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

356102

Practice:

  • 并购与私募股权
  • 基金
  • 金融科技
  • 房地产
  • Technology Companies Group
  • 衍生产品
  • 中国业务
  • 日本业务

毕德民 (Scott Peterman) 合伙人 并购与私募股权, 基金

香港

毕德民律师是奥睿律师事务所香港办事处的合伙人,现为并购与私募股权业务部成员。

毕律师专注于代表私人基金发起人和投资者处理另类投资工具的设立事宜,包括泛亚洲私募股权基金、风险资本基金、基础设施和房地产基金、私人房地产投资信托、对冲基金、混合型基金、新兴管理人平台基金、香港授权基金及新兴市场交易所买卖基金(ETF)等。此外,他曾代表主权财富基金、大学、种子和先损资本计划、家族办公室以及个人投资者就超过150个账户安排提供法律意见。

毕律师具有代表中国国企和私企处理各类事宜的丰富经验,包括并购交易、杠杆收购、风险资本融资以及相关的监管和合规事宜。他还为金融科技初创公司提供咨询、制定薪酬和利润分享计划以及协助企业家管理财富。

毕律师对科技和电信行业具有深入了解,能为客户提供独特的视角。在开始法律生涯之前,他曾在硅谷任职高级管理人员13年,包括担任苹果公司中国和韩国的首位国家业务主管、阿尔卡特数据网络公司(Alcatel Data Networks)亚太区总监以及大东电报局(Cable & Wireless)北美企业发展总监。

毕律师一向获得众多著名法律出版物的高度认可,例如《钱伯斯亚洲》、《亚太法律500强》、《国际金融法律评论1000强》和《Who’s Who Legal》等。他凭借“商业触觉”和“知道客户想要的是什么”赢得客户赞扬。他被誉为在“复杂的经济结构”方面具有“无可比拟”之专长的“资深法律从业者”。

在加入奥睿之前,毕律师曾任职于众达国际法律事务所(Jones Day)和盛德律师事务所(Sidley Austin)香港办事处,也曾在美国、英国和日本执业多年。

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)。

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