Orrick Library Seminar: Anatomy of a Term Sheet

Session 2 * all sessions are identical

Seminar | November.13.2019 | 12:30pm - 2:00pm (Hong Kong Time)

Orrick Hong Kong

A key milestone in the lifecycle of many successful companies is obtaining financing from angel or venture capital investors, but in negotiating with experienced investors entrepreneurs are usually at a distinct disadvantage because they are unfamiliar with standard terms. While we strongly suggest entrepreneurs consult their lawyers rather than negotiate a term sheet mano-a-mano, we know this often doesn’t happen. Our goal in this seminar is to give participants the ability to better evaluate these documents themselves by introducing them to the standard terms in an early-stage equity financing. Please join Orrick’s Scott Peterman and William Ho as they explain how entrepreneurs and investors go through the courtship and mating process, shedding a little light on important aspects and dispelling some myths along the way.

Highlights of the course include:

  • Nature of a Term Sheet and Summary of Offering Terms
    • Tranched Closings; Pre-money Valuation; the "Option Pool Shuffle"
  • Dividends
  • Liquidation Preference
  • Voting Rights and Protective Provisions
  • Conversion and Anti-dilution
    • “Dilution” in Deal-making
    • Full Ratchet Anti-dilution Protection—Fasten Your Seatbelt!
    • Weighted Average Anti-dilution Protection—Get Out Your Calculator
  • Pay-to-Play
  • Redemption Rights
  • Stock Purchase Agreement
  • Registration Rights
  • Management Rights and Investor Director Approval
  • Right to Participate Pro Rata In Future Rounds (a/k/a Preemptive Rights)
  • Miscellaneous Investor Protective Provisions
  • Right of First Refusal, Right of Co-Sale and Lock-up
  • Election of the Board of Directors
  • Drag Along
  • Vesting of Founders’ Stock
  • No Shop and Confidentiality
  • Key Takeaways

CPT/CLE Credit

1 CPT/CLE credit is being accredited for this seminar. No CPD point will be accredited.

Seats are available on a first-come, first-served basis. Walk-ins will NOT be accepted on the day of the seminar.

For questions about the seminar, please contact Becky Wong at +852 2218 9242 or [email protected].

CLE Credits Available: Y

375919

Practice:

  • 并购与私募股权
  • Technology Companies Group
  • 公司
  • 中国业务

何志渊 (William Ho) 顾问律师 并购与私募股权, Technology Companies Group

香港

何志渊律师是奥睿律师事务所香港办事处的顾问律师,现为并购与私募股权业务部成员。他在跨境并购,私募股权,风险投资,私有化和战略投资领域拥有丰富的经验。

何律师经常代表大型私募股权基金为其在亚洲的投资提供服务,尤其专注于科技领域。多年来,他一直积极参与大中华地区和东南亚的初创企业市场,并在为早期初创企业就资金筹集、融资和一般公司事务提供服务方面享有良好声誉。

何律师的业务还包括代表众多香港上市发行人和投资银行进行广泛的资本市场和并购交易,包括私有化、证券发行(首发和增发)、以及公众公司私募投资(PIPE)交易。

在加入奥睿之前,何律师曾先后在司力达律师事务所和宝维斯律师事务所任职。

除了拥有香港的律师执业资格,何律师还拥有澳大利亚新南威尔士州的执业资格(非执业)。