优先清算权是一种投资中常见的投资人优先权，PE（投资人）在目标企业清算或发生视同清算的情形或结束业务时，具有的优先于其他普通股股东获得分配的权利。这一条款不仅会在公司章程中予以规定，还会在合资协议及投资项目尽职调查报告中出现。以下为部分常见法律文件中的相关双语文件示例，供参考：

 

示例一（Source：某公司章程）：

 

LIQUIDATION PREFERENCE

优先清算

 

1. Liquidation Preference.优先清算。

 

(a) In the event of any liquidation, dissolution or winding up of the Company, either voluntary or involuntary or the consummation of a Liquidation Event (as defined below), all assets and funds of the Company legally available for distribution to the Members (after satisfaction of all creditors’ claims and claims that may be preferred by law) shall be distributed to the Members of the Company as follows:

本公司发生清算、解散或清盘时（无论是自愿、非自愿或在清算事件（定义见下文）完成后发生），本公司可供向成员分配的所有合法可用资产和资金（在清偿所有债务人的债权以及法律规定可优先获偿的债权后）应按以下方式向成员分配：

 

(i) First, the holders of the Series A Preferred Shares shall be entitled to receive for each Series A Preferred Share held by such holder, on parity with each other and prior and in preference to any distribution of any of the assets or funds of the Company to the holders of any other class or series of shares by reason of their ownership of such shares, the amount equal to (x) one hundred percent (100%) of the Original Issue Price of the Series A Preferred Shares, plus (y) all accrued or declared but unpaid dividends thereon (the “Series A Preference Amount”).

首先，A系列优先股持有人应有权就其持有的每股A系列优先股，优先于并在其他任何类别或系列股份持有人因其持有的该类别或系列股份而获分配本公司的任何资产或资金前，彼此平等地获得等同于以下金额的款项：(x)A系列优先股原始发行价的百分之百（100%），加上(y)该等股份所有应计或已宣告但未支付的股息（“A系列优先金额”）

 

If the assets and funds thus distributed among the holders of the Series A Preferred Shares are insufficient to permit the payment to such holders of the full Series A Preference Amount, then the entire assets and funds of the Company legally available for distribution shall be distributed ratably among the holders of the Series A Preferred Shares in proportion to the aggregate Series A Preference Amount each such holder is otherwise entitled to receive pursuant to this subparagraph (a)(i).

如果由此分配给A系列优先股持有人的资产和资金不足以向该等持有人支付全部A系列优先金额，则本公司合法可供分配的全部资产和资金应按照各A系列优先股持有人根据本第(a)(i)项的规定本应有权收取的全部A系列优先金额之比例在该等持有人之间按比例分配。

 

(ii) Second, if there are any assets or funds remaining after the aggregate Series A Preference Amount has been distributed or paid in full to the applicable holders of Series A Preferred Shares pursuant to subparagraph (a)(i) above, the holders of the Series Seed Preferred Shares shall be entitled to receive for each Series Seed Preferred Share held by such holder, on parity with each other and prior and in preference to any distribution of any of the assets or funds of the Company to the holders of any class or series of shares other than the Series A Preferred Shares by reason of their ownership of such shares, the amount equal to (x) one hundred percent (100%) of the Original Issue Price of the Series Seed Preferred Shares, plus (y) all accrued or declared but unpaid dividends thereon (the “Series Seed Preference Amount”).

其次，如果在根据上文第(a)(i)项的规定向A系列优先股相关持有人分配或全额支付全部A系列优先金额后存在任何剩余资产或资金，种子系列优先股持有人应有权就其持有的每股种子系列优先股，优先于并在除A系列优先股之外的其他任何类别或系列股份持有人因其持有的该类别或系列股份而获分配本公司的任何资产或资金前，彼此平等地获得等同于以下金额的款项：(x)种子系列优先股原始发行价的百分之百（100%），加上(y)该等股份所有应计或已宣告但未支付的股息（“种子系列优先金额”）。

 

If the assets and funds thus distributed among the holders of the Series Seed Preferred Shares are insufficient to permit the payment to such holders of the full Series Seed Preference Amount, then the entire assets and funds of the Company legally available for distribution shall be distributed ratably among the holders of the Series Seed Preferred Shares in proportion to the aggregate Series Seed Preference Amount each such holder is otherwise entitled to receive pursuant to this subparagraph (a)(ii).

如果由此分配给种子系列优先股持有人的资产和资金不足以向该等持有人支付全部种子系列优先金额，则本公司合法可供分配的全部资产和资金应按照各种子系列优先股持有人根据本第(a)(ii)项的规定本应有权收取的全部种子系列优先金额之比例在该等持有人之间按比例分配。

 

(iii) If there are any assets or funds remaining after the aggregate Series A Preference Amount and Series Seed Preference Amount have been distributed or paid in full to the applicable holders of Series A Preferred Shares and Series Seed Preferred Shares pursuant to subparagraphs (a)(i) and (a)(ii) above, the remaining assets and funds of the Company available for distribution to the Members shall be ratably distributed among all holders of Ordinary Shares and holders of Preferred Shares (on an as converted basis).

如果在根据上文第(a)(i)项和第(a)(ii)项的规定向A系列优先股和种子系列优先股相关持有人分配或全额支付全部A系列优先金额和种子系列优先金额后存在任何剩余资产或资金，则本公司可供向成员分配的剩余资产和资金应在所有普通股持有人和优先股（在假设已经进行转换的基础上）持有人之间按比例分配。

 

(b) The following events shall be deemed a liquidation, dissolution or winding up of the Company (each a “Deemed Liquidation Event”), unless waived by the Preferred Majority in writing:

除非优先股多数持有人以书面形式予以豁免，否则以下事件应被视为本公司的清算、解散或清盘（各称“视同清算事件”）：

 

(i) as applicable, any merger, amalgamation, consolidation, acquisition, tender offer, reorganization or scheme thereof or other business combination or other transactions or a series of related transactions in which (x) the holders of the share capital or voting power of any Group Company immediately prior to such transaction do not own a majority of the share capital or voting power (as the case may be) of such Group Company or the surviving or acquiring person, or (y) in excess of fifty percent (50%) of any Group Company’s voting power is transferred (except any transaction effected solely to change the Company’s domicile); or

任何兼并、联合、合并、收购、要约收购、重组或相关计划或其他业务合并或其他交易或一系列相关交易（如适用），其中(x)在该交易发生之前的任何集团公司股本或表决权持有人不再持有该集团公司或存续或收购主体的多数股本或表决权（视情况而定），或(y)任何集团公司百分之五十（50%）以上的表决权被转让（仅为变更本公司住所而进行的交易除外）；或

 

 

(ii) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by any Group Company of all or substantially all of the assets or Intellectual Property of the Company or any other Group Company, or the sale or disposition (whether by merger, consolidation or otherwise) of one or more Group Company(ies) if substantially all of the assets or Intellectual Property of the Group Companies are held by such Group Company(ies).

在单笔交易或系列相关交易中，任何集团公司出售、出租、转让或以其他方式处置本公司或任何其他集团公司的全部或实质上的全部资产或知识产权，或就该等知识产权授予排他性许可，或在集团公司实质上的全部资产或知识产权由某一家或多家集团公司持有时（通过兼并、合并或其他方式）出售或处置该等集团公司。

 

(c) Subparagraph (a) of this Article 130 shall apply as if all consideration received by the Company and its shareholders in connection with such event were being distributed in a liquidation of the Company. If the requirements of this Article 130 are not complied with, the Company shall forthwith either (i) cause such closing to be postponed until such time as the requirements of this Article 130 have been complied with, or (ii) cancel such transaction.

本第130条(a)项的规定应适用，如同本公司及其股东在该等事件中收到的所有对价已在公司清算中予以分配一般。本第130条的要求未得到遵守的，本公司应立即(i)将交割推迟至本第130条的要求已得到遵守之时，或(ii)取消该等交易。

 

(d) Notwithstanding any other provision of this Article 130 but subject to Article 41 and the Shareholders Agreement, the Company may at any time, out of funds legally available therefor and subject to compliance with the provisions of the applicable laws of the Cayman Islands, repurchase Ordinary Shares of the Company issued to or held by employees, officers or consultants of the Company or its subsidiaries upon termination of their employment or services, pursuant to any bona fide agreement providing for such right of repurchase, whether or not dividends on the Preferred Shares shall have been declared.

尽管本第130条存在任何其他条文规定，但在受第41条和《股东协议》规限的情况下，本公司可在任何时候，在遵守开曼群岛相关法律条文的前提下，在本公司或本公司子公司员工、高管或顾问的雇佣或服务终止时根据对回购权作出规定的任何善意协议使用其合法可供分配的资金回购向该等员工、高管或顾问发行或由该等员工、高管或顾问持有的本公司普通股，无论是否已就优先股宣告任何股息。

 

(e) In the event the Company proposes to distribute assets other than cash in connection with any liquidation, dissolution or winding up of the Company or a Deemed Liquidation Event, the value of the assets to be distributed to the holders of Preferred Shares and Ordinary Shares shall be that as determined in good faith by the liquidator appointed in accordance with Article 41 or, in the case of Deemed Liquidation Event, by the Board, which Directors in each case shall include the approval of all Investor Directors. Any securities not subject to investment letter or similar restrictions on free marketability shall be valued as follows:

本公司拟在本公司清算、解散或清盘时或发生视同清算事件时分配现金以外的资产的，将向优先股和普通股持有人分配的资产的价值应由根据第41条任命的清算人善意确定，或如为视同清算事件的，由董事确定。在所有情况下，董事应包含所有投资者董事的批准。不受投资函或类似自由流通性限制的证券应按以下方式估值：

 

(i) If traded on a securities exchange, the value shall be deemed to be the average of the security’s closing prices on such exchange over the  thirty

(30) day period ending one (1) day prior to the distribution;

在证券交易所进行交易的，以该证券在截至分配前一（1）日的三十（30）日期间内在证券交易所的平均收盘价为准；

 

(ii) If actively traded over-the-counter, the value shall be deemed to be the average of the closing bid prices over the thirty (30) day period ending three (3) days prior to the distribution; and

在场外交易的，以该证券在截至分配前三（3）日的三十（30）日期间内的平均出价收盘价为准；及

 

(iii) If there is no active public market, the value shall be the fair market value thereof as determined in good faith by the liquidator appointed in accordance with Article 41 or, in the case of Deemed Liquidation Event, by the Board, which Directors in each case shall include the approval of all Investor Directors.

如不存在活跃的公开市场，则以根据第41条任命的清算人善意确定的公允市场价值，或如为视同清算事件的，以董事会确定的公允价值，为准。在所有情况下，董事应包含所有投资者董事的批准。

 

The method of valuation of securities subject to restrictions on free marketability shall be adjusted to make an appropriate discount from the market value determined as above in subparagraphs (i), (ii) or (iii) to reflect the fair market value thereof as determined in good faith by the liquidator appointed in accordance with Article 41 or, in the case of Deemed Liquidation Event, by the Board, which Directors in each case shall include the approval of all Investor Directors. Either the Series Seed Majority or the Series A Majority shall have the right to challenge any determination by the liquidator or the Board, as the case may be, of fair market value pursuant to this Article 130, in which case the determination of fair market value shall be made by an independent appraiser selected jointly by the liquidator or the Board, as the case may be, and the challenging parties, the cost of such appraisal to be borne equally by the Company and the challenging parties.

如属受自由流通性限制的证券，其估值方法应作出调整，根据上文第(i)、(ii)、(iii)项确定的市场价值，作出适当的折价，以反映根据第41条任命的清算人善意确定的公允市场价值，或如为视同清算事件的，董事确定的公允价值。在所有情况下，董事应包含所有投资者董事的批准。种子系列优先股多数持有人或A系列优先股多数持有人应有权对清算人或董事会（视情况而定）根据本第130条确定的公允市场价值提出质疑，在此情况下，公允市场价值应由清算人或董事会（视情况而定）和质疑方共同选定的独立评估机构确定，评估费用应由本公司和质疑方均摊。

 

(f) Notwithstanding the foregoing, if a merger, consolidation, acquisition or sale of the Shares of the Company reflects a valuation of the Company of no less than US$825,000,000, then all assets and funds of the Company legally available for distribution to the Shareholders and/or any proceeds, whether in cash or properties, resulting from such Deemed Liquidation Event shall be ratably distributed among all holders of Ordinary Shares and holders of Preferred Shares (on an as converted basis).

尽管存在前述规定，但如果本公司的兼并、合并、收购或本公司股份的出售反映出本公司的估值不低于825,000,000美元，则因该等视同清算事件而导致的本公司所有合法可供向股东分配的资产和资金和/或任何收益（无论是现金或是财产）均应在所有普通股持有人和优先股（在假设已经进行转换的基础上）持有人之间按比例分配。

This Article 130 shall terminate or be amended to the extent permitted under applicable listing rules upon the consummation of the Qualified IPO.

本第130条的规定应于合格IPO完成之后终止或在相关上市规则允许的范围内予以修订。

 

 

示例二（Source：某公司投资项目尽职调查报告）：

 

优先清算权

Liquidation Preference

 

如果公司清算、解散或关闭，或在任何视同清算事件完成时，开曼辐联所有合法可供股东分配的资产和资金(在清偿所有债权人的债权和法律规定的优先债权后)应按以下方式分配给股东：

In the event of any liquidation, dissolution or winding up of the Company, or completion of a deemed liquidation event, all assets and funds of Full-Life Cayman lawfully available for distribution to its shareholders (after satisfaction of all creditors’ claims and claims that may be preferred by law) shall be distributed to the shareholders in the following order of preference:

首先，A轮优先股股东有权就其持有的每一股优先股获得 A轮发行价加上任何已宣派但未支付的股息的分配(“A轮优先股份额”)，该股东应有权就其持有的每一股 A轮优先股获得 A轮优先股份额。如果可供 A轮优先股股东分配的资产和资金不足以向该等股东全额支付，则开曼辐联合法可供分配的全部资产和资金应在 A轮优先股股东之间按比例分配。

First, a Series A preferred shareholder will be entitled to receive Series A issue price plus any dividends declared but unpaid in respect of each preferred share held by it (“Series A Preference Amount”), and each of such shareholders will be entitled to receive the Series A Preference Amount in respect of each Series A preferred share held by it. If the assets and funds available for distribution to Series A preferred shareholders are insufficient to permit the full payment thereof to such shareholders, all assets and funds of Full-Life Cayman lawfully available for distribution shall be distributed among Series A preferred shareholders on a pro-rata basis.

其次，如果在 A轮优先股份额全额分配或支付后尚有任何剩余资产或资金，则种子轮优先股股东有权就其持有的每股优先股获得相当于种子轮发行价的金额加上任何已宣派但未支付的股息。如果可供种子轮优先股股东分配的资产和资金不足以向该等股东全额支付，则开曼辐联合法可供分配的全部资产和资金应在种子轮优先股股东之间按比例分配。

Second, if there are any remaining assets or funds after full distribution or payment of the Series A Preference Amount, then a Series Seed preferred shareholder will be entitled to receive Series Seed issue price plus any dividends declared but unpaid in respect of each preferred share held by it. If the assets and funds available for distribution to Series Seed preferred shareholders are insufficient to permit the full payment thereof to such shareholders, all assets and funds of Full-Life Cayman lawfully available for distribution shall be distributed among Series Seed preferred shareholders on a pro-rata basis.

再次，如果在种子轮优先股股东份额全额分配或支付后尚有任何剩余资产或资金，则剩余资产和资金应在普通股股东和优先股股东之间按持股比例分配。

Third, if there are any remaining assets or funds after full distribution or payment of the Series Seed Preference Amount, then such remaining assets and funds shall be distributed among ordinary shareholders and preferred shareholders on a pro-rata basis.

如果届时开曼辐联可分配资产可以使得A轮优先股获得的分配额不少于两(2)倍A轮优先股份额，则所有股东按持股比例分配,而不再适用优先清算权。

If the distributed proceeds received by Series A preferred shareholders from the then distributable assets of Full-Life Cayman are no less than two (2) times of the Series A Preference Amount, then such assets shall be distributed among all shareholders in proportion to the shares held by them, and the above liquidation preference rights shall not apply.

来源：译问