针对ICO的私募乱象,我们建议投资人与发行方在私募的过程中应当签署一份协议,将各方的权利、义务约定清楚。针对ICO项目的特殊性,美国律师设计了Simple Agreement for Future Tokens(SAFT)。目前SAFT已经在国外ICO私募中广泛使用,但我们发现国内币圈很多发行人与投资人之间签署的协议其实存在一些问题,比如文件逻辑错误、涉及capital share的表述、缺乏免责条款、过于简单等。
NOTICE TORESIDENTS of the United States美国居民的注意事项 THE OFFER AND SALE OF THIS SECURITY INSTRUMENT HAS NOT BEENREGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIESACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES.  THIS SECURITY MAY NOT BE OFFERED, SOLD OROTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THEACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATIONSTATEMENT OR AN EXEMPTION THEREFROM.该证券的发行和出售没有按照1933年的美国证券法(即金融证券管理条例)或某些州的证券法进行登记。本证券不得随意使用、出售、转让、质押或抵押,但可根据本法或所适用的国家的证券法,进行有效的登记声明或豁免。 NOTICE TORESIDENTS of Canada加拿大居民的注意事项 UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THISSECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT THE ISSUER BECOMES AREPORTING ISSUER IN ANY PROVINCE OR TERRITORY.除非获得证券立法的允许,在发行人向某省或地区申报为证券发行人之前,该证券的持有者不得进行证券的交易。 NOTICE TO RESIDENTS OF CHINA中国居民的注意事项 THE RIGHTS ARE NOT BEING OFFERED ORSOLD AND MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, WITHIN THEPEOPLE’S REPUBLIC OF CHINA (FOR SUCH PURPOSES, NOT INCLUDING THE HONG KONG ANDMACAU SPECIAL ADMINISTRATIVE REGIONS OR TAIWAN), EXCEPT AS PERMITTED BY THESECURITIES AND OTHER LAWS AND REGULATIONS OF THE PEOPLE’S REPUBLIC OF CHINA在中华人民共和国内(不包括香港、澳门特别行政区以及台湾),居民不得提供、不得直接或间接出售给他人,除中华人民共和国法律法规允许外。 NOTICE TO RESIDENTSof the United Kingdom英国居民的注意事项 In the United Kingdom this documentis being distributed only to, and is directed only at (and any investmentactivity to which it relates will be engaged only with): (i) investment professionals(within the meaning of article 19(5) of The Financial Services and Markets Act2000 (Financial Promotion) Order 2005 as amended (the ‘‘FPO’’)); (ii) persons or entities of a kind described inarticle 49 of the FPO; (iii)certified sophisticated investors (within the meaning of article 50(1) of theFPO); and (iv) other persons towhom it may otherwise lawfully be communicated (all such persons together beingreferred to as ‘‘Relevant Persons’’).
This document has not been approvedby an authorised person. Any investment to which this document relates isavailable only to (and any investment activity to which it relates will beengaged only with) Relevant Persons. This document is directed only at RelevantPersons and persons who are not Relevant Persons should not take any actionbased upon this document and should not rely on it. It is a condition of you receivingand retaining this document that you warrant to the Company, its directors, andits officers that you are a Relevant Person.
本文件还未获得授权人的批准。本文件所涉及的任何投资仅可用于与之相关的人员。本文件仅针对相关人士,不相关人士不需要根据本文件采取任何行动,不应依赖于此文件。公司、董事或官员能够确保您是一个相关的人士,那么这也是您保留这份文件的条件。 国外币圈流行签署的SAFT协议是什么?了解一下    [TOKEN NAME], a product of[COMPANY NAME]TOKEN名称,公司名称 SAFT(Simple Agreement for Future Tokens)  THIS CERTIFIES THAT in exchange for the payment by the undersignedpurchaser (the “Purchaser”) of $[__________] (the “Purchase Amount”) on orabout [DATE], 2017, [Company Name], a [State of Incorporation] corporation (the“Company”), hereby issues to thePurchaser the right (the “Right”) to certain units of [TokenName] (the “Token” or “[Token Name]”), subject to the termsset forth below.
该凭证,由购买者(买方)[__________]美元(购买数量)支付换取,或在(日期)2017(公司名称)(某组织),在此向买方提供某些[Token 姓名]的权益,并还需接受以下条款。1.   Events项目 (a)  Network LaunchIf there is aNetwork Launch before the expiration or termination of this instrument, theCompany will automatically issue to the Purchaser a number of units of theToken equal to the Purchase Amount divided by the Discount Price.()网络发行。如果在本合同终止前存在网络发行的,公司将自动向购买者发出Token数量相等的Token单位,价格等于购买金额除以折扣。In connection with and prior to the issuanceof Tokens by the Company to the Purchaser pursuant to this Section 1(a):根据本节1a)的规定,公司在向买方发行Token之前:(i) The Purchaser will execute and deliver tothe Company any and all other transaction documents related to this SAFT,including verification of accredited investor status or non-U.S. person statusunder the applicable securities laws; and买方需执行并向该公司交付与该SAFT相关的所有其他交易文件,包括已被确认的投资者身份或非美国认证的但适用证券法规定的人的身份;(ii) The Purchaser will provide to theCompany a network address for which to allocate Purchaser's Tokens upon theNetwork Launch.购买者将向该公司提供一个网络地址,以便在网络发行时分配购买者的Token(b)  Dissolution Event.解散事件
 If there is a DissolutionEvent before this instrument expires or terminates, the Company will pay anamount equal to the Purchase Amount multiplied by the Discount Rate (the “DiscountedPurchase Amount”), due and payable to the Purchaser immediately priorto, or concurrent with, the consummation of the Dissolution Event[, subject tothe rights and preferences of the holders of the Company’s preferred stock, asset forth in the Company’s Certificate of Incorporation, as it may be amendedfrom time to time.]
如果在该合同终止之前发生了解散事件,公司将支付相当于购买金额乘以折现率(即折扣购买金额)的金额。如公司的章程中规定了优先股股东的权利和义务,在该公司是股份有限公司的情况下,可对其进行适当的修改。If immediately prior to the consummation ofthe Dissolution Event, the assets of the Company that remain legally availablefor distribution to the Purchaser and all holders of all other SAFTs (the “DissolvingPurchasers”), as determined in good faith by the Company’s board ofdirectors, are insufficient to permit the payment to the Dissolving Purchasersof their respective Discounted Purchase Amounts, then the remaining assets ofthe Company legally available for distribution, following all distributions tothe holders of the Company’s preferred stock, will be distributed with equalpriority and pro rata among the Dissolving Purchasers in proportion to the DiscountedPurchase Amounts they would otherwise be entitled to receive pursuant to thisSection 1(b).  Any distributed amountsshall be in U.S. Dollars.如果解散事件能够圆满解决,公司的资产仍然可合法用于分配给买方和所有其他SAFT的持有者,这将取决于公司董事会的诚信。若公司的资产不足以向购买者支付各自的购买金额时,那么公司的剩余资产将被合法分配,且将优先向公司的优先股股东进行分配,再按照本节1b)的折扣,按比例分配给解散的购买者。任何分配的金额都以美元为单位。 (c)  Termination.  终止This instrument will expire and terminateupon the earlier of (i) the issuance of Tokens to the Purchaser pursuant toSection 1(a);  (ii) the payment, orsetting aside for payment, of amounts due the Purchaser pursuant to Section1(b); (iii) [DATE] (the “Deadline Date”), if the NetworkLaunch has not occurred as of such date; provided that, the Company shall havethe right to extend the Deadline Date by sixty (60) days, in its solediscretion[; and (iv) the failure to obtain net proceeds of more than $[_______]from the sale of all rights pursuant to the SAFTs; provided, that in the case of (iv), the Company shall have theobligation to repay to the Purchasers the aggregate amount of all Purchase Amounts.]该合同将根据1:第1节(a)项向买方发出Token终止通知;2:根据第1条(b)支付相应款项或为此预留款项;3:日期(截止日期),如果网络发行没有在该日期届满前发生,那么公司有权利将截止日期延长60天,并由其全权决定;4:未从销售所得的权利中获得超过()$以上的净收益;在(4)的情况下,公司有义务向买方偿还全部购买金额的总额。2.   Definitions 定义 Discount Price” means the maximum price per Token sold by theCompany to the public during the Network Launch multiplied by the DiscountRate.折扣价格是指公司在网络发布期间向公众出售的每个Token的最高价格乘以折现率。 Discount Rate” is [ __%]. 折扣率是[ __%]. Dissolution Event” means (i) a voluntary termination ofoperations of the Company, (ii) a general assignment for the benefit of theCompany’s creditors or (iii) any other liquidation, dissolution or winding upof the Company, whether voluntary or involuntary. 
解散事件是指(i)自愿终止公司的经营,(ii)为公司债权人的利益或(iii)有关公司任何清算、解散或清盘,无论是自愿的还是非自愿的决定。 Network Launch” means [a bonafide transaction or series of transactions, pursuant to which the Company willsell the Tokens to the general public in a publicized product launch.] “网络发行是指一笔真正的交易或一系列交易,根据该交易,该公司将在产品发布会上向公众出售Token SAFT” means an agreement containing a future right to units ofTokens purchased by Purchasers, similar in form and content to this agreement, whicha significant portion of the amount raised under the SAFTs will be used to fundthe Company’s development of a decentralized blockchain-based computer network(the “[Network]”) that enables [describe the end goal, function andutility of the proposed Network]. 
 3.  Company Representations 公司代表  (a)  The Company is a corporation duly organized,validly existing and in good standing under the laws of [STATE], and has the powerand authority to own, lease and operate its properties and carry on itsbusiness as now conducted.公司是一家按照国家法律妥善组织、有效地存在并具有良好信誉的公司,具有拥有、租赁和经营其物业的权力和权利,并继续经营其业务。 (b)  The execution, delivery and performance bythe Company of this instrument is within the power of the Company and, otherthan with respect to the actions to be taken when Tokens are to be issued tothe Purchaser, has been duly authorized by all necessary actions on the part ofthe Company. This instrument constitutes a legal, valid and binding obligationof the Company, enforceable against the Company in accordance with its terms,except as limited by bankruptcy, insolvency or other laws of generalapplication relating to or affecting the enforcement of creditors’ rightsgenerally and general principles of equity. To the knowledge of the Company, it is not in violation of (i) itscurrent articles of incorporation or bylaws, (ii) any material statute, rule orregulation applicable to the Company, or (iii) any material indenture orcontract to which the Company is a party or by which it is bound, where, ineach case, such violation or default, individually, or together with all suchviolations or defaults, could reasonably be expected to have a material adverseeffect on the Company.具有执行、交付的协议是公司的内部权力,除了需要采取一定的操作才能将Token发给买方外,我们已授权给其它有必要行动的公司。对公司而言,本协议是合法的、有效的和具有约束力的,根据其条款对公司实施强制执行,但受其他一般适用法律的限制,或影响债权人权利的执行,以及一般的股权原则。这不是违反(1)目前公司章程或章程(2)适用于公司的任何文件、法规、规则或规定或(3)任何同政党绑定的公司文件,契约或合同。在每种情况下,违反条约的,单独或连同所有此类违约,可以预期这些情况将对公司带来实质性的不利影响。  (c)  To the knowledge of the Company, theperformance and consummation of the transactions contemplated by thisinstrument do not and will not: (i) violate any material judgment, statute,rule or regulation applicable to the Company; (ii) result in the accelerationof any material indenture or contract to which the Company is a party or bywhich it is bound; or (iii) result in the creation or imposition of any lienupon any property, asset or revenue of the Company or the suspension,forfeiture, or nonrenewal of any material permit, license or authorizationapplicable to the Company, its business or operations.据公司了解,本协议所考虑的交易的完成程度:(1)违反本公司适用的任何文件、法规、规章或条例;(2)该合同导致公司作为一方受到一定的约束;或者(3)对公司的任何财产、资产或收入的留置权,或对公司、其业务或经营的任何资产的许可、许可或授权的中止、没收或不更新,产生或强制执行。  (d)  No consents or approvals are required inconnection with the performance of this instrument, other than: (i) theCompany’s corporate approvals; and (ii) any qualifications or filings underapplicable securities laws.除:(1)得到公司的批准外,不需要得到与该协议有关的同意或批准;(二)适用证券法的任何资格或申请。  (e)  To its knowledge, theCompany owns or possesses (or can obtain on commercially reasonable terms)sufficient legal rights to all patents, trademarks, service marks, trade names,copyrights, trade secrets, licenses, information, processes and other intellectualproperty rights necessary for its business as now conducted and as currentlyproposed to be conducted, without an infringement of the rights of others.  [Token name] is not a proprietary trade nameof the Company.据我们所知,公司现在正在获得可以在商业上以合理的条件获得足够的法律权利,所有专利、商标、服务标记、版权、商业秘密、许可证、信息、流程和所需的其他知识产权业务,并不侵犯他人的权利。Token的名字不是该公司的专有的商标名。 4.   Purchaser Representations购买者代表 (a)  The Purchaser has full legal capacity, powerand authority to execute and deliver this instrument and to perform its obligationshereunder. This instrument constitutes valid and binding obligation of the Purchaser,enforceable in accordance with its terms, except as limited by bankruptcy,insolvency or other laws of general application relating to or affecting theenforcement of creditors’ rights generally and general principles of equity.买方拥有充分的法律能力和权力来执行和交付本协议,并履行其在本协议下的义务。本协议具有约束买方的特征,根据其条款可强制执行,但受破产或其他一般适用法律的限制,或影响债权人权利的执行,以及一般的股权原则。 (b)  The Purchaser has been advised that thisinstrument is a security and that the offers and sales of this instrument have notbeen registered under any country’s securities laws and, therefore, cannot beresold except in compliance with the applicable country’s laws.  The Purchaser is purchasing this instrumentfor its own account for investment, not as a nominee or agent, and not with aview to, or for resale in connection with, the distribution thereof, and the Purchaserhas no present intention of selling, granting any participation in, orotherwise distributing the same. The Purchaser has such knowledge andexperience in financial and business matters that the Purchaser is capable ofevaluating the merits and risks of such investment, is able to incur a completeloss of such investment without impairing the Purchaser’s financial conditionand is able to bear the economic risk of such investment for an indefiniteperiod of time.买方已被告知,该协议项下是一种证券,该协议的报价和销售没有在任何国家的证券法中被注册,因此,除非符合适用的国家法律,否则不能转售。买方购买需要投资一个账户,而不是作为一个候选人或代理,买方不可有出售的意图,也不得授予任何参与权。买方需要有金融和商业相关的知识和经验,买方有能力评估的投资优点和风险,这样才能保证买方能够承担一定的经济风险投资,并把该投资固定在一个可控的损失范围内,从而不损害买方的财务状况。(c)  ThePurchaser enters into this SAFT with the predominant expectation that he, sheor it, as the case may be, will profit upon the successful development andNetwork Launch arising from the efforts of the Company and its employees todevelop and market the [Network] and the [Network Launch] and related sale ofthe Tokens.买方进入SAFT主要需要视情况而定,由公司的员工努力开发市场,进行网络发布,销售Token,从而获得利润。5.   Proceduresfor Purchase of Rights and Valuation of Purchase Amount.购买权利和购买金额估价的规章(a)  TheCompany will accept payment for the Right purchased under this SAFT in [U.S.Dollars/Bitcoin/Ether].  Purchaser shallmake the required payment to the Company in consideration for Purchaser’spurchase of the Right pursuant to the SAFT through the procedures set forth on Exhibit A hereof.该公司将接受美元/比特币/其它的费用支付方式。买方应根据本合同所规定的程序,向卖方支付金额,从而购买到买方的权利。(b)  For purposes of this instrument, the value of the Purchase Amount shallbe deemed in [Ether] whether the Purchaser pays in [U.S. Dollars/Bitcoin/[or]Ether], valued at the Applicable Exchange Rate for [Ether]. The term “ApplicableExchange Rate” shall mean the volume-weighted average daily price of [Ether][across/on] [exchange(s)/index(es)] in the 24-hour period (Eastern Time) followingthe day and time that the Company notifies the Purchaser, in writing, that theCompany has accepted Purchaser’s offer to purchase the Right under this SAFT.关于本协议的目的,买方在美国支付相应的费用可以为美元/比特币/或其它,以适用于其它的汇率计算。适用汇率一词指的是在24小时内(东部时间),在公司通知买方的当天和时间内,该公司已接受买方提出在此SAFT项下的购买权利,即在24小时内(东部时间)的交易量加权平均每日价格(es/指数(es)。6.   Miscellaneous杂项  (a)  This instrument sets forth the entireagreement and understanding of the parties relating to the subject matterherein and supersedes all prior or contemporaneous disclosures, discussions,understandings and agreements, whether oral of written, between them. Thisinstrument is one of a series of similar instruments entered into by theCompany from time to time.  Any provisionof this instrument may be amended, waived or modified only upon the writtenconsent of the Company and the holders of a majority, in the aggregate, of thePurchase Amounts paid to the Company with respect to all SAFTs outstanding atthe time of such amendment, waiver or modification.本文书还规定了有关各方在此问题上的全部协议,并取代所有先前或同期披露、讨论、理解和协议,无论是口头的,还是书面的。该协议是该公司不时推出的一系列类似协议之一。该协议项下的任何条款都可能被修改,放弃。只有得到公司的书面同意和多数的持有者的支持,才能将购买的金额支付给该公司,不然只能再次进行修改,放弃。  (b)  Any notice required or permitted by thisinstrument will be deemed sufficient when sent by email to the relevant addresslisted on the signature page, as subsequently modified by written noticereceived by the appropriate party.本协议所要求或允许的任何通知,将通过电子邮件发送到签名页上的相关地址,随后由收到书面通知的另一方作通知修改。  (c)  The Purchaser is not entitled, as a holder ofthis instrument,to vote or receive dividends or be deemed the holder of capitalstock of the Company for any purpose, nor will anything contained herein beconstrued to confer on the Purchaser, as such, any of the rights of astockholder of the Company or any right to vote for the election of directorsor upon any matter submitted to stockholders at any meeting thereof, or to giveor withhold consent to any corporate action or to receive notice of meetings,or to receive subscription rights or otherwise.作为该工具的持有者,无论出于何种目的,购买者没有资格接受股息,或使用公司的资本存量。这里所包含的任何东西也不会被解释为是由购买者带来的。因此,公司股东的任何权利,或任何表决权,或在任何会议上向股东提交的任何事项的权利,或者拒绝公司的任何行为,或接受会议通知,或接受认购权或其他方式。  (d)  Neither this instrument nor the rightscontained herein may be assigned, by operation of law or otherwise, by either partywithout the prior written consent of the other; provided, however, that this instrument and/or the rights containedherein may be assigned without the Company’s consent by the Purchaser to anyother entity who directly or indirectly, controls, is controlled by or is undercommon control with the Purchaser, including, without limitation, any generalpartner, managing member, officer or director of the Purchaser, or any venturecapital fund now or hereafter existing which is controlled by one or more generalpartners or managing members of, or shares the same management company with,the Purchaser; and provided, further,that the Company may assign this instrument in whole, without the consent ofthe Purchaser, in connection with a reincorporation to change the Company’sdomicile.本文件所载的权利,在未经对方事先书面同意的情况下,均不得由任何一方转让。本文件所载的权利,在未经买方同意的情况下,不得向任何其他直接或间接的实体转让,控制或与买方共同控制,包括但不限于任何普通合伙人、管理成员、买方人员或目前或将来任何风险投资基金现有控制通过一个或多个普通合伙人或管理的成员,或者同样的管理公司。此外,公司还可以在未经买方同意的情况下,将该协议全部转让给公司,从而改变公司的地址。
     (e)  In the event any one or more of theprovisions of this instrument is for any reason held to be invalid, illegal orunenforceable, in whole or in part or in any respect, or in the event that anyone or more of the provisions of this instrument operate or would prospectivelyoperate to invalidate this instrument, then and in any such event, suchprovision(s) only will be deemed null and void and will not affect any otherprovision of this instrument and the remaining provisions of this instrumentwill remain operative and in full force and effect and will not be affected,prejudiced, or disturbed thereby.
如出现任何一个或多个情形,导致本协议由于任何原因被认为是无效的、非法的或无法执行,在全部或部分或在任何方面,那么在任何此类情形中,该条款被认为无效。不会影响该本协议的任何其他条款,该文件的其余条款将继续有效,并将不会受到影响或干扰。   (f)  All rights and obligations hereunder will begoverned by the laws of [_____], without regard to the conflicts of lawprovisions of such jurisdiction.
本协议的所有权利和义务将受[_____]法律管制,但不考虑一些与法律条款相冲突的司法管辖权。 (Signature page follows在下一页中签字 
 IN WITNESS WHEREOF, the undersigned havecaused this instrument to be duly executed and delivered.以此证明,签名人已将该文书妥善执行并交付。 [Company]公司名字 By:                                                             [Name] 名字[Title]职称



PURCHASER(买方)By:                                                                     Name:                                                              Title(职位):                                                    Email:                                                      



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