Term Sheet

The standard text work term sheet consists of three parts:

  • the introductory usage notes, which should definitely be read in advance for comprehension,
  • the standard text term sheet (including Appendix 2: transactions requiring consent)
  • Appendix 1: standard cap table (Excel Sheet)

The standard documents term sheet including the usage notes and the calculation tool for convertible loan agreements do not claim to be complete and do not constitute or can replace legal or tax advice.

Neither the German Standards Setting Institute nor its associates or the members of the preparatory working group or the law firms or companies to which the members of the working group belong or which they represent shall be liable for the accuracy and/or completeness of the documents provided.

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As with the standard document on the convertible loan, Business Angels Netzwerk Deutschland (BAND) and the Bundesverband Deutsche Startups (Federal Association of German Startups) appoint equal numbers of members to the working group in order to ensure a balance of interests between investors and companies.

The legal leadership of the working group is assumed by the law firm ARQIS Rechtsanwälte in the person of Prof. Dr. Christoph von Einem (member of the BAND Business Angels Advisory Board). The composition of the working group as of August 2018 in alphabetical order:

Prof. Dr. Christoph von Einem, Of Counsel ARQIS Rechtsanwälte, Angel Investor
Hans-Peter Ilgner, Angel Investor, Member BAND Business Angels Advisory Board
Dr. Roland Kirchhof, Business Angels Germany (BAND)
Till Manuel Saur, Osborne Clarke (lead law firm of the GESSI working goup convertible loan)
Sascha Schubert, Bundesverband Deutscher Startups (BVDS).
Alexander Stoeckel,  Partner b-to-v Partners AG, Angel Investor
Frank A. Tepper-Sawicki, Lawyer, Partner Dentons Europe LLP