@open-agreements/open-agreements 0.5.0 → 0.6.2

package/README.md

@@ -13,6 +13,8 @@
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+[English](./README.md) | [Español](./README.es.md) | [简体中文](./README.zh.md) | [Português (Brasil)](./README.pt-br.md) | [Deutsch](./README.de.md)
+
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package/content/recipes/nvca-certificate-of-incorporation/computed.json

@@ -73,6 +73,27 @@
       "description": "Remove redemption Section 6.1 cross-reference (<5% of deals)",
       "when_all": [{ "field": "include_redemption_cross_ref", "op": "neq", "value": true }],
       "set_fill": { "redemption_cross_ref_clause": "" }
+    },
+    {
+      "id": "no-redemption-statement-include",
+      "description": "Keep 'not redeemable' statement when no full redemption (default)",
+      "when_all": [{ "field": "include_redemption", "op": "neq", "value": true }],
+      "set_fill": { "no_redemption_clause": "Other than as set forth in Section 2.3.2(b), the Preferred Stock is not redeemable at the option of the holder or the Corporation." }
+    },
+    {
+      "id": "no-redemption-statement-exclude",
+      "description": "Remove 'not redeemable' statement when full redemption included",
+      "when_all": [{ "field": "include_redemption", "op": "eq", "value": true }],
+      "set_fill": { "no_redemption_clause": "" }
+    },
+    {
+      "id": "redemption-cross-ref-force-off",
+      "description": "Force redemption cross-ref off when redemption article is excluded",
+      "when_all": [
+        { "field": "include_redemption", "op": "neq", "value": true },
+        { "field": "include_redemption_cross_ref", "op": "eq", "value": true }
+      ],
+      "set_fill": { "redemption_cross_ref_clause": "" }
     }
   ]
 }

package/content/recipes/nvca-certificate-of-incorporation/metadata.yaml

@@ -144,6 +144,24 @@ fields:
   - name: strategic_partnership_exception_shares
     type: string
     description: Max shares issuable for strategic partnerships without triggering anti-dilution
+  - name: dividend_type
+    type: string
+    description: 'Dividend structure: non_cumulative_as_converted (>95%), non_cumulative_fixed, or cumulative'
+    default: non_cumulative_as_converted
+  - name: liquidation_participation
+    type: string
+    description: 'Liquidation participation type: non_participating (94-96%) or participating'
+    default: non_participating
+  - name: anti_dilution_type
+    type: string
+    description: 'Anti-dilution formula: broad_based_weighted_average (>98%) or full_ratchet'
+    default: broad_based_weighted_average
+  - name: include_pay_to_play
+    type: boolean
+    description: Include Section 5A pay-to-play conversion provisions (<5% of deals)
+  - name: include_redemption
+    type: boolean
+    description: Include Article Sixth full redemption provisions (2-5% of deals)
 priority_fields:
   - company_name
   - original_issue_price

package/content/recipes/nvca-certificate-of-incorporation/replacements.json

@@ -11,7 +11,6 @@
   "), and > [______] shares of authorized Preferred Stock": "{preferred_shares_authorized} shares of authorized Preferred Stock",
   "Common Stock, $ > [_____] par value per share": "{par_value} par value per share",
   "Preferred Stock, $ > [______] par value per share": "{par_value} par value per share",
-  "[all] of which are hereby designated as “Series A Preferred Stock”": "{preferred_shares_designated_portion} of which are hereby designated as “Series {series_designation} Preferred Stock”",
   "on or after > [_____________]": "{redemption_start_date}",
   "[insert original purchase price of Series A Preferred Stock]": "{original_issue_price}",
   "[insert initial Series A purchase price]": "{initial_purchase_price}",
@@ -49,9 +48,55 @@
   "[the greater of]": "{dividend_formula_prefix} ",
   "[the sum of]": "{dividend_formula_alt}",
   "[and Section 6.1]": "{redemption_cross_ref_clause}",
-
-  "References to \u201cPreferred Stock\u201d mean the Series A Preferred Stock": "References to \u201cPreferred Stock\u201d mean the Series {series_designation} Preferred Stock",
-  "with respect to the Series A Preferred Stock": "with respect to the Series {series_designation} Preferred Stock",
-  "per share of Series A Preferred Stock": "per share of Series {series_designation} Preferred Stock",
-  "first share of Series A Preferred Stock": "first share of Series {series_designation} Preferred Stock"
+  "[the corporation] > [Signature Page Follows]": "{signature_page_marker}",
+  "[or in Section 2.1 [and Section 6.1] > [Eastern/Pacific]": "{time_zone}",
+  "[a majority[, by voting power,] > [$0.001]": "{par_value}",
+  "[, including the approval of [at least one] > [specify percentage]": "{specify_percentage}",
+  "[Initial Consideration] > [________ __, 20__]": "{effective_date}",
+  "[Additional Consideration] > [insert original purchase price of Series A Preferred Stock]": "{original_issue_price}",
+  "[Notwithstanding the foregoing, for administrative convenience, the initial Preferred Director[s] > [insert initial Series A purchase price]": "{initial_purchase_price}",
+  "[or appointed by the last sentence of Section 3.2(a)] > [all/a majority of the]": "{preferred_shares_designated_portion}",
+  "[(and to the extent any of such directorships is not otherwise filled by a director appointed in accordance with the last sentence of Section 3.2(a))] > [the series of]": "the Series {series_designation}",
+  "[elected by the stockholders entitled to elect the At-Large Directors] > [or officer]": "{or_officer_clause}",
+  "[including [a majority of] > [the greater of]": "{dividend_formula_prefix} ",
+  "[(subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Preferred Stock)] > [the sum of]": "{dividend_formula_alt}",
+  "[, and any such act or transaction that has not been approved by such consent or vote prior to such act or transaction being effected shall be null and void ab initio, and of no force or effect] > [Signature Page Follows]": "{signature_page_marker}",
+  "[in a manner that adversely affects the special rights, powers and preferences of the Preferred Stock (or any series thereof)] > [Eastern/Pacific]": "{time_zone}",
+  "[or pari passu with] > [$0.001]": "{par_value}",
+  "[or decrease] > [specify percentage]": "{specify_percentage}",
+  "[increase or decrease the authorized number of directors constituting the Board of Directors, or change the number of votes entitled to be cast by any director or directors on any matter[; or] > [________ __, 20__]": "{effective_date}",
+  "[.] > [insert original purchase price of Series A Preferred Stock]": "{original_issue_price}",
+  "[unless otherwise approved by the Requisite Directors:\n[unless the aggregate indebtedness of the Corporation and its subsidiaries for borrowed money following such action would not exceed $[_______] > [insert initial Series A purchase price]": "{initial_purchase_price}",
+  "[(i) create or adopt any equity (or equity-linked) compensation plan; [or (ii) amend any such plan to increase the number of shares authorized for issuance thereunder] > [all/a majority of the]": "{preferred_shares_designated_portion}",
+  "[approve the annual budget or any [material] > [the series of]": "the Series {series_designation}",
+  "[enter into a real estate lease having a term longer than, or extend a real estate lease to result in a term longer than, three years, unless [either (i)] > [or officer]": "{or_officer_clause}",
+  "[or (ii) it is included in an annual budget or any amendment thereto approved in accordance with Section 3.3.9(f)] > [the greater of]": "{dividend_formula_prefix} ",
+  "[or Section 6.1] > [the sum of]": "{dividend_formula_alt}",
+  "[Unless a later time and date is otherwise specified by the holder,] > [Signature Page Follows]": "{signature_page_marker}",
+  "[approved (i) prior to the Original Issue Date or (ii) by the Requisite Directors] > [Eastern/Pacific]": "{time_zone}",
+  "[the Requisite Holders] > [$0.001]": "{par_value}",
+  "[the holders of [a majority] > [specify percentage]": "{specify_percentage}",
+  "[and prior to [Date] > [________ __, 20__]": "{effective_date}",
+  "[, and such issuance dates occur within a period of no more than [180] > [insert original purchase price of Series A Preferred Stock]": "{original_issue_price}",
+  "[(i)] > [insert initial Series A purchase price]": "{initial_purchase_price}",
+  "[at a price of at least $[_____] > [all/a majority of the]": "{preferred_shares_designated_portion}",
+  "[gross] > [the series of]": "the Series {series_designation}",
+  "[, net of the underwriting discount and commissions,] > [or officer]": "{or_officer_clause}",
+  "[Requisite Directors] > [the greater of]": "{dividend_formula_prefix} ",
+  "[, for which the Board of Directors, in its sole discretion, determines that the Corporation is expected to have a market capitalization equal to or greater than $[__________] > [the sum of]": "{dividend_formula_alt}",
+  "[then each share] > [Signature Page Follows]": "{signature_page_marker}",
+  "[then the Applicable Portion (as defined below) of the shares] > [Eastern/Pacific]": "{time_zone}",
+  "[and (c) a new certificate for the number of shares, if any, of Preferred Stock represented by such surrendered certificate and not converted pursuant to Section 5A.1] > [$0.001]": "{par_value}",
+  "[the number of shares of Preferred Stock owned by such holder, and the denominator of which is equal to the aggregate number of outstanding shares of Preferred Stock] > [specify percentage]": "{specify_percentage}",
+  "[that would result in at least $_______ in gross proceeds to the Corporation, [including/excluding] > [________ __, 20__]": "{effective_date}",
+  "[Requisite Holders] > [insert original purchase price of Series A Preferred Stock]": "{original_issue_price}",
+  "[Other than as set forth in Section 2.3.2(b), the Preferred Stock is not redeemable at the option of the holder or the Corporation.] > [insert initial Series A purchase price]": "{initial_purchase_price}",
+  "[the applicable Original Issue Price, plus all declared but unpaid dividends thereon] > [all/a majority of the]": "{preferred_shares_designated_portion}",
+  "[and (B) the Fair Market Value (determined in the manner set forth below) of such share of Preferred Stock as of the date of the Corporation’s receipt of the Redemption Request] > [the series of]": "the Series {series_designation}",
+  "[; provided, however, that Excluded Shares (as such term is defined in Section 6.2) shall not be redeemed and shall be excluded from the calculations set forth in this sentence] > [or officer]": "{or_officer_clause}",
+  "[annually] > [the greater of]": "{dividend_formula_prefix} ",
+  "[or officers] > [the sum of]": "{dividend_formula_alt}",
+"Redemption. > [Other than as set forth in Section 2.3.2(b), the Preferred Stock is not redeemable at the option of the holder or the Corporation.],": "{no_redemption_clause}",
+  "Preferred Stock”), > [all]": "{preferred_shares_designated_portion}",
+  "designated as “Series > A Preferred Stock": "{series_designation} Preferred Stock"
 }

package/content/recipes/nvca-certificate-of-incorporation/selections-roadmap.md

@@ -2,46 +2,43 @@
 
 Research-informed field architecture for future selection sprints, based on Fenwick (2024), Cooley Q4 2025, and WSGR 2023-2025 data.
 
-## Research-Confirmed Defaults (Implemented This Sprint)
+## Implemented
 
-| Feature | Market Default | Frequency | Field Type |
+| Feature | Market Default | Frequency | Implementation |
 |---|---|---|---|
 | No cumulative voting | Included | >95% | boolean — computed.json |
 | Common stock voting limitation | Included | >90% | boolean — computed.json |
 | Authorized shares vote opt-out | Included | >95% | boolean — computed.json |
 | Officer indemnification | Included | >80% | boolean — computed.json |
 | Redemption cross-ref (§6.1) | Excluded | <5% | boolean — computed.json |
+| Dividends (3-option radio) | Non-cumulative as-converted | >95% | selections.json — `dividends` group |
+| Liquidation §2.1 (2-option radio) | Non-participating | 94-96% | selections.json — `liquidation_section_2_1` group |
+| Liquidation §2.2 (2-option radio) | Non-participating | 94-96% | selections.json — `liquidation_section_2_2` group |
+| Anti-dilution (2-option radio) | Broad-based weighted avg | >98% | selections.json — `anti_dilution` group |
+| Pay-to-play (checkbox toggle) | Excluded | <5% | selections.json — `pay_to_play` group |
+| Redemption (checkbox toggle) | Excluded | 2-5% | selections.json — `redemption_provisions` group |
 
 ## Future Sprint Priorities
 
-### 1. Dividends Radio Selection
-- 3 mutually exclusive alternatives at paragraph-block level
-- Options: non-cumulative (>95%), cumulative, as-converted only
-- Requires markerless selections with multi-paragraph groups
-- Highest legal impact
-
-### 2. Liquidation Preference Radio
-- 3 alternatives: non-participating 1x (94-96%), participating with cap, full participating
-- Also paragraph-block level, second highest impact
-
-### 3. Protective Provisions Checkbox Group
+### 1. Protective Provisions Checkbox Group
 - 10-15 individually-toggled sub-clauses
 - Most complex but each is simple include/exclude
 - >80% include standard set
 
-### 4. Anti-Dilution Radio
-- 2 clause blocks: broad-based weighted average (98-100%) vs full ratchet
-- Clean swap between alternatives
+### 2. Deemed Liquidation Event Fields
+- Additional fields within Section 2.3
+
+### 3. QPO/Mandatory Conversion Threshold Fields
+- Qualified public offering threshold parameters
 
-### 5. Pay-to-Play + Redemption
-- Optional sections (entire articles)
-- Pay-to-Play: <5% of deals
-- Redemption: 2-5% of deals
-- Can use markerless selection to remove entire articles
+### 4. Capped Participating Liquidation Preference Variant
+- Third liquidation option: participating with cap
+- Would extend `liquidation_section_2_1` and `liquidation_section_2_2` groups
 
 ## Architecture Notes
 
-- Paragraph-block selections (dividends, liquidation) need markerless groups with multi-paragraph scope
+- Paragraph-block selections (dividends, liquidation) use markerless groups with multi-paragraph scope
+- Liquidation uses two paired radio groups (§2.1 and §2.2) with explicit `subClauseStopPatterns`
 - Protective provisions need per-clause checkbox groups within a single section
-- Anti-dilution is a clean 2-option radio swap
 - Pay-to-Play and Redemption are article-level toggles (simplest selection type)
+- Redemption inline bracket text handled via computed.json + replacements.json

package/content/recipes/nvca-certificate-of-incorporation/selections.json

@@ -0,0 +1,95 @@
+{
+  "groups": [
+    {
+      "id": "dividends",
+      "type": "radio",
+      "markerless": true,
+      "subClauseStopPatterns": ["^Liquidation"],
+      "options": [
+        {
+          "marker": "highest Preferred Stock dividend for the applicable series",
+          "trigger": "default"
+        },
+        {
+          "marker": "The holders of then outstanding shares of Preferred Stock shall be entitled to receive, only when, as and if declared",
+          "trigger": { "field": "dividend_type", "equals": "non_cumulative_fixed" }
+        },
+        {
+          "marker": "From and after the date of the issuance of any shares of Preferred Stock, dividends at the rate per annum",
+          "trigger": { "field": "dividend_type", "equals": "cumulative" }
+        }
+      ]
+    },
+    {
+      "id": "liquidation_section_2_1",
+      "type": "radio",
+      "markerless": true,
+      "subClauseStopPatterns": ["^2\\.1Preferential", "^Payments to Holders of Common Stock", "^2\\.2Distribution", "^Deemed Liquidation Events"],
+      "options": [
+        {
+          "marker": "such amount per share as would have been payable had all shares",
+          "trigger": "default"
+        },
+        {
+          "marker": "2.1Preferential Payments",
+          "trigger": { "field": "liquidation_participation", "equals": "participating" }
+        }
+      ]
+    },
+    {
+      "id": "liquidation_section_2_2",
+      "type": "radio",
+      "markerless": true,
+      "subClauseStopPatterns": ["^Deemed Liquidation Events"],
+      "options": [
+        {
+          "marker": "Payments to Holders of Common Stock",
+          "trigger": "default"
+        },
+        {
+          "marker": "Distribution of Remaining Assets",
+          "trigger": { "field": "liquidation_participation", "equals": "participating" }
+        }
+      ]
+    },
+    {
+      "id": "anti_dilution",
+      "type": "radio",
+      "markerless": true,
+      "subClauseStopPatterns": ["^Determination of Consideration"],
+      "options": [
+        {
+          "marker": "determined in accordance with the following formula",
+          "trigger": "default"
+        },
+        {
+          "marker": "4.4.4Adjustment of Conversion Price",
+          "trigger": { "field": "anti_dilution_type", "equals": "full_ratchet" }
+        }
+      ]
+    },
+    {
+      "id": "pay_to_play",
+      "type": "checkbox",
+      "markerless": true,
+      "subClauseStopPatterns": ["^Redemption"],
+      "options": [
+        {
+          "marker": "Special Mandatory Conversion.,",
+          "trigger": { "field": "include_pay_to_play" }
+        }
+      ]
+    },
+    {
+      "id": "redemption_provisions",
+      "type": "checkbox",
+      "markerless": true,
+      "options": [
+        {
+          "marker": "General. Unless prohibited by Delaware law",
+          "trigger": { "field": "include_redemption" }
+        }
+      ]
+    }
+  ]
+}

package/content/recipes/nvca-indemnification-agreement/metadata.yaml

@@ -61,6 +61,10 @@ fields:
     type: string
     description: Optional additional party text or empty string
     default: ''
+  - name: appointing_stockholder_ipo_termination_clause
+    type: string
+    description: Optional clause text that terminates Appointing Stockholder rights at IPO closing
+    default: ''
   - name: indemnification_section_letter
     type: string
     description: Section reference letter for indemnification provisions in the certificate

package/content/recipes/nvca-indemnification-agreement/replacements.json

@@ -1,42 +1,17 @@
 {
-  "[___________], 20[__]": "{agreement_effective_date}",
+  "[name]": "{indemnitee_name}",
   "[address]": "{indemnitee_address}",
   "[corporation]": "{company_name}",
   "[name of fund/sponsor]": "{fund_sponsor_name}",
-  "[Name of Fund/Sponsor]": "{fund_sponsor_name}",
-  "a Delaware corporation (the \"Company\"), and > [name]": "{indemnitee_name}",
-  "to the extent such party is not otherwise subject to service of process in the State of Delaware, irrevocably > [name]": "{indemnitee_name}",
   "[director]": "{indemnitee_role}",
   "[directors]": "{indemnitee_role_plural}",
   "[officer]": "{indemnitee_role_secondary}",
   "[officers]": "{indemnitee_role_secondary_plural}",
-  "provided by [Name of Fund/Sponsor] and certain of > [its]": "{indemnitee_pronoun_possessive}",
-  "provided by [Name of Fund/Sponsor] and certain of > [their]": "{indemnitee_pronoun_possessive_plural}",
-  "[Bylaws] [and] [Certificate of Incorporation]": "{bylaws_name} and {certificate_name}",
+  "[its]": "{indemnitee_pronoun_possessive}",
+  "[their]": "{indemnitee_pronoun_possessive_plural}",
   "[Bylaws]": "{bylaws_name}",
   "[Certificate of Incorporation]": "{certificate_name}",
-  "[The [Bylaws] > [Bylaws]": "{bylaws_name}",
-  "[(iii) appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware, irrevocably [name] > [address]": "{indemnitee_address}",
-  "[The Company hereby acknowledges that Indemnitee has certain rights to indemnification, advancement of expenses and/or insurance provided by [Name of Fund/Sponsor] > [its]": "{indemnitee_pronoun_possessive}",
   "[and Appointing Stockholder]": "{and_appointing_stockholder}",
-  "[E] > [Signature Page Follows]": "{indemnification_section_letter}",
-  "[Signature Page Follows]": "{signature_page_marker}",
-  "[Comment:  See In re HealthSouth Corp. Securities Litigation, 572 F.3d 854 (11th Cir. 2009).] > [director]": "{indemnitee_role}",
-  "[consider extending for several years after term of service, even if claim has not yet been paid] > [director]": "{indemnitee_role}",
-  "[Comment:  Sections 7(b) through 7(e) seek to extend statutory indemnification rights pursuant to Section 145(f).] > [director]": "{indemnitee_role}",
-  "[Comment:  Section 3(c) attempts to indemnify the indemnitee against contribution sought from other third parties.] > [director]": "{indemnitee_role}",
-  "[Comment: Use the bracketed language in Section 14 if a version of the indemnification of Appointing Stockholder language is used in Section 1(d)] > [director]": "{indemnitee_role}",
-  "[NOTE: as the Delaware-incorporated Company is already subject to service of process in Delaware, this really only applies to the individual director.] > [director]": "{indemnitee_role}",
-  "[and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement] > [director]": "{indemnitee_role}",
-  "[Comment:  Section 4 indemnifies individuals for costs and expenses in serving as a witness in any proceeding relating to such person’s service to the corporation.] > [director]": "{indemnitee_role}",
-  "[Further, the invalidity or unenforceability of any provision hereof as to either Indemnitee or Appointing Stockholder shall in no way affect the validity or enforceability of any provision hereof as to the other.] > [director]": "{indemnitee_role}",
-  "[unless the change in relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors] > [director]": "{indemnitee_role}",
-  "[Comment: As noted in the introduction, Section 1(d) contains optional language extending the indemnification and advancement rights provided to a venture fund’s designee on the board of directors to the venture capital fund appointing the director.] > [director]": "{indemnitee_role}",
-  "[Comment:  This provision integrates indemnification under the agreement with indemnification from other sources by providing that payments under the agreement shall be offset by payments from other sources, other than from the Fund Indemnitors as provided in paragraph (c).] > [director]": "{indemnitee_role}",
-  "[Comment:  This provision is designed to prevent the indemnitee from being indemnified for actions brought by the indemnitee except as otherwise provided. as well as for liability under Section 16(b) of the 1934 Act, for certain reimbursements of the Company by Indemnitee and where payment has already been made under an insurance policy.] > [director]": "{indemnitee_role}",
-  "[Comment:  Section 3(d) provides for contribution by the Company even if the Company is not held jointly liable based on the relative benefit to the Company of the conduct of the indemnitee giving rise to the loss or expenses incurred by the indemnitee and/or the relative fault of the Company and the indemnitee in connection with the matter in question.] > [director]": "{indemnitee_role}",
-  "[Comment:  Some indemnification agreements require the corporation to obtain (or use commercially reasonable or best efforts to obtain) D&O insurance with specified policy limits or other terms.  Instead, this agreement requires the corporation to furnish the Indemnitee with the maximum level of D&O insurance coverage provided to other like parties.] > [director]": "{indemnitee_role}",
-  "[This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives.] > [director]": "{indemnitee_role}",
-  "[Comment:  Section 3(a), in effect, provides that where the corporation and the individual are jointly liable (or if joined, would be), the corporation shall contribute 100% of the liability, and the individual would not be required to contribute anything.  Section 3(a) also prohibits the corporation from entering into any settlement that does not completely release the individual.] > [director]": "{indemnitee_role}",
-  "[Comment:  Section 7(a) provides for a right of adjudication before a Delaware court in the event of certain adverse results under the Agreement.  Some indemnification agreements also provide that Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association.] > [director]": "{indemnitee_role}"
+  "[E]": "{indemnification_section_letter}",
+  "[Signature Page Follows]": "{signature_page_marker}"
 }

package/content/recipes/nvca-rofr-co-sale-agreement/replacements.json

@@ -7,70 +7,14 @@
   "[AMENDED AND RESTATED]": "{amended_restated_upper}",
   "[Amended and Restated]": "{amended_restated}",
   "[judicial district]": "{judicial_district}",
+  "[state]": "{state_lower}",
   "[description of business]": "{business_description}",
   "[Signature Page Follows]": "{signature_page_marker}",
   "[_____ __, 20___]": "{effective_date}",
   "[specify percentage]": "{specify_percentage}",
+  "[45]": "{rofr_response_days}",
   "[Key Holders]": "{key_holders_label}",
   "[________], 20[__]": "{effective_date}",
   "among [____________], a Delaware": "among {company_name}, a Delaware",
-  "U.S. District Court for the District of [_____]": "U.S. District Court for the {judicial_district}",
-  "Depositions shall be conducted in accordance with the > [state]": "{state_lower}",
-  "submit to the jurisdiction of the state courts of > [state]": "{state_lower}",
-  "except in the state courts of > [state]": "{state_lower}",
-  "or any state court of > [state]": "{state_lower}",
-  "not later than > [45]": "{rofr_response_days}",
-  "(ii) > [45]": "{rofr_response_days}",
-  "Series > [___]": "{optional_blank_value}",
-  "Section 2 of Article Fourth, Part B": "Section Two of Article Fourth, Part B{optional_blank_value}",
-  ". In order to enforce the foregoing covenant": "In order to enforce the foregoing covenant{optional_blank_value}",
-  ". Unless and only to the extent otherwise superseded by an underwriting agreement entered into in connection with the underwritten Public Offering": "Unless and only to the extent otherwise superseded by an underwriting agreement entered into in connection with the underwritten Public Offering{optional_blank_value}",
-  "Email:   ": "Email:{optional_blank_value}",
-  "clause[(s)]": "clause{optional_blank_value}",
-  "clauses (a)": "clause (a){optional_blank_value}",
-  "clause (a) or (c) above": "clause (a) above{optional_blank_value}",
-  "(a)[, (c), (d) or (e)]": "(a){optional_blank_value}",
-  "[WHEREAS, the Company, [certain of]": "{optional_blank_value}",
-  "[, the Existing Investors]": "{optional_blank_value}",
-  "[amending and restating the Prior Agreement in its entirety and]": "{optional_blank_value}",
-  "[but excluding any shares of Common Stock issued upon Conversion of Preferred Stock pursuant to a Special Mandatory Conversion (as defined in the Restated Certificate)]": "{optional_blank_value}",
-  "[Additionally, in no event shall [____]": "{optional_blank_value}",
-  "[“DPA” means Section 721 of the Defense Production Act, as amended, including all implementing regulations thereof.": "{optional_blank_value}",
-  "“DPA Triggering Rights” means (i) “control” (as defined in the DPA);": "{optional_blank_value}",
-  "“Entity Transfer” means any sale, assignment, derivative transaction, issuance, encumbrance, hypothecation, pledge, conveyance in trust, gift, transfer by request, devise or descent, or other transfer or disposition of any kind, including, but not limited to, transfers to receivers, levying creditors, trustees or receivers in bankruptcy proceedings or general assignees for the benefit of creditors, whether voluntary or by operation of law, directly or indirectly of any ownership or economic interest in such entity.": "{optional_blank_value}",
-  "[“Foreign Person” means either (i) a Person or government that is a “foreign person” within the meaning of the DPA or (ii) a Person through whose investment a “foreign person” within the meaning of the DPA would obtain any DPA Triggering Rights.]": "{optional_blank_value}",
-  "[; provided, however, that any such person shall cease to be considered an Investor for purposes of this Agreement at any time such person and his, her or its Affiliates collectively hold fewer than [____________]": "{optional_blank_value}",
-  "[and Series [_]": "{optional_blank_value}",
-  "[“Qualified Direct Listing” has the meaning ascribed to it in the Restated Certificate.]": "{optional_blank_value}",
-  "[full-time]": "{optional_blank_value}",
-  "[or consultant (excluding service solely as member of the Board)]": "{optional_blank_value}",
-  "[, European Union, or United Kingdom]": "{optional_blank_value}",
-  "[, the Consolidated List of Persons, Groups, and Entities Subject to EU Financial Sanctions, and the UK’s Consolidated Sanctions List]": "{optional_blank_value}",
-  "[In the event of a conflict between this Agreement and any other agreement that may have been entered into by a Key Holder with the Company that contains a preexisting right of first refusal, the Company and the Key Holder acknowledge and agree that the terms of this Agreement shall control and the preexisting right of first refusal shall be deemed satisfied by compliance with Section 2.1(a) and this Section 2.1(b).]": "{optional_blank_value}",
-  "[In the event of a conflict between this Agreement and the Company’s Bylaws containing a preexisting right of first refusal, the terms of the Bylaws will control and compliance with the Bylaws shall be deemed compliance with this Section 2.1(a) and (b) in full.]": "{optional_blank_value}",
-  "[Forfeiture of Rights. Notwithstanding the foregoing, if the total number of shares of Transfer Stock that the Company and the Investors have agreed to purchase in the Company Notice, Investor Notices and Undersubscription Notices is less than the total number of shares of Transfer Stock, then the Company and the Investors shall be deemed to have forfeited any right to purchase such Transfer Stock, and the selling Key Holder shall be free to sell all, but not less than all, of the Transfer Stock to the Prospective Transferee on terms and conditions substantially similar to (and in no event more favorable than) the terms and conditions set forth in the Proposed Transfer Notice, it being understood and agreed that (i) any such sale or transfer shall be subject to the other terms and restrictions of this Agreement, including, without limitation, the terms and restrictions set forth in Sections 2.2 and 6.9(b); (ii) any future Proposed Key Holder Transfer shall remain subject to the terms and conditions of this Agreement, including this Section 2; and (iii) such sale shall be consummated within 45 days after receipt of the Proposed Transfer Notice by the Company and, if such sale is not consummated within such 45 day period, such sale shall again become subject to the Right of First Refusal and Secondary Refusal Right on the terms set forth herein.]": "{optional_blank_value}",
-  "[(including any shares that such Participating Investor has agreed to purchase pursuant to the Secondary Refusal Right)]": "{optional_blank_value}",
-  "[(including any shares that all Participating Investors have collectively agreed to purchase pursuant to the Secondary Refusal Right)]": "{optional_blank_value}",
-  "[selling Key Holder]": "{optional_blank_value}",
-  "[To the extent one or more of the Participating Investors exercise such right of participation in accordance with the terms and conditions set forth herein, the number of shares of Transfer Stock that the selling Key Holder may sell in the Proposed Key Holder Transfer shall be correspondingly reduced.]": "{optional_blank_value}",
-  "[Limitation on Foreign Person Investors": "{optional_blank_value}",
-  ". Notwithstanding the covenants set forth in this Section 2, no Investor that is a Foreign Person shall be permitted to obtain greater than 9.9% of the outstanding voting shares of the Company.]": "{optional_blank_value}",
-  "[Entity Transfers. No Key Holder that is a trust, corporation, partnership, limited liability company or other entity shall engage or permit any Entity Transfer without complying with this Agreement mutatis mutandis as if such Entity Transfer were a direct Transfer of Transfer Stock by the Key Holder.]": "{optional_blank_value}",
-  "[; (d) to a pledge of Transfer Stock that creates a mere security interest in the pledged Transfer Stock, provided that the pledgee thereof agrees in writing in advance to be bound by and comply with all applicable provisions of this Agreement to the same extent as if it were the Key Holder making such pledge;]": "{optional_blank_value}",
-  "[or (e) to the sale by the Key Holder of up to [__]": "{optional_blank_value}",
-  "[(d) Foreign Person that pursuant to any such transfer would acquire any DPA Triggering Rights, unless otherwise approved by the majority of the disinterested members of the]": "{optional_blank_value}",
-  "[or Qualified Direct Listing, as applicable]": "{optional_blank_value}",
-  "[in which the consideration received by the Investors in such Deemed Liquidation Event is in the form of cash and/or publicly traded securities, or if the Investors receive substantially similar rights]": "{optional_blank_value}",
-  "[The parties (i) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of [state]": "{optional_blank_value}",
-  "[Upon the effectiveness of this Agreement, the Prior Agreement shall be deemed amended and restated and superseded and replaced in its entirety by this Agreement, and shall be of no further force or effect.]": "{optional_blank_value}",
-  "[Qualified]": "{optional_blank_value}",
-  "[provided that such consent shall not be required if the Key Holders do not then own shares of Capital Stock representing at least [__]": "{optional_blank_value}",
-  "[Notwithstanding Section 6.8(a) above, (i) this Agreement may not be amended, modified or terminated and the observance of any term hereunder may not be waived with respect to any Investor or Key Holder without the written consent of such Investor or Key Holder unless such amendment, modification, termination or waiver applies to all Investors and Key Holders, respectively, in the same fashion [(it being agreed that a waiver of the provisions of Section 2 with respect to a particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase or sell securities in such transaction; [provided, however, if, after giving effect to any waiver of Section 2 with respect to a particular transaction, a waiving Investor in fact purchases or sells securities in such transaction (a “Participating Investor”), the aforementioned waiver shall be deemed to apply to any Investor only if that Investor has been provided the opportunity to purchase or sell a proportional number of the securities in such transaction based on relative participation of all Participating Investors)]": "{optional_blank_value}",
-  "[__________]": "{optional_blank_value}",
-  "[Each party will bear its own costs in respect of any disputes arising under this Agreement.]": "{optional_blank_value}",
-  "[The prevailing party shall be entitled to reasonable attorney’s fees, costs, and necessary disbursements in addition to any other relief to which such party may be entitled.]": "{optional_blank_value}",
-  "[Key Holder Name": "{optional_blank_value}",
-  "Personal Address": "{optional_blank_value}",
-  "Personal Email]": "{optional_blank_value}",
-  "[Signature Page to [Amended and Restated]": "{optional_blank_value}"
+  "U.S. District Court for the District of [_____]": "U.S. District Court for the {judicial_district}"
 }

package/content/recipes/nvca-stock-purchase-agreement/computed.json

@@ -1,6 +1,13 @@
 {
   "version": "1.0",
   "max_passes": 4,
+  "defaults": {
+    "initial_word_lower": "",
+    "initial_word_title": "",
+    "closing_heading": "Closing.",
+    "optional_plural_suffix": "",
+    "purchaser_scope": "all"
+  },
   "rules": [
     {
       "id": "derive-dispute-resolution-track-arbitration",
@@ -70,6 +77,29 @@
         "judicial_district": "District of Delaware"
       }
     },
+    {
+      "id": "derive-purchaser-scope-narrow",
+      "description": "Narrow consent: each purchaser binds only their own convertible securities.",
+      "when_all": [
+        { "field": "bind_all_convertible_holders_to_convert", "op": "eq", "value": "false" }
+      ],
+      "set_fill": {
+        "purchaser_scope": "such"
+      }
+    },
+    {
+      "id": "derive-closing-type-additional",
+      "description": "When closing_type is additional, populate Initial qualifier fields.",
+      "when_all": [
+        { "field": "closing_type", "op": "eq", "value": "additional" }
+      ],
+      "set_fill": {
+        "initial_word_lower": "initial ",
+        "initial_word_title": "Initial ",
+        "closing_heading": "Initial Closing.",
+        "optional_plural_suffix": "s"
+      }
+    },
     {
       "id": "derive-governing-law-baseline",
       "description": "NVCA SPA governing law clause is fixed to Delaware.",

package/content/recipes/nvca-stock-purchase-agreement/metadata.yaml

@@ -52,30 +52,33 @@ fields:
     type: string
     description: Optional word inserted before Closing in bracketed templates
     default: ""
-  - name: optional_closing_reference
-    type: string
-    description: Optional bracket fragment after Exhibit A in opening purchase clause
-    default: ""
-  - name: optional_clause_text
-    type: string
-    description: Optional alternate purchase-price clause text for conversion scenarios
-    default: ""
+  - name: include_convertible_securities
+    type: boolean
+    description: Include convertible securities conversion clause in Section 1.1(b)
+    default: "false"
+  - name: include_closing_reference
+    type: boolean
+    description: Include "with respect to such Closing" bracket in purchase clause
+    default: "false"
+  - name: purchaser_scope
+    type: string
+    description: Convertible securities consent scope word — set by computed.json from bind_all_convertible_holders_to_convert
   - name: optional_plural_suffix
     type: string
-    description: Optional plural suffix used in bracketed labels like Closing[s]
-    default: ""
+    description: Optional plural suffix — set by computed.json defaults
   - name: closing_heading
     type: string
-    description: Heading text used for single-closing default
-    default: Initial Closing.
+    description: Heading text — set by computed.json defaults
   - name: initial_word_lower
     type: string
-    description: Lowercase word used for single-closing phrasing
-    default: initial
+    description: Lowercase qualifier — set by computed.json defaults and rules
   - name: initial_word_title
     type: string
-    description: Titlecase word used for single-closing phrasing
-    default: Initial
+    description: Titlecase qualifier — set by computed.json defaults and rules
+  - name: bind_all_convertible_holders_to_convert
+    type: boolean
+    description: Purchasers agree on behalf of all convertible security holders to convert (not just their own)
+    default: "true"
   - name: closing_type
     type: enum
     description: Single closing or additional closings

package/content/recipes/nvca-stock-purchase-agreement/replacements.json

@@ -16,14 +16,14 @@
   "purchase price of $ > [__]": "{purchase_price_per_share}",
   "such Series > [__]": "{series_designation}",
   "[applicable]": "{applicable_word}",
-  "[with respect to such Closing]": "{optional_closing_reference}",
-  "[or, as applicable, a purchase price of $[___] per share with respect to the shares of Series [____] Preferred Stock being issued [in the Initial Closing] pursuant to any cancellation or conversion of Convertible Securities (as defined below) as set forth in Section 1.3 below]": "{optional_clause_text}",
+  "[such/all]": "{purchaser_scope}",
   "Closing > [s]": "{optional_plural_suffix}",
-  "[Initial Closing.]": "{closing_heading}",
-  "[initial]": "{initial_word_lower}",
-  "[Initial]": "{initial_word_title}",
-  "[Initial/applicable]": "{initial_word_title}",
-  "[applicable/Initial]": "{initial_word_title}",
+  "[Initial Closing.]": { "value": "{closing_heading}", "format": { "underline": true } },
+  "[initial] ": "{initial_word_lower}",
+  "[Initial] ": "{initial_word_title}",
+  "[Initial/applicable] ": "{initial_word_title}",
+  "[applicable/Initial] ": "{initial_word_title}",
+  "[Initial][applicable] ": "{initial_word_title}",
   "[location]": "{arbitration_location}",
   "[judicial district]": "{judicial_district}",
   "[Balance Sheet Date]": "{balance_sheet_date}",

package/content/recipes/nvca-stock-purchase-agreement/selections.json

@@ -5,6 +5,7 @@
       "type": "checkbox",
       "standalone": true,
       "markerless": true,
+      "subClauseStopPatterns": ["^Closing Deliverables", "^Defined Terms"],
       "options": [
         {
           "marker": "Additional Closings",
@@ -12,6 +13,48 @@
           "replaceWith": "[Reserved]"
         }
       ]
+    },
+    {
+      "id": "tranche_closing_clause",
+      "type": "checkbox",
+      "standalone": true,
+      "markerless": true,
+      "inline": true,
+      "options": [
+        {
+          "marker": ", [Each Purchaser at the Initial Closing shall be obligated to purchase that number of Tranche Closing Shares (as defined below) as is set forth opposite such Purchaser's name on Exhibit A under the heading \"Tranche Closing Shares\" (as to any Purchaser, its \"Tranche Closing Shares\"), as provided in Section [1.2(c)] below.]",
+          "trigger": { "field": "include_tranche_closing", "equals": true },
+          "replaceWith": ""
+        }
+      ]
+    },
+    {
+      "id": "convertible_securities_clause",
+      "type": "checkbox",
+      "standalone": true,
+      "markerless": true,
+      "inline": true,
+      "options": [
+        {
+          "marker": "[or, as applicable, a purchase price of $[___] per share with respect to the shares of Series [____] Preferred Stock being issued [in the Initial Closing] pursuant to any cancellation or conversion of Convertible Securities (as defined below) as set forth in Section 1.3 below]",
+          "trigger": { "field": "include_convertible_securities", "equals": true },
+          "replaceWith": ""
+        }
+      ]
+    },
+    {
+      "id": "closing_reference_bracket",
+      "type": "checkbox",
+      "standalone": true,
+      "markerless": true,
+      "inline": true,
+      "options": [
+        {
+          "marker": "[with respect to such Closing]",
+          "trigger": { "field": "include_closing_reference", "equals": true },
+          "replaceWith": ""
+        }
+      ]
     }
   ]
 }