{"id":9101,"date":"2026-10-06T11:53:10","date_gmt":"2026-10-06T09:53:10","guid":{"rendered":"https:\/\/pearlcohen.de\/?page_id=9101"},"modified":"2026-10-06T12:01:41","modified_gmt":"2026-10-06T10:01:41","slug":"from-the-investor-term-sheet","status":"publish","type":"page","link":"https:\/\/pearlcohen.de\/en_us\/use-cases\/us-investor-term-sheet\/","title":{"rendered":"The U.S. investor has sent a term sheet. What do these terms mean for us?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"9101\" class=\"elementor elementor-9101\" data-elementor-settings=\"{&quot;ha_cmc_init_switcher&quot;:&quot;no&quot;}\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-58340a6 e-flex e-con-boxed e-con e-child\" data-id=\"58340a6\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-87cf5d2 e-con-full e-flex e-con e-child\" data-id=\"87cf5d2\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a0c2775 e-flex e-con-boxed e-con e-parent\" data-id=\"a0c2775\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-306bfd9 e-con-full e-flex e-con e-child\" data-id=\"306bfd9\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-usecase-label elementor-widget elementor-widget-text-editor\" data-id=\"pc-usecase-label\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>USE CASE \u00b7 US VENTURE CAPITAL<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-us-h1 pc-headline-wipe elementor-widget elementor-widget-heading\" data-id=\"pc-us-h1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Der US-Investor hat ein Term Sheet geschickt. Was bedeuten diese Bedingungen f\u00fcr uns?<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-us-intro-p2 elementor-widget elementor-widget-text-editor\" data-id=\"pc-us-intro-p2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Ein Term Sheet eines US-Investors kann auf wenigen Seiten die wirtschaftlich wichtigsten Eckpunkte einer Finanzierungsrunde festlegen. Neben Bewertung und Beteiligungsquote k\u00f6nnen Liquidation Preference, Option Pool, Verw\u00e4sserungsschutz, Founder Vesting und Kontrollrechte die Position der Gr\u00fcnder langfristig pr\u00e4gen.<\/p><p>Wir begleiten Start-ups und Technologieunternehmen aus dem deutschsprachigen Raum bei Finanzierungsrunden mit US-VCs, Corporate Venture Funds und strategischen Investoren. Matthias Schuhmacher und Raphael Tautz koordinieren die Betreuung; das US-Corporate-Team unterst\u00fctzt bei US-Marktstandard und Vertragsverhandlung.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b11e180 e-con-full e-flex e-con e-child\" data-id=\"b11e180\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-overview-title elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"pc-overview-title\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Der Fall auf einen Blick<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17a778a elementor-widget elementor-widget-spacer\" data-id=\"17a778a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-overview-h0 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"pc-overview-h0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Ausgangslage<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b01e08 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"9b01e08\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-overview-p0 elementor-widget elementor-widget-text-editor\" data-id=\"pc-overview-p0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Ein US-Investor hat ein Term Sheet vorgelegt oder konkrete Beteiligungsbedingungen vorgeschlagen.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6260c53 elementor-widget elementor-widget-spacer\" data-id=\"6260c53\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0f42826 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"0f42826\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Ziel<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-40939d9 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"40939d9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-overview-p1 elementor-widget elementor-widget-text-editor\" data-id=\"pc-overview-p1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Die wirtschaftlichen und kontrollbezogenen Folgen vor Unterzeichnung verstehen und die wesentlichen Verhandlungspunkte identifizieren.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8d18dda elementor-widget elementor-widget-spacer\" data-id=\"8d18dda\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-232e9f0 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"232e9f0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Begleitung<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0484f4e elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"0484f4e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-overview-p2 elementor-widget elementor-widget-text-editor\" data-id=\"pc-overview-p2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Deutschsprachige US-Anw\u00e4lte pr\u00fcfen die Bedingungen und koordinieren die Verhandlung mit dem US-Investor und den deutschen Beratern.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-900934b e-flex e-con-boxed e-con e-parent\" data-id=\"900934b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-336e7f6 e-con-full e-flex e-con e-child\" data-id=\"336e7f6\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-edc703d elementor-align-center elementor-widget elementor-widget-lottie\" data-id=\"edc703d\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;source_json&quot;:{&quot;url&quot;:&quot;https:\\\/\\\/pearlcohen.de\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/Map.json&quot;,&quot;id&quot;:8124,&quot;size&quot;:&quot;&quot;,&quot;alt&quot;:&quot;&quot;,&quot;source&quot;:&quot;library&quot;},&quot;play_speed&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:0.4,&quot;sizes&quot;:[]},&quot;source&quot;:&quot;media_file&quot;,&quot;caption_source&quot;:&quot;none&quot;,&quot;link_to&quot;:&quot;none&quot;,&quot;trigger&quot;:&quot;arriving_to_viewport&quot;,&quot;viewport&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:{&quot;start&quot;:0,&quot;end&quot;:100}},&quot;start_point&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:0,&quot;sizes&quot;:[]},&quot;end_point&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:100,&quot;sizes&quot;:[]},&quot;renderer&quot;:&quot;svg&quot;}\" data-widget_type=\"lottie.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"e-lottie__container\"><div class=\"e-lottie__animation\"><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9067b13 e-con-full e-flex e-con e-child\" data-id=\"9067b13\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-us-chal-1-h elementor-widget elementor-widget-heading\" data-id=\"pc-us-chal-1-h\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Ihre Situation<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-us-chal-p elementor-widget elementor-widget-text-editor\" data-id=\"pc-us-chal-p\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>US-Term-Sheets verwenden Begriffe und Mechanismen, die aus der US-Venture-Capital-Praxis stammen. Eine hohe Bewertung kann wirtschaftlich relativiert werden, wenn gleichzeitig ein gro\u00dfer Pre-Money-Option-Pool, eine weitreichende Liquidation Preference oder starke Verw\u00e4sserungsschutzrechte vereinbart werden.<\/p><p>Auch Governance-Regelungen verdienen fr\u00fche Aufmerksamkeit. Board- oder Observer-Rechte, Informationsrechte und Zustimmungsvorbehalte k\u00f6nnen dem Investor Einfluss geben, der \u00fcber seine reine Beteiligungsquote hinausgeht. Viele dieser Punkte werden nach Unterzeichnung des Term Sheets nur noch schwer grunds\u00e4tzlich neu verhandelt.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-28f30a8 e-flex e-con-boxed e-con e-parent\" data-id=\"28f30a8\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-08c4c8b e-con-full e-flex e-con e-child\" data-id=\"08c4c8b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-cdcc486 elementor-widget elementor-widget-heading\" data-id=\"cdcc486\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Unsere Unterst\u00fctzung<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ded5804 elementor-widget elementor-widget-text-editor\" data-id=\"ded5804\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Wir pr\u00fcfen das Term Sheet aus Sicht der US-VC-Praxis und erl\u00e4utern, welche Klauseln markt\u00fcblich sind, wo Verhandlungsspielraum besteht und welche Regelungen f\u00fcr Gr\u00fcnder oder bestehende Gesellschafter besonders relevant sein k\u00f6nnen.<\/p><p>Bei Bedarf rechnen wir die wirtschaftliche Wirkung einzelner Klauseln anhand konkreter Finanzierungs- und Exit-Szenarien durch und unterst\u00fctzen bei der Abstimmung mit dem Investor oder dessen US-Counsel. Die deutsche gesellschaftsrechtliche Umsetzung wird mit den zust\u00e4ndigen deutschen Beratern koordiniert.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6e7067d e-con-full e-flex e-con e-child\" data-id=\"6e7067d\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4fea8b8 elementor-align-center elementor-widget elementor-widget-lottie\" data-id=\"4fea8b8\" data-element_type=\"widget\" data-e-type=\"widget\" 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data-widget_type=\"lottie.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"e-lottie__container\"><div class=\"e-lottie__animation\"><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-pc-us-cta e-flex e-con-boxed e-con e-parent\" data-id=\"pc-us-cta\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-pc-us-cta-portraits e-con-full e-flex e-con e-child\" data-id=\"pc-us-cta-portraits\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t<div class=\"elementor-element elementor-element-pc-us-cta-p1 e-con-full e-flex e-con e-child\" data-id=\"pc-us-cta-p1\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-us-cta-img2 elementor-widget elementor-widget-image\" data-id=\"pc-us-cta-img2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img alt=\"\" fetchpriority=\"high\" decoding=\"async\" width=\"568\" height=\"852\" src=\"https:\/\/pearlcohen.de\/wp-content\/uploads\/2024\/09\/RTautz.webp\" class=\"attachment-large size-large wp-image-168\" alt=\"\" srcset=\"https:\/\/pearlcohen.de\/wp-content\/uploads\/2024\/09\/RTautz.webp 568w, https:\/\/pearlcohen.de\/wp-content\/uploads\/2024\/09\/RTautz-200x300.webp 200w\" sizes=\"(max-width: 568px) 100vw, 568px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-pc-us-cta-p2 e-con-full e-flex e-con e-child\" data-id=\"pc-us-cta-p2\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-us-cta-img1 elementor-widget elementor-widget-image\" data-id=\"pc-us-cta-img1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img alt=\"\" decoding=\"async\" width=\"568\" height=\"852\" src=\"https:\/\/pearlcohen.de\/wp-content\/uploads\/2024\/09\/MSchuhmacher.webp\" class=\"attachment-large size-large wp-image-167\" alt=\"\" srcset=\"https:\/\/pearlcohen.de\/wp-content\/uploads\/2024\/09\/MSchuhmacher.webp 568w, https:\/\/pearlcohen.de\/wp-content\/uploads\/2024\/09\/MSchuhmacher-200x300.webp 200w\" sizes=\"(max-width: 568px) 100vw, 568px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-pc-us-cta-content e-con-full e-flex e-con e-child\" data-id=\"pc-us-cta-content\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-us-cta-h elementor-widget elementor-widget-heading\" data-id=\"pc-us-cta-h\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">US-Term-Sheet vor Unterzeichnung pr\u00fcfen<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-us-cta-p elementor-widget elementor-widget-text-editor\" data-id=\"pc-us-cta-p\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Senden Sie uns das Term Sheet und den aktuellen Cap Table. Wir kl\u00e4ren die wesentlichen wirtschaftlichen und rechtlichen Punkte und besprechen, welche Themen vor Unterzeichnung adressiert werden sollten.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-us-cta-btn elementor-align-left elementor-widget elementor-widget-button\" data-id=\"pc-us-cta-btn\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/pearlcohen.de\/kontakt\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Erstgespr\u00e4ch anfragen<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-pc-us-zebra-wrap e-flex e-con-boxed e-con e-parent\" data-id=\"pc-us-zebra-wrap\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-us-leistungen-h2 elementor-widget elementor-widget-heading\" data-id=\"pc-us-leistungen-h2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">US-Term-Sheet wirtschaftlich und rechtlich einordnen<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ac90375 elementor-widget elementor-widget-text-editor\" data-id=\"ac90375\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Die entscheidenden Punkte liegen h\u00e4ufig nicht in einer einzelnen Klausel, sondern im Zusammenspiel von Bewertung, Verw\u00e4sserung, Exit-Economics und Investor Rights.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9e60a6f e-flex e-con-boxed e-con e-parent\" data-id=\"9e60a6f\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-1a2ba8c e-con-full e-flex e-con e-child\" data-id=\"1a2ba8c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fb1bfcc elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"fb1bfcc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-us-r1-h elementor-widget elementor-widget-heading\" data-id=\"pc-us-r1-h\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Bewertung, Option Pool und Verw\u00e4sserung<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-21f426a e-con-full e-flex e-con e-child\" data-id=\"21f426a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-18ffdc1 elementor-widget elementor-widget-heading\" data-id=\"18ffdc1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Die tats\u00e4chliche Beteiligung nach der Runde verstehen.<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-us-r1-p elementor-widget elementor-widget-text-editor\" data-id=\"pc-us-r1-p\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Neben Pre-Money- und Post-Money-Bewertung ist entscheidend, wie ein neuer oder erweiterter Option Pool behandelt wird. Wird er vor dem Investment eingerichtet, kann die daraus entstehende Verw\u00e4sserung wirtschaftlich vor allem die bestehenden Gesellschafter treffen.<\/p><p>Wir pr\u00fcfen Cap Table, Option Pool und Beteiligungsstruktur gemeinsam und zeigen, wie sich die vorgeschlagene Runde auf Gr\u00fcnder und bestehende Investoren auswirkt.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-26f6531 e-flex e-con-boxed e-con e-parent\" data-id=\"26f6531\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-de1948d e-con-full e-flex e-con e-child\" data-id=\"de1948d\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2891e71 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"2891e71\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-052f959 elementor-widget elementor-widget-heading\" data-id=\"052f959\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Liquidation Preference und Exit Economics<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c2e644a e-con-full e-flex e-con e-child\" data-id=\"c2e644a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c979666 elementor-widget elementor-widget-heading\" data-id=\"c979666\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Verteilung des Verkaufserl\u00f6ses vorab durchspielen.<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b8fc977 elementor-widget elementor-widget-text-editor\" data-id=\"b8fc977\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Liquidation Preferences bestimmen, ob und in welcher H\u00f6he der Investor bei einem Exit bevorzugt am Erl\u00f6s teilnimmt. Unterschiede zwischen participating und non-participating Strukturen oder zwischen einfachen und mehrfachen Pr\u00e4ferenzen k\u00f6nnen bei niedrigeren Exit-Werten erheblich sein.<\/p><p>Wir ordnen die Klausel ein und betrachten ihre Wirkung zusammen mit Conversion, Seniorit\u00e4t und weiteren Exit-Regelungen.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-981bfa5 e-flex e-con-boxed e-con e-parent\" data-id=\"981bfa5\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-9a49c4c e-con-full e-flex e-con e-child\" data-id=\"9a49c4c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f031149 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"f031149\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f5606e6 elementor-widget elementor-widget-heading\" data-id=\"f5606e6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Investor Rights und Governance<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8b10803 e-con-full e-flex e-con e-child\" data-id=\"8b10803\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-91f67b0 elementor-widget elementor-widget-heading\" data-id=\"91f67b0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Kontroll- und Informationsrechte im Zusammenspiel pr\u00fcfen.<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b57dec elementor-widget elementor-widget-text-editor\" data-id=\"2b57dec\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Board Seats, Observer Rights, Protective Provisions und Informationsrechte k\u00f6nnen die Handlungsfreiheit des Unternehmens beeinflussen. Besonders relevant sind Zustimmungsvorbehalte f\u00fcr Finanzierungen, M&amp;A, Budgets, wesentliche Vertr\u00e4ge oder IP-Transaktionen.<\/p><p>Wir pr\u00fcfen, ob die verlangten Rechte zum Beteiligungsumfang und zur konkreten Finanzierungsrunde passen und welche Punkte f\u00fcr sp\u00e4tere Runden ber\u00fccksichtigt werden sollten.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9d61141 e-flex e-con-boxed e-con e-parent\" data-id=\"9d61141\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-a99b6e9 e-con-full e-flex e-con e-child\" data-id=\"a99b6e9\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1eb6a83 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"1eb6a83\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4423a47 elementor-widget elementor-widget-heading\" data-id=\"4423a47\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Founder Vesting, Anti-Dilution und Folgerunden<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-17f56f4 e-con-full e-flex e-con e-child\" data-id=\"17f56f4\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e50e3b3 elementor-widget elementor-widget-heading\" data-id=\"e50e3b3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Langfristige Auswirkungen auf Gr\u00fcnder und n\u00e4chste Finanzierungen ber\u00fccksichtigen.<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d2981f2 elementor-widget elementor-widget-text-editor\" data-id=\"d2981f2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Founder Vesting kann auch bei bereits l\u00e4nger bestehenden Unternehmen neu verlangt werden. Anti-Dilution-Regelungen wiederum beeinflussen die Verteilung bei sp\u00e4teren Down Rounds. Pro-Rata Rights k\u00f6nnen bestimmen, wie stark ein Investor seine Beteiligung in Folgerunden halten oder ausbauen kann.<\/p><p>Wir betrachten diese Mechanismen nicht isoliert, sondern im Hinblick auf den bisherigen Aufbau des Unternehmens und die erwartete weitere Finanzierung.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-pcpat0001 e-flex e-con-boxed e-con e-parent\" data-id=\"pcpat0001\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-pcpat0002 elementor-widget elementor-widget-heading\" data-id=\"pcpat0002\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Ihre Ansprechpartner<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-pcpat0003 elementor-widget elementor-widget-text-editor\" data-id=\"pcpat0003\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Dr. Raphael Tautz und Matthias Schuhmacher koordinieren die deutschsprachige Betreuung und die Abstimmung mit der US Corporate Practice. F\u00fcr die US-Transaktionsseite k\u00f6nnen insbesondere Oded Kadosh und Benjamin Waltuch eingebunden werden.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-pcpat0004 e-grid e-con-boxed e-con e-child\" data-id=\"pcpat0004\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-pcpat0005 e-con-full e-flex e-con e-child\" data-id=\"pcpat0005\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t<div class=\"elementor-element elementor-element-pcpat0006 e-con-full e-flex e-con e-child\" data-id=\"pcpat0006\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-pcpat0007 elementor-widget elementor-widget-image\" data-id=\"pcpat0007\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.pearlcohen.com\/team-member\/matthias-schuhmacher\/\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"568\" height=\"710\" src=\"https:\/\/pearlcohen.de\/wp-content\/uploads\/2026\/09\/schuhmacher-freigestellt.png\" class=\"attachment-large size-large wp-image-8694\" alt=\"Matthias Schuhmacher \u2013 Pearl Cohen\" srcset=\"https:\/\/pearlcohen.de\/wp-content\/uploads\/2026\/09\/schuhmacher-freigestellt.png 568w, https:\/\/pearlcohen.de\/wp-content\/uploads\/2026\/09\/schuhmacher-freigestellt-240x300.png 240w, https:\/\/pearlcohen.de\/wp-content\/uploads\/2026\/09\/schuhmacher-freigestellt-10x12.png 10w\" sizes=\"(max-width: 568px) 100vw, 568px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-pcpat0008 e-con-full e-flex e-con e-child\" data-id=\"pcpat0008\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-pcpat0009 elementor-widget elementor-widget-heading\" data-id=\"pcpat0009\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/www.pearlcohen.com\/team-member\/matthias-schuhmacher\/\" target=\"_blank\">Matthias Schuhmacher, LL.M.<\/a><\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-pcpat000a elementor-widget elementor-widget-text-editor\" data-id=\"pcpat000a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Partner \u00b7 STEM Practice Group<br>Ihr Ansprechpartner in M\u00fcnchen<\/p><p><a href=\"https:\/\/www.pearlcohen.com\/team-member\/matthias-schuhmacher\/\">Profil ansehen<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-pcpat000b e-con-full e-flex e-con e-child\" data-id=\"pcpat000b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t<div class=\"elementor-element elementor-element-pcpat000c e-con-full e-flex e-con e-child\" data-id=\"pcpat000c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-pcpat000d elementor-widget elementor-widget-image\" data-id=\"pcpat000d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.pearlcohen.com\/team-member\/raphael-tautz\/\" target=\"_blank\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"568\" height=\"710\" src=\"https:\/\/pearlcohen.de\/wp-content\/uploads\/2026\/09\/tautz-freigestellt.png\" class=\"attachment-large size-large wp-image-8695\" alt=\"Dr. Raphael Tautz \u2013 Pearl Cohen\" srcset=\"https:\/\/pearlcohen.de\/wp-content\/uploads\/2026\/09\/tautz-freigestellt.png 568w, https:\/\/pearlcohen.de\/wp-content\/uploads\/2026\/09\/tautz-freigestellt-240x300.png 240w, https:\/\/pearlcohen.de\/wp-content\/uploads\/2026\/09\/tautz-freigestellt-10x12.png 10w\" sizes=\"(max-width: 568px) 100vw, 568px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-pcpat000e e-con-full e-flex e-con e-child\" data-id=\"pcpat000e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-pcpat000f elementor-widget elementor-widget-heading\" data-id=\"pcpat000f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/www.pearlcohen.com\/team-member\/raphael-tautz\/\" target=\"_blank\">Dr. Raphael Tautz, LL.M.<\/a><\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-pcpat0010 elementor-widget elementor-widget-text-editor\" data-id=\"pcpat0010\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Partner \u00b7 STEM Practice Group<br>Ihr Ansprechpartner in M\u00fcnchen<\/p><p><a href=\"https:\/\/www.pearlcohen.com\/team-member\/raphael-tautz\/\">Profil ansehen<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-96b18a8 e-flex e-con-boxed e-con e-parent\" data-id=\"96b18a8\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a84fc04 elementor-widget elementor-widget-heading\" data-id=\"a84fc04\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">H\u00e4ufige Fragen<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8f57cdf elementor-widget elementor-widget-accordion\" data-id=\"8f57cdf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-accordion\">\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1501\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-1501\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><svg class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><svg class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">Wann sollte ein US-Term-Sheet gepr\u00fcft werden?<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1501\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-1501\"><p>Idealerweise vor der Unterzeichnung. Auch wenn viele Regelungen rechtlich unverbindlich formuliert sind, legt das Term Sheet regelm\u00e4\u00dfig die wirtschaftliche Erwartung beider Seiten f\u00fcr die sp\u00e4tere Vertragsdokumentation fest.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1502\" class=\"elementor-tab-title\" data-tab=\"2\" role=\"button\" aria-controls=\"elementor-tab-content-1502\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><svg class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><svg class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">Was ist eine Liquidation Preference?<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1502\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"region\" aria-labelledby=\"elementor-tab-title-1502\"><p>Sie regelt vereinfacht, welchen Betrag ein Investor bei bestimmten Exit-Ereignissen erh\u00e4lt, bevor oder gemeinsam mit den \u00fcbrigen Gesellschaftern Erl\u00f6se verteilt werden. Die konkrete Ausgestaltung kann die Erl\u00f6sverteilung erheblich ver\u00e4ndern.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1503\" class=\"elementor-tab-title\" data-tab=\"3\" role=\"button\" aria-controls=\"elementor-tab-content-1503\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><svg class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><svg class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">Warum ist der Option Pool im Term Sheet wichtig?<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1503\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"3\" role=\"region\" aria-labelledby=\"elementor-tab-title-1503\"><p>Ein zus\u00e4tzlicher Option Pool kann die bestehenden Gesellschafter verw\u00e4ssern. Entscheidend ist insbesondere, ob die Erweiterung vor oder nach dem Investment in die Bewertung eingerechnet wird.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1504\" class=\"elementor-tab-title\" data-tab=\"4\" role=\"button\" aria-controls=\"elementor-tab-content-1504\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><svg class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><svg class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">Was bedeutet Anti-Dilution Protection?<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1504\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"4\" role=\"region\" aria-labelledby=\"elementor-tab-title-1504\"><p>Diese Regelungen k\u00f6nnen einen Investor bei sp\u00e4teren Finanzierungsrunden zu niedrigeren Preisen sch\u00fctzen. Die wirtschaftliche Wirkung h\u00e4ngt von der konkreten Berechnungsmethode und den vereinbarten Ausnahmen ab.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1505\" class=\"elementor-tab-title\" data-tab=\"5\" role=\"button\" aria-controls=\"elementor-tab-content-1505\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><svg class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><svg class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">K\u00f6nnen Sie mit dem US-Investor direkt verhandeln?<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1505\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"5\" role=\"region\" aria-labelledby=\"elementor-tab-title-1505\"><p>Ja. Wir k\u00f6nnen die US-typischen wirtschaftlichen und vertraglichen Punkte unmittelbar mit dem Investor oder dessen Counsel besprechen und die Umsetzung mit den deutschen Beratern koordinieren.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Wann sollte ein US-Term-Sheet gepr\\u00fcft werden?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>Idealerweise vor der Unterzeichnung. Auch wenn viele Regelungen rechtlich unverbindlich formuliert sind, legt das Term Sheet regelm\\u00e4\\u00dfig die wirtschaftliche Erwartung beider Seiten f\\u00fcr die sp\\u00e4tere Vertragsdokumentation fest.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"Was ist eine Liquidation Preference?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>Sie regelt vereinfacht, welchen Betrag ein Investor bei bestimmten Exit-Ereignissen erh\\u00e4lt, bevor oder gemeinsam mit den \\u00fcbrigen Gesellschaftern Erl\\u00f6se verteilt werden. Die konkrete Ausgestaltung kann die Erl\\u00f6sverteilung erheblich ver\\u00e4ndern.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"Warum ist der Option Pool im Term Sheet wichtig?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>Ein zus\\u00e4tzlicher Option Pool kann die bestehenden Gesellschafter verw\\u00e4ssern. Entscheidend ist insbesondere, ob die Erweiterung vor oder nach dem Investment in die Bewertung eingerechnet wird.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"Was bedeutet Anti-Dilution Protection?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>Diese Regelungen k\\u00f6nnen einen Investor bei sp\\u00e4teren Finanzierungsrunden zu niedrigeren Preisen sch\\u00fctzen. Die wirtschaftliche Wirkung h\\u00e4ngt von der konkreten Berechnungsmethode und den vereinbarten Ausnahmen ab.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"K\\u00f6nnen Sie mit dem US-Investor direkt verhandeln?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>Ja. Wir k\\u00f6nnen die US-typischen wirtschaftlichen und vertraglichen Punkte unmittelbar mit dem Investor oder dessen Counsel besprechen und die Umsetzung mit den deutschen Beratern koordinieren.<\\\/p>\"}}]}<\/script>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-pcpat001d e-flex e-con-boxed e-con e-parent\" data-id=\"pcpat001d\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-pcpat001e elementor-widget elementor-widget-heading\" data-id=\"pcpat001e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Weiterf\u00fchrende Informationen<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-pc-more-grid e-con-full e-grid e-con e-child\" data-id=\"pc-more-grid\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t<div class=\"elementor-element elementor-element-pc-more-card0 e-con-full e-flex e-con e-child\" data-id=\"pc-more-card0\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-more-h0 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"pc-more-h0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Corporate &amp; Transactions<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-more-p0 elementor-widget elementor-widget-text-editor\" data-id=\"pc-more-p0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Gesellschaftsrecht, Venture Capital und Transaktionen mit US-Bezug.<\/p><p><a href=\"https:\/\/pearlcohen.de\/leistungen\/corporate-transactions\/\">Mehr erfahren \u2192<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-pc-more-card1 e-con-full e-flex e-con e-child\" data-id=\"pc-more-card1\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-more-h1 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"pc-more-h1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">US Investor Due Diligence + IP Ownership Review<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-more-p1 elementor-widget elementor-widget-text-editor\" data-id=\"pc-more-p1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Vorbereitung auf die Legal- und IP-Due-Diligence eines US-Investors.<\/p><p><a href=\"https:\/\/pearlcohen.de\/use-cases\/us-investor-due-diligence-ip\/\">Mehr erfahren \u2192<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-pc-sources e-flex e-con-boxed e-con e-parent\" data-id=\"pc-sources\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-sources-h elementor-widget elementor-widget-heading\" data-id=\"pc-sources-h\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Prim\u00e4rquellen \/ Rechtsgrundlagen<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-pc-sources-p elementor-widget elementor-widget-text-editor\" data-id=\"pc-sources-p\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Auswahl der f\u00fcr diesen Use Case besonders relevanten Prim\u00e4r- und Originalquellen:<\/p><ul><li><a href=\"https:\/\/nvca.org\/model-legal-documents\/\">NVCA Model Legal Documents \u2013 US-VC-Musterdokumente und Marktstandard; keine gesetzliche Prim\u00e4rquelle, aber eine zentrale Originalquelle der US-VC-Praxis.<\/a><\/li><li><a href=\"https:\/\/www.gesetze-im-internet.de\/gmbhg\/\">Gesetz betreffend die Gesellschaften mit beschr\u00e4nkter Haftung (GmbHG) \u2013 Prim\u00e4rquelle f\u00fcr die gesellschaftsrechtliche Umsetzung einer Beteiligung an einer deutschen GmbH.<\/a><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>USE CASE \u00b7 US VENTURE CAPITAL Der US-Investor hat ein Term Sheet geschickt. Was bedeuten diese Bedingungen f\u00fcr uns? Ein Term Sheet eines US-Investors kann auf wenigen Seiten die wirtschaftlich wichtigsten Eckpunkte einer Finanzierungsrunde festlegen. Neben Bewertung und Beteiligungsquote k\u00f6nnen Liquidation Preference, Option Pool, Verw\u00e4sserungsschutz, Founder Vesting und Kontrollrechte die Position der Gr\u00fcnder langfristig pr\u00e4gen. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":8680,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_seopress_titles_title":"US Term Sheet pr\u00fcfen | US-Investor & Startup | Pearl Cohen","_seopress_titles_desc":"Ein US-Investor hat Ihrem Start-up ein Term Sheet geschickt? Wir pr\u00fcfen Liquidation Preference, Option Pool, Founder Vesting, Anti-Dilution und Investor Rights und erkl\u00e4ren die wirtschaftlichen Folgen.","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_seopress_news_disabled":"","_seopress_video_disabled":"","_seopress_video":[],"_seopress_pro_schemas_manual":[],"_seopress_pro_rich_snippets_disable_all":"","_seopress_pro_rich_snippets_disable":[],"_seopress_pro_schemas":[],"footnotes":""},"class_list":["post-9101","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/pearlcohen.de\/en_us\/wp-json\/wp\/v2\/pages\/9101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pearlcohen.de\/en_us\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/pearlcohen.de\/en_us\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/pearlcohen.de\/en_us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pearlcohen.de\/en_us\/wp-json\/wp\/v2\/comments?post=9101"}],"version-history":[{"count":2,"href":"https:\/\/pearlcohen.de\/en_us\/wp-json\/wp\/v2\/pages\/9101\/revisions"}],"predecessor-version":[{"id":9118,"href":"https:\/\/pearlcohen.de\/en_us\/wp-json\/wp\/v2\/pages\/9101\/revisions\/9118"}],"up":[{"embeddable":true,"href":"https:\/\/pearlcohen.de\/en_us\/wp-json\/wp\/v2\/pages\/8680"}],"wp:attachment":[{"href":"https:\/\/pearlcohen.de\/en_us\/wp-json\/wp\/v2\/media?parent=9101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}