AIT Startup Lecture Series: Set up your Startup - N. Antoniou

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Christina Tsakona presenting at AIT's Startup Lecture Series - Steps to Success: “Set Up Your Start Up - Investment Term Sheets in Greece/ Europe/ US”. In collaboration with AIT and CoLab@AIT, this event focused on investment term sheets. A team of attorneys analyze the basic legal terms in investment term sheets and convertible notes for startup companies that are about to or wish to raise funds from Greek, European or US investors.

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Andrew Dimitriou, Christina Tsakona, Nayia Antoniou

Colab AIT | February 7, 2013

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!

Thank you!

na@nantonioulaw.com | @nayiantoniou

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