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Christina Tsakona - Nayia Antoniou
Found.ation | July 24, 2013
Welcome to...
A short intro to Term
Sheets
by Nayia Antoniou
Definition
A Term Sheet is a document which outlines
the key financial and other terms of a
proposed investment.
Contents
Offering terms
Conditions
Classes of shares
Liquidation preference
Investor rights
Preemptive rights
Founders undertakings 
Other matters
Offering Terms
Investors
Amount raised
Pre-money valuation
Closing date
Share option pool
Anti dilution
Conditions
Due diligence
Anti-money laundering
IP assignment
Warranties
Expenses
Classes of shares
Preferred
Common
Conversion
Liquidation preference
In case of acquisition or change of control
Winding up, dissolution, liquidation
Investor rights
Director appointment
Information rights
Matters requiring investor consent i.e.
change of company's shareholding structure,
dividends etc.
Preemptive rights
Right of first refusal
Tag along
Drag along
Founders undertakings
No compete
No solicitation
Employment agreement
Reverse vesting
Other matters
Exclusivity
Confidentiality
Non-binding effect
Remember...
Do not panic!
The business decision is yours
Consult a lawyer (if required)
Good luck!
na@nantonioulaw.com | @nayiantoniou
Thank you!

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Educ.ation: Term sheets

Editor's Notes

  1. Καλησπέρα σας, σε ένα ακόμη set p your start up event. Ευχαριστουμε το 123Π για τη φιλοξενεία. Πριν περίπου 1,5 χρόνο με πρωτοβουλία της Χριστίνας ξεκινήσαμε αυτά τα νομικά σεμινάρια με σκοπό να ενημερώσουμε τους νεαρούς επιχειρηματίες για κάποιες βασικές νομικές έννοιες. Ονομάζομαι Νάγια Αντωνίου, έχω σπουδάσει νομική Κομοτηνής και έκανα το μεταπτυχιακό μου στο Λονδίνο στο πανεπιστήμιο Westminster με θέμα Διεθνές Εμπορικό Δίκαιο. Δούλεψα σε κάποια μεγάλα δικηγορικά γραφεία και πριν από 3 περίπου χρόνια, αποφάσισα κι εγώ να γίνω νεαρή επιχειρηματίας, έτσι ανοίξα το δικό μου δικηγορικό γραφείο. Το τελευταίο εξάμηνο συνεργαζόμαστε πλέον και με τη Χριστίνα σε θέματα startups στον ελληνικό και όχι μόνο χώρο.
  2. Το θέμα λοιπόν της σημερινής μου παρουσίασης είναι μια μικρή εισαγωγή στα λεγόμενα Term Sheets ή αλλιώς ελληνιστί προσύμφωνα επιχειρηματικής συνεργασίας.
  3. Το term sheet είναι ένα συμφωνητικό στο οποίο περιγράφονται μεταξύ άλλων, οι βασικοί οικονομικοί όροι , προτεινόμενης επένδυσης. Αποτελεί προσύμφωνο, για αυτό είναι και κατα βάση μικρό σε έκταση. Διότι ακολουθεί υπογραφή ενός εκτενέστερου κειμένου του Συμφωνητικού μετόχων. SHA
  4. Εν τάχει τα βασικά σημεία, τα οποία θα αναλύσουμε και σήμερα παρακάτω, σε ένα term sheet είναι τα εξής: η προσφορά των επενδυτών, οι όροι, τα είδη των μετοχών, δικαιώματα ρευστοποίησης, δικαιώματα επενδυτών, δικαιώματα προτίμησης και υποχρεώσεις των ιδρυτών
  5. Η πρώτη κατηγορία όρων που συναντάμε σε ένα term sheet είναι η προσφορά των επενδυτών. Εδω περιγράφεται ποιοι είναι οι επενδυτές.... 10.000 ευρώ για 10% της εταιρείας σας σημαίνει ότι έχουν εκτιμήσει την εταιρεία σας για 100.000 ευρώ Εάν προβλέπεται να μειώνεται το ποσοστό τους σε περιπτώσεις άυξησης κεφαλάιου π.χ εάν κάποιος έχει 10% μιας εταιρείας η οποία κάνει αύξηση μετ. κεφαλάιου εάν δεν συμμετάσχει στην αύξσησ θα μειωθεί το ποσοστό του
  6. Πολύ σημαντικό μέρος του term sheet είναι οι όροι με τους οποιους οι επνεδυτές σκοπευουν να επενδύσουν σε μια εταιρεία. Η εταιρεία να λειτουργεί σύμφωνα με τις διατάξεις για ξέπλυμα χρήματος
  7. Κοινές και προνομιούχες Οι προνομιούχες είναι συνδεδεμένες με όλα τα προνόμια που ζητούν να έχουν οι επενδυτές Μετατροπή
  8. Προτίμηση σε περιπτώσεις ρευστοποίησης της εταιρείας ευχάριστα συμβάντα-δυσάρεστα Λύση,πτώχευση, εκκαθάριση
  9. Διορισμός ενός Διευθυντή από τους επενδυτές Δικαίωμα πληροφόρησης και συναίνεση σε πολύ συγκεκριμένα θέματα
  10. Δικαίωματα Προτίμησης -Δικάίωμα προτεραιοτητας σε αγορά μετοχών σε σχέση με τρίτους μη μετόχους - Δικαίωμα σε περίπτωση πώλησης μετοχών κάποιου ποσοστού μετοχών να συμμετάσχουν με τους ίδιους όρους και οι επενδυτές - Υποχρέωση σε περίπτωση που κάποιος ενδιαφέρεται να αγοράσει ένα πολύ μεγάλο ποσοστό της εταιρείας να πωλήσουν και οι υπόλοιποι μέτοχοι το ποσοστό τους.
  11. - Ρήτρα μη ανταγωνισμού - Ρήτρα απαγόρευσης προσηλητισμού υπαλλήλων και ιδρυτών της εταιρείας σε νέα εταιρεία - Συμφωνητικά υπαλλήλων που να εξασφαλίζουν ότι τα πνευματικά δικαιώματ μεταξύ άλλων μεταφέρονται στην εταιρεία - Μπορεί να μεταβιβάζουν τις μετοχές στους ιδρυτές ανά 3μηνο εργασίας,
  12. Αποκλειστικότητα Εχεμύθεια Συνήθως μπορούν τα συμβαλλόμενα μέρη να υπαναχωρήσουν από τέτοιου είδους συμφωνητικό χωρίς να προκύπτουν υποχρεώσεις.
  13. Ευχαριστω που με ακούσατε