UNCW BLA 361 - Term Sheet for Venture Capital Financing (15 pages)

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Term Sheet for Venture Capital Financing



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Term Sheet for Venture Capital Financing

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Pages:
15
School:
University of North Carolina Wilmington
Course:
Bla 361 - Legal Environment of Business
Legal Environment of Business Documents

Unformatted text preview:

This sample document is the work product of a coalition of attorneys who specialize in venture capital financings working under the auspices of the NVCA See the NVCA website for a list of the Working Group members This document is intended to serve as a starting point only and should be tailored to meet your specific requirements This document should not be construed as legal advice for any particular facts or circumstances Note that this sample presents an array of often mutually exclusive options with respect to particular deal provisions TERM SHEET Last updated on January 7 2004 Preliminary Notes This Term Sheet maps to the NVCA model documents and for convenience the provisions are grouped according to the particular model document in which they may be found Although this Term Sheet is perhaps somewhat longer than a typical VC Term Sheet the aim is to provide a level of detail that makes the Term Sheet useful as both a road map for the document drafters and as a reference source for the business people to quickly find deal terms without the necessity of having to consult the legal documents assuming of course there have been no changes to the material deal terms prior to execution of the final documents Last updated on January 7 2004 2 TERM SHEET FOR SERIES A PREFERRED STOCK FINANCING OF INSERT COMPANY NAME INC 200 This Term Sheet summarizes the principal terms of the Series A Preferred Stock Financing of Inc a Delaware corporation the Company In consideration of the time and expense devoted and to be devoted by the Investors with respect to this investment the No Shop Confidentiality and Counsel and Expenses provisions of this Term Sheet shall be binding obligations of the Company whether or not the financing is consummated No other legally binding obligations will be created until definitive agreements are executed and delivered by all parties This Term Sheet is not a commitment to invest and is conditioned on the completion of due diligence legal review and



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