The Simple Agreement For Future Equity Term Sheet is commonly used in the Philippine startup ecosystem as a preliminary document for early-stage investments. It provides a streamlined alternative to convertible notes, allowing startups to defer valuation discussions while raising capital. This document type, compliant with Philippine corporate and securities regulations, is particularly suitable for fast-moving startup transactions where speed and simplicity are priorities. The term sheet typically precedes a full SAFE agreement and outlines essential terms such as investment amount, valuation cap, discount rate, and conversion mechanisms. It's designed to balance the interests of both startups seeking flexible funding options and investors looking for future equity rights, while adhering to local regulatory requirements including the Revised Corporation Code and Securities Regulation Code of the Philippines.
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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 SAFE
3. Definitions: Key terms used throughout the term sheet
4. Investment Amount: Proposed investment amount and payment terms
5. Valuation Cap: The maximum valuation at which the investment converts into equity
6. Discount Rate: The discount to be applied to the qualified financing price
7. Conversion Mechanics: Triggers and mechanisms for converting the investment into equity
8. Most Favored Nation Provision: Right to amend terms if better terms are offered to other investors
9. Pro-rata Rights: Right to participate in future funding rounds
10. Company Representations: Basic representations regarding company status and authority
11. Governing Law: Specification of Philippine law as governing law
1. Foreign Investment Provisions: Required when investor is non-Filipino, addressing foreign ownership restrictions
2. Board Observer Rights: Optional rights for investor to observe board meetings
3. Information Rights: Additional reporting and information access rights for larger investments
4. Tag-Along Rights: Rights to participate in future sale of company shares
5. Assignment and Transfer Restrictions: Additional restrictions on transfer of SAFE rights
6. Dispute Resolution: Specific arbitration or mediation procedures if desired beyond standard court jurisdiction
1. Schedule A - Cap Table: Current capitalization table of the company
2. Schedule B - Disclosure Schedule: Material disclosures and exceptions to representations
3. Appendix 1 - Investment Terms Summary: Summary of key economic terms in table format
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