[{"id":"cdce46f4-41e0-4aea-89f9-b3f48ff337fc","order":1,"text":"TERM SHEET — EARLY-STAGE INVESTMENT","fontSize":"20","textAlign":"center","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"displayConditions":[]},{"id":"0caa5164-d10c-4579-ad3c-b3773056e7bf","order":2,"text":"Strictly private and confidential. Subject to contract.","fontSize":"11","textAlign":"center","bold":false,"underline":false,"marginBottom":"22","cflou":false,"active":true,"displayConditions":[]},{"id":"36b3683d-4671-4000-8c98-8ea672fce36b","order":3,"text":"This term sheet is dated [Date of this term sheet] and records the principal terms on which the Investor proposes to invest in the Company.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true,"displayConditions":[]},{"id":"a8961689-112c-4f6c-9077-ba26c89b0a62","order":4,"text":"Between:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[]},{"id":"ec31947e-c0a0-446e-98f4-da0b4634c54b","order":5,"text":"[Full name of the Company] (UEN No. [Company UEN]), a company incorporated in Singapore and having its registered office at [Registered office] (the "Company"); and","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[]},{"id":"da3ffac2-f13d-4637-aa79-dcf9ae922be2","order":6,"text":"[Full name of the Investor] (NRIC / passport / UEN No. [Investor ID]) of [Investor address] (the "Investor").","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true,"displayConditions":[]},{"id":"a1015a2d-bafd-4b91-a916-3ec4f019a6f9","order":7,"text":"The Company and the Investor are together the "Parties" and each a "Party".","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true,"displayConditions":[]},{"id":"4960cd6e-ce92-441d-87e9-6439f1e9ba62","order":8,"text":"This term sheet is provided on the basis that it is subject to contract. Save for the sections headed "Exclusivity", "Confidentiality", "Costs", "Governing Law and Dispute Resolution", "Status of this Term Sheet" and "Expiry", which are intended to be legally binding, this term sheet is not legally binding and creates no obligation on either Party to proceed with the investment. It is subject to satisfactory due diligence and to the negotiation and execution of definitive documentation.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[]},{"id":"12fe2d0a-c499-41e0-b132-e51941dcbbd3","order":9,"text":"The principal terms are as follows:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[]},{"id":"e88136f3-a368-4c72-b034-7b621de79360","order":10,"text":"1. Summary of Terms","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[],"marginTop":"20","sectionNum":"S01"},{"id":"7785b45f-c197-43b1-a68d-772ea6cb0007","order":11,"text":"The Investor proposes to invest S$ [Investment amount] in the Company by way of a SAFE (Simple Agreement for Future Equity), with a post-money valuation cap of S$ [Valuation cap] and a conversion discount of [Conversion discount]% (each as further described below). The instrument will convert into shares of the Company on a future equity financing or other conversion event, subject to the terms of the definitive documentation.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[]},{"id":"edcad2de-33f1-497a-9bd7-0fa1603badbf","order":12,"text":"2. The Instrument","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[],"marginTop":"20","sectionNum":"S02"},{"id":"5b642929-43ee-45d4-88c1-d1c9a2b92485","order":13,"text":"The investment will be made by way of a SAFE (Simple Agreement for Future Equity), on the terms set out in this term sheet and in the definitive documentation to be agreed between the Parties.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[]},{"id":"0694704c-d5f9-47f2-a4a3-c0572552bf91","order":14,"text":"As a SAFE, the instrument is not a debt instrument. It carries no interest and has no maturity or repayment date. It represents the right of the Investor to receive shares of the Company upon the occurrence of a conversion event, in exchange for the amount invested.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[{"field":"78f11826-f3e9-4611-b0c6-8fe4aabaccb0","value":"a SAFE (Simple Agreement for Future Equity)","type":"add","operator":"="}]},{"id":"83258f5c-ef21-4660-98c5-a4b33f56a2d9","order":15,"text":"As a convertible note, the instrument is an unsecured debt obligation of the Company. It bears interest, is repayable on the maturity date if it has not converted earlier, and converts into shares of the Company upon the occurrence of a conversion event.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[{"field":"78f11826-f3e9-4611-b0c6-8fe4aabaccb0","value":"a convertible note","type":"add","operator":"="}]},{"id":"600f8535-7073-4054-af83-01c6df5f2a78","order":16,"text":"3. Investment Amount","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[],"marginTop":"20","sectionNum":"S03"},{"id":"b8f930c6-feb4-45d0-9dfd-9ca416bc2f71","order":17,"text":"The amount to be invested is S$ [Investment amount] (the "Investment Amount"), payable in full to the Company on completion, against the issue of the instrument. The Investment Amount is denominated in Singapore dollars.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[]},{"id":"9941d189-674f-4f2e-ba16-3e0b16566aa2","order":18,"text":"4. Interest","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"78f11826-f3e9-4611-b0c6-8fe4aabaccb0","value":"a convertible note","type":"add","operator":"="}],"marginTop":"20","sectionNum":"S04"},{"id":"ec747534-7251-4b39-993e-7d39b31bcb10","order":19,"text":"The Investment Amount bears simple interest at the rate of [Interest rate]% per annum, accruing daily from the date the Investment Amount is paid to the Company until the instrument converts or is repaid. Accrued interest is not payable in cash but is added to the Investment Amount and converts with it, unless the instrument is repaid at maturity, in which case accrued interest is payable together with the Investment Amount.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[{"field":"78f11826-f3e9-4611-b0c6-8fe4aabaccb0","value":"a convertible note","type":"add","operator":"="}]},{"id":"fab6fa14-42c7-4791-927f-2119106d2c91","order":20,"text":"5. Maturity and Repayment","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"78f11826-f3e9-4611-b0c6-8fe4aabaccb0","value":"a convertible note","type":"add","operator":"="}],"marginTop":"20","sectionNum":"S05"},{"id":"e7f6073d-1491-46f7-a35c-1e4f3a55a5c6","order":21,"text":"If the instrument has not converted earlier, it matures on [Maturity date] (the "Maturity Date"). On the Maturity Date, at the election of the Investor, the Company shall either repay the Investment Amount together with accrued interest, or the Investor may convert the Investment Amount and accrued interest into shares of the Company at the price determined under the section headed "Conversion to Equity", applying the valuation cap referred to below.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[{"field":"78f11826-f3e9-4611-b0c6-8fe4aabaccb0","value":"a convertible note","type":"add","operator":"="}]},{"id":"abb21bae-7afe-42b6-a529-ef73623e2a99","order":22,"text":"6. Valuation Cap","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[],"marginTop":"20","sectionNum":"S06"},{"id":"b0bdcd4e-1c92-489d-9952-d3ce37e6cea9","order":23,"text":"The conversion price applicable to the instrument is subject to a post-money valuation cap of S$ [Valuation cap] (the "Valuation Cap"). The Valuation Cap sets the maximum company valuation at which the Investment Amount converts into shares, so that the Investor is not disadvantaged by a higher valuation agreed in a later financing.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[]},{"id":"7b5159a5-05d9-43d6-bf76-90f918179812","order":24,"text":"7. Conversion Discount","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[],"marginTop":"20","sectionNum":"S07"},{"id":"1bd85e32-bddc-4282-a14a-9a7acc0887f1","order":25,"text":"On conversion, the Investor is entitled to a discount of [Conversion discount]% to the price per share paid by the new investors in the relevant equity financing (the "Discount"). Where both the Valuation Cap and the Discount would apply, the Investor receives the benefit of whichever produces the lower price per share, and therefore the greater number of shares.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[]},{"id":"e2d20562-d770-469d-b095-efb070ae7079","order":26,"text":"8. Conversion to Equity","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[],"marginTop":"20","sectionNum":"S08"},{"id":"84c52cb9-6137-4df0-8bd8-f03bdfbf5a1c","order":27,"text":"For the purposes of this term sheet, a "Qualified Financing" means the next bona fide round of equity financing of the Company in which the Company raises gross proceeds of at least S$ [Qualified financing amount] (excluding the conversion of this and any other convertible instrument). The Investment Amount converts into shares of the Company as follows:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[]},{"id":"980a1ffc-97a8-4ca0-991f-be9f9f9d00eb","order":28,"text":"Upon a Qualified Financing, the Investment Amount automatically converts into the most senior class of shares issued in that financing, at a price per share equal to the lower of (i) the price per share implied by the Valuation Cap, and (ii) the price per share paid by the new investors less the Discount. Upon a change of control or other liquidity event before conversion, the Investor is entitled to receive, at its election, either the Investment Amount or the amount it would have received had the Investment Amount converted at the Valuation Cap. If the Company is wound up before conversion, the Investor is entitled to the return of the Investment Amount in priority to the holders of ordinary shares.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[{"field":"78f11826-f3e9-4611-b0c6-8fe4aabaccb0","value":"a SAFE (Simple Agreement for Future Equity)","type":"add","operator":"="}]},{"id":"cb3faec8-9524-4954-be5f-fce859743ad3","order":29,"text":"Upon a Qualified Financing, the Investment Amount together with all accrued interest automatically converts into the most senior class of shares issued in that financing, at a price per share equal to the lower of (i) the price per share implied by the Valuation Cap, and (ii) the price per share paid by the new investors less the Discount. Upon a change of control or other liquidity event before conversion or repayment, the Company shall repay the Investment Amount together with accrued interest, unless the Investor elects to convert on the terms of this section.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[{"field":"78f11826-f3e9-4611-b0c6-8fe4aabaccb0","value":"a convertible note","type":"add","operator":"="}]},{"id":"2dbe6723-fda5-4e22-9c84-d14ec7f48dca","order":30,"text":"Most favoured nation. If, before the instrument converts, the Company issues any other convertible instrument on terms that are more favourable to the holder, the Investor is entitled to elect to have the more favourable terms apply to its instrument.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[{"field":"7afbed26-91a1-4d8e-b466-dfbb55fa906d","value":"yes","type":"add","operator":"="}]},{"id":"ccaca97c-9b38-4b8a-a7ec-5fe882b743e4","order":31,"text":"All shares issued on conversion are credited as fully paid and are issued subject to the Companies Act 1967 and the constitution of the Company then in force, and the Investor shall on request enter into the Company's shareholders' agreement (if any) then in force.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[]},{"id":"6e31d990-fec3-4d39-8c36-0c1f3d042a20","order":32,"text":"9. Pro-Rata Rights","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"a1f27254-e7cb-4b5d-bdcb-c2256206f5dd","value":"yes","type":"add","operator":"="}],"marginTop":"20","sectionNum":"S09"},{"id":"5ad1ebb6-0591-4d18-a3fc-ad4e193f33f7","order":33,"text":"For so long as the Investor holds shares issued on conversion of the instrument, the Investor has the right (but not the obligation) to participate in future issues of new shares by the Company, on the same terms as other investors, up to the amount required to maintain its percentage shareholding in the Company on a fully diluted basis. This right does not apply to issues of shares under an employee share option scheme, on a bona fide acquisition, or otherwise as excluded in the definitive documentation.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[{"field":"a1f27254-e7cb-4b5d-bdcb-c2256206f5dd","value":"yes","type":"add","operator":"="}]},{"id":"1878dc5b-6fb5-46f1-9007-fb85b12c6c37","order":34,"text":"10. Information and Governance","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[],"marginTop":"20","sectionNum":"S10"},{"id":"0e4379e7-b120-4f8f-a72d-86ef7124b7fb","order":35,"text":"Until the instrument converts or is repaid, the Company shall provide the Investor with its annual unaudited financial statements within a reasonable period after the end of each financial year, and shall notify the Investor of any proposed equity financing, change of control or winding up. Save as expressly agreed in the definitive documentation, the instrument does not carry any voting rights or board representation before conversion.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[]},{"id":"e48df3aa-1a0a-4793-94af-33055595bd21","order":36,"text":"11. Conditions Precedent","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[],"marginTop":"20","sectionNum":"S11"},{"id":"c4aa6b89-70b2-40bf-bf18-eb1b3f5ad6d7","order":37,"text":"Completion of the investment is conditional on: the satisfactory completion by the Investor of legal, financial and business due diligence on the Company; the approval of the board of directors of the Company and, where required, its shareholders; the execution of definitive documentation in a form satisfactory to both Parties; and the investment being made in compliance with the Securities and Futures Act 2001, in reliance on an applicable exemption from the prospectus requirements. Nothing in this term sheet obliges either Party to complete the investment if these conditions are not satisfied.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[]},{"id":"2d8c1e20-79bb-479b-9b0a-ed7810fd7a0d","order":38,"text":"12. Exclusivity","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[],"marginTop":"20","sectionNum":"S12"},{"id":"7e3143bf-6083-4af4-9439-f40de1591a4b","order":39,"text":"In consideration of the Investor incurring the cost of due diligence, the Company undertakes that, for a period of [Exclusivity period] days from the date of this term sheet (the "Exclusivity Period"), it shall not, and shall procure that its directors and shareholders shall not, directly or indirectly solicit, encourage or enter into any discussions with any other person in relation to any investment in, or sale of, the Company or its business. This section is legally binding.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[]},{"id":"c20aa0bd-3162-429b-a5ca-ef0dfb1d0e88","order":40,"text":"13. Confidentiality","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[],"marginTop":"20","sectionNum":"S13"},{"id":"935f91b0-8ec8-4c5f-865d-3f22846695a1","order":41,"text":"Each Party shall keep confidential the existence and terms of this term sheet and all information disclosed to it by the other Party in connection with the proposed investment, and shall not use or disclose that information except for the purpose of evaluating and completing the investment, or as required by law or any regulatory authority. This section is legally binding and survives the expiry or termination of this term sheet.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[]},{"id":"3411c84f-f8c8-4787-a0c0-7a208cdf2ba5","order":42,"text":"14. Costs","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[],"marginTop":"20","sectionNum":"S14"},{"id":"49c8d136-0934-4444-9cdf-c9da54681f0b","order":43,"text":"Except as otherwise agreed in writing, each Party bears its own costs and expenses in connection with the negotiation, preparation and completion of this term sheet, the due diligence and the definitive documentation, whether or not the investment completes. This section is legally binding.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[]},{"id":"b91af581-49d0-466d-8d7f-0ae0ede579ce","order":44,"text":"15. Governing Law and Dispute Resolution","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[],"marginTop":"20","sectionNum":"S15"},{"id":"b001485e-6d9d-4e78-97af-b955f62d80a9","order":45,"text":"This term sheet, and the binding sections of it, are governed by and construed in accordance with the laws of the Republic of Singapore. The Parties shall attempt in good faith to resolve any dispute amicably; failing which, the dispute shall be subject to the exclusive jurisdiction of the courts of Singapore, or, if the Parties so agree in writing, referred to mediation or arbitration in Singapore. This section is legally binding.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[]},{"id":"1f76bf6a-206b-4018-8e17-43dfcec0b80d","order":46,"text":"16. Status of this Term Sheet","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[],"marginTop":"20","sectionNum":"S16"},{"id":"b8b69ddc-abe4-4a26-85c2-cd6624d28889","order":47,"text":"This term sheet records the Parties' current intentions and the principal terms on which they propose to proceed. Save for the sections headed "Exclusivity", "Confidentiality", "Costs", "Governing Law and Dispute Resolution", "Status of this Term Sheet" and "Expiry", which are legally binding, this term sheet is not legally binding, does not constitute an offer capable of acceptance, and imposes no obligation on either Party to enter into the investment. A binding commitment arises only on the execution of the definitive documentation.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[]},{"id":"246cca5a-2611-44bb-a056-42433c4646ca","order":48,"text":"17. Expiry","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[],"marginTop":"20","sectionNum":"S17"},{"id":"839f295d-f17a-4b4f-9273-0366bc94f2b7","order":49,"text":"This term sheet, including its binding sections, lapses and ceases to have effect if it has not been signed by both Parties by [Expiry date], or if definitive documentation has not been executed within the Exclusivity Period, unless the Parties agree otherwise in writing. This section is legally binding.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[]},{"id":"f71d00f9-16ad-4504-8437-6e155dd30b21","order":50,"text":"Agreed and accepted:","fontSize":"14","textAlign":"left","bold":true,"underline":false,"marginBottom":"15","cflou":false,"active":true,"displayConditions":[],"marginTop":"20"},{"id":"2535e5f2-fa9f-436a-bd10-ddb28521f586","order":51,"text":"SIGNED for and on behalf of the Company:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[]},{"id":"02dd0b26-71e9-4b16-bbfb-691949399d12","order":52,"text":"_______________________
[Full name of the Company]
Name of signatory: _______________
Title: _______________
Date: _______________","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"25","cflou":false,"active":true,"displayConditions":[]},{"id":"4fe588b2-4bca-419f-b928-11303b0434b7","order":53,"text":"SIGNED by the Investor:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[]},{"id":"faec96c7-855e-4a45-910d-596230d6ceac","order":54,"text":"_______________________
[Full name of the Investor]
Date: _______________","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"0","cflou":false,"active":true,"displayConditions":[]}]