浅谈“SAFE Purchase Agreement”

SAFE 协议中的SAFE可并非我们熟知的国家外汇管理局的英文简称，也非“安全”协议，它的全称其实是Simple Agreements for Future Equity，即未来股权简单协议，是由硅谷著名的初创企业孵化器Y-Combinator (“YC”)于2013年下半年提出的一种新的融资方式，初衷是为了实现投资人和创业者之间的公平交易。投资者对公司以现金方式进行投资，从公司处获得一个warrant（认股权证），然后在未来特定事项（如equity financing （股权融资）、liquidation （清盘））发生时，可以按照在“此时”支付的价款，在“当时”持有股份或套现。

维基百科中对其的定义如下“A SAFE (simple agreement for future equity) is an agreement between an investor and a company that provides rights to the investor for future equity in the company similar to a warrant, except without determining a specific price per share at the time of the initial investment.”大概意思就是说未来股权简单协议是投资者与公司之间签订的协议，投资者对公司投资，公司赋予投资者与认股权证相似的权利（只是未在初始投资时确定股价）。

以下为某SAFE Purchase Agreement中的重要条款（发行与交割条款）：

The Safes.

未来股权简单协议。

(a)Issuance of Safes. Subject to all of the terms and conditions hereof, the Company agrees to issue and sell to each Investor at the Closing (as defined below), and each Investor agrees to purchase at the Closing, a Simple Agreement for Future Equity in the form of Exhibit B hereto (each, a “Safe”) and together, the “Safes”) in the principal amount set forth opposite such Investor’s name on Exhibit A to this Agreement (the “Purchase Price”). The Company’s agreements with each of the Investors are separate agreements and the sales of the Safes to each of the Investors are separate sales.

未来股权简单协议的发行。在遵守本协议所有条款和条件的前提下，公司同意在交割（定义见下文）时向每位投资者发行并出售，且每位投资者同意在交割时按照本协议附件A中该投资者名字对应的本金额（“购买价格”）购买本协议附件B表中的未来股权简单协议（单独称“一份未来股权简单协议”，合称“所有未来股权简单协议”）。公司与各投资者的协议为单独的协议，对各投资者出售的未来股权简单协议为单独的出售。

Initial Closing; Additional Closing(s); Delivery.

首次交割；额外交割；交付。

(i)The initial sale and purchase of the Safes shall take place at a closing (the “Initial Closing”) to be held at such place and time as the Company and the Investors may determine. At the Initial Closing, BB , XX-USA, WWWW and [________________] shall each purchase a Safe with the Purchase Price indicated on Exhibit A (the “First Tranche”). At the Initial Closing, (A) each Investor shall commit to invest in both the First Tranche and the Second Tranche (as defined below) in the amounts set forth on Exhibit A hereto, so long as a Material Adverse Effect has not occurred prior to the Second Tranche, (B) each of BBBB and SSSS shall become a party to this Agreement and the Safe, by executing and delivering a counterpart signature page to each such agreement, and (C) Company will deliver to each Investor the Safe to be purchased by such Investor at the Initial Closing, against receipt by the Company of the Purchase Price in immediately available funds by check payable to the Company, wire transfer to a bank account designated by the Company or any combination of the foregoing.

Safes的首次买卖应于公司和投资者确定的交割（“首次交割”)地点和时间进行。首次交割时，BB , XX-USA，WWWW和[________________]均应按照附件A所示的购买价格购买Safe（ “第一期”）。首次交割时，(A)只要在第二期前未发生重大不利影响，各投资者应承诺于第一期和第二期（定义见下文）按照本协议附件A所列金额投资，(B) BB和XX均应通过签署并交付每份本协议的对应签名页成为本协议和Safe的当事方，且(C) 公司收到以立即可用的资金通过支票、电汇至公司制定的银行账户或任何前述方式的组合向公司支付的购买价格后，将向各投资者交付其在首次交割时购买的Safe.

(ii)Following the First Tranche and prior to December XX, 20XX, and so long as a Material Adverse Effect has not occurred (such determination to be made in its sole discretion of the BBBB and SSSS), the Company may, by written notice to BBBB and SSSS, demand an additional investment, as set forth in Exhibit A, to be made no sooner than 15 business days and no later than 30 business days after notice has been provided (the “Second Tranche”).

首次交割之后，20XX年12月XX日之前，只要尚未发生重大不利影响（该决定由BB和SS自行做出），公司可书面通知BB和SS，要求其在通知发出后不早于15个工作日且不迟于30个工作日内进行附件A中所列的额外投资（“第二期”）

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