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创业公司签订协议时不能忽视的5个风险 – 译学馆
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创业公司签订协议时不能忽视的5个风险

Startup Contracts Explained: 5 Risks You Take

This is you, this is your startup, these are your investors,
这是你 这是你的启动计划 这些是你的投资者
and this is your Shareholders Agreement.
这是你的股东协议
The SHA is a document that is signed by all shareholders
SHA是所有股东签署的
and effectively manages how the control of the company is split among them.
有效管理公司的控制权如何在他们之间分配的文件
Usually, the bigger the company,the longer the SHA
通常情况下 公司越大 SHA越长
the harder to understand for mere mortals without a PHD in law.
对于那些没有法学博士学位的人就越难理解
Anything that’s written in the SHA
写在SHA里的任何东西
is subject to negotiation.
都要经过协商
Therefore, be careful to consider these five things before you sign.
因此 在你签署之前要仔细考虑这五件事
When a company raises cash from new investors,
当一家公司在新投资者中募集资金时
existing shareholders get diluted,
现有股权就会被稀释
meaning their percentage hold of the company is diminished,
当新投资者收到新股时
as the new investor receives newly issued shares.
意味着(现有股东)在公司的持股比例下降了
If you’ve seen Part 1 (if you haven’t, watch it now)
如果你看过第一部分 (如果没看现在就看)
you might remember how I said
也许会记得我是怎样说的
that every shareholder gets diluted proportionally
每个股东所持有的股份
to their share in the company.
都被成比例稀释
So in our case, with a new investor coming in at 25 percent,
因此在这种情况下 一个占比25%的新投资者加入
if you own 40 percent you lose 10,
如果你拥有40%(的股份) 你将失去10%
if you own 20 percent you lose 5.
如果你拥有20%(的股份) 你将失去5%
Well, I lied.
好吧 我撒谎了
Dilution is NOT always proportional.
稀释并非总是成比例的
The SHA might include an anti-dilution clause,
SHA可以包括反稀释股份的条款
which exempts a certain shareholder from dilution completely
当存在资金竞争时
by simply granting him new shares
通过简单增加其股份
when a capital race takes place.
可以完全避免特定股东(股份)的稀释
And if a man isn’t diluted,
如果有人没被稀释
because of the way percentages work,
由于百分比的分配方式
then others must be diluted even further in his stead.
必然有其他人被进一步的稀释
In one famous example,
在一个著名的例子中
the SHA included a clause
SHA包括一个条款
which granted anti-dilution to all shareholders,
对所有股东给予反稀释的条款
with only one certain shareholder taking the hit.
只有一个股东受到了打击
“Mark” “He’s wired in.”
“马克” “他在接电话”
“Sorry?””He’s wired in.”
“什么” “他在接电话”
“Is he?””Yes.”
“是吗” “是的”
“How about now,you still wired in?”
“现在呢 还接电话吗”
“Security.”
“叫保安”
“You issued 24 million new shares of stock. “
“你发行了2400万新股”
“You were told that if new investors came along-“
“我们告诉过你 如果新投资者进来……”
“How much were your share’s diluted?
“你的股份稀释了多少”
How much were his?”
“他的稀释了多少”
“What was Mr. Zuckerberg’s ownership share diluted down to?”
“扎克伯格先生的股份稀释成多少”
“It wasn’t.”
“没被稀释”
“What was Mr. Moskovitz’s ownership share diluted down to?”
“莫斯科维茨先生的股份稀释成多少”
“It wasn’t.”
“没有”
“What was Sean Parker’s ownership share diluted down to?”
“肖恩帕克的股份稀释成多少”
“It wasn’t.”
“没有”
“What was Peter Thiel’s ownership share diluted down to?”
“彼得提尔的股份稀释成多少”
“It wasn’t.”
“没有”
“And what was your ownership share diluted down to?”
“你自己的股份稀释成多少”
“0.03 percent.”
“0.03%”
To prevent this from happening to you,
为了防止相同的事情发生在你身上
always watch out for dilution in your SHA.
密切注意SHA中你的股份是否被稀释
The Board of Directors is to a company
董事会之于一个公司
much like a Parliament is to some democracies.
就像议会之于一些民主国家
It elects the CEO much like the German Parliament elects the Chancellor.
它像德国议会选举总理一样选出首席执行官
And they can influence and/or veto decisions made by the CEO.
它们可以影响和否决首席执行官做出的决定
Note that the board is not involved with day-to-day operations
注意 董事会不参与日常经营
and not to be confused with the Management or Executives of a company,
不与公司管理层或管理人员混淆
even though some of them will usually also be board members.
即便他们中的某些人通常也是董事会的成员
But in general, who gets to determine the board members?
但一般来讲 谁有权决定董事会成员呢
Much like voters determine who’s in Parliament,
就像选民决定谁进入议会
shareholders determine who’s in the board.
股东决定谁进入董事会一样
And in the case of startups and private companies,
在创业公司和私人公司中
these are usually the founders, investors, and others
这些通常是创始人投资人和其他人
such as employees, friends, and family.
比如说员工 朋友 家人啊
But not every vote bears equal weight,
但并非每一票都分量相同
once again, much like in certain democracies.
再说一遍 就像某些民主国家(选举)一样
The number of board seats a shareholder can determine
股东可以确定董事会席位数目
is usually vaguely correlated to the number of shares they hold,
通常与他们的持股数量密切关系
but also to their standing inside the company
但也和他们在公司所处的位置
and their negotiation skills.
及谈判技巧有关
For example,in a young private company with five board seats,
例如 在有五个董事会席位的私人公司
the co-founder and CEO might determine two of them
联合创始人和首席执行官可能会决定其中的两人
while only holding a 20 percent stake,
尽管只持有20%的股份
because he’s so charismatic and likeable
但他很有魅力又可爱
and important to the business,
并且对生意十分重要
while another founder who also owns the same 20 percent
而另一个同样拥有20%股份的创始人
gets to determine none.
却决定不了
A big investor who holds 30 percent determines another two,
一持有30%股份的投资者决定另外两人
while one early investor with only a 10 percent stake determines another one.
而一个早期投资者只有10%的股份决定另外一个人
Others, even though adding up to a total of 20 percent,
其他人即使总股份达到20%
doesn’t speak with one voice
也不会意见一致
and is out of the loop.
何况身处圈外
Once it’s agreed who can determine how many board members,
一旦确定了董事会成员
then that’s what’s written into the SHA.
就写进SHA里
And once it’s signed, the deal is sealed.
一旦签字 协议就被封存了
So you better pay good attention
因此你最好注意
to the Board of Director’s section.
董事会的部门
Say you invested some money
就是说 公司初创阶段
into a friend’s startup at an early stage,
你投了些钱到朋友的公司
and now you hold a small stake in it.
现在你持有很少的股份
The lead investor is some famous guy
领投投资人都是些名人
who went all-in on your friend’s idea
(他们)完全同意你朋友的想法
and holds a majority stake in the company,
在公司持有多数股权
including a majority of board seats.
包括在董事会席位上
Things have been going well,
事情进行得顺利
and one of the big guys shows some interest in the startup,
其中一个大佬表现出对启动计划的兴趣
so much so that they want to buy control of the business.
以至于想要得到生意的控制权
Good news for the big guy!
这当然是好消息啦
The only one they have to talk to is Mr. Majority over here.
他们唯一要搞定的 是这里持股最多的人
He can now exit his controlling stake
他现在可以退出自己的控股股份
for a sweet profit over his initial investment.
毕竟 当初的投资已经给他带来了巨大的利润
And you and the other minority shareholders can go f*** yourselves,
你和其他少数股东 就得自求多福
right? not so
对吗 不是这样
The Tag-Along clause puts a big asterisk on that deal.
附加条款在那笔交易上加了个注释
It gives the minority stake the right to sell the same portion of their stake at the same price and conditions.
它赋予少数股东以同样的价格和条件出售相同股份的权利
And if the big guy just wants to buy control,
如果大股东仅想要控制业务
but not the whole company,
而非整个公司的话
then they’re buying from everyone equally.
这样 他们就要平等地向每个人购买股份
So if you’re a minority shareholder in a company,
因此 如果你是公司的少数股东
be especially sure to have your Tag-Along rights
在签名之前
included before you sign.
一定要确保在附加条款中写明你的权利
Now maybe you’re one of the big investors
现在 你或许是最大的投资者之一
and your exit candidate wants to buy,
你退出 候选人想要购买
not just control, but the entire company.
不仅仅是为控制 而是要得到整个公司
You think it’s a great deal,
你认为这是笔很大的交易
but those naggy small investors don’t agree
但是那些小的投资者不同意
and tell you “We won’t sell our shares!”
并且告诉你“我们不能卖掉我们的股份”
And you tell them, “Yes, you will!”
你告诉他们“是的 你们可以”
And they say, “Make us!”
他们说“(除非)强迫我们”
Turns out, you can,
结果证明 你是可以的
thanks to the Drag-Along clause.
多亏了拖延条款
The Drag-Along gives the majority shareholder
拖延条款赋予多数股东
the right to force minority shareholders to sell their shares at the same conditions as them.
强迫少数股东以同样条件出售其股份的权利
So if you happen to hold a big stake in a small company,
因此如果你碰巧在一个小公司持有很大的股份
the Drag-Along clause will be important to you.
拖延条款就对你很重要
This is you, this is your startup,
这是你 这是你的启动计划
and these are your employees.
这些是你的员工
Employees need incentives,
员工需要奖励
and what better way to incentivize them than making them co-owners of the business?
还有比让他们共同拥有企业更激励人心的方法吗
“Here you go!
干得好
Now I can pay you half your salary
现在我支付你一半的工资
while also making you work harder!”
也能使你更努力工作
But where do these shares come from?
但这些股份从哪来呢
Who gave away some of their participation?
谁放弃了他们的一些股份呢
The answer to this question
这个问题的答案
brings us full-circle back to the first topic:
把我们带回到第一个话题
Dilution.
(股权)稀释
When a capital race takes place,
当资金竞争发生时
it’s decided how many shares
它决定有多少股份
should be newly created and set aside,
需要再募集或预留
just to distribute amongst the foot soldiers:
只是分配给基层员工的
the data crunchers, the sales guys, the managers.
数据统计人员 销售人员 管理人员
Where’s the catch?
股份从哪里获得
Whenever shares are newly created from one end,
每当股份从一端被新创建
dilution must occur somewhere on the other side.
稀释就会发生在另一端
So if the share option pool is filled up to 10 percent,
因此 如果股票期权池被填满了10%
then all existing shareholders will be diluted by those same 10 percent of their share.
那么所有现有股东将被同时稀释10%
But it gets more tricky than that.
但是实际情况比那更复杂
As discussed in 1,
正如在第一部分中讨论的
some shareholders might cover themselves against share option pool dilution.
有些股东可能会对股票期权池稀释
The new investor, for example,
新投资者 例如
made it a condition to his juicy investment
使之成为其大量投资的条件
that he won’t take a hit from share option pool dilution in this round.
在这个回合中他不会受到股票期权池稀释的打击
Bad luck for the rest of you.
其他人就没这么走运了
Oh look, the co-founder also negotiated
哦 瞧 联合创始人也通过谈判
his way out of share option pool dilution,
解决了股票池稀释的问题
because he didn’t get any board seats, after all!
因为他毕竟不能得到任何董事会的席位了
All of this haggling is part of the process
所有这些争议只是运作程序的一部分
which might be slipped by you
如果你不知道要找什么的话
if you don’t know what to look for.
可能会被你忽略
But in the case of at least five things, you now do!
但至少有五件事 你现在就做吧
Thanks for watching!
感谢观看

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视频概述

创业公司签订协议时应注意这五点 以防止自身利益受损

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视频来源

https://www.youtube.com/watch?v=fcjmVj5fM5k

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