The Funding Term Sheet serves as a crucial preliminary document in investment transactions under Irish law, laying out the fundamental terms and conditions for a proposed investment in a company. This document type is typically used during the initial stages of investment negotiations, before proceeding with detailed definitive agreements. It covers essential aspects such as investment amount, valuation, share class rights, governance provisions, and investor protections. While primarily non-binding (except for specific provisions), the Funding Term Sheet provides a clear framework for subsequent legal documentation and helps ensure all parties have a common understanding of the key investment terms. The document must comply with Irish company law, particularly the Companies Act 2014, and relevant EU regulations governing investments and financial services.
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1. Parties: Identification of the company and the investor(s)
2. Background: Brief context of the proposed investment and purpose of the term sheet
3. Definitions: Key terms used throughout the term sheet
4. Investment Terms: Amount of investment, type of securities, price per share or valuation
5. Company Valuation: Pre-money and post-money valuation details
6. Use of Proceeds: Intended use of the investment funds
7. Board Composition: Structure and composition of the board post-investment
8. Voting Rights: Voting rights attached to the invested securities
9. Anti-dilution Provisions: Protection against future dilution of investment
10. Information Rights: Investor's rights to company information and financial reports
11. Confidentiality: Binding confidentiality obligations regarding the proposed transaction
12. Exclusivity: Period during which the company cannot seek alternative investment
13. Closing Conditions: Prerequisites for completing the investment
14. Binding Nature: Statement of which terms are binding and non-binding
1. Convertible Note Terms: Used when the investment is structured as a convertible note, including conversion triggers, caps, and discounts
2. Liquidation Preference: Include for equity investments to specify investor rights in liquidation events
3. Pre-emptive Rights: Optional section for rights to participate in future funding rounds
4. Tag-Along Rights: Include when investors want the right to join in sales of shares by founders
5. Drag-Along Rights: Include when majority shareholders want the right to force minority shareholders to join in a sale
6. Founder Vesting: Include when investors require founder shares to be subject to vesting
7. Employee Share Option Pool: Include when establishing or modifying an ESOP as part of the investment
8. Key Person Insurance: Include when investors require insurance for key team members
9. Non-Compete and Non-Solicitation: Include when investors require restrictive covenants from founders
1. Cap Table: Current and post-investment capitalization table
2. Key Financial Information: Summary of key financial metrics and projections
3. Milestones: Key business milestones tied to investment tranches if applicable
4. Material Contracts: List of material contracts requiring disclosure or attention
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