of course, the investor is usually the one with the financial resources to exercise it.这种情况可以被称为“超额比例”(super pro rata),常见于所有股东(而不仅仅是投资者)都拥有本项选择权的情况——当然,投资者通常是拥有财政资源来行使该项权利的一方

For simplicity’s sake, in these articles, we are always working on the basis of a single investor in your first round. Where you have a group of investors, though, you might see a right for a majority or supermajority of them to waive the pro rata right on behalf of all of them?—?that can be very helpful, for reasons we’ll explore below.为了简单起见,在这些文女主被暗卫肉高H章中,我们总是假设在你的首轮融资中只存在一位投资者

如果有多位投资者,则可能会存在这样一种情况,即多数或绝大多数的投资者有权代表所有人放弃“按比例”认购的权利,这一点可能会非常有用,我们将在下面探讨其中的原因

The phrase “pay to play” gets used in a number of different ways, but often means that an investor who doesn’t take up their pro rata loses some rights?—?anything from losing the benefit of the ratchet on a down round to losing all of their investor-specific rights in the company from that point on.“购买参与权”(pay to play)一词的使用方式有很多种,但它通常表示,如果一位投资者不按比例认购新股,他将会失去一些权利——可能是失去某次估值较低的融资引发的对赌协议所带来的利益,也可能是自此之后失去公司内所有针对投资者的特定权利

Not surprisingly, it’s rare to see a term like this in an investor’s draft of a termsheet; a founder might ask for something along these lines where the investor has the benefit of strong pro rata and anti-dilution protections.所以,在投资者的条款说明书草案中很少见到此类术语也就丝毫不足为奇了;如果投资者享有按比例认购处于上涨趋势的股份和反稀释保护等权益,创始人可能也会提一些相关要求

Down Rounds And Ratchets估值较低的一次融资和对赌协议What about if the company goes the other way, and conducts a down round? Let’s assume here a $2 million emergency raise on a pre-money valuation of $13 million.如果公司走势不好,要进行一次估值较低的融资,情况又如何呢?我们假设公司需要进行一轮200万美元的紧急融资,公司投资前估值为1300万美元

If the original investor were to take up his pro rata as we discussed above, he could maintain his 20% - but post-investment his stake would be worth just $3 million, compared to his $5.4 million total investment. On its own, the pro rata right protects your investor against dilution of his stake (he stays at 20%), but offers nothing against dilution of his value. For that reason, your investment termsheet might contain an anti-dilution protection, or “ratchet.”按照我们前述的讨论,如果原始投资者按比例认购新股,那么他可以保持其20%的股权,但投资后他的股份价值将只有300万美元,而其投资总额为540万美元

就其本身而言,按比例认购的权利可以保护投资者的股份免于受到稀释(保持在20 %),但却无法保护其投资价值被稀释

因此,投资条款说明书可能会包含一项反稀释保护,或称“对赌协议”

The concept of a ratchet is that, as your company’s valuation has fallen, to preserve your investor’s value his ownership percentage must increase. Usually that involves giving the investor extra shares or, where the investor’割草机图片s existing shares are convertible, increasing the rate at which they convert into ordinary or common shares. Either way, the calculation of the extra shares is key as this has the potential to be extremely dilutive to the founders.对赌协议的概念是,随着公司估值的降低,为了保护投资者的价值,投资者的所有权百分比必须相应提高

这通常涉及到给予投资者额外的股份,或者,如果其现有股份可以转换,则提高股份转换为普通股的比率

无论哪种方式,额外股份的计算都非常重要,因为这有可能导致创始人的股权遭受严重稀释

The most investor-friendly calculation is the “full ratchet”. This gives the investor extra shares as though their whole investment had been made at the same price as the down round.最符合投资者利益的计算方法是“完全对赌协议法”(full ratchet,又称完全棘轮条款)

这种方法会给予投资者额外的股份,其结果等同于投资者的整体投资基于估值较低的一次融资的价格进行

The alternative is a “weighted average” calculation, which factors in the size of the down round relative to the company’s total share capital and will produce a per-share price somewhere between the down-round price and the price the original investor paid.另一种方法是“加权平均”(weighted average)计算法,这种方法以公司的总股本来考虑估值较低一次融资的规模,并产生一个新的每股价格,数额位于原始投资者支付的价格和估值较低一次融资之后的价格之间

The weighted average can be “broad-based”, which means that shares under options, warrants, convertibles etc. are factored into the share capital calculation, or “narrow-based” if they’re not.加权平均计算法可以是“广义”加权平均,这意味着期权、认股权证、可转换证券等各种股份均将被纳入股本计算中;否则,则为“狭义”加权平均

In our scenario the down round is relatively small, so our weighted average calculations skew heavily towards the founder-friendlier end of the scale. The difference between a broad and a narrow-based average is small?—?the only extra shares we would count in the broad base are those under the 6% ESOP.在我们的例子中,估值较低的一次融资规模相对较小,因此,我们的加权平均计算法结果严重倾向于有利于创始人的一方

广义和狭义的加权平均计算法之间的差异很小——在广义计算法中唯一计入的额外股份是6%员工持股计划(ESOP)下的股份

This chart’s a lot less fun than the $128 million proceeds one, eh?这张图是不是比那张产生1.28亿美元收益的图要无趣的多?Note: It’s the Founders and the ESOP who suffer the most dilution, but even so this is far from a perfect protection for the investor.注意:创始人和员工持股计划的股权被稀释得最严重,但即使如此,这也远远不算是对投资者的完美保护

Despite a full ratchet, the devaluation of the company still means they’ve lost about 15% on their invested cash. On the weighted average calculations they are down around 45%, as opposed to 48% with no protection.尽管采用了完全对赌协议法,公司的贬值仍然意味着投资者损失了约15%的现金投资

在加权平均计算法中,下降比例约为45 %,而在没有保护的情况下下降幅度为48%

These protections cushion the blow, but don’t avoid it completely.这些保护措施能够起到缓冲效果,但无法完全规避冲击

Investor Tensions投资者关系紧张Pro rata and ratchet rights can create tensions with your new investor in round 2, and these will need to be managed.“按比例”和对赌协议权利可能会在第二轮融资中造成公司与新投资者之间的紧张关系,因此你需要对其进行管理

In the first table, for example, we assumed that if the original investor decided to take up his pro rata then the new investor would just accept that they get 16% instead of 20%. With a super pro rata right the original investor could take any amount of the new round, and effectively dictate the size of the new investor’s stake.例如,在第一张表中,我们假设如果原始投资者决定按比例认购新股,那么新投资者将只能接受自己得到16 %而不是20%的股权这一情况

而使用超额比例的权利,原始投资者可以在新一轮融资中购入任何数量的股份,实际上基本决定了新投资者的持股规模

The problem is that an investor’s portfolio strategy will require a big enough stake that an exit is a meaningful contribution to their total cash out, and a big enough influence that they can protect their investment. Incoming investors might feel that there’s simply not a large enough stake on offer, once the pro rata has been worked through. This is particularly likely to come up where your second round has multiple new investors splitting the deal.问题是,为了使投资退出对其现金总额具有实质性意义,并且具有足够的影响力来保护自己的投资,投资者的投资组合策略需要拥有足够多的股份

如果“按比例”的规则得到完全执行,新进入的投资者可能会觉得公司提供的股份不能满足其投资策略的要求

如果在公司第二轮融资中有多个新投资者分散股权,就很有可能会出现这种情况

The founders might be able to accept some more dilution in order to get the new investor to the size of stake they need, but all of your investors will need to feel that the team has enough equity to be properly incentivised to go all the way to a big exit, so this can only go so far.创始人可能能够接受更多的稀释,以使新投资者获得所需的股权份额,但是,所有的投资者都需要能够感觉到公司有足够的股权,用以激励创始人团队把公司带向成功,以使投资者能够成功退出,所以创始人的股权稀释不可过于严重

The problem only increases when your original investor has a ratchet. On the full ratchet anti-dilute modelled above, the founder team was down to 54% after two rounds. Depending how many people are in the founder team, that might already be past the point where an investor would consider the team to be incentivised for the long run from there to an exit.如果原始投资者采用对赌协议法,问题只会更严重

在上面所示的反稀释完全对赌协议法的情况下,创始人团队股权在两轮融资之后下降到了54%

取决于创始人团队中的人数,这可能已经低于投资者认为保证团队中每个人被激励所需的数值

Where your “original investor” is actually a group, it’s always helpful if a lead investor or two can waive the pro rata right or ratchet on behalf of the whole group. This allows your next round to be a compromise between the priorities of your new investor and your original lead, rather than accommodating the priorities of every original investor.如果“原始投资者”其实是一个集团,其中1到2个主要投资者可以代表整个集团放弃按比例认购权或对赌协议权,将会有很大助益

这样的话,在公司的下一轮融资中,就有可能在新投资者与原始投资者的优先权之间达成妥协,而无须去逐个考虑每位原始投资者的优先权

Your new investor will have far less patience with a delay to their deal that’s caused by someone who only took a small slice of the original round, but is now insisting on rights that the main investors have agreed to compromise.如果某个投资者在首轮融资中只占到很小比例,却坚持连主要投资者都已经同意做出妥协的权利,而最终导致交易的延迟,新投资者必定更容易失去耐心

Conclusions结语This isn’t meant to be an exhaustive guide?—?we haven’t touched, for example, on technical issues like making sure option schemes are outside of the pro rata and don’t trigger the ratchet.本指南并不是特别详尽,我们没有触及技术性问题,例如确保期权计划不在比例配额范围以内,同时也未触及对赌协议这样的问题

The intention of this series is to highlight the big commercial issues, and the key point for you as a founder with these rights, is understanding that they will dictate how your cap table develops over time, and will give your original investor significant leverage when you do your next round.本系列文章的目的是讨论一些大的商业问题

作为拥有这些权利的公司创始人,需要关注的点是:它们将决定你的股权结构表(cap table)如何随着时间的推移而变化,并将在下一轮融资时赋予原始资者巨大的杠杆作用

Note as well that, as usual, we’re dealing with simple scenarios?—?two rounds of investment, reasonably close in time and valuation. As a result, the numbers might not look particularly dramatic; the idea is that you understand the concepts, and then can model your own more complex scenarios with multiple rounds and different stages of growth.此外还应注意,我们在讨论时处理的都是一些比较简单的情况——两轮投资,时间和估值都比较接近

因此,其中的数字看起来可能并不特别具有戏剧性;我们的理念是让你了解这些概念,然后你可以自己针对多轮融资和不同增长阶段的更为复杂的场景进行建模

What you give away in your termsheet today is what you have to live with, and should dictate your approach to future transactions?—?learning your way around these provisions now will equip you to manage that process.今天你让出了条款说明书中的一些权利,那么将来你就必须受其约束,按照相关规定来处理未来的交易——事先了解这些条款将有助于武装你,把控今后事情的走向

本文由戈壁创投编译,原文载于https://www.startupgrind.com/blog/investment-termsheet-pro-rata-and-ratchet/结束不容错过更多关于戈壁创投的分享15周年重新发现戈壁创投,复盘15年“利弊得失”剑走“偏”锋,15年来戈壁创投坚持只投A轮东南亚创业之火—改造中国模式与本地创新崛起研究报告AR|AR将改变人类行为方式,戈壁创投重点布局光学领域体育|顺势而为,体育产业四大细分领域存在创业投资机会农业|戈壁创投重点关注种植管理和大数据两大农业领域我是创始人驻云CEO、湖畔大学一期学员——蒋烁淼的“云”道素人“简叔”林立—简书,生于热爱长于平等偏科少年—AutoBot CEO郝亚伟的三次创业进入【视界】菜单点击下列关键词阅读更多精彩内容:「G」观察 | 「G」创想 | 「G」态度◆ ◆ ◆ ◆ ◆ 戈壁创投,差异化投资者微信名:戈壁创投微信ID:gobivc ? 点击历史信息,查看更多内容? 复制网址在浏览器打开www.gobivc .com? 长按右侧二维码,关注戈壁创投女主被暗卫肉高H