LAW & SOCIAL ISSUES IN BUSINESS / STUDY NOTES
Law & Social Issues in Business 课程复习资料：5 个课程模块与 20 个小组研究专题、888 个主条目，以中英文对照梳理法律术语、判例、规则与适用条件。
进入题库练习 ↗Law & Social Issues in Business · Modules 1–5 + Group Projects · 2026-10-23
本大全以现有 25 份课程课件、研究题纲及配套资料和已整理笔记为基础，按 课程章节 → 大概念 → 子概念与具体规则组织，共 888 个主条目（Module 1–5 共 690 条，小组研究新增 198 条）。每条保留英文陈述，并按英文的句子和信息顺序提供中文对照；重点专业概念加粗，部分术语括注英文。机制类概念说明作用、使用场景和限制，规则类概念明确主体、条件、门槛及期限。
English statements are paired with Chinese translations. 中文逐句对应英文，不另行加入英文未陈述的解释。【必要补充】 表示为理解、运用课件知识而补实的内容，包括用户明确提出的 poison pill / shareholder rights plan（毒丸计划／股东权利计划），集中见 2.1。
Review priority｜复习优先级： 每个主知识点标题后的星级，是结合本课程内容与“25 道全英文单选、不考具体案例”的考试形式给出的复习建议，不是老师公布的命题权重。
| 星级 | 复习重点 |
|---|---|
| ★★★★★ | 核心：基础定义、通用规则、关键条件和容易混淆的概念，应能辨析并应用。 |
| ★★★★☆ | 重点：重要机制、适用边界和例外，应理解其作用及适用场景。 |
| ★★★☆☆ | 补充：较细的程序、合同样本条款及应用细节，掌握核心框架后复习。 |
| ★★☆☆☆ | 了解：具体案例事实、历史数字及背景，主要用于辅助理解规则。 |
| ★☆☆☆☆ | 背景：材料索引或一般背景，可快速浏览。 |
建议先复习 5 星和 4 星条目，再补充 3 星内容。案例标题下的通用规则仍可评为高星；合同样本中的比例和期限仅适用于相应样本。小组研究 A–T 的 198 个主条目已纳入本文，与各章统一翻译和标星。
Scope and dates｜范围与时点： 案件事实和规则以相应历史时点及文中限定为准，法律更新另标日期。政策程序只对应所列机构，合同数字只对应具体样本。课件、配套材料和补充来源的对应关系见覆盖核查记录。
Knowledge map｜知识框架： Sources → allocation of power → courts and precedent → constitutional tests → business and platform disputes. 法律渊源 → 权力配置 → 法院与先例 → 宪法审查标准 → 商业及平台争议。 Materials｜材料： Class 1（41 页）、Class 1.2（10 页）、Class 1.3（21 页）、Class 1.4（20 页）。条目按概念重组；案例数字限于材料所述事件及历史版本。
EN: Constitutions, statutes, local ordinances, valid administrative regulations and judicial decisions establish legal rules. Their authority depends on the issuing institution, subject matter and applicable jurisdiction.
中文： 宪法、制定法、地方条例、有效的行政法规和法院判决确立法律规则。这些第一手法律渊源（primary sources of law）的效力取决于制定或作出它们的机构、所涉事项及适用的管辖范围。
EN: Encyclopedias, treatises, law-review articles, official comments and Restatements explain or organize law. A Restatement synthesizes legal principles; its publication alone does not turn every proposition into binding law.
中文： 百科全书、法律专著、法学期刊文章、官方评注和《法律重述》用于解释或整理法律。《法律重述》（Restatement）综合归纳法律原则；其出版本身并不会使其中每项命题都成为具有约束力的法律。
EN: Binding authority must be followed by the deciding court; persuasive authority may be considered for its reasoning. A primary source, such as another state's judgment, can be persuasive rather than binding.
中文： 审理案件的法院必须遵循具有约束力的法律依据（binding authority）；对于具有说服力的法律依据（persuasive authority），法院可以考虑其论证。第一手法律资料也可能只具有说服力而不具有约束力，例如另一州的法院判决。
EN: Contract law addresses formation, consideration, interpretation, breach and remedies. Sales and e-commerce apply these issues to transactions in goods and online dealings; state enactments of the Uniform Commercial Code (UCC) supply important commercial rules.
中文： 合同法涉及合同成立、对价、解释、违约和救济。货物买卖和电子商务将这些问题具体运用于货物交易及线上交易；各州制定实施的 《统一商法典》（Uniform Commercial Code，UCC）提供了重要的商事规则。
EN: Tort law addresses legally actionable harm, including negligence, intentional misconduct and defamation. Professional liability concerns failures in professional services; product liability concerns harm associated with defective products. Contract and tort issues can arise from the same business event.
中文： 侵权法处理可依法追究责任的损害，包括过失、故意不当行为和诽谤。专业责任（professional liability）涉及专业服务中的失当；产品责任（product liability）涉及缺陷产品造成的损害。同一商业事件可能同时引发合同与侵权问题。
EN: Agency concerns one person acting for another, including authority and responsibility for the agent's conduct. Business-organization law concerns entity formation, management and the rights and duties of owners and managers. Here, agency means a legal relationship; an administrative agency is a government body.
中文： 代理关系（agency）涉及一人代表另一人行事，包括代理权限以及对代理人行为承担的责任。商事组织法涉及实体的设立、管理，以及所有者和管理者的权利义务。这里的 agency 指法律关系；行政机关（administrative agency）则是政府机构。
EN: Patents protect qualifying inventions; copyright protects original expression rather than ideas alone; trademarks identify the commercial source of goods or services. Negotiable instruments, such as qualifying checks and promissory notes, facilitate transferable payment rights. Creditors' rights concern collecting debts and enforcing payment or security rights, including in insolvency.
中文： 专利（patents）保护符合法定条件的发明；著作权（copyright）保护原创表达，而非思想本身；商标（trademarks）用于识别商品或服务的商业来源。流通票据（negotiable instruments），例如符合条件的支票和本票，使付款请求权便于转让。债权人权利（creditors’ rights）涉及债务追收以及付款请求权或担保权的实现，也包括债务人无力清偿时的相关权利。
EN: Property law covers ownership, transfers, leases, easements and land use. Environmental law regulates pollution and resource-related obligations. Court procedure governs how claims, evidence, hearings and judgments move through litigation.
中文： 财产法涵盖所有权、转让、租赁、地役权和土地使用。环境法规范污染以及与资源有关的义务。法院程序规定请求、证据、听证和判决在诉讼中如何处理和推进。
EN: A plaintiff initiates a civil action; a defendant responds to a civil claim or criminal accusation. To allege is to assert, not prove; to adjudicate is to decide a dispute. Liability is legal responsibility, while a remedy is the legal response that protects or enforces a right.
中文： 原告（plaintiff）提起民事诉讼；被告（defendant）回应民事请求或刑事指控。主张（allege）是提出某项说法，并非证明该说法；裁判（adjudicate）是对争议作出决定。法律责任（liability）指依法承担的责任；救济（remedy）则是保护或实现权利的法律措施。
EN: Article I assigns federal legislative authority to Congress, Article II executive authority to the President, and Article III judicial authority to the courts. Courts resolve actual cases and controversies; the branches perform different constitutional functions.
中文： 宪法第一条将联邦立法权赋予国会，第二条将行政权赋予总统，第三条将司法权赋予法院。法院处理实际存在的案件和争议；三个分支承担不同的宪法职能。
EN: Each branch has tools that limit other branches, including presidential vetoes, congressional appropriations and impeachment, Senate confirmation, and judicial review. The purpose is to prevent concentrated power while allowing government to function. The President's power to adjourn Congress applies when the two Houses disagree about adjournment, not as a general power to close Congress.
中文： 每个分支都拥有约束其他分支的手段，包括总统否决、国会拨款与弹劾、参议院确认，以及司法审查。制衡（checks and balances）的目的，是在使政府能够运作的同时防止权力过度集中。总统命令国会休会的权力适用于两院对休会安排意见不一致的情形，并非一般性关闭国会的权力。 宪法第二条第 3 款
EN: Congress must identify a constitutional source of authority. Listed powers include taxing, borrowing, interstate and foreign commerce, war, coinage and uniform bankruptcy rules. A measure may fail under one source of power yet survive under another.
中文： 国会必须明确其权力的宪法依据。列举权力（enumerated powers）包括征税、借款、管理州际及对外商业、战争、铸币，以及制定统一破产规则。一项措施可能无法由某项权力支持，却能依据另一项权力获得维持。
EN: Congress may choose constitutionally permissible means to carry out its enumerated responsibilities. McCulloch v. Maryland upheld creation of a national bank as an appropriate means of implementing federal powers although the Constitution does not expressly list a bank-chartering power.
中文： 国会可以选择宪法允许的手段，履行其列举的职责。McCulloch v. Maryland 案维持了设立国家银行的做法，认为这是实施联邦权力的适当手段，尽管宪法并未明确列出设立银行的权力。 McCulloch 判决
EN: Ordinary federal legislation requires the House and Senate to approve the same text and present it to the President. The President may sign or veto; an override requires two-thirds of those voting in each chamber, with a quorum present.
中文： 普通联邦立法要求众议院和参议院通过同一文本，并将其提交总统。总统可以签署或否决；推翻否决（veto override）要求在达到法定人数的前提下，两院各自实际投票人数的三分之二赞成。 国会研究处程序说明
EN: The House has 435 voting seats, apportioned among states by population, with two-year terms. The Senate has two senators per state, serving staggered six-year terms. The two structures balance population representation and state equality.
中文： 众议院有 435 个有表决权的席位，按人口在各州之间分配，任期两年。参议院每州有两名参议员，任期六年，分批改选。这两种结构兼顾人口代表性与各州平等。
EN: Bills for raising revenue originate in the House; the Senate may propose or concur in amendments. This allocates a special starting role without excluding the Senate from the legislative process.
中文： 财政收入法案（bills for raising revenue）须由众议院发起；参议院可以提出或同意修正案。这赋予众议院特殊的发起职责，同时并未将参议院排除在立法程序之外。
EN: The Senate participates in specified executive and judicial appointments. Treaties negotiated by the President require consent of two-thirds of senators present; the House has no equivalent direct treaty-consent role.
中文： 参议院参与特定行政官员和法官的任命。总统谈判达成的条约须取得出席参议员三分之二的同意；众议院没有与之对应的直接条约同意权。
EN: The House brings impeachment charges by majority vote; the Senate tries them, with conviction requiring two-thirds of senators present. Bringing charges and deciding whether to convict are separate stages.
中文： 众议院以多数票提出弹劾指控（impeachment charges）；参议院负责审理，定罪需要出席参议员三分之二赞成。提出指控与决定是否定罪，是两个不同阶段。
EN: If no presidential candidate wins a majority of appointed electors, the House chooses from the top three, voting one vote per state. If no vice-presidential candidate wins the required majority, the Senate chooses from the top two, voting by senator. Election requires a majority of all states or of the whole Senate: 26 state votes / 51 senators with 50 states and 100 senators. The respective quorums are representation from two-thirds of states and two-thirds of all senators: at least 34 states represented / 67 senators present.
中文： 如果没有总统候选人获得已任命选举人的过半数票，众议院从得票最高的三名候选人中选出总统，每州一票。如果没有副总统候选人取得所需多数，参议院从得票最高的两人中选出副总统，按参议员个人投票。当选须取得全体州或全体参议员的过半数支持：在五十州、一百名参议员的情况下，分别为 26 个州的票／51 名参议员的票。相应法定人数为三分之二的州有代表出席，以及全体参议员的三分之二出席，即至少 34 个州有代表出席／67 名参议员出席。 第十二修正案
EN: The President leads the executive, serves as Commander in Chief and conducts foreign relations within constitutional limits. The oath requires faithful execution of office and protection of the Constitution; military or emergency responsibilities do not supply unlimited domestic lawmaking power.
中文： 总统领导行政部门，担任三军统帅（Commander in Chief），并在宪法限制内处理对外关系。总统誓言要求忠实履行职务并维护宪法；军事或紧急事务职责并不赋予其无限的国内立法权。
EN: The President must faithfully execute enacted laws. Administration may involve lawful interpretation and prioritization, but executive disagreement is not itself authority to rewrite or repeal a statute. Federalist No. 70 emphasizes an energetic executive.
中文： 总统必须忠实执行已经制定的法律。行政工作可以包括合法解释和安排执行优先次序，但行政部门的不同意见本身并不构成改写或废除制定法的权限。《联邦党人文集》第 70 篇强调有力而积极的行政部门。
EN: These instruments direct administration or express policy, but their effect depends on lawful authority and content. An executive order requires constitutional or statutory authority; guidance cannot simply substitute for a legally required rulemaking process.
中文： 行政命令、备忘录和指导文件用于指挥行政工作或表达政策，但其效力取决于合法权限及具体内容。行政命令（executive order）需要宪法或制定法授权；指导文件不能直接替代法律要求的规章制定程序。
EN: Congress may authorize agencies to implement statutes through regulations, enforcement, licensing and adjudication. Administrative law governs these powers and procedures. An agency's expertise does not enlarge its statutory jurisdiction.
中文： 国会可以授权行政机关通过制定法规、执法、许可和裁决来实施法律。行政法（administrative law）规范这些权限和程序。机关的专业知识不会扩大其法定管辖权限。
EN: The Administrative Procedure Act (APA, 1946) governs federal agency procedures and judicial review. Notice-and-comment rulemaking ordinarily requires publication of a proposal, an opportunity for public submissions, consideration of relevant submissions, and a final rule explaining its basis and purpose. Exceptions include interpretive rules, general policy statements and agency procedural rules; a good-cause exception requires stated reasons why public procedure is impracticable, unnecessary or contrary to the public interest.
中文： 1946 年 《行政程序法》（Administrative Procedure Act，APA）规范联邦行政机关的程序及司法审查。公告与意见征询程序（notice-and-comment rulemaking）通常要求公布规则草案、给予公众提交意见的机会、考虑相关意见，并在最终规则中说明依据和目的。例外包括解释性规则、一般政策声明和机关程序规则；适用正当理由例外（good cause）时，必须说明公众参与程序为何不可行、没有必要或违背公共利益。 5 U.S.C. §553
EN: The Federal Register publishes proposed/final rules and notices; the Code of Federal Regulations (CFR) organizes general, permanent regulations by subject. OIRA, within OMB, coordinates review of covered regulatory actions. Under the EO 12866 framework discussed in class, cost–benefit analysis compares expected benefits, compliance costs and alternatives to assess whether a proposed intervention is justified.
中文： 《联邦公报》（Federal Register）公布拟议规则、最终规则和通知；《联邦法规汇编》（Code of Federal Regulations，CFR）按主题整理具有普遍适用性和长期效力的法规。信息与监管事务办公室（OIRA）隶属于管理和预算办公室（OMB），协调对其审查范围内监管行动的审查。按照课堂讨论的第 12866 号行政命令框架，成本—收益分析（cost–benefit analysis）比较预期收益、合规成本及替代方案，以判断拟议干预是否有充分依据。
EN: Agencies may investigate, issue authorized subpoenas, grant licenses and resolve specified administrative disputes. An administrative law judge (ALJ) conducts assigned adjudicative hearings; agency adjudication is distinct from an Article III court trial.
中文： 行政机关可以开展调查、依法发出传票、颁发许可，并处理特定行政争议。行政法官（administrative law judge，ALJ）主持其获分配的裁决听证；行政机关裁决不同于宪法第三条法院的审判。
EN: Judicial review can test whether an agency offered legally adequate reasons and stayed within delegated authority. Arbitrary or capricious concerns defective decision-making; ultra vires concerns action beyond lawful power.
中文： 司法审查可以检验机关是否提供法律上充分的理由，以及是否在授权范围内行事。武断或任意（arbitrary or capricious）针对决策过程的缺陷；越权（ultra vires）针对超出合法权限的行为。
EN: Officials prioritize cases using evidence, resources and public interests within legal limits. Heckler v. Chaney generally presumes that agency decisions not to enforce are unreviewable under the APA. That presumption can be rebutted when the governing statute supplies meaningful enforcement standards for a court to apply.
中文： 官员在法律限制内，根据证据、资源和公共利益安排案件处理的优先次序。Heckler v. Chaney 案确立的一般推定是：机关不予执法的决定不受 APA 下的司法审查。如果适用法律提供了可供法院运用的实质性执法标准，这一不予审查的推定可以被推翻。 Heckler 判决
EN: An appropriation authorizes public spending; impoundment involves withholding authorized funds. Train v. City of New York addresses compliance with statutory funding instructions: executive policy preferences cannot replace the duties imposed by the statute at issue.
中文： 拨款（appropriation）授权公共支出；扣留拨款（impoundment）则涉及扣留已获授权的资金。Train v. City of New York 案讨论了遵守法定资金分配指令的问题：行政部门的政策偏好不能取代涉案法律规定的义务。
EN: Jackson's framework places presidential power at its maximum with congressional authorization, in a zone of twilight when Congress is silent, and at its lowest ebb when contrary to congressional will. Independent constitutional power and the specific legislative setting still matter.
中文： 按照杰克逊的分析框架，获得国会授权时，总统权力处于最高点；国会沉默时，处于权限模糊地带（zone of twilight）；与国会意志相反时，处于最低点。总统独立享有的宪法权力以及具体立法背景，仍然十分重要。
EN: SEC regulates securities markets; EPA administers environmental regulation; DOJ conducts federal litigation and criminal prosecution; FTC enforces competition and consumer-protection laws. The slide's agency and workforce counts illustrate administrative scale, not legal jurisdiction.
中文： 证券交易委员会（SEC）监管证券市场；环境保护局（EPA）实施环境监管；司法部（DOJ）负责联邦诉讼和刑事起诉；联邦贸易委员会（FTC）执行竞争与消费者保护法律。课件列出的机关及工作人员数量用于说明行政体系的规模，并非界定法律上的管辖权限。
EN: Civil enforcement seeks authorized remedies such as penalties, injunctions or restitution; criminal enforcement prosecutes a statutory offense and may lead to criminal punishment. Restitution restores money or benefits that the defendant should not retain. Whether an agency may obtain a particular remedy depends on its statutory powers.
中文： 民事执法寻求法律授权的罚款、禁令或返还等救济；刑事执法则对法定犯罪提起追诉，并可能导致刑事处罚。返还救济（restitution）要求返还被告不应保留的金钱或利益。机关能否获得某种具体救济，取决于其法定权限。
EN: Federalism distributes power between federal and state governments. Powers not delegated to the United States, and not prohibited to the states, are reserved to the states or the people; state authority remains subject to constitutional limits.
中文： 联邦制（federalism）在联邦政府与州政府之间分配权力。未授予美国联邦政府、也未禁止各州行使的权力，保留给各州或人民；州的权限仍受宪法限制。
EN: States possess broad authority to protect health, safety, welfare and morals, supporting rules on sanitation, traffic, buildings, licensing, education and consumer protection. This is broader than the power of police officers and must comply with constitutional protections.
中文： 各州拥有保护健康、安全、福利和道德的广泛权限，可以据此制定卫生、交通、建筑、许可、教育及消费者保护规则。这种州的一般治理权（police power）比警察的执法权更广泛，并须遵守宪法规定的权利保障。
EN: The Constitution and valid federal law prevail over incompatible state law. Preemption determines when a federal rule displaces a state rule; the existence of federal regulation alone does not automatically eliminate all state regulation.
中文： 宪法和有效联邦法优先于与其不相容的州法。联邦法优先排除（preemption）用于确定联邦规则何时排除州规则；仅有联邦监管存在，并不会自动消除所有州级监管。
EN: Express preemption follows explicit statutory language; field preemption follows a federal scheme occupying a regulatory field; conflict preemption concerns incompatible compliance duties or state obstacles to federal objectives.
中文： 明示排除（express preemption）依据法律的明确文字；领域排除（field preemption）依据联邦制度对某一监管领域的全面占据；冲突排除（conflict preemption）涉及无法同时遵守的义务，或州规则对联邦目标形成的阻碍。
EN: Federal powers cover immigration/naturalization, patents/copyrights, bankruptcy, currency, foreign affairs, maritime matters and interstate commerce. FAA regulates civil aviation; DOT coordinates transportation policy and FMCSA commercial motor-vehicle safety; FCC regulates interstate/international communications; FERC regulates specified interstate energy markets and transmission. A sector's federal regulator, its courts' jurisdiction and the displacement of state law are distinct questions.
中文： 联邦权限涵盖移民与归化、专利与著作权、破产、货币、对外事务、海事及州际商业。联邦航空管理局（FAA）监管民用航空；交通部（DOT）协调交通政策，联邦汽车运输安全管理局（FMCSA）负责商用机动车安全；联邦通信委员会（FCC）监管州际和国际通信；联邦能源监管委员会（FERC）监管特定州际能源市场及输送。一个行业的联邦监管机关、法院管辖权，以及州法是否被排除，是不同问题。
EN: State law is central to contracts, torts, property/zoning, family law, probate, wills/trusts, licensing and entity governance. Under the internal affairs doctrine, corporate relationships among the entity, directors and shareholders generally follow the law of the state of incorporation.
中文： 州法在合同、侵权、财产与分区规划、家庭法、遗产认证、遗嘱与信托、许可及实体治理方面具有核心地位。根据内部事务原则（internal affairs doctrine），公司实体、董事和股东之间的公司关系，通常适用公司注册成立州的法律。
EN: Federal and state authority overlap in tax, labor, discrimination, environment, finance, crime and health. Federal rules sometimes establish a floor permitting stronger state protection, but that result depends on the statute and preemption rules.
中文： 联邦与州的权限在税收、劳动、歧视、环境、金融、犯罪及健康领域有所重叠。联邦规则有时只设定最低保护标准（regulatory floor），允许州提供更强保护，但是否如此取决于有关法律及联邦法优先排除规则。
EN: The Fair Labor Standards Act (FLSA) sets minimum-wage, overtime, recordkeeping and child-labor rules for covered employment. The Occupational Safety and Health Act (OSH Act) addresses workplace hazards; OSHA is the Occupational Safety and Health Administration enforcing federal workplace-safety requirements. A wage claim and an unsafe-workplace complaint therefore invoke different rules.
中文： 《公平劳动标准法》（Fair Labor Standards Act，FLSA）为受其覆盖的雇佣关系制定最低工资、加班、记录保存和童工规则。《职业安全与健康法》（Occupational Safety and Health Act，OSH Act）处理工作场所危险；职业安全与健康管理局（OSHA）负责执行联邦工作场所安全要求。因此，工资请求和工作场所不安全的投诉，援引的是不同规则。 劳工部说明
EN: Title VII of the Civil Rights Act prohibits covered employment discrimination based on race, color, religion, sex and national origin. The Americans with Disabilities Act (ADA) protects qualified people with disabilities and may require reasonable accommodation. The Age Discrimination in Employment Act (ADEA) protects people aged 40 or older from prohibited age discrimination. Employer coverage and exceptions must be assessed under the particular statute.
中文： 《民权法》第七编（Title VII）禁止其覆盖范围内基于种族、肤色、宗教、性别和原籍背景（national origin）的就业歧视。《美国残疾人法》（Americans with Disabilities Act，ADA）保护符合条件的残疾人，并可能要求提供合理便利。《就业年龄歧视法》（Age Discrimination in Employment Act，ADEA）保护 40 岁及以上人员免受法律禁止的年龄歧视。雇主是否受其覆盖以及适用哪些例外，须根据具体法律判断。 EEOC 法律说明
EN: The Clean Air Act (CAA) addresses air pollution; the Clean Water Act (CWA) regulates pollutant discharges and water-quality protection; the Resource Conservation and Recovery Act (RCRA) governs solid and hazardous waste. CARB, the California Air Resources Board, administers California air-quality programs. A factory may need to examine emissions, wastewater and waste-handling duties separately.
中文： 《清洁空气法》（Clean Air Act，CAA）处理空气污染；《清洁水法》（Clean Water Act，CWA）规范污染物排放和水质保护；《资源保护与回收法》（Resource Conservation and Recovery Act，RCRA）管理固体及危险废物。加州空气资源委员会（CARB）负责实施加州空气质量计划。工厂可能需要分别检查废气排放、废水及废物处理义务。
EN: OCC supervises national banks; FDIC administers federal deposit insurance and supervises specified banks; the Federal Reserve performs central-bank and financial-supervision functions. SEC regulates securities markets, while CFTC regulates covered derivatives markets, including futures and swaps. The product and institution determine the applicable regulator.
中文： 货币监理署（OCC）监管国民银行；联邦存款保险公司（FDIC）管理联邦存款保险并监管特定银行；联邦储备体系（Federal Reserve）履行中央银行与金融监管职能。证券交易委员会（SEC）监管证券市场，商品期货交易委员会（CFTC）则监管其覆盖的衍生品市场，包括期货和互换。适用哪个监管机关，取决于产品及机构类型。 CFTC 说明
EN: State-chartered banks operate under state charters alongside applicable federal requirements. Usury laws restrict excessive interest subject to coverage and preemption rules. Blue-sky laws regulate securities offerings and fraud at state level; federal securities regulation does not make every state requirement disappear.
中文： 州特许银行依州授予的特许经营资格开展业务，同时遵守适用的联邦要求。反高利贷法（usury laws）限制过高利率，具体取决于适用范围及联邦法优先排除规则。蓝天法（blue-sky laws）在州一级规范证券发行与欺诈；联邦证券监管不会使所有州级要求都失效。
EN: The Affordable Care Act (ACA) reforms health-insurance access and protections. Medicare is federal health insurance principally for people aged 65 or older and certain younger eligible people; Medicaid is jointly funded by federal and state governments for eligible people with limited resources. FDA regulates products including drugs. HIPAA health-information rules apply to covered entities and business associates, not automatically to every business holding health-related data.
中文： 《平价医疗法案》（Affordable Care Act，ACA）改革了医疗保险的获取条件与相关保障。联邦医疗保险（Medicare）主要面向 65 岁及以上人员，以及某些符合条件的较年轻人员；医疗补助计划（Medicaid）由联邦和州政府共同出资，面向符合条件、经济资源有限的人员。食品药品监督管理局（FDA）监管包括药品在内的产品。HIPAA 健康信息规则适用于受其覆盖的实体及业务伙伴，并不会自动适用于所有持有健康相关数据的企业。 HHS 医保说明、HIPAA 适用主体
EN: Antitrust law protects competition. The Sherman Act addresses restraints of trade and monopolization; the Clayton Act addresses specified practices and mergers that may substantially reduce competition; the FTC Act prohibits unfair methods of competition and unfair or deceptive acts or practices. Competitor agreements, acquisitions and misleading business conduct raise different statutory questions.
中文： 反垄断法（antitrust law）保护竞争。《谢尔曼法》（Sherman Act）处理限制贸易与垄断化行为；《克莱顿法》（Clayton Act）处理特定商业行为及可能实质减少竞争的并购；《联邦贸易委员会法》（FTC Act）禁止不公平竞争方式，以及不公平或欺骗性的行为或做法。竞争者协议、收购及误导性商业行为，分别引出不同的制定法问题。 FTC 执法权限说明
EN: Conduct may violate both federal and state criminal law. Because those offenses derive from different sovereigns, the federal Double Jeopardy Clause does not itself bar successive federal and state prosecutions; additional laws or policies may restrict them. This doctrine concerns the source of each offense, not merely the location of the two courts.
中文： 同一行为可能同时违反联邦和州刑法。由于这些犯罪规定来自不同主权主体，联邦宪法的禁止双重危险条款（Double Jeopardy Clause）本身并不禁止先后进行联邦和州级追诉；其他法律或政策可能对此加以限制。该原则关注每项犯罪规定的权力来源，而不只是两个法院所在的位置。 Gamble 判决
EN: Courts assess whether government action conflicts with superior law, including the Constitution. Marbury is the foundational federal judicial-review case; a judicial ruling applies through the court's lawful jurisdiction and a justiciable dispute.
中文： 法院判断政府行为是否违反包括宪法在内的更高位阶法律。Marbury 案是联邦司法审查（judicial review）的奠基性案件；法院须在合法管辖权限内，就可以由司法处理的争议作出裁判。
EN: Jurisdiction asks whether a court has power to hear a dispute; governing law asks which substantive rules decide the parties' rights. Federal courts can apply state substantive law, so the court's identity does not by itself answer the choice-of-law question.
中文： 管辖权（jurisdiction）关注法院是否有权审理争议；准据法（governing law）关注由哪些实体规则决定当事人的权利。联邦法院可以适用州实体法，因此，仅凭法院属于哪个体系，不能回答法律选择问题。
EN: Federal courts may hear qualifying civil actions arising under the Constitution, federal statutes or treaties. They are courts of limited jurisdiction; a statutory or constitutional jurisdictional basis is required.
中文： 联邦法院可以审理基于宪法、联邦制定法或条约而产生、且符合条件的民事诉讼。联邦法院的管辖权有限，必须具有制定法或宪法上的管辖依据。
EN: Ordinary diversity jurisdiction generally requires complete diversity between opposing parties and an amount in controversy exceeding $75,000, excluding interest and costs. Complete diversity means no plaintiff shares state citizenship with any defendant.
中文： 普通的异州籍管辖权（diversity jurisdiction）通常要求对立双方完全州籍不同，且争议金额超过 75,000 美元，不含利息和诉讼费用。完全州籍不同，是指任何原告都不与任何被告具有相同州籍。
EN: The general path is district court → court of appeals → possible Supreme Court review. The course identifies 94 judicial districts, 13 courts of appeals and nine Supreme Court Justices; appeals include 11 regional circuits, D.C. Circuit and the subject-specific Federal Circuit.
中文： 一般路径是联邦地区法院 → 联邦上诉法院 → 可能由最高法院复审。课程列出 94 个司法地区、13 所上诉法院和九名最高法院大法官；上诉法院包括 11 个区域巡回上诉法院、哥伦比亚特区巡回上诉法院，以及按特定事项划分管辖权的联邦巡回上诉法院。
EN: Trial develops the evidentiary record and resolves the dispute. In a jury trial, the judge generally decides law and the jury finds facts; in a bench trial, the judge also determines facts.
中文： 审判形成证据记录并解决争议。在陪审团审判（jury trial）中，法官通常决定法律问题，陪审团认定事实；在无陪审团审判（bench trial）中，法官也负责认定事实。
EN: Appeals ordinarily review the existing record rather than retry the case. De novo review reconsiders a legal question without deference; clear-error review gives greater deference to a trial judge's factual findings; abuse-of-discretion review asks whether a discretionary decision exceeded lawful bounds. Three-judge panels are typical in federal appeals.
中文： 上诉通常审查已有记录，而非重新审判案件。重新审查（de novo review）重新判断法律问题，不对原判断给予尊重；明显错误审查（clear-error review）对一审法官的事实认定给予更多尊重；滥用裁量权审查（abuse-of-discretion review）判断裁量决定是否超出法律边界。联邦上诉通常由三名法官组成合议庭审理。 上诉判决中的标准说明
EN: A petition for certiorari asks the Supreme Court to exercise discretionary review; four Justices must agree to grant review. Conflicting appellate interpretations and significant federal issues can support review, but filing a petition does not guarantee acceptance.
中文： 调卷复审申请（petition for certiorari）请求最高法院行使酌情复审权；需要四名大法官同意才会受理。上诉法院之间相互冲突的法律解释和重要联邦问题，可以成为受理理由，但提交申请并不保证获准。
EN: Article III federal judges hold office during good Behaviour, without a fixed term. State selection and tenure vary. State systems may include general trial, limited/specialized, intermediate appellate and highest courts; New York's Court of Appeals is its highest court, while its Supreme Court is mainly a trial court.
中文： 宪法第三条下的联邦法官在行为良好期间（good Behaviour）持续任职，没有固定任期。各州的法官遴选方式和任期安排不同。州法院体系可能包括一般初审法院、有限管辖或专门法院、中级上诉法院及最高层级法院；纽约州的 Court of Appeals 是该州最高法院，而 Supreme Court 主要是初审法院。
EN: States may provide broader rights than federal constitutional guarantees, including privacy, education and search protections. State constitutions often contain detailed fiscal and institutional rules and use varying amendment procedures, sometimes including initiatives or referendums.
中文： 各州可以提供比联邦宪法保障更广泛的权利，包括隐私、教育和搜查方面的保护。州宪法通常包含详细的财政与机构规则，并采用不同的修宪程序，有时包括公民提案或公民投票。
EN: A sufficient state-law ground that does not depend on federal law can sustain a judgment regardless of the federal issue, limiting Supreme Court review of that judgment. Michigan v. Long concerns identifying genuine independence; simply mentioning a state constitution is insufficient.
中文： 充分且独立于联邦法的州法依据（adequate and independent state ground），可以不受联邦问题结论的影响而支持判决，从而限制最高法院对该判决的审查。Michigan v. Long 案涉及如何识别这种真实的独立性；仅提到州宪法并不足够。
EN: Due process limits government deprivation of life, liberty or property, including requirements of fair procedures such as appropriate notice and an opportunity to be heard. Equal protection asks whether government classifications unjustifiably treat people differently. Incorporation applies most Bill of Rights protections to states through the Fourteenth Amendment.
中文： 正当程序（due process）限制政府对生命、自由或财产的剥夺，包括要求提供适当通知和陈述意见的机会等公平程序。平等保护（equal protection）审查政府分类是否在没有正当理由的情况下区别对待人们。权利吸收适用（incorporation）通过第十四修正案，将《权利法案》的大部分保障适用于各州。
EN: Forty-nine states have bicameral legislatures; Nebraska is unicameral and officially nonpartisan. Reynolds v. Sims requires population-based state legislative representation. Full-time professional and part-time citizen legislatures differ in working arrangements.
中文： 四十九个州采用两院制立法机关；内布拉斯加州采用一院制，正式制度上不按党派组织。Reynolds v. Sims 案要求州立法机关的代表名额以人口为基础分配。全职职业化议会与兼职公民议会，在工作安排上有所不同。
EN: State attorneys general represent the state, advise agencies and enforce laws, sometimes in multistate coalitions; their advisory opinions are not uniformly binding. State APAs govern agency procedures; licensing bodies and public utility commissions (PUCs) regulate professions and utilities under state law.
中文： 州司法部长（state attorney general）代表州参与法律事务、向机关提供意见并执行法律，有时会与其他州联合行动；其咨询意见并非一律具有约束力。州行政程序法规范行政机关程序；许可机构和公用事业委员会（public utility commissions，PUCs）依州法分别监管专业职业和公用事业。
EN: Common law developed through English judicial practice, especially the consolidation of law after 1066. Rules evolve through decisions in concrete disputes; modern common-law systems also rely extensively on legislation.
中文： 普通法（common law）形成于英国司法实践，尤其是 1066 年之后的法律统一过程。规则通过具体争议中的判决逐渐发展；现代普通法体系也广泛依赖立法。
EN: The civil-law tradition organizes major rules through systematic codes, drawing historically on Roman law and later codification, including the Napoleonic tradition. Judges interpret and apply codes; the contrast with common law is a tendency, not an absolute divide.
中文： 大陆法传统（civil-law tradition）通过系统化法典组织主要规则，其历史源于罗马法及后来的法典编纂，包括拿破仑法典传统。法官解释并适用法典；它与普通法之间的差异体现为倾向，而非绝对界限。
EN: “Civil law” can mean a legal tradition or noncriminal law, depending on context. Customary law draws on recognized practices; religious law draws on religious norms; mixed systems combine traditions. A country's map label does not describe every legal field uniformly.
中文： “Civil law”可以指一种法系传统，也可以指非刑事法律，具体取决于语境。习惯法源于获得认可的惯例；宗教法源于宗教规范；混合法系则结合多种传统。地图上为一个国家标注的法系，并不能统一描述该国每个法律领域。
EN: Case law consists of rules expressed in judgments. A precedent guides later decisions; a case on point addresses materially similar facts and issues. Useful analogy depends on legally significant similarities, not merely matching names or industries.
中文： 判例法（case law）由判决所表达的规则组成。先例（precedent）指导后来的裁判；直接相关案例（case on point）处理实质相似的事实和争点。有意义的类比取决于具有法律意义的相似性，而非仅仅名称或行业相同。
EN: Courts generally follow applicable precedent; lower courts must follow controlling higher-court rules. Precedent supports predictability and consistent treatment while allowing authorized courts to revise rules in appropriate cases.
中文： 法院通常遵循适用的先例；下级法院必须遵循上级法院具有约束力的规则。遵循先例（stare decisis）有助于提高可预测性并保持处理的一致性，同时允许具有相应权限的法院在适当案件中修正规则。
EN: A holding is a legal determination necessary to the result; dicta are statements unnecessary to that result. The holding identifies the operative precedent, while dicta may still offer persuasive reasoning.
中文： 裁判要旨（holding）是得出判决结果所必需的法律判断；附带意见（dicta）则是对该结果并非必要的表述。裁判要旨确定实际发挥作用的先例规则，而附带意见仍可能提供有说服力的论证。
EN: A majority opinion states reasoning supported by a majority; a concurrence agrees with the outcome but may use different reasoning; a dissent disagrees with the result or part of it. Agreement on judgment does not always produce one majority rationale.
中文： 多数意见（majority opinion）陈述获得多数支持的理由；协同意见（concurrence）赞同结果，但可能采用不同论证；异议意见（dissent）反对全部或部分结果。对判决结果达成一致，并不总能形成一套获得多数支持的理由。
EN: Distinguishing shows that material differences make an existing rule inapplicable; overruling rejects an earlier rule through a court with authority to do so. Wayfair illustrates overruling the physical-presence rule.
中文： 区分先例（distinguishing）说明重要差异使既有规则不适用于当前情形；推翻先例（overruling）则由有权这样做的法院否定先前规则。Wayfair 案体现了对实体存在规则的推翻。
EN: Induction develops general propositions from cases; deduction applies a general rule to facts; analogy compares legally important similarities and differences. Both common-law and civil-law reasoning can use all three.
中文： 归纳（induction）从案例中概括一般命题；演绎（deduction）将一般规则用于事实；类比（analogy）比较具有法律意义的相同点与不同点。普通法和大陆法的推理都可以使用这三种方法。
EN: Adversarial procedure emphasizes party presentation of claims and evidence; inquisitorial procedure gives the judge a more active investigative role. Actual legal systems combine features, and jury use varies by case type.
中文： 对抗式程序（adversarial procedure）强调由当事人提出请求和证据；职权探知式程序（inquisitorial procedure）赋予法官更积极的调查角色。现实中的法律体系会结合不同特征，是否使用陪审团也因案件类型而异。
EN: Issue identifies the legal question; Rule states the governing standard; Application connects each relevant fact to that standard; Conclusion answers the issue with any necessary qualifications.
中文： 争点（Issue）明确需要解决的法律问题；规则（Rule）陈述适用标准；适用（Application）将每项相关事实与该标准联系起来；结论（Conclusion）回答争点，并加入必要的限定。
EN: NFIB v. Sebelius (2012) distinguished regulating existing commerce from compelling uninsured individuals to buy insurance under the asserted Commerce Clause theory. The required payment nevertheless survived as a tax; the relevant constitutional authority must be tested separately.
中文： NFIB v. Sebelius（2012） 案针对所主张的商业条款依据，区分了监管既有商业活动与强迫未投保者购买保险。不过，所要求支付的款项仍作为税款获得维持；相关宪法权限需要分别检验。
EN: Congress may consider the aggregate interstate effects of a regulated class of economic activity. Wickard involved wheat grown for home consumption; Raich involved locally grown marijuana within a comprehensive federal drug-control scheme. Small or local conduct can therefore fall within a broader federal regulatory program; NFIB distinguished compelling a person to begin an activity.
中文： 国会可以考虑受监管的某类经济活动对州际商业产生的累积影响（aggregate effects）。Wickard 案涉及为自用而种植的小麦；Raich 案涉及联邦综合毒品管制制度下在本地种植的大麻。因此，小规模或本地行为也可能纳入更广泛的联邦监管计划；NFIB 案则区分了强迫某人开始一项活动的情形。 Wickard 判决、Raich 判决
EN: A state's sales-tax collection requirement can rest on sufficient economic connections, even without a store, warehouse or employee in the state. South Dakota v. Wayfair (2018) overruled the physical-presence requirement associated with Quill and Bellas Hess.
中文： 即使卖方在某州没有商店、仓库或雇员，该州也可以基于充分的经济联系（economic nexus），要求其代征销售税。South Dakota v. Wayfair（2018） 案推翻了与 Quill 和 Bellas Hess 案有关的实体存在要求（physical-presence requirement）。
EN: The test asks whether the taxed activity has a substantial nexus with the state, whether the tax is fairly apportioned, whether it does not discriminate against interstate commerce, and whether it is fairly related to services provided by the state.
中文： 该测试审查：被征税活动与该州是否具有实质联系；税款是否公平分摊；是否不歧视州际商业；以及税收是否与州提供的服务具有合理关系。
EN: The historical South Dakota statute applied when sales into the state exceeded $100,000 or reached 200 separate transactions in the current or preceding calendar year. It applied prospectively. The Streamlined Sales and Use Tax Agreement (SSUTA) reduced administrative burdens through state-level administration, more uniform definitions and tax-compliance software. These features supported the Court's reasoning without becoming nationwide constitutional thresholds.
中文： 当时南达科他州法律适用于在本日历年度或上一日历年度向该州销售额超过 100,000 美元，或达到 200 笔独立交易的卖方。该法律仅向未来适用。《销售与使用税简化协议》（Streamlined Sales and Use Tax Agreement，SSUTA）通过州级统一管理、更统一的定义及税务合规软件，减少行政负担。这些特点支持了法院的论证，但并未成为全国统一的宪法门槛。 2016 年 SB 106
EN: State marketplace-facilitator statutes can allocate sales-tax collection and remittance duties to platforms facilitating third-party sales. Compliance may require monitoring destination-state rules, taxability and thresholds; the duty derives from applicable legislation, not merely from a company's platform label.
中文： 州有关平台代征税义务的法律（marketplace-facilitator statutes）可以将销售税代征和缴纳义务分配给协助第三方销售的平台。合规可能要求持续关注销售目的州的规则、交易是否应税及相关门槛；义务源于适用法律，而不仅仅因为企业被称为平台。
EN: Even without congressional legislation on a specific matter, states face constitutional limits on discriminatory burdens against interstate commerce. Favoring local economic interests over out-of-state competitors presents a core concern.
中文： 即使国会未就某一具体事项立法，各州对州际商业施加歧视性负担时，仍受到宪法限制。优待本地经济利益、使州外竞争者处于不利地位，是经济保护主义（economic protectionism）的核心问题。
EN: An evenhanded rule with incidental interstate effects may be invalid if the burden on interstate commerce is clearly excessive relative to its putative local benefits. Increased business costs alone do not automatically establish that constitutional standard.
中文： 一视同仁、但对州际商业产生附带影响的规则，如果其州际商业负担相较于所主张的本地收益明显过重，就可能无效。企业成本增加本身并不自动满足这一宪法判断标准。
EN: National Pork Producers Council v. Ross (2023) rejected the claim that out-of-state economic effects alone invalidate a nondiscriminatory in-state sales rule. Proposition 12 generally bars California sales of covered whole pork from breeding pigs, or their immediate offspring, raised under prohibited confinement; one standard requires at least 24 square feet of usable space per breeding pig. Large-market access can reshape suppliers' practices, but nondiscrimination does not immunize every rule from challenge.
中文： National Pork Producers Council v. Ross（2023） 案否定了如下主张：仅有州外经济影响，就足以使不歧视的州内销售规则无效。第 12 号提案通常禁止在加州销售其规定范围内、来自以禁止的方式圈养的种猪或其直接后代的整块猪肉；其中一项标准要求每头种猪至少拥有 24 平方英尺的可用空间。进入大市场的条件可以改变供应商的做法，但不歧视并不意味着每项规则都免于法律挑战。 判决
EN: ESG groups environmental, social and governance concerns, including animal welfare and labor conditions. A firm facing different destination-market standards may maintain separate, traceable production streams or adopt the stricter standard across its operations. These are compliance choices whose suitability depends on costs, traceability and applicable sales rules.
中文： ESG 将环境、社会和治理方面的议题归为一组，包括动物福利和劳动条件。面对不同销售目的地市场的标准，企业可以维持分开且可追溯的生产流程，也可以在全部经营活动中采用更严格的标准。这些都是合规选择，是否合适取决于成本、可追溯性及适用的销售规则。
EN: Arbitration submits an agreed dispute to an arbitrator for a decision instead of ordinary court adjudication. The Federal Arbitration Act (FAA) supports enforcement of covered written arbitration agreements, while preserving generally applicable contract defenses such as fraud or duress; a rule cannot single out arbitration for disfavored treatment. Bilateral arbitration resolves the contracting parties' dispute rather than automatically incorporating others' claims.
中文： 仲裁（arbitration）将约定的争议提交仲裁员作出决定，而非通过通常的法院审理。《联邦仲裁法》（Federal Arbitration Act，FAA）支持执行其覆盖的书面仲裁协议，同时保留欺诈、胁迫等普遍适用的合同抗辩；规则不得单独对仲裁给予不利待遇。双方仲裁（bilateral arbitration）解决合同双方的争议，并不会自动纳入他人的请求。 9 U.S.C. §2
EN: California's Private Attorneys General Act (PAGA) permits qualifying employees to seek state civil penalties for labor violations. Individual claims concern violations suffered by the claimant; non-individual claims concern violations involving other employees.
中文： 加州 《私人检察总长法》（Private Attorneys General Act，PAGA）允许符合条件的雇员就劳动违法行为追索州级民事罚款。个别请求涉及请求人自身遭受的违法待遇；非个别请求涉及其他雇员所遭受的违法待遇。
EN: Standing is the legally required entitlement to bring a claim; here it concerns PAGA's statutory claimant requirements. Viking River v. Moriana (2022) held that the FAA preempts the rule preventing separation of individual PAGA claims for arbitration. Adolph v. Uber (2023) later held that individual arbitration does not itself eliminate standing to pursue non-individual claims in court.
中文： 诉讼资格（standing）是法律要求的提出请求的资格；此处指 PAGA 对请求人的法定要求。Viking River v. Moriana（2022） 案认定，禁止将个别 PAGA 请求分离出来进行仲裁的规则，被 FAA 优先排除。此后的 Adolph v. Uber（2023） 案认定，个别请求进入仲裁，本身不会消除请求人在法院继续提出非个别请求的诉讼资格。 Adolph 判决
EN: Severability determines whether valid contractual terms remain effective when another term fails; bifurcation separates claims or issues for different treatment. A waiver seeks to relinquish specified procedural rights; its enforceability requires separate analysis.
中文： 可分割性（severability）决定某一合同条款失效时，其他有效条款是否继续生效；分拆审理（bifurcation）将请求或争点分开处理。权利放弃条款（waiver）旨在放弃特定程序权利，其可执行性需要单独分析。
EN: The First Amendment constrains government restrictions on expression; it does not ordinarily require a private platform to publish every user's speech. Compelled speech arises when government requires a speaker to convey a prescribed message or carry others' expression. Protection can therefore include both speaking and declining to express a message.
中文： 第一修正案约束政府对表达的限制，通常并不要求私人平台发布每个用户的言论。政府要求说话者传达指定信息或承载他人表达时，就涉及强制表达（compelled speech）。因此，受保护的内容既可以包括表达，也可以包括拒绝传达某种信息。 Moody 判决
EN: Content-based rules turn on the subject or message expressed; content-neutral rules regulate for reasons unrelated to suppressing expression but may incidentally burden speech. Labels such as “business regulation” or “ownership rule” do not settle the constitutional analysis.
中文： 基于内容的规则（content-based rules）取决于表达的主题或信息；内容中立的规则（content-neutral rules）出于与压制表达无关的理由进行监管，但可能附带增加言论负担。“商业监管”或“所有权规则”等名称，并不能决定宪法分析的结论。
EN: Strict scrutiny generally requires a compelling governmental interest and a measure narrowly tailored to that interest. For content-based speech restrictions, a less speech-restrictive alternative that would adequately achieve the interest can defeat the restriction. Narrow tailoring examines the fit between the actual problem and the measure's scope.
中文： 严格审查（strict scrutiny）通常要求存在极为重要的政府利益（compelling governmental interest），且措施针对该利益作出严格限缩（narrowly tailored）。对于基于内容的言论限制，如果有对言论限制更小、又能充分实现该利益的替代方案，原限制就可能无法成立。严格限缩审查实际问题与措施范围之间是否相称。
EN: Intermediate scrutiny requires meaningful justification and fit, generally involving an important or substantial interest. Its precise formulation depends on the doctrine; it is less demanding than strict scrutiny but is not automatic approval.
中文： 中度审查（intermediate scrutiny）要求充分的正当理由以及手段与目的之间的适当联系，通常涉及重要或实质性的利益。具体标准因所适用的法律原则而异；它比严格审查要求低，但不意味着自动认可措施。
EN: For the relevant category of incidental speech regulation, the government must act within constitutional power, advance an important or substantial interest, pursue an interest unrelated to suppressing expression, and limit incidental speech restrictions to no more than essential to that interest.
中文： 对于相关类别的附带言论监管，政府必须在宪法权限内行事，促进重要或实质性的利益，所追求的利益与压制表达无关，并将附带言论限制控制在实现该利益不可缺少的程度以内。 O'Brien 判决
EN: Certain compelled disclosures of purely factual, uncontroversial commercial information receive a less demanding test. The original case concerned preventing consumer deception; unjustified or unduly burdensome disclosures remain constitutionally problematic.
中文： 对纯粹事实性、无争议的商业信息施加某些强制披露（compelled disclosures）要求时，适用较低强度的审查。最初的案件涉及防止消费者受骗；缺乏正当理由或负担过重的披露要求，仍存在宪法问题。 Zauderer 判决
EN: NIFLA v. Becerra (2018) concerned licensed pregnancy centers' required notices of state-supported services, including abortion, and unlicensed centers' licensing-status notices, potentially in up to 13 languages. The Court found likely First Amendment violations and reversed and remanded at the preliminary-injunction stage. It rejected a general low-protection “professional speech” category while recognizing that certain factual commercial disclosures and regulation of professional conduct may be treated differently.
中文： NIFLA v. Becerra（2018） 案涉及要求持牌妊娠服务中心告知州支持的服务，包括堕胎，以及要求无牌中心告知其许可状态，通知可能需要使用最多 13 种语言。法院认为这些要求很可能违反第一修正案，并在初步禁令阶段撤销原裁判、发回重审。法院否定了把“专业言论”整体划为较低保护类别的做法，同时承认某些事实性商业披露和专业行为监管可以受到不同处理。 NIFLA 判决
EN: Selecting, organizing and presenting third-party speech can constitute protected expression, including choices implemented through algorithms. Miami Herald v. Tornillo rejected compelled newspaper publication of a political candidate's reply; PG&E concerned compelled inclusion of another group's message in a utility's billing envelopes. Both illustrate why distributing others' words can implicate the distributor's editorial freedom.
中文： 选择、组织和呈现第三方言论，可以构成受保护的表达，其中也包括通过算法实施的选择。Miami Herald v. Tornillo 案否定了强迫报纸刊登政治候选人答复的要求；PG&E 案涉及要求公用事业企业在账单信封内附上另一团体的信息。两案都说明，传播他人的文字为何可能涉及传播者的编辑自由（editorial freedom）。 Moody 对相关先例的分析
EN: The concept concerns entities offering transport or transmission services to the public under duties such as serving customers without unlawful discrimination. Calling a platform a common carrier does not by itself remove First Amendment protection from its expressive editorial choices.
中文： 公共承运人（common carrier）指向公众提供运输或传输服务、并承担不得非法歧视客户等义务的实体。将平台称为公共承运人，本身并不会使其具有表达性质的编辑选择失去第一修正案保护。
EN: A facial challenge attacks a law across its applications; an as-applied challenge addresses its application to the particular claimant. Moody v. NetChoice (2024) vacated and remanded because the courts had not adequately examined the full range of covered functions.
中文： 针对法律本身的挑战（facial challenge）针对法律在其各类适用情形中的效力；针对具体适用的挑战（as-applied challenge）针对法律对特定请求人的适用。Moody v. NetChoice（2024） 案撤销原裁判并发回，因为下级法院没有充分考察法律所覆盖的全部功能。 Moody 判决
EN: A duty to explain every removal, alteration or demotion can independently burden expression. Curated feeds, direct messages, reviews and AI outputs are not automatically governed by identical factual or constitutional analysis.
中文： 要求对每一次删除、修改或降低展示优先级作出解释的义务，本身就可能对表达造成负担。经过筛选编排的信息流、私信、评论和人工智能输出，并不自动适用完全相同的事实分析或宪法分析。
EN: The Fifth Amendment requires public use and just compensation for a taking of private property. Public use includes a genuine public purpose, not merely a private benefit; just compensation ordinarily uses the taken property's fair market value, with qualifications when that measure is unavailable or inadequate under governing law. A taking can concern a specific property right without transferring the owner's entire title.
中文： 第五修正案要求，征收私人财产须符合公共用途（public use），并给予公正补偿（just compensation）。公共用途包括真实的公共目的，而不只是私人获益；公正补偿通常以被征收财产的公平市场价值为准，但依据适用法律，该计量方法无法采用或不足以适当补偿时，另有相应限定。征收可以只涉及某项具体财产权，而不转移所有人的完整所有权。 公共用途判决、补偿标准判决
EN: Ownership includes an important right to exclude others. An easement is a limited right to use or access another's land without owning it, such as a right of way. Government-created recurring access can appropriate an analogous property interest even if entry is temporary or intermittent.
中文： 所有权包括重要的排除他人进入的权利（right to exclude）。地役权（easement）是在不取得他人土地所有权的情况下，有限使用或进入该土地的权利，例如通行权。即使进入是临时或间歇性的，政府设立反复进入权，也可能构成对类似财产权益的征用。
EN: Cedar Point Nursery v. Hassid (2021) treated a regulation granting union organizers access to closed private land for up to three hours daily, 120 days yearly, as a physical taking. Per se means that appropriation of the access right triggers the physical-takings rule, without balancing it away under Penn Central merely because the occupation is intermittent.
中文： Cedar Point Nursery v. Hassid（2021） 案将一项允许工会组织者进入不对外开放的私人土地、每天最多三小时、每年最多 120 天的规则，认定为实体征收。直接认定（per se）意味着取得进入权即触发实体征收规则，不能仅因占用具有间歇性，就通过 Penn Central 衡量排除其征收性质。 Cedar Point 判决
EN: Isolated trespasses without a granted access right are ordinarily torts; traditional necessity or lawful-search privileges may already limit ownership. Regulation of premises already open to the public differs from compelled access to closed land. Access required as a condition of a government benefit, such as reasonable safety inspections linked to a license, also receives its own constitutional analysis.
中文： 未授予进入权的个别的非法侵入行为，通常属于侵权；传统的紧急必要情形或合法搜查权限，本身就可能限制所有权。监管已向公众开放的场所，不同于强制进入不对外开放的土地。将进入作为获取政府利益的条件，例如与许可证相联系的合理安全检查，也须接受其相应的宪法分析。 Cedar Point 判决 pp.17–20
EN: Regulatory takings concern restrictions on property use without the physical appropriation analyzed above. The Penn Central inquiry considers economic impact, interference with distinct investment-backed expectations, and the character of government action.
中文： 管制性征收（regulatory taking）涉及对财产使用的限制，而不存在上文分析的实体占有。Penn Central 审查考虑经济影响、对明确的投资支持预期的干扰，以及政府行为的性质。 Penn Central 判决
EN: Tyler v. Hennepin County (2023) involved a $40,000 property sale against a $15,000 tax-related debt, leaving $25,000 in surplus. The owner stated a plausible takings claim concerning that surplus; the government’s power to collect debt did not automatically entitle it to the excess.
中文： Tyler v. Hennepin County（2023） 案涉及以 40,000 美元出售房产，用于清偿 15,000 美元的税务相关债务，产生 25,000 美元剩余价值。所有人就这部分剩余价值提出了具有合理依据的征收请求；政府追收债务的权力，并不自动使其有权保留超出债务的部分。
EN: A decision that a claim may proceed rejects premature dismissal; it does not necessarily resolve all factual issues or fix damages. Tyler illustrates why the procedural stage limits the conclusions that can be drawn from a case.
中文： 法院决定请求可以继续审理，意味着否定在过早阶段驳回该请求，并不必然解决所有事实争议或确定赔偿金额。Tyler 案说明，程序阶段会限制从案件中可以得出的结论。
EN: These are distinct legal routes: privacy law regulates data practices, foreign-investment review addresses transaction-related national-security risks, and constitutional speech review assesses restrictions on expression. One platform can face all three without the same legal test controlling them.
中文： 这些是不同的法律路径：隐私法规范数据处理做法，外国投资审查处理与交易有关的国家安全风险，宪法言论审查评估对表达的限制。同一个平台可能同时面对这三种审查，但它们并不由同一套法律标准支配。
EN: COPPA covers child-directed online services and general-audience services with actual knowledge that they collect personal information from children under 13. Subject to specified exceptions, operators must notify parents and obtain verifiable parental consent before collection. Age gating identifies users' ages to apply appropriate safeguards. The 2019 Musical.ly settlement included a $5.7 million civil penalty and deletion obligations; a consent decree places agreed obligations in a court order.
中文： COPPA 覆盖面向儿童的在线服务，以及实际知道自己正在收集未满 13 岁儿童个人信息的面向一般受众的服务。除规定的例外外，运营者必须在收集前通知家长，并取得可验证的家长同意。年龄识别机制（age gating）用于确定用户年龄，以适用相应保护措施。2019 年 Musical.ly 和解包括 570 万美元民事罚款和删除义务；同意判决（consent decree）将双方同意的义务纳入法院命令。 FTC 案件说明
EN: The Committee on Foreign Investment in the United States (CFIUS) reviews covered foreign investments for national-security risks, including qualifying transactions not previously notified to it. Closing an acquisition does not itself prevent later review. Divestiture sells or separates ownership interests, assets or a business to address control-related risks; the course example is review of ByteDance's completed Musical.ly acquisition.
中文： 美国外国投资委员会（Committee on Foreign Investment in the United States，CFIUS）审查受其覆盖外国投资的国家安全风险，包括符合条件但此前未向其申报的交易。完成收购本身并不阻止后续审查。剥离（divestiture）通过出售或分离所有权权益、资产或业务，处理与控制权有关的风险；课程例子是对字节跳动已经完成的 Musical.ly 收购进行审查。 CFIUS 说明
EN: The International Emergency Economic Powers Act (IEEPA) authorizes specified economic powers after a declared national emergency concerning an unusual and extraordinary threat, originating wholly or substantially abroad, to U.S. national security, foreign policy or the economy. Measures must address the declared threat and remain within statutory and constitutional limits. The 2020 TikTok/WeChat orders invoked this delegated authority.
中文： 《国际紧急经济权力法》（International Emergency Economic Powers Act，IEEPA）规定：针对完全或主要源自国外、危及美国国家安全、外交政策或经济的异常且特别的威胁，在宣布国家紧急状态后，可以行使特定经济权限。措施必须针对所宣布的威胁，并遵守制定法和宪法限制。2020 年针对 TikTok 和微信的行政命令援引了这一授权。 50 U.S.C. §1701
EN: IEEPA §1702(b)(1) excludes personal communications not involving a transfer of anything of value. Section (b)(3), associated with the Berman Amendment, protects import/export of information and informational materials regardless of commercial character or transmission medium, subject to specified export-control and related exclusions. These carve-outs limit direct and indirect uses of IEEPA power.
中文： IEEPA 第 1702(b)(1) 条排除不涉及转移任何有价物的个人通信。与伯曼修正案（Berman Amendment）相关的第 (b)(3) 款保护信息及信息材料的进出口，不因其是否具有商业性质或采用何种传输媒介而改变，但须遵守特定出口管制及相关除外规定。这些排除条款限制直接或间接行使 IEEPA 权力。 50 U.S.C. §1702(b)
EN: App stores distribute and update applications; hosting supplies computing/storage resources; content delivery networks (CDNs) distribute content through geographically dispersed servers. Blocking these services can make a platform unusable even without prohibiting particular posts. The 2020 platform, user and creator lawsuits challenged different links in this infrastructure.
中文： 应用商店分发和更新应用；托管（hosting）提供计算与存储资源；内容分发网络（content delivery networks，CDNs）通过分布在不同地理位置的服务器传输内容。即使不禁止具体帖子，阻断这些服务也可能使平台无法使用。2020 年平台、用户和创作者提起的诉讼，挑战的是这套基础设施的不同环节。
EN: The August 6 orders used a 45-day period before specified Commerce-identified transaction restrictions. The separate August 14 Musical.ly acquisition order relied on Defense Production Act §721, requiring divestiture within 90 days, with a possible extension of up to 30 days on CFIUS conditions. The two clocks arose from different legal powers.
中文： 8 月 6 日的命令规定，经过 45 天后，实施商务部确定的特定交易限制。另行发布的 8 月 14 日 Musical.ly 收购命令依据 《国防生产法》第 721 条，要求在 90 天内剥离，并可根据 CFIUS 条件延长最多 30 天。这两个期限来自不同的法律权限。 13942 号命令、8 月 14 日命令
EN: An injunction orders or prohibits conduct. A federal preliminary injunction generally requires likely success on the merits, likely irreparable harm without relief, favorable balance of equities and consistency with the public interest; it provides interim protection before final resolution.
中文： 禁令（injunction）命令实施或禁止某种行为。联邦初步禁令（preliminary injunction）通常要求申请人在实体问题上可能胜诉、不获救济时可能遭受不可弥补损害、利益衡量对其有利，且符合公共利益；它在案件最终解决前提供临时保护。 Winter 判决
EN: Prior restraint prevents expression before it occurs. By contrast, an injunction against government action restrains officials from implementing a challenged measure. The two concepts may arise in the same speech case but describe different actors and objects.
中文： 事先限制（prior restraint）在表达发生前阻止表达。相比之下，禁止政府行动的禁令阻止官员实施受到挑战的措施。这两个概念可能出现在同一言论案件中，但所描述的行为主体和限制对象不同。
EN: The September 19 WeChat injunction rested on users' likely First Amendment success; the September 27 TikTok app-store injunction and October 30 creators' hosting-related injunction relied on likely violations of IEEPA's limits. A measure may therefore fail because it exceeds delegated power, independently of whether its speech effects are ultimately unconstitutional. These were interim orders.
中文： 9 月 19 日的微信禁令以用户在第一修正案问题上可能胜诉为依据；9 月 27 日的 TikTok 应用商店禁令及 10 月 30 日创作者取得的托管相关禁令，则以相关措施可能违反 IEEPA 的权限限制为依据。因此，一项措施可能因超出授权而无法成立，无须取决于其对言论的影响最终是否被认定违宪。这些都是临时命令。
EN: Behavioral measures seek to reduce risk without necessarily changing ownership: separate data storage, access controls, source-code audits and security governance. Project Texas proposed Oracle-based U.S. safeguards; a proposal or investment in safeguards is not equivalent to government approval.
中文： 行为性缓解措施（behavioral mitigation）旨在不必改变所有权的情况下减少风险，包括分开存储数据、访问控制、源代码审计和安全治理。得州计划（Project Texas）提出了依托甲骨文在美国实施保护的方案；提出方案或投资建设保护措施，不等同于取得政府批准。
EN: A source-code audit examines program instructions for security and functional risks. Access controls limit who may obtain or change data and systems; algorithm retraining updates a model using specified data and computing arrangements. These measures address different risks: where data is stored alone does not determine who can access it or influence recommendations.
中文： 源代码审计（source-code audit）检查程序指令中的安全和功能风险。访问控制（access controls）限制谁可以获取或修改数据与系统；算法再训练（algorithm retraining）利用指定的数据和计算安排更新模型。这些措施应对不同风险：仅凭数据存储地点，无法确定谁能访问数据或影响推荐内容。
EN: Rescission withdraws an executive directive. EO 14034 in 2021 revoked the 2020 TikTok/WeChat orders and directed a criteria-based review approach. Withdrawal of those measures removed their operative directives without repealing IEEPA or resolving every possible future restriction on the platforms.
中文： 撤销（rescission）是撤回一项行政指令。2021 年第 14034 号行政命令撤销了 2020 年针对 TikTok 和微信的命令，并要求采用基于明确标准的审查方式。撤回这些措施使其操作性指令失效，但并未废除 IEEPA，也没有解决未来可能针对平台施加的所有限制。
EN: Restrictions on government-owned devices arise from employer and property-management interests; public consumer bans regulate a much wider audience. Campus networks, employee devices and general public access have distinct factual settings and still require appropriate legal authority.
中文： 对政府所有设备的限制，源于政府作为雇主和财产管理者的利益；针对公众消费者的禁令则规范更广泛的群体。校园网络、员工设备与公众的一般访问具有不同事实背景，且仍需要适当的法律授权。
EN: The federal statute and OMB's February 27, 2023 guidance required removal and blocking on covered agency IT, generally within 30 days for the initial agency steps. Limited exceptions cover law enforcement, national security and security research, require approval and risk controls, and cannot be blanket exemptions for an entire agency. These are government-system restrictions rather than a general ban on citizens' personal phones.
中文： 联邦法律及 OMB 于 2023 年 2 月 27 日发布的指引，要求在其覆盖的机关信息技术系统上移除并屏蔽 TikTok，机关的首批措施通常须在 30 天内完成。有限例外涵盖执法、国家安全和安全研究，需要批准与风险控制，不能成为整个机关的全面豁免。这些限制针对政府系统，而非普遍禁止公民在私人手机上使用。 OMB M-23-13
EN: Foreign-affairs preemption limits state intrusions into foreign affairs reserved to the federal government; the Zschernig line addresses such intrusions even without a directly conflicting federal statute. The November 2023 Alario v. Knudsen preliminary injunction blocked SB 419 based on likely constitutional and preemption problems, including suppression of a communication medium and interference with federal foreign-affairs authority.
中文： 外交事务优先排除（foreign-affairs preemption）限制州介入保留给联邦政府的外交事务；以 Zschernig 为代表的判例，即使在没有直接冲突的联邦制定法时，也处理此类介入。2023 年 11 月，Alario v. Knudsen 案的初步禁令阻止了 SB 419 的实施，依据是其可能存在宪法及联邦法优先排除问题，包括压制一种通信媒介，以及干涉联邦外交事务权限。 Alario 禁令裁定
EN: The enacted 2023 text targeted TikTok and mobile app stores: $10,000 for each discrete violation, plus $10,000 for each subsequent day it continues. A discrete violation included a user's access or an offer of access/download. The text excluded users from penalties and provided a defense where the entity could not reasonably know the violation occurred in Montana. The preliminary injunction prevented implementation of the scheduled January 1, 2024 regime.
中文： 2023 年通过的文本针对 TikTok 和移动应用商店：每项独立违法行为罚款 10,000 美元，此后每持续一天，另罚 10,000 美元。独立违法行为包括用户访问，或提供访问、下载机会。文本将用户排除在处罚对象之外，并允许实体在无法合理知悉违法行为发生于蒙大拿州时提出抗辩。初步禁令阻止了原定于 2024 年 1 月 1 日开始实施的这一制度。 SB 419 成法文本
EN: A proposed bill does not acquire statutory force merely through introduction. The 2023 RESTRICT Act proposal sought Commerce Department review, prohibition or mitigation of risky information-and-communications-technology transactions involving foreign adversaries; it did not become law in the 118th Congress. PAFACA became an independent federal statute in 2024, with its own definitions, prohibitions and review route.
中文： 法案提案不会仅因被提出就取得法律效力。2023 年 RESTRICT Act 提案拟授权商务部审查、禁止或缓解涉及外国对手、具有风险的信息与通信技术交易；它在第 118 届国会期间未成为法律。PAFACA 于 2024 年成为独立的联邦法律，具有自己的定义、禁止规定和审查路径。 RESTRICT 提案文本
EN: One PAFACA route covers entities at least 20% owned, directly or indirectly and individually or collectively, by specified foreign-adversary persons. Other domicile and direction/control routes also apply; less than 20% ownership is not an automatic safe harbor.
中文： PAFACA 的一种认定路径覆盖由特定外国对手主体直接或间接、单独或合计持有至少 20% 权益的实体。其他关于住所所在地、指挥或控制的路径也可适用；持股低于 20% 并不自动构成安全港。 成法 §2(g)
EN: The statutory definition requires presidential determinations through an interagency process that foreign-adversary control ends and prohibited operational relationships with formerly affiliated foreign-adversary-controlled entities are precluded, including recommendation-algorithm cooperation or data sharing.
中文： 合格剥离的法定定义要求总统通过跨部门程序作出认定：外国对手控制已经结束，且已排除与先前存在关联、受外国对手控制的实体继续维持被禁止的运营关系，包括推荐算法合作或数据共享。 成法 §2(g)(6)
EN: The 2024 law set a 270-day period: from enactment for the directly named applications, or from the relevant presidential determination for later-designated ones. A one-time extension of up to 90 days requires presidential certification to Congress that a divestiture path exists, significant progress is evidenced, and binding agreements enable completion during the extension. The initial TikTok date was January 19, 2025; the early proposal's 180 days and later executive enforcement pauses are distinct.
中文： 2024 年法律设定 270 天期限：对法律直接点名的应用，自法律制定之日起计算；对后来被指定的应用，自有关总统认定之日起计算。一次性延长最多 90 天，须由总统向国会证明存在剥离路径、有证据表明已取得重大进展，并且有约束性协议能够使剥离在延长期内完成。TikTok 最初的日期为 2025 年 1 月 19 日；早期提案中的 180 天与后来的行政暂缓执法，属于不同安排。 成法 §2(a)
EN: PAFACA prohibits specified app-marketplace and hosting services that distribute, maintain or update a covered application after the relevant date. A completed qualified divestiture prevents the prohibition from applying, or ends its application if completed later. The law does not authorize enforcement against individual users merely for using an application.
中文： PAFACA 禁止在相关日期之后，提供分发、维护或更新受覆盖应用的特定应用市场和托管服务。完成合格剥离（qualified divestiture）可以使禁令不予适用；如果后来才完成，也可终止禁令的适用。法律不授权仅因个人用户使用应用就对其执法。 成法 §2(a)、(c)、(f)
EN: PAFACA assigns exclusive review of the Act and actions under it to the D.C. Circuit. A challenge to the Act must be brought within 165 days of enactment; a challenge to a particular action, finding or determination must be brought within 90 days of that event. This special route explains why the 2024 challenges began directly in a court of appeals.
中文： PAFACA 将对该法及依据该法采取的行动的审查，专属交给哥伦比亚特区巡回上诉法院（D.C. Circuit）。对法律本身的挑战，须在法律制定后 165 天内提出；对特定行动、事实认定或决定的挑战，须在该事件发生后 90 天内提出。这一特别路径解释了为何 2024 年的挑战直接从上诉法院开始。 成法 §3
EN: A bill of attainder is legislation imposing punishment on identified persons or groups without judicial trial. Naming a company is relevant but does not alone establish forbidden punishment; the statutory purpose, operation and legal tests also matter.
中文： 剥夺公权法案（bill of attainder）是未经司法审判，就对特定个人或群体施加惩罚的立法。法律点名某公司是相关因素，但仅凭这一点不能认定存在被禁止的惩罚；法律目的、实际运作及适用的法律测试同样重要。 宪法第一条
EN: The D.C. Circuit majority in 2024 assumed the law could satisfy strict scrutiny without deciding that strict scrutiny was required. The Supreme Court in January 2025 applied intermediate scrutiny and upheld the challenged provisions on the data-collection rationale.
中文： 2024 年哥伦比亚特区巡回上诉法院的多数意见假定该法可以通过严格审查，但没有决定必须适用严格审查。最高法院于 2025 年 1 月适用中度审查，并基于数据收集方面的理由维持了受到挑战的条款。 最高法院判决
EN: First Amendment interests extend beyond posting content to receiving information and associating for expression. Platform restrictions can burden creators, audiences and communities as well as the operator. In TikTok, the Supreme Court acknowledged these interests, assumed the challenged provisions required First Amendment scrutiny, and upheld them under intermediate scrutiny in the specific setting before it.
中文： 第一修正案保护的利益不仅包括发布内容，也包括接收信息和为表达而结社。平台限制可能同时增加创作者、受众、社群及运营者的负担。在 TikTok 案中，最高法院承认这些利益，假定受到挑战的条款需要接受第一修正案审查，并在其面前的特定情境下，依据中度审查维持了这些条款。 最高法院判决 pp.8–9、20
EN: Economic ownership, voting rights, board participation and technical/data dependence are separate dimensions of control. The January 2026 JV announcement reported ByteDance at 19.9%, Oracle, Silver Lake and MGX at 15% each, a seven-member board including Shou Chew, and continued global interoperability.
中文： 经济持股、表决权、董事会参与，以及技术和数据依赖，是控制的不同维度。2026 年 1 月的合资企业公告称：字节跳动持有 19.9%，甲骨文、银湖和 MGX 各持有 15%；董事会共有七人，包括周受资，并继续保持全球互联互通。 公司公告
EN: A divestiture may require transfers of technology or operating rights subject to another country's export controls. The materials discuss Chinese technology-export restrictions and India's section 69A app ban as separate national-law settings, not U.S. constitutional rules.
中文： 剥离可能要求转让技术或经营权，而这些转让可能受另一国家的出口管制（export controls）约束。材料将中国技术出口限制和印度第 69A 条下的应用禁令，作为不同国家法律背景进行讨论，而非作为美国宪法规则。
EN: Security analysis can examine foreign legal obligations, data access, covert algorithmic influence and audit limitations. A prospective risk assessment differs from proof that a specific theft or manipulation occurred; the justification for a remedy must also be evaluated separately from the existence of risk.
中文： 安全分析可以考察外国法律义务、数据访问、隐蔽的算法影响及审计局限。前瞻性风险评估不同于证明某次具体窃取或操纵已经发生；某项救济的正当依据，也须与风险是否存在分别评估。
EN: Article 7 of China's National Intelligence Law requires organizations and citizens to support, assist and cooperate with intelligence work in accordance with law. Data Security Law Article 35 requires cooperation with lawful data requests by public-security or national-security authorities for national security or criminal investigation, subject to strict approval procedures. The course uses these duties as inputs to control-and-access risk analysis; their existence alone does not prove a particular overseas dataset has been transferred.
中文： 中国 《国家情报法》第七条要求组织和公民依法支持、协助和配合情报工作。《数据安全法》第三十五条要求配合公安机关或国家安全机关为国家安全或侦查犯罪依法提出的数据调取要求，并须遵守严格的批准程序。课程将这些义务作为分析控制与访问风险的因素；仅有这些义务存在，并不能证明某套特定境外数据已经被转移。 国家情报法、数据安全法
Framework｜知识框架： Takeover and contract → investor fraud claims → ownership reporting → acquisition agreements → issuer disclosure and governance. 收购与合同履行 → 投资者欺诈索赔 → 重要持股申报 → 并购协议条款 → 发行披露与公司治理。
EN: Signing creates the agreed contractual obligations; closing completes the agreed transfer and payment. Twitter and Musk signed on April 25, 2022 and closed on October 27 at $54.20 per share, for an approximately $44 billion transaction.
中文： 签约使双方承担约定的合同义务；交割则完成约定的转让和付款。Twitter 与 Musk 于 2022 年 4 月 25 日签约，并于 10 月 27 日交割，价格为每股 54.20 美元，交易总额约为 440 亿美元。
EN: An unsolicited offer originates without the target inviting it. A hostile takeover is pursued against the target board’s opposition; a negotiated deal proceeds with board agreement. An initially unsolicited approach can become a board-approved transaction.
中文： 主动收购提议是在目标公司未发出邀请的情况下提出的报价。敌意收购是在目标公司董事会反对的情况下推进的收购；协商收购则在董事会同意的情况下进行。最初未经邀请而提出的收购提议，也可以发展为获得董事会批准的交易。 Twitter 合并披露
EN: A control premium is the additional price offered over an appropriate unaffected market price to obtain corporate control. Its percentage depends on the chosen benchmark and date.
中文： 控制权溢价（control premium）是为取得公司控制权，在适当选取的、未受收购消息影响的市场价格之上额外支付的价款。其百分比取决于所选的价格基准和基准日期。
EN: In this transaction, X Holdings II (Acquisition Sub) merged into Twitter; Twitter survived as a wholly owned subsidiary of X Holdings I (Parent). The acquisition vehicle’s obligations and Musk’s personal obligations depended on the signed provisions.
中文： 在本交易中，X Holdings II（收购子公司） 并入 Twitter；Twitter 作为存续公司，成为 X Holdings I（母公司） 的全资子公司。收购载体承担的义务以及 Musk 的个人义务，均取决于已签署的条款。
EN: A financial adviser’s fairness opinion assesses specified transaction consideration from a financial perspective, subject to its assumptions. A proxy statement supplies information for shareholders’ voting decisions.
中文： 财务顾问出具的财务公平性意见（fairness opinion），是在其列明的假设条件下，从财务角度评估特定交易对价。股东委托投票说明书（proxy statement）则为股东作出投票决定提供信息。
EN: A proxy authorizes another person to vote the shareholder’s shares, commonly according to the shareholder’s instructions. Soliciting proxies allows a public company to obtain votes from dispersed shareholders. A fairness opinion addresses financial fairness on its stated assumptions; it is neither a guarantee of the highest available price nor a substitute for directors’ judgment.
中文： 投票代理授权（proxy）允许他人代为行使股东所持股份的表决权，通常须遵循该股东的指示。征集代理投票使上市公司能够取得分散在各处的股东的投票。财务公平性意见是在列明的假设下评价对价在财务上是否公平；它既不保证该对价是能够取得的最高价格，也不能替代董事的判断。
EN: A poison pill is a board-adopted takeover defense that makes an unapproved accumulation of a specified ownership stake economically costly through rights issued to shareholders.
中文： 毒丸计划／股东权利计划（poison pill / shareholder rights plan）是董事会采用的一种收购防御措施：通过向股东授予权利，使未经批准而增持至指定持股比例的收购行为承担较高的经济成本。 Twitter 权利计划公告
EN: Twitter’s April 15, 2022 plan generally targeted an unapproved person or group acquiring beneficial ownership of 15% or more of its outstanding common stock. The detailed agreement governed exceptions and when rights became exercisable.
中文： Twitter 于 2022 年 4 月 15 日采用的计划，通常针对未经批准而取得公司已发行普通股 15% 或以上受益所有权的个人或集团。具体例外以及权利何时可以行使，由详细协议规定。 Twitter 2022 年 8-K
EN: The rights generally separated and became exercisable on the tenth business day after the relevant ownership or tender-offer announcement, subject to the board’s permitted later date and other terms. Crossing 15% is thus different from immediate execution of the dilution mechanism.
中文： 这些权利通常在有关持股情况或收购要约公告后的第十个工作日与股份分离，并成为可行使的权利，但须遵守董事会依约确定的较晚日期及其他条款。因此，跨过 15% 持股门槛，与立即实施稀释机制是不同的事项。 Twitter 权利计划摘要
EN: Important exceptions included existing threshold holders who did not acquire additional shares, ownership increases caused solely by a company repurchase, and certain company-granted equity. Additional acquisitions could end these protections. An inadvertent acquisition could also be excused if the board made the required good-faith finding and the holder promptly divested sufficiently.
中文： 重要例外包括：原已达到持股门槛且未继续增持的持有人、仅因公司回购而导致持股比例上升的情形，以及某些由公司授予的股权。继续取得股份可能使这些保护不再适用。对于无意取得股份的情形，如果董事会作出了所要求的善意认定，且持有人及时减持至足够低的水平，也可以适用豁免。 权利计划 §1(a)
EN: Under Twitter’s flip-in mechanism, eligible holders could buy shares worth twice the exercise price; the triggering acquirer’s rights became void. Issuing additional shares to others would dilute that acquirer’s percentage ownership.
中文： 根据 Twitter 的向内翻转机制（flip-in），符合条件的持有人可以购得价值为行权价两倍的股份；触发计划的收购者所持权利则失效。向其他持有人增发股份，将稀释该收购者的持股比例。 权利计划原文
EN: A flip-over provision can entitle eligible holders to discounted shares of the acquiring entity after specified follow-on transactions. Twitter’s plan addressed certain mergers and transfers of more than 50% of assets, cash flow or earning power after the ownership trigger.
中文： 向外翻转条款（flip-over）可以赋予符合条件的持有人在特定后续交易发生后，折价取得收购实体股份的权利。Twitter 的计划涵盖在持股门槛被触发后发生的某些合并，以及转移超过 50% 的资产、现金流或盈利能力的交易。 Twitter 2022 年 8-K
EN: Rights plans can deter rapid open-market accumulation or coercive bids, give the board time to evaluate alternatives, and strengthen negotiations over a control premium.
中文： 股东权利计划可以遏制在公开市场快速增持或带有胁迫性的收购报价，为董事会评估其他方案争取时间，并增强其就控制权溢价进行谈判的能力。 Twitter 采用计划的目的
EN: A rights plan contains mechanisms for ending or implementing the rights. Twitter’s plan provided specified redemption and exchange powers and was originally scheduled to expire on April 14, 2023, unless extended or ended earlier under its terms.
中文： 股东权利计划设有终止或实施相关权利的机制。Twitter 的计划规定了特定的赎回权和交换权，原定于 2023 年 4 月 14 日到期，但依条款延长或提前终止的情形除外。 权利计划原文
EN: Twitter amended the plan on April 25 so the approved Musk merger would not trigger it. Under Delaware takeover-defense review, directors must justify the threat and a proportionate response; defenses cannot simply serve managerial entrenchment.
中文： Twitter 于 4 月 25 日修改了该计划，使获批的 Musk 合并交易不会触发计划。按照特拉华州对收购防御措施的审查标准，董事须说明所应对的威胁及其应对措施的相称性；防御措施不能仅用于巩固管理层的职位。 Twitter 修改公告；Unitrin 判决
EN: Fiduciary duties require directors to act for the corporation and its stockholders. The duty of care concerns an adequately informed decision process; the duty of loyalty, including good faith, requires attention to corporate interests rather than self-interest. These duties matter when evaluating a bid, recommending a merger, disclosing conflicts and adopting defenses.
中文： 信义义务（fiduciary duties）要求董事为公司及其股东的利益行事。注意义务（duty of care）关注决策过程是否建立在充分知情的基础上；忠实义务（duty of loyalty）包括善意履职，要求董事关注公司利益，而非自身利益。评估收购报价、建议批准合并、披露利益冲突及采用防御措施时，均涉及这些义务。 特拉华法院对董事信义义务的说明
EN: A poison pill addresses unapproved acquisition of control. A termination fee, MAE clause or specific-performance clause governs rights under an existing acquisition agreement.
中文： 毒丸计划针对未经批准取得控制权的行为。解约费、重大不利影响条款和实际履行条款则规定现有收购协议下的权利。
EN: Due diligence investigates a target’s business, finances and legal risks. A diligence out is a separately negotiated right to exit for specified diligence-related reasons; Twitter’s agreement gave Musk no general diligence out.
中文： 尽职调查（due diligence）用于调查目标公司的业务、财务状况和法律风险。尽调退出权是经单独协商取得的权利，允许一方因特定的尽调相关原因退出交易；Twitter 的协议未赋予 Musk 一般性的尽调退出权。
EN: A non-reliance clause identifies which statements the buyer relied on and may restrict claims based on extra-contractual statements, subject to its wording and applicable law.
中文： 非依赖条款（non-reliance clause）明确买方依赖了哪些陈述，并可能限制其依据合同外陈述提出的请求；具体效果取决于条款措辞和适用法律。
EN: R&Ws allocate factual risk; covenants prescribe conduct; conditions determine when closing becomes due; remedies specify relief for nonperformance.
中文： 陈述与保证分配事实不符的风险；行为义务条款规定当事人的行为；交割条件决定何时必须完成交割；救济条款规定不履行义务时可获得的救济。
EN: A financing condition makes closing depend on obtaining specified financing. The Twitter agreement contained no general financing condition permitting exit merely because funding became harder to obtain.
中文： 融资先决条件使交割取决于能否取得指定融资。Twitter 的协议没有设置允许买方仅因融资变得更难取得而退出的一般性融资先决条件。
EN: An MAE is an adverse effect meeting the contract’s definition and seriousness threshold. Delaware acquisition analysis commonly asks whether it substantially threatens the target’s earnings potential over a durationally significant period.
中文： 重大不利影响（material adverse effect，MAE）是符合合同定义并达到其严重程度门槛的不利影响。特拉华州的收购分析通常考察，该影响是否在足够长的一段时期内，严重威胁目标公司的盈利潜力。
EN: An MAE clause allocates severe deterioration risk between signing and closing and may support a condition failure or a specified termination right. It normally focuses on the acquired business, not merely the acquirer’s regret or its own falling share price; the negotiated definition and exclusions remain controlling.
中文： 重大不利影响条款分配签约至交割期间发生严重恶化的风险，并可能构成交割条件未获满足或行使特定解除权的依据。该条款通常关注被收购业务本身，而非仅仅关注收购方反悔或其自身股价下跌；双方协商确定的定义和排除事项仍具有决定作用。
EN: Carve-outs allocate specified market, industry or other risks outside the MAE definition. A negotiated disproportionate-effect exception can bring unusually severe target-specific effects back into the analysis.
中文： 排除条款将特定的市场、行业或其他风险排除在重大不利影响的定义之外。双方协商约定的不成比例影响例外，可以将目标公司受到的异常严重的特定影响重新纳入分析。
EN: Twitter’s monetizable daily active usage (mDAU) was a defined metric. Its estimate that false or spam accounts represented less than 5% used that defined population, not all registered accounts or tweets.
中文： Twitter 的可变现日活跃使用量（monetizable daily active usage，mDAU）是一项有明确定义的指标。其关于虚假或垃圾账户占比低于 5% 的估计，以该指标所界定的群体为统计范围，而非全部注册账户或推文。
EN: Information-access rights have contractual purposes, scope and confidentiality limits. The firehose dispute concerned access to real-time data and whether requests served the agreed transaction purposes.
中文： 信息获取权受合同所规定的目的、范围及保密限制约束。有关 firehose 数据流的争议涉及实时数据的获取，以及相关请求是否服务于双方约定的交易目的。
EN: Efforts covenants require specified steps toward completion. The complaint identified reasonable-best-efforts obligations and particularly demanding financing obligations; their scope follows the contract, not a universally fixed ranking of labels.
中文： 努力义务条款要求当事人为完成交易采取指定措施。起诉状指出了“尽合理最大努力”的义务，以及要求尤其严格的融资义务；这些义务的范围由合同决定，而非由对各类名称统一适用的固定强度排序决定。
EN: The agreement required commercially reasonable efforts to conduct ordinary-course business and regulated public transaction statements. Consent could not be unreasonably withheld; Twitter alleged breaches of cooperation, financing and non-disparagement duties.
中文： 协议要求当事人尽商业上合理的努力，按正常经营方式开展业务，并对有关交易的公开声明作出规定。一方不得无理拒绝给予同意；Twitter 主张对方违反了合作、融资及不得贬损的义务。
EN: Valid termination requires a contractual ground and compliance with notice and cure provisions. Under §8.1(c)(i)/(d)(i), a breach must cause the specified closing condition to fail; a curable breach has until the earlier of the termination date and 30 calendar days after written notice to be cured. The terminating side’s own material breach can bar this route.
中文： 有效解除合同，须具备合同约定的事由，并遵守通知和补救条款。根据 §8.1(c)(i)/(d)(i)，违约须导致指定的交割条件不能满足；对于能够补救的违约，补救期限截至合同终止日与书面通知后 30 个日历日两者中较早的日期。解除方自身存在重大违约，可能使其无法通过这一途径解除合同。
EN: A termination fee becomes payable on specified events. A seller-paid fee and a buyer-paid reverse termination fee protect different parties. Twitter’s agreement included $1 billion fees under defined triggers, not a general option to buy an exit.
中文： 解约费在约定事件发生时产生支付义务。卖方支付的解约费与买方支付的反向解约费（reverse termination fee），分别保护不同的当事方。Twitter 的协议规定在明确的触发情形下支付 10 亿美元的费用，并未赋予一方付费即可退出的一般选择权。
EN: Twitter could owe its fee, for example, when terminating to sign a qualifying superior proposal; the buyer’s fee was tied to specified buyer-breach or failure-to-close termination routes. §8.1(c)(iii) required satisfied or waived conditions, written notice, failure to close within three business days after closing was due, and Twitter remaining ready, willing and able to close.
中文： 例如，Twitter 为签署符合条件的更优收购方案而解除协议时，可能须支付其解约费；买方的解约费则与约定的买方违约或未完成交割的解除途径相联系。§8.1(c)(iii) 要求交割条件已满足或被豁免、已发出书面通知、买方在应交割日后的三个工作日内仍未交割，且 Twitter 持续做好交割准备、愿意并能够完成交割。
EN: Specific performance orders performance of a contractual promise. Under §9.9(b), compelling equity funding and closing depended on specified closing conditions, debt funding and Twitter’s confirmation that it would close.
中文： 实际履行（specific performance）是要求当事人履行合同承诺的命令。根据 §9.9(b)，强制完成股权出资及交割，取决于指定交割条件是否满足、债务融资是否到位，以及 Twitter 是否确认其将完成交割。
EN: An injunction orders or restrains conduct. Irreparable harm is harm for which money damages are inadequate; Twitter invoked business disruption and uncertainty in seeking prompt equitable relief.
中文： 禁令（injunction）命令一方实施或停止某种行为。难以弥补的损害是金钱赔偿不足以弥补的损害；Twitter 以业务受到干扰及存在不确定性为由，请求迅速给予衡平救济。
EN: The Court of Chancery hears matters within its corporate and equitable jurisdiction without juries. Chancellor Kathaleen McCormick set an expedited October 2022 trial schedule for this dispute.
中文： 特拉华州衡平法院（Court of Chancery）审理其公司法及衡平法管辖范围内的事项，不设陪审团。首席衡平法官 Kathaleen McCormick 为本争议安排了加速审理，将庭审定于 2022 年 10 月。
EN: Closing certainty is the likelihood that a signed deal will complete. Twitter’s acquisition ultimately closed; that outcome was not a final trial judgment rejecting every Musk defense.
中文： 交割确定性是指已签约交易最终完成的可能性。Twitter 的收购最终完成交割；这一结果并非庭审后作出的、驳回 Musk 所有抗辩的最终判决。
EN: A debt commitment obligates lenders to fund on specified conditions; an equity commitment obligates an investor to provide equity capital. The complaint described both as components of acquisition funding.
中文： 债务融资承诺要求贷款人在约定条件满足时提供资金；股权出资承诺要求投资者提供股权资本。起诉状将两者均列为收购资金的组成部分。
EN: A term loan provides borrowing for an agreed term; a revolving credit facility permits borrowing, repayment and reborrowing within a limit; bridge financing supplies interim funds pending longer-term financing. The complaint describes $13bn of committed debt: a $6.5bn term loan + $0.5bn revolver + $6bn bridge financing.
中文： 定期贷款（term loan）按约定期限提供借款；循环信贷额度（revolving credit facility）允许借款人在额度内借款、还款后再借款；过桥融资（bridge financing）则在较长期融资到位之前提供临时资金。起诉状记载的债务融资承诺合计 130 亿美元：65 亿美元定期贷款 + 5 亿美元循环信贷 + 60 亿美元过桥融资。
EN: A margin loan uses investment assets as collateral. Falling collateral value may require more collateral or repayment under the lending terms; Musk’s initially contemplated Tesla-backed margin loan was later replaced with increased equity commitments.
中文： 保证金贷款（margin loan）以投资资产作为担保。担保品价值下降时，贷款条款可能要求追加担保品或偿还借款；Musk 最初考虑以 Tesla 股票担保的保证金贷款，后来被增加的股权出资承诺取代。
EN: Syndication distributes a financing commitment among lenders or investors. A lender’s difficulty marketing committed debt does not automatically release the borrower or the lender; the commitment’s funding conditions govern.
中文： 银团化（syndication）是将一项融资承诺分配给多个贷款人或投资者。贷款人难以分销已承诺的债务融资，并不会自动解除借款人或贷款人的义务；是否必须放款，取决于融资承诺中的放款条件。
Materials｜材料：2.1 slides 1–10；Twitter 起诉状及附件。毒丸及相关控制权概念为明确标出的必要补充。
EN: Investors may seek damages for deceptive conduct connected with securities transactions under Exchange Act §10(b) and Rule 10b-5. This claim is distinct from Twitter’s contractual demand for completion of the merger.
中文： 投资者可依据 《证券交易法》第 10(b) 条及 Rule 10b-5，就与证券交易相关的欺骗行为请求损害赔偿。这一请求与 Twitter 依据合同要求完成合并的请求不同。
EN: A private Rule 10b-5 misstatement claim concerns a materially false statement or an omission necessary to keep statements made from being misleading in context.
中文： 私人依据 Rule 10b-5 提出的不实陈述请求，涉及具有重大性的虚假陈述，或者为避免已作陈述在具体语境中产生误导而必须披露的信息被遗漏。
EN: Information is material when there is a substantial likelihood that a reasonable investor would consider it important or that it would significantly alter the total mix of information.
中文： 如果合理投资者很可能认为某项信息重要，或者该信息很可能显著改变其可获得信息的整体状况，该信息便具有重大性（materiality）。 SEC 重大性说明
EN: Scienter concerns intentional deception or the serious recklessness recognized by applicable law. An unfavorable motive does not by itself establish all elements of fraud.
中文： 欺诈主观要件（scienter）涉及故意欺骗，或适用法律认可的严重轻率行为。不良动机本身不足以证明欺诈的全部构成要件。
EN: The alleged deception must have the required connection with a purchase or sale of securities. The challenged Twitter statements concerned the acquisition’s status and the reliability of spam-account estimates.
中文： 被指控的欺骗行为必须与证券买卖具有法律要求的关联。受到质疑的 Twitter 相关陈述，涉及收购的进展状况以及垃圾账户估计的可靠性。
EN: Reliance connects misleading information with the investor’s trading decision. It asks why the investor entered the transaction, rather than merely whether the investor later lost money.
中文： 信赖（reliance）将误导性信息与投资者的交易决定联系起来。它关注投资者为何进行该交易，而非仅仅关注投资者后来是否亏损。
EN: In qualifying efficient-market transactions, investors may be presumed to rely on a market price affected by public material misinformation. The presumption is rebuttable.
中文： 在符合条件的有效市场交易中，可以推定投资者信赖了受公开重大错误信息影响的市场价格。该信赖推定可以被反驳。
EN: A private damages plaintiff must prove a legally cognizable financial loss and that the alleged violation caused that loss. General market changes and unrelated business risks must be distinguished.
中文： 请求损害赔偿的私人原告须证明，自己遭受了法律认可的经济损失，且被指控的违法行为导致了该损失。分析时须区分整体市场变化及无关的商业风险。
EN: Describing a statement as an opinion does not automatically prevent liability; its context, factual implications and applicable legal standard matter.
中文： 将一项陈述称为意见，并不会自动排除责任；还须考虑其语境、隐含的事实内容及适用的法律标准。
EN: A class action allows designated representatives to litigate for a defined group. The judgment’s relevant trading period was May 13–October 4, 2022, inclusive, subject to its membership and exclusion rules.
中文： 集体诉讼允许指定代表人代一个界定明确的群体进行诉讼。该判决涉及的交易期间为 2022 年 5 月 13 日至 10 月 4 日，含首尾两日，并受其成员资格及排除规则约束。
EN: A call gives its buyer the right to buy at a specified exercise price; a put gives its buyer the right to sell. The class definition addressed eligible stock sellers, call-option sellers and put-option buyers.
中文： 看涨期权（call option）赋予买方按指定行权价买入的权利；看跌期权（put option）赋予买方按指定行权价卖出的权利。该集体的定义涵盖符合条件的股票卖方、看涨期权卖方及看跌期权买方。
EN: Investors holding ordinary shares through closing received the agreed $54.20 cash consideration. Investors who sold earlier at allegedly depressed prices presented a different trading-loss theory.
中文： 持有普通股直至交割的投资者，获得了约定的 54.20 美元现金对价。较早以据称受到压低的价格卖出的投资者，提出的则是另一种交易损失主张。
EN: The deal spread is the difference between the merger price and market price; it can reflect completion risk and other factors. An event study estimates the price impact of specified information while accounting for other influences.
中文： 并购价差（deal spread）是合并价格与市场价格之差，可以反映交易完成风险及其他因素。事件研究（event study）在考虑其他影响的同时，估计特定信息对价格造成的影响。
EN: Premarket trading takes place before the exchange’s regular trading session. An intraday or premarket fall and a close-to-close daily return use different measurement times; they can therefore describe the same news event with different percentages.
中文： 盘前交易（premarket trading）发生在交易所正常交易时段开始之前。日内或盘前跌幅，与相邻交易日收盘价之间计算的日收益率，采用不同的计量时点，因此可以用不同的百分比描述同一新闻事件。
EN: In the Belgrave illustration, 15,000 × ($54.20 − $33.00) = $318,000 measures the gap from the eventual merger price. Recoverable damages depend on legally attributable loss and the judgment’s methodology.
中文： 在 Belgrave 的示例中，15,000 ×（54.20 美元 − 33.00 美元）= 318,000 美元，计算的是与最终合并价格之间的价差。可赔偿损失取决于法律上可归因于违法行为的损失，以及判决规定的计算方法。
EN: The materials record a March 20, 2026 jury verdict and an April 3 judgment. The approximately $2.6 billion estimate is distinct from individual approved claims; date-specific per-share/per-option measures are not amounts accruing every day.
中文： 材料记载了 2026 年 3 月 20 日的陪审团裁决及 4 月 3 日的判决。约 26 亿美元的估计数额，与个别经批准的索赔金额不同；针对特定日期计算的每股或每份期权损失金额，并非每天不断累积的金额。 法院判决
Materials｜材料：2.2 课件 slides 1–8；具体程序节点按材料记载日期理解。
EN: Beneficial ownership generally includes direct or indirect voting power or investment/disposition power over securities. It is not confined to the name recorded on the share register.
中文： 受益所有权（beneficial ownership）通常包括直接或间接行使证券表决权的权力，或对证券作出投资、处置决定的权力，并不限于股份登记册上记载的名义持有人。
EN: A person beneficially owning more than 5% of a covered class of equity securities generally must publicly file Schedule 13D, or Schedule 13G if eligible, subject to exemptions.
中文： 一人对受规则涵盖的某一类别股权证券享有超过 5% 的受益所有权时，通常须公开提交 Schedule 13D，或在符合资格时提交 Schedule 13G，但适用豁免的情形除外。 SEC 持股申报规则说明
EN: Schedule 13D explains beneficial ownership, funding, acquisition purpose and relevant arrangements. Schedule 13G is a shorter form available only to specified categories, including qualifying institutional, passive and exempt investors. Passive-investor status under Rule 13d-1(c) requires no control purpose or effect and beneficial ownership of less than 20%; merely describing oneself as passive is insufficient.
中文： Schedule 13D说明受益所有权、资金来源、取得证券的目的及相关安排。Schedule 13G是较简短的报告，仅供指定类别的投资者使用，包括符合条件的机构投资者、被动投资者及豁免投资者。Rule 13d-1(c) 下的被动投资者资格要求投资不具有控制目的或效果，且受益持股比例低于 20%；仅自称被动投资者并不足够。 Rule 13d-1 的申报资格与被动投资者条件
EN: Under the rule applicable in 2022, a person acquiring beneficial ownership of more than 5% of a covered class generally had to file the initial Schedule 13D within 10 calendar days after the acquisition.
中文： 按照 2022 年适用的规则，一人取得受规则涵盖的某一类别证券超过 5% 的受益所有权时，通常须在取得后 10 个日历日内首次提交 Schedule 13D。
EN: The 2023 amendments became effective for Schedule 13D on February 5, 2024: the initial report is due within five business days after crossing the more-than-5% threshold, and an amendment is due within two business days after a material change. Calendar days include weekends; business days exclude the nonbusiness days specified by the rule. Different Schedule 13G filer categories have different deadlines.
中文： 2023 年修订的 Schedule 13D 规则于 2024 年 2 月 5 日生效：首次报告须在持股比例超过 5% 后的五个工作日内提交；发生重大变化后的两个工作日内须提交修订报告。日历日包括周末；工作日则排除规则指定的非工作日。不同类别的 Schedule 13G 申报人适用不同期限。 SEC 修订内容；正式规则生效日期
EN: Ownership reports inform the market about significant stakes and potential control changes, helping investors evaluate trading decisions on more complete information.
中文： 持股报告向市场披露重要持股及潜在控制权变动，帮助投资者依据更完整的信息评估交易决定。
EN: The SEC alleged that Musk crossed the threshold on March 14, 2022, was required to file by March 24, and disclosed on April 4, 11 days late. The disclosed stake was about 9.2%.
中文： SEC 指控 Musk 于 2022 年 3 月 14 日超过申报门槛，本应在 3 月 24 日前提交报告，却在 4 月 4 日才披露，迟了 11 日。其披露的持股比例约为 9.2%。
EN: A §13(d) reporting violation does not require proof of fraud scienter. A clerical-error explanation therefore does not itself eliminate an established failure to file on time.
中文： 认定违反 §13(d) 申报义务，不要求证明欺诈主观要件。因此，以文书处理错误作解释，本身并不能消除已经成立的逾期申报违法事实。
EN: The SEC alleged purchases exceeding $500 million during the delay and savings of at least $150 million. Estimating savings compares actual prices with prices expected had disclosure occurred on time.
中文： SEC 指控，在延迟披露期间，购股金额超过 5 亿美元，并因此节省了至少 1.5 亿美元的购股支出。估算该节省金额时，将实际成交价格与假设按时披露后预计出现的价格进行比较。
EN: A civil penalty punishes and deters; disgorgement removes qualifying wrongful gains; private damages compensate legally proven losses. Each remedy has distinct legal requirements.
中文： 民事罚款用于惩罚和威慑；不当所得追缴（disgorgement）用于剥夺符合追缴条件的违法收益；私人损害赔偿用于补偿依法证明的损失。各项救济具有不同的法律要求。
EN: An SEC investigation gathers evidence; a filed enforcement action asks a court for relief. The materials describe investigation beginning in 2022 and the SEC’s complaint filed in January 2025.
中文： SEC 调查用于收集证据；提起执法诉讼则是请求法院给予救济。材料记载，调查始于 2022 年，SEC 于 2025 年 1 月提交起诉状。
EN: A subpoena legally requires testimony or production of specified evidence, subject to objections and court enforcement. A deposition records sworn testimony outside trial. A motion to dismiss asks the court to end a claim on legal or pleading grounds before a full merits trial; denial means the claim may proceed, not that liability has already been proved.
中文： 传票（subpoena）依法要求提供证言或指定证据，但可依法提出异议，并由法院强制执行。庭外宣誓取证（deposition）记录在庭审之外作出的宣誓证言。驳回动议（motion to dismiss）是在全面实体审判之前，请求法院基于法律或诉状方面的理由终结某项请求；动议被驳回意味着该请求可以继续审理，并不意味着责任已经得到证明。
EN: A consent judgment resolves claims on agreed terms rather than after a trial proving every allegation. The $1.5 million settlement concerned Musk’s revocable trust; the May 2026 proposal and later court approval were distinct stages.
中文： 同意判决（consent judgment）按照双方同意的条款解决争议，而非经庭审证明每项指控后作出判决。150 万美元的和解涉及 Musk 的可撤销信托；2026 年 5 月提出和解方案与此后法院批准，是两个不同阶段。 SEC 和解公告
EN: A revocable trust holds assets under an arrangement that the settlor can revoke or amend as permitted by its terms. The trustee controls trust assets within the governing terms; securities-law beneficial ownership can still attach to a person retaining voting or disposition power.
中文： 可撤销信托（revocable trust）依据一项安排持有资产，设立人可在条款允许的范围内撤销或修改该安排。受托人依适用条款管理信托资产；保留表决权或处分权的人，仍可能被证券法认定享有受益所有权。
EN: The $1.5 million was the agreed amount in this case, not a universal statutory ceiling for all delayed-ownership-reporting violations.
中文： 150 万美元是本案约定的和解金额，并非所有逾期持股申报违法行为普遍适用的法定上限。
EN: SEC enforcement does not automatically resolve investors’ separate damages claims. The slides identify Rasella v. Musk, a March 31, 2026 class-certification ruling and claimed exposure exceeding $2.1 billion.
中文： SEC 的执法不会自动解决投资者另行提出的损害赔偿请求。课件提及 Rasella v. Musk 案、2026 年 3 月 31 日作出的集体认证裁定，以及诉方主张超过 21 亿美元的潜在赔偿责任。
EN: Deterrence depends on expected sanctions, enforcement probability and other consequences relative to expected gains.
中文： 威慑作用取决于预期制裁、执法概率及其他后果，与预期收益相比处于何种水平。
Materials｜材料：2.3 课件 slides 1–11；具体金额和诉讼阶段均保留其来源与日期。
EN: The definitive merger, stock-purchase or asset-purchase agreement states the principal bargain. Ancillary agreements implement supporting arrangements. The core sequence is deal description → R&Ws → covenants → conditions → indemnification → termination.
中文： 最终的合并、股权收购或资产收购协议规定交易的主要约定。附属协议落实配套安排。核心顺序为：交易说明 → 陈述与保证 → 行为义务 → 交割条件 → 赔偿 → 解除。
EN: A stock purchase changes share ownership while the target retains assets and liabilities. An asset purchase identifies assets transferred and liabilities assumed. A direct merger combines entities; triangular mergers use a buyer subsidiary; a spin-off separates a business into a distinct entity for distribution to shareholders.
中文： 股权收购改变股份的归属，目标公司继续持有其资产并承担其负债。资产收购明确转让哪些资产、承接哪些负债。直接合并将实体合并；三角合并使用买方子公司；分拆则将某项业务分离至独立实体，并将该实体的股权分配给股东。
EN: An asset transaction may transfer specified assets or all/substantially all assets; these scopes can produce different approval and continuity issues. Successor liability is responsibility imposed on a successor for a predecessor’s obligations under applicable law, potentially despite a contract allocating those obligations to the seller.
中文： 资产交易可以转让指定资产，也可以转让全部或实质上全部资产；范围不同，可能涉及不同的批准及业务延续问题。继受责任（successor liability）是适用法律要求继受主体对前手的义务承担的责任；即使合同将这些义务分配给卖方，也可能产生该责任。
EN: A tender offer invites shareholders to sell securities on stated terms. Voting agreements commit specified voting support; lockup arrangements restrict agreed transfers or other actions, with the exact restriction determined by the document.
中文： 收购要约邀请股东按列明的条件出售证券。投票协议承诺就特定事项提供投票支持；锁定安排限制约定的转让或其他行为，具体限制由文件确定。
EN: A transition services agreement (TSA) supplies temporary support after closing; employment and licence agreements preserve personnel or usage rights; stockholder agreements govern owner relations; registration rights address registration of securities for offering or resale.
中文： 过渡服务协议（transition services agreement，TSA）在交割后提供临时支持；雇佣协议和许可协议用于保留人员或使用权；股东协议规定所有者之间的关系；注册权则涉及为证券发行或转售办理注册。
EN: Consideration may include cash, buyer securities, assumed debt or exchanged real property, personal property and intellectual property. The amount, form and payment schedule are separate drafting choices.
中文： 对价可以包括现金、买方证券、承接的债务，或用于交换的不动产、动产和知识产权。金额、形式及付款时间安排，是起草协议时分别作出的选择。
EN: Working capital generally equals current assets minus current liabilities, subject to negotiated definitions. A basic formula is final price = base price + closing working capital − target working capital, with separate cash, debt or other adjustments if agreed.
中文： 营运资本通常等于流动资产减流动负债，具体以协商确定的定义为准。基本公式为：最终价款 = 基础价款 + 交割日营运资本 − 目标营运资本；如有约定，还须另行调整现金、债务或其他项目。
EN: The negotiated working-capital definition normally identifies included current assets and liabilities and any cash/debt exclusions. The adjustment preserves the agreed level of operating resources at handover.
中文： 双方协商确定的营运资本定义，通常会列明纳入计算的流动资产和流动负债，以及现金、债务等排除项目。价款调整用于确保业务交接时具备双方约定水平的经营资源。
EN: A holdback leaves part of the consideration with the buyer; escrow places funds with a third party. Release may depend on a specified date, an adjustment calculation or satisfaction of post-closing conditions.
中文： 留款（holdback）是将部分对价留在买方手中；托管（escrow）则是将资金交由第三方保管。款项释放可能取决于指定日期的到来、调整金额的计算结果，或交割后条件的满足。
EN: An earnout makes additional consideration contingent on future results, often earnings or EBITDA (earnings before interest, taxes, depreciation and amortization). It can bridge a valuation gap and incentivize continuing owners or managers.
中文： 业绩对价（earnout）使额外对价的支付取决于未来业绩，通常是盈利或 EBITDA（息税折旧摊销前利润）。它可以弥合估值分歧，并激励继续参与经营的原所有者或管理者。
EN: R&Ws promote disclosure, allocate factual risk, support closing conditions and provide a potential indemnity basis. Sellers, the target and buyers may make different representations; an officer does not automatically give a personal guarantee.
中文： 陈述与保证促进信息披露、分配事实不符的风险、支持交割条件，并为赔偿提供可能的依据。卖方、目标公司和买方可以分别作出不同陈述；高管并不会因此自动提供个人担保。
EN: General R&Ws address lawful organization, authority, valid execution, board/shareholder approvals and capitalization. Title representations address ownership and encumbrances affecting the interests being sold.
中文： 一般性陈述与保证涉及合法设立、权限、有效签署、董事会或股东批准，以及股本结构。权属陈述涉及所售权益的所有权及影响这些权益的权利负担。
EN: Capitalization here means the outstanding equity structure: share classes, issued shares, options, warrants and convertible instruments. It helps establish who must approve the sale, who receives consideration and whether additional shares can dilute ownership. An encumbrance is a third-party claim or restriction, such as a pledge, affecting otherwise transferable ownership.
中文： 这里的股本结构（capitalization）是指现有的股权结构，包括股份类别、已发行股份、期权、认股权证和可转换工具。它有助于确定谁必须批准出售、谁获得对价，以及增发股份是否会稀释持股。权利负担（encumbrance）是第三方提出的权利主张或施加的限制，例如质押，会影响原本可以转让的所有权。
EN: Business R&Ws can cover asset sufficiency, material contracts, GAAP financial statements, internal controls, litigation, undisclosed liabilities, absence of adverse changes, legal compliance and SEC filings.
中文： 业务方面的陈述与保证可以涵盖资产充足性、重大合同、按公认会计原则编制的财务报表、内部控制、诉讼、未披露负债、未发生不利变化、守法情况及向 SEC 提交的文件。
EN: Asset sufficiency asks whether the transferred assets and rights enable the business to operate as agreed. Internal controls are processes for authorizing transactions, protecting assets and producing reliable financial reporting. Undisclosed liabilities are obligations omitted from the agreed disclosure set; the contractual promise may reach beyond liabilities recognized on a GAAP balance sheet.
中文： 资产充足性关注转让的资产和权利是否足以使业务按约定方式运作。内部控制是用于授权交易、保护资产及编制可靠财务报告的程序。未披露负债是约定的披露资料中遗漏的义务；合同承诺的范围可能超出按公认会计原则在资产负债表中确认的负债。
EN: Specialty R&Ws address real estate, IP, environment, employment, employee benefits/ERISA, taxes, inventory, customers and accounts receivable (A/R).
中文： 专项陈述与保证涉及不动产、知识产权、环境、雇佣、员工福利／ERISA、税务、存货、客户及应收账款（accounts receivable，A/R）。
EN: Inventory includes goods held for sale or production; warranties may address obsolete or unsaleable stock. Accounts receivable are customer amounts owed for prior sales, so collectability and doubtful-debt allowances matter. Customer concentration measures dependence on a few customers; losing a major customer may materially change the acquired business.
中文： 存货包括为销售或生产而持有的货物；保证条款可能涉及过时或无法出售的存货。应收账款是客户因此前的销售而欠付的款项，因此其可收回性及坏账准备很重要。客户集中度衡量企业对少数客户的依赖程度；失去重要客户可能使被收购业务发生重大变化。
EN: Real-estate representations address ownership, leases and permitted use; environmental representations address permits, contamination and cleanup exposure. Employment and benefit-plan representations address workforce obligations and plan compliance. Tax representations address returns, payments, audits and potential assessments; ERISA governs covered employee benefit plans, including retirement and many welfare plans.
中文： 不动产陈述涉及所有权、租赁和获准用途；环境陈述涉及许可证、污染及潜在清理责任。雇佣及福利计划陈述涉及用工义务和计划合规。税务陈述涉及申报、缴纳、审计及可能的税额核定；ERISA规管其涵盖的员工福利计划，包括退休计划和许多其他福利计划。
EN: This contractual representation addresses misleading statements or material omissions in agreed transaction information. Its contractual scope differs from the elements of a statutory Rule 10b-5 fraud claim.
中文： 这项合同陈述涉及约定交易资料中的误导性陈述或重大遗漏。其合同范围与依据法定 Rule 10b-5 提出欺诈请求所需的构成要件不同。
EN: A knowledge qualifier limits a representation to defined knowledge. The agreement should identify whose knowledge counts and whether actual awareness or knowledge after due inquiry is required.
中文： 知情限定（knowledge qualifier）将陈述限定在约定的知情范围内。协议应明确以谁的知情情况为准，以及知情标准是实际知情，还是经过适当调查后的知情。
EN: Materiality qualifiers narrow covered inaccuracies. Double materiality can arise when a qualified representation faces an additional materiality test. A materiality scrape disregards specified qualifiers for testing breach, calculating loss or both.
中文： 重大性限定缩小受条款约束的事实不符情形的范围。已经带有重大性限定的陈述再接受额外的重大性检验时，可能产生双重重大性问题。重大性限定剔除条款（materiality scrape）在判断是否违约、计算损失或两者兼有时，不考虑指定的重大性限定。
EN: “As of” addresses a specified date; “since” covers an interval. Bring-down tests representations again at closing; survival determines their agreed post-closing effect and claim period.
中文： “As of”针对某一指定日期；“since”涵盖一段期间。交割再次确认（bring-down）在交割时重新检验陈述；存续条款（survival）则确定陈述在交割后约定的效力及索赔期限。
EN: Disclosure schedules supply details and qualify representations by identifying agreed exceptions. Effective disclosure may limit a closing objection or indemnity claim to the extent the agreement provides.
中文： 披露附表（disclosure schedules）提供详细信息，并通过列明约定的例外事项，对陈述作出限定。有效披露可在协议规定的范围内，限制对交割提出异议或请求赔偿的权利。
EN: This representation identifies important contracts by type or monetary threshold and addresses validity, enforceability, performance, breaches and amendments.
中文： 该陈述按合同类型或金额门槛识别重要合同，并涉及其有效性、可执行性、履行情况、违约及修改。
EN: The transaction must be assessed against charter/bylaws, applicable law and material contracts. Governmental, contractual or shareholder approvals and waivers may be required.
中文： 须根据公司章程／内部规章、适用法律及重大合同，评估该交易。交易可能需要取得政府批准、合同相对方同意、股东批准，或相关权利豁免。
EN: The charter/certificate of incorporation establishes the corporation and key structural rights; bylaws govern internal procedures such as meetings, voting and officers. A no-conflict representation tests the deal against these documents, relevant laws and contracts.
中文： 公司章程／设立证书（charter / certificate of incorporation）确立公司及关键的结构性权利；内部规章（bylaws）规定会议、表决和高管等内部程序。无冲突陈述检验交易是否与这些文件、相关法律及合同相冲突。
EN: IP R&Ws distinguish owned and licensed IP, inbound and outbound licences, infringement by either side, open-source obligations and agreed exceptions for standard commercial software.
中文： 知识产权陈述与保证区分自有与获许可使用的知识产权、许可引入与许可授出、任一方的侵权行为、开源义务，以及针对标准商用软件约定的例外。
EN: An open-source licence grants software-use and distribution rights subject to its own conditions, often requiring attribution or notices. Some copyleft licences require specified source-code disclosure or same-licence distribution when their triggers apply; obligations differ by licence and use. IP diligence therefore examines actual licence terms and how software is combined and distributed.
中文： 开源许可（open-source licence）依其自身条件授予软件使用及分发权，通常要求注明来源或保留声明。某些 copyleft 许可在触发条件满足时，要求披露指定源代码或按相同许可分发；义务随许可类型及使用方式而异。因此，知识产权尽调须检查实际许可条款，以及软件如何组合和分发。
EN: Interim covenants impose affirmative duties and restrictions on operations, approvals, notices, information sharing and publicity between signing and closing.
中文： 过渡期义务条款对签约至交割期间的经营、批准、通知、信息共享和公开宣传，规定积极履行义务及行为限制。
EN: A no-shop restricts soliciting, encouraging or negotiating alternative transactions. Defined exceptions may allow the board to consider an unsolicited superior proposal after satisfying contractual safeguards.
中文： 禁止招揽替代交易条款（no-shop）限制招揽、鼓励或谈判替代交易。明确规定的例外可能允许董事会在满足合同保障措施后，考虑未经招揽而提出的更优方案。
EN: In Twitter’s §6.5(g), a competing proposal generally used a 15% threshold for specified equity/assets/revenue transactions; a superior proposal substituted 90% and required the board’s good-faith assessment of more favorable terms and reasonable likelihood of completion. These are agreement-specific definitions, separate from the poison pill’s 15% trigger.
中文： Twitter 的 §6.5(g) 对特定股权、资产或收入相关交易，一般以 15% 作为竞争性提议的门槛；更优提议则以 90% 替代该门槛，并要求董事会善意认定条款更有利，且交易合理地可能完成。这些是该协议特有的定义，与毒丸计划的 15% 触发门槛相互独立。
EN: A standstill restricts specified takeover activity. No-shop exceptions may require confidentiality, advance notice and information to the original buyer, plus a period to match an alternative bid.
中文： 暂停收购承诺（standstill）限制指定的收购活动。禁止招揽替代交易条款的例外，可能要求保密、提前通知原买方并向其提供信息，以及给予其一定期间匹配其他报价。
EN: Twitter’s §6.5(d) required notice and a four-full-business-day opportunity for the buyer to negotiate changes before the specified recommendation change or superior-proposal termination. A material amendment to the superior proposal required fresh notice and a three-business-day renewed period. A matching right provides an opportunity to improve terms; it does not automatically award the deal to the original buyer.
中文： Twitter 的 §6.5(d) 要求，在作出指定的推荐意见变更，或为接受更优提议而解除协议前，须发出通知，并给予买方四个完整工作日的机会协商修改条款。更优提议如发生重大修改，须重新通知，并重新给予三个工作日的期间。报价匹配权提供改善条款的机会，并不自动使原买方赢得交易。
EN: Post-closing promises may govern employee benefits, taxes, confidentiality, transition services and stockholder releases of specified claims.
中文： 交割后承诺可以涉及员工福利、税务、保密、过渡服务，以及股东放弃特定请求权。
EN: Non-competes restrict specified competing activity; non-solicitation provisions restrict recruiting employees or other specified solicitation. Geography, duration, scope and applicable law determine their reach and enforceability.
中文： 竞业限制约束指定的竞争活动；禁止招揽条款限制招募员工或其他特定招揽行为。地域、期限、范围及适用法律，决定其约束范围和可执行性。
EN: Closing conditions may require R&W accuracy, covenant compliance, approvals, absence of specified litigation/injunctions or MAE, key-employee retention, ancillary documents and agreed financing availability.
中文： 交割条件可以要求陈述与保证准确、行为义务得到遵守、取得批准、不存在指定诉讼／禁令或重大不利影响、关键员工留任、签署附属文件，以及约定融资可供使用。
EN: Eligible dissenting shareholders who satisfy statutory procedures may seek a judicial determination of fair value. An agreement may set a negotiated limit on appraisal demands as a closing condition.
中文： 符合资格的异议股东，在满足法定程序后，可以请求法院确定股份的公平价值。协议也可以将双方协商确定的估价请求数量上限，作为交割条件。
EN: The Hart–Scott–Rodino (HSR) Act requires advance notification of covered acquisitions to the FTC and DOJ and observance of a waiting period. Coverage depends on the transaction, annually adjusted thresholds and exemptions. The initial wait is generally 30 days, or 15 days for cash tender offers and qualifying bankruptcy transactions; early termination or a second request can change the timing.
中文： 《Hart–Scott–Rodino 法》（HSR）要求就其涵盖的收购，事先向 FTC 和 DOJ 提交通知，并遵守等待期。是否受该法涵盖，取决于交易、每年调整的门槛及豁免。初始等待期通常为 30 日；现金要约收购及符合条件的破产交易为 15 日。提前终止等待期或第二轮资料要求，均可能改变时间安排。 FTC 并购前申报与审查程序
EN: Gun-jumping means implementing control or integration before legally permitted closing. Competitors must continue making independent pricing and operating decisions; necessary diligence exchanges may require limited access, confidentiality safeguards or clean teams. Violations can cause penalties, investigation or delay.
中文： 抢跑（gun-jumping）是指在法律允许交割之前，实施控制或整合。竞争者须继续独立作出定价及经营决定；必要的尽调信息交换可能需要限制访问权限、采取保密措施或使用清洁团队。违法行为可能招致处罚、调查或延误。
EN: Indemnification assigns specified losses from inaccurate R&Ws, breached covenants, fraud or identified liabilities. Retained liabilities remain allocated to the seller; assumed liabilities are allocated to the buyer under the agreement, subject to applicable law.
中文： 赔偿保障（indemnification）分配因陈述与保证不准确、违反行为义务、欺诈或指定负债而产生的特定损失。保留负债继续由卖方承担；承接负债依据协议分配给买方，均受适用法律约束。
EN: Claim periods may differ for title/authority and other fundamental representations, ordinary business representations, and tax or environmental representations.
中文： 权属、权限等基础事项陈述，普通业务陈述，以及税务或环境陈述，可以适用不同的索赔期限。
EN: Sandbagging means proceeding to close despite knowing of a breach and later claiming relief. Pro-sandbagging clauses preserve specified claims despite knowledge; anti-sandbagging clauses limit them.
中文： 知情后交割并索赔（sandbagging）是指明知存在违约，仍继续交割，随后请求救济。允许此类索赔的条款，在知情的情况下仍保留指定请求权；限制此类索赔的条款，则对这些请求权加以限制。
EN: A de minimis provision excludes individual claims below an agreed amount from specified indemnity calculations; the slides use $5,000 as an example.
中文： 单项小额门槛条款（de minimis provision）将低于约定金额的个别索赔，排除在指定赔偿计算之外；课件以 5,000 美元为例。
EN: A deductible basket pays only qualifying losses above the threshold; a tipping basket pays from the first qualifying dollar once its trigger is met. With qualifying losses of 150 and a threshold of 100, the basic results are 50 versus 150.
中文： 免赔额式累计门槛（deductible basket）仅赔付符合赔偿条件的损失中超过门槛的部分；起赔式累计门槛（tipping basket）在达到触发条件后，从符合赔偿条件的第一元损失起赔付。符合条件的损失为 150、门槛为 100 时，基本结果分别为 50 和 150。
EN: A cap sets the maximum recovery for covered claims and may equal the purchase price, a fraction of it or another amount; some claims may be uncapped.
中文： 赔偿上限规定受其约束的请求最多可获得多少赔偿，可以等于收购价款、价款的一部分或其他金额；某些请求可以不受上限限制。
EN: Agreements may exclude fraud, capitalization, authority, organization, asset title/sufficiency, taxes or specified disclosed liabilities from general limitations.
中文： 协议可以将欺诈、股本结构、权限、合法设立、资产权属／充足性、税务，或指定的已披露负债，排除在一般限制之外。
EN: An agreement may calculate indemnifiable losses net of specified tax benefits or insurance recoveries and define how to avoid duplicate recovery.
中文： 协议可以约定，可赔偿损失应扣除指定的税收利益或保险赔款，并规定如何避免重复获偿。
EN: Mitigation requires reasonable steps to limit loss. An exclusive-remedy clause channels covered claims into an agreed mechanism. Setoff allows an eligible amount owed to reduce an opposing payment obligation.
中文： 减损义务要求采取合理措施限制损失。排他救济条款将其涵盖的请求纳入约定的处理机制。抵销（setoff）允许用符合条件的应收款项，减少自己向对方付款的义务。
EN: Escrow, holdback or a letter of credit can secure post-closing obligations. A letter of credit adds a bank’s documentary payment undertaking, subject to its terms.
中文： 托管、留款或信用证可以保障交割后义务的履行。信用证在约定条件下，增加了一项由银行凭相符单据付款的承诺。
EN: Recovery depends on timely notices, required details, applicable survival provisions and the contract’s process for resolving or paying claims.
中文： 能否获得赔偿，取决于是否及时通知、提供所要求的详细信息、遵守适用的存续条款，以及合同规定的索赔解决或付款程序。
EN: A first-party indemnity claim is the protected party’s own contractual claim against the indemnifier. A third-party claim begins with an outsider, such as a customer or regulator. Agreements commonly allocate notice, defense counsel, defense control, cooperation and settlement consent to protect both parties.
中文： 第一方赔偿请求是受保护方依据合同直接向赔偿义务人提出的请求。第三方请求则由客户或监管机构等外部主体提出。协议通常会分配通知、抗辩律师选任、抗辩控制、合作及和解同意等事项，以保护双方。
EN: Possible triggers include mutual consent, qualifying breach, failed approvals, permanent injunction, failed shareholder vote, board recommendation change and agreed financing failure.
中文： 可能的解除事由包括双方同意、达到约定标准的违约、未获批准、永久禁令、股东表决未通过、董事会变更推荐意见，以及约定的融资未能落实。
EN: An outside date establishes an agreed time boundary after which specified termination rights may arise, subject to extension provisions and restrictions on a party that caused the failure.
中文： 最迟交割日（outside date / drop-dead date）设定双方约定的时间界限；在该日期之后，可能产生特定解除权，但须遵守延期条款，以及对导致交易未完成的一方施加的限制。
EN: Parties coordinate communications to employees, customers, suppliers, investors and other bidders; obtain consents; prepare ancillary documents; and plan integration while preserving required pre-closing independence.
中文： 双方协调向员工、客户、供应商、投资者及其他竞购者传达的信息，取得同意，准备附属文件，并在保持交割前应有独立性的同时筹划整合。
EN: After closing, the business team operates the acquired business while contractual work continues: adjustments, earnouts, financial access, escrow release, taxes, indemnity claims and further assurances. Accelerations or offsets apply if agreed.
中文： 交割后，业务团队经营被收购业务，合同相关工作仍继续进行，包括价款调整、业绩对价、财务信息获取、托管款释放、税务、赔偿请求及进一步协助。存在约定时，适用提前到期或抵销安排。
EN: Acceleration makes future payments become due earlier after a defined event; set-off deducts an enforceable amount owed by the payee from a payment otherwise due. For example, an agreed resale trigger may accelerate an earnout, while an agreed indemnity set-off may reduce a deferred payment.
中文： 提前到期（acceleration）使未来应付的款项在约定事件发生后提前到期；抵销则从原应支付的款项中，扣除收款方欠付的、可依法执行的金额。例如，约定的再次出售事件可能使业绩对价提前到期，而约定的赔偿抵销权可能减少延期付款的金额。
Materials｜材料：2.4 并购协议课件 PDF 3–45 页；2015 年 ABA 研究所列百分比仅描述其历史交易样本。
EN: An issuer offers its securities; an initial public offering (IPO) is its first public offering. Form S-1 is a Securities Act registration form containing offering, business, financial and other required disclosures.
中文： 发行人发行自己的证券；首次公开发行（initial public offering，IPO）是其第一次向公众发行证券。Form S-1是《证券法》规定的注册表，包含发行、业务、财务及其他必须披露的信息。
EN: A registration statement includes the prospectus and additional required information and exhibits. The prospectus explains the issuer, the offered securities, their risks and the offering terms to investors.
中文： 注册声明（registration statement）包括招股说明书，以及其他必需的信息和附件。招股说明书（prospectus）向投资者说明发行人、拟发行证券、其风险及发行条件。
EN: Section 11 addresses material false statements, required material omissions or misleading omissions in a registration statement when effective. Issuer liability does not require proof of fraudulent intent; statutory claimant and damages requirements remain.
中文： 第 11 条针对注册声明生效时存在的重大虚假陈述、未披露依法必须披露的重大信息，或造成误导的遗漏。认定发行人责任不要求证明欺诈故意；有关请求人资格和损害赔偿的法定要求仍须满足。 Securities Act §11
EN: A Section 11 claimant must acquire securities traceable to the challenged registration statement. A buyer who knew of the defect at acquisition cannot recover for that defect. Reliance generally is not initially required, but a special reliance rule applies after the issuer publishes the specified earnings statement covering at least 12 months after effectiveness; damages unrelated to the defect may be excluded.
中文： 第 11 条请求人须取得能够追溯至受质疑注册声明的证券。买方在取得证券时已知存在某项披露缺陷的，不能就该缺陷获得赔偿。通常最初不要求证明信赖；但在发行人公布指定的、涵盖注册声明生效后至少 12 个月期间的盈利报表后，适用特别的信赖规则。与披露缺陷无关的损失可以被排除。 第 11 条原文
EN: Section 11 can also reach specified signatories, directors, experts and underwriters. Qualifying nonissuer defendants may have due-diligence or other statutory defenses that the issuer does not share.
中文： 第 11 条也可以适用于指定的签署人、董事、专家和承销商。符合条件的非发行人被告，可能享有发行人不享有的尽职调查抗辩或其他法定抗辩。 Securities Act §11
EN: A due-diligence defense requires the applicable reasonable investigation and reasonable belief in accuracy for the relevant portion of the statement. Expertised and nonexpertised portions have different statutory standards; a financial adviser’s title alone does not establish the defense.
中文： 尽职调查抗辩（due-diligence defense）要求针对注册声明的相关部分，开展适用标准所要求的合理调查，并合理相信其准确。经专家认证的部分与未经专家认证的部分，适用不同的法定标准；仅具有财务顾问头衔，不足以成立该抗辩。
EN: Section 12(a)(1) concerns offers or sales violating §5; §12(a)(2) concerns qualifying sales through materially misleading prospectuses or oral communications. Statutory seller status, transaction scope and applicable defenses matter.
中文： 第 12(a)(1) 条涉及违反第 5 条的要约或销售；第 12(a)(2) 条涉及通过有重大误导性的招股说明书或口头沟通进行、且属于该条适用范围的销售。法定卖方身份、交易范围及适用抗辩均很重要。 Securities Act §12
EN: Useful risk disclosure explains company-specific risks, their consequences and relevant existing facts. Detailed warnings do not turn an existing false statement into a true one or create blanket immunity.
中文： 有效的风险披露说明公司特有的风险、风险后果及相关的现存事实。详细警示不能使已有的虚假陈述变成真实陈述，也不能产生全面免责。
EN: Forward-looking statements concern projections, future plans or performance. A safe harbor provides defined liability protection when its conditions apply, but Securities Act §27A excludes statements made in connection with an IPO.
中文： 前瞻性陈述（forward-looking statements）涉及预测、未来计划或业绩。安全港在符合条件时提供规定的责任保护，但 《证券法》第 27A 条排除了与 IPO 相关的陈述。 第 27A 条
EN: For an otherwise eligible private civil claim, §27A provides alternative routes: an identified forward-looking statement accompanied by meaningful caution identifying significant risks; an immaterial statement; or failure to prove the required actual knowledge of falsity. The rule protects qualifying forecasts under defined conditions, not existing false facts, and its IPO exclusion remains decisive here.
中文： 对于其他方面符合适用资格的私人民事请求，第 27A 条提供几种替代性保护途径：陈述被标明为前瞻性陈述，并附有指出重大风险的实质性警示；陈述不具重大性；或者原告未能证明法律要求的实际知悉虚假这一要件。该规则在规定条件下保护符合要求的预测，不保护对现存事实作出的虚假陈述；这里的 IPO 排除规则仍具有决定性。 第 27A 条适用条件
EN: Regulation S-K Item 101 addresses business description; segment information helps investors understand different business economics. Different segments need not be separate legal entities.
中文： Regulation S-K 第 101 项涉及业务描述；分部信息帮助投资者理解不同业务的经济特征。不同业务分部不一定是独立的法律实体。
EN: Revenue reflects recognized business income before associated expenses; net income or loss reflects the accounting result after applicable expenses. GAAP means generally accepted accounting principles, here U.S. GAAP.
中文： 收入反映扣除相关费用之前确认的营业收入；净利润或净亏损反映扣除适用费用后的会计结果。GAAP指公认会计原则，这里是美国公认会计原则。
EN: Consolidated financial statements present a parent and subsidiaries as one economic reporting group, eliminating internal transactions. R&D means research and development expenditure. Depreciation allocates a tangible asset’s depreciable cost over its useful life; amortization similarly allocates finite-lived intangible costs. These charges affect profit without necessarily causing an equal cash payment in the same period.
中文： 合并财务报表将母公司及子公司作为一个经济报告集团列报，并抵销内部交易。研发支出（R&D）指研究与开发支出。折旧将有形资产的可折旧成本分摊至其使用寿命内；摊销以类似方式分摊有限寿命无形资产的成本。这些费用影响利润，但不一定在同期产生等额现金支付。
EN: Operating cash flows arise from the business; investing cash flows include long-term assets and investments; financing cash flows include borrowing and equity funding. For Q1 2026, the filed figures were +$1.047bn, −$16.724bn and +$7.125bn, totaling −$8.552bn. Including a +$0.036bn exchange-rate effect, the reported change in cash, cash equivalents and restricted cash was −$8.516bn.
中文： 经营现金流来自业务经营；投资现金流包括长期资产和投资相关的现金流；融资现金流包括借款和股权融资。2026 年第一季度申报的数额分别为 +10.47 亿美元、−167.24 亿美元及 +71.25 亿美元，合计 −85.52 亿美元。计入 +0.36 亿美元的汇率影响后，报告中的现金、现金等价物及受限现金变动额为 −85.16 亿美元。 公司向 SEC 提交的招股材料，第 274、392–393 页
EN: CapEx funds long-term assets. A common FCF measure is operating cash flow minus CapEx. For Q1 2026, AI-segment CapEx was $7.723bn, while total CapEx was $10.107bn; these include infrastructure, not merely GPU purchases. On this stated definition, $1.047bn − $10.107bn = −$9.060bn FCF, a calculation rather than the three-category cash-flow total.
中文： 资本支出（CapEx）用于长期资产。一种常见的自由现金流（FCF）指标为经营现金流减资本支出。2026 年第一季度，AI 分部的资本支出为 77.23 亿美元，总资本支出为 101.07 亿美元；其中包括基础设施，而不仅是 GPU 采购。按上述定义计算，10.47 亿美元 − 101.07 亿美元 = −90.60 亿美元自由现金流；这是计算得到的指标，并非三类现金流的合计。 已申报的分部资本支出表，第 76、241–242 页
EN: Segment shares equal segment revenue divided by total comparable revenue. The historical S-1 figures used in the notes were $11.387bn / $3.201bn / $4.086bn, totaling $18.674bn, or approximately 61.0% / 17.1% / 21.9%.
中文： 分部收入占比等于分部收入除以口径可比的总收入。笔记使用的历史 S-1 数据分别为 113.87 亿美元／32.01 亿美元／40.86 亿美元，合计 186.74 亿美元，占比约为 61.0%／17.1%／21.9%。 课程所引历史注册文件
EN: The Q1 2026 filed segment revenues were $3.257bn Connectivity, $0.818bn AI and $0.619bn Space, totaling $4.694bn, or approximately 69.4%, 17.4% and 13.2%. Quarterly and annual mixes answer different questions.
中文： 2026 年第一季度申报的分部收入为：连接业务 32.57 亿美元、AI 业务 8.18 亿美元、航天业务 6.19 亿美元，合计 46.94 亿美元，占比分别约为 69.4%、17.4% 和 13.2%。季度和年度收入结构回答的是不同问题。 公司申报的季度分部表，第 421 页
EN: A holding’s fair value measures it at a reporting date. Historical Bitcoin figures of $1.293bn in March 2026 and $1.637bn in December 2025 concern different dates. Quarterly statements may be unaudited even when annual statements are audited.
中文： 某项持仓的公允价值是在报告日对其进行的计量。历史比特币数据中，2026 年 3 月为 12.93 亿美元，2025 年 12 月为 16.37 亿美元，两者对应不同日期。即使年度报表经过审计，季度报表仍可能未经审计。
EN: Fair value is a measurement-date market-based amount, not purchase cost or guaranteed resale proceeds. An audit supplies independent reasonable assurance about whether financial statements are materially misstated, not a guarantee of business success or detection of every error. The filed Q1 2026 statements were unaudited, although the comparative year-end balance sheet came from audited annual statements.
中文： 公允价值是以计量日市场为基础的金额，不是购买成本或有保证的转售收入。审计就财务报表是否存在重大错报提供独立的合理保证，并不保证企业成功或发现每一项错误。申报的 2026 年第一季度报表未经审计，但用于比较的年末资产负债表来自经过审计的年度报表。 申报文件财务报表说明及数字资产附注，第 395 页及附注 7
EN: Item 601(b)(10) generally requires filing material contracts outside the ordinary course that remain to be performed, and specified ordinary-course contracts, including some on which the business substantially depends.
中文： 第 601(b)(10) 项通常要求提交仍待履行的非日常经营重大合同，以及指定的日常经营合同，包括某些业务在很大程度上依赖的合同。 S-K Item 601
EN: Annualizing a monthly fee estimates a full-year amount at that rate; recognized revenue depends on performance and accounting rules. Contract duration, phased pricing and termination rights affect actual receipts.
中文： 将月费年化，是按该费率估算全年金额；已确认收入则取决于履约情况和会计规则。合同期限、分阶段定价及解除权，会影响实际收款。
EN: The Anthropic agreements provided for a reduced fee during the May–June 2026 capacity ramp-up. After the initial three-month period, either party could terminate on 90 days’ notice. A specific risk disclosure informs investors about this contingency; it does not eliminate claims based on separate false statements or hidden facts. An SEC comment letter seeks explanation or correction, not endorsement.
中文： Anthropic 协议规定，在 2026 年 5—6 月的产能爬坡期降低费用。最初三个月届满后，任一方均可提前 90 日通知终止协议。具体的风险披露使投资者了解这种可能性；它不会消除基于其他虚假陈述或隐瞒事实提出的请求。SEC 意见函要求作出解释或更正，并不表示认可。 公司披露的合同安排，第 99 页；SEC 意见函
EN: Different share classes may carry different votes per share. Economic ownership measures the equity stake; voting power measures the proportion of relevant votes controlled.
中文： 不同类别的股份，每股可能享有不同票数。经济持股比例衡量所持股权的份额；投票权比例衡量所控制票数占相关总票数的比例。
EN: Voting power equals the holder’s votes divided by total relevant votes. In a simplified 100-share company, 10 shares carrying ten votes each and 90 one-vote shares give the holder 100/(100+90) = 52.63% of votes. Separately, the IPO disclosure estimated Musk’s voting power at 82.4%, or 82.3% with full exercise of the additional-share option; that estimate uses the actual offering share structure, not the simplified example.
中文： 投票权比例等于持有人拥有的票数除以相关总票数。在一家简化为总计 100 股的公司中，某人持有每股十票的 10 股，其余 90 股每股一票，则该持有人拥有 100/(100+90) = 52.63% 的投票权。另据 IPO 披露，Musk 的投票权预计为 82.4%；若额外股份购买选择权被全额行使，则为 82.3%。这一估计采用实际发行后的股份结构，而非上述简化示例。 GP-O。发行数据
EN: A controlled company generally has more than 50% of voting power held by an individual, group or another company. Specified exemptions concern majority-independent boards, compensation and nomination governance; audit-committee requirements remain separately applicable.
中文： 受控公司通常是指由一个人、集团或另一家公司持有超过 50% 投票权的公司。指定豁免涉及董事会多数成员独立性、薪酬及提名方面的治理要求；审计委员会要求仍另行适用。 Nasdaq 5605/5615
EN: An independent director meets applicable independence standards, including the absence of relationships that impair independent judgment. The compensation committee oversees executive-pay decisions; the nominating committee/function addresses director selection; the audit committee oversees financial reporting and the external auditor. Controlled-company exemptions reduce specified governance requirements, creating an investor-relevant monitoring risk.
中文： 独立董事须满足适用的独立性标准，包括不存在影响独立判断的关系。薪酬委员会监督高管薪酬决定；提名委员会或提名职能负责董事选任；审计委员会监督财务报告及外部审计师。受控公司豁免减少了指定治理要求，由此产生与投资者相关的监督风险。
EN: Dependence on a central executive can expose a company to disruption if that person is unavailable. Multiple roles can create competition for time, resources and opportunities.
中文： 依赖某位核心高管，可能使公司在该人无法履职时受到经营干扰。同一人兼任多重职务，可能造成时间、资源和机会之间的竞争。
EN: A corporate-opportunity waiver relinquishes specified claims to opportunities within its defined scope. It does not authorize every conflict or all forms of managerial misconduct.
中文： 公司机会放弃安排（corporate-opportunity waiver）放弃其界定范围内的特定机会权利主张，并不授权一切利益冲突或所有形式的管理层不当行为。
EN: The underlying corporate-opportunity doctrine addresses when a fiduciary must offer an opportunity to the corporation rather than take it personally or divert it elsewhere. A defined waiver can reduce uncertainty where directors or investors participate in several businesses, but its scope and applicable law determine which opportunities are covered.
中文： 作为基础的公司机会原则涉及信义义务人何时须先将机会提供给公司，而不是自行取得或转交他人。在董事或投资者参与多项业务时，范围明确的放弃安排可以减少不确定性；但哪些机会受到涵盖，取决于该安排的范围和适用法律。
EN: Environmental proceedings and Federal Aviation Administration (FAA) requirements can affect launch authorization, timing, costs and operational capacity.
中文： 环境相关程序和美国联邦航空管理局（Federal Aviation Administration，FAA）的要求，可能影响发射许可、时间安排、成本及运营能力。
EN: A forum-selection clause designates a court or courts for covered disputes. Exchange Act §27 provides exclusive federal jurisdiction over covered Exchange Act claims, affecting how private forum provisions operate.
中文： 法院选择条款（forum-selection clause）为其涵盖的争议指定一个或多个法院。《证券交易法》第 27 条规定，该法项下受其涵盖的请求由联邦法院专属管辖，这会影响私人约定的法院选择条款如何适用。 SEC 意见函第 3–4 项
EN: Arbitration substitutes an agreed private adjudicative process for covered court litigation; a class waiver limits collective proceedings. Enforceability depends on governing law and the clause’s actual triggers; the case provisions contained conditional procedures and fallback forums.
中文： 仲裁以双方同意的私人裁判程序，取代其涵盖的法院诉讼；集体诉讼放弃条款限制集体程序。可执行性取决于适用法律及条款实际规定的触发条件；本案条款包含附条件程序和备用争议解决法院。
EN: Reincorporation changes the jurisdiction of incorporation and the law principally governing internal corporate affairs. SpaceX’s 2024 Delaware-to-Texas move did not by itself eliminate federal securities obligations or all judicial oversight.
中文： 迁册（reincorporation）改变公司的注册设立法域，以及主要规管公司内部事务的法律。SpaceX 于 2024 年由特拉华州迁往得克萨斯州，这一行为本身并未消除联邦证券法义务或全部司法监督。
Materials｜材料：2.5 课件 slides 1–10。财务金额对应课件所讨论的 2025 年及 2026 年第一季度，按其披露主体、期间及计算口径理解；这些历史数据不表示当前余额或未来收益保证。
Framework｜知识框架： Client objectives → independent advice → confidentiality and honesty → conflicts of interest → lawful representation or withdrawal. 客户决定合法目标；律师提供独立意见，并在保密、诚信和利益冲突规则之内开展代理。
EN: The Model Rules provide a model for jurisdictions' professional-conduct rules. The rules adopted by the relevant jurisdiction determine a lawyer's binding duties.
中文： 示范规则（Model Rules）为各法域制定职业行为规则提供范本。相关法域实际采用的规则，决定律师具有约束力的义务。 ABA 规则说明
EN: A lawyer owes duties to the client and duties to the legal system. Effective advocacy must remain consistent with independence, honesty and lawful evidence handling.
中文： 律师既对客户承担义务，也对法律制度承担义务。有效代理必须符合独立、诚实及合法处理证据的要求。
EN: An ethics violation may lead to professional discipline; civil liability and disqualification require their own legal analysis. The sanction depends on the conduct and circumstances.
中文： 违反职业伦理可能导致职业处分（professional discipline）；民事责任和代理资格排除需要分别进行法律分析。具体制裁取决于行为及相关情形。 ABA Scope ¶¶19–20
EN: A professional-negligence claim concerns a duty of competent care, breach, causation and actual loss. Losing the underlying case alone does not establish malpractice; the alleged error must have caused a legally compensable injury.
中文： 执业过失请求（professional-negligence claim）涉及以适当专业能力提供服务的注意义务、义务违反、因果关系和实际损失。原案件败诉本身不足以证明律师执业过失；被指称的错误必须造成法律允许赔偿的损害。 California civil jury instructions, CACI 600–601
EN: The client determines the lawful objectives of representation; the lawyer must consult the client about the means used to pursue them.
中文： 客户决定代理的合法目标；律师必须就实现这些目标所使用的手段，与客户协商。
EN: The client decides whether to settle. In a criminal case, after consultation, the client decides the plea, whether to waive a jury trial and whether to testify.
中文： 客户决定是否和解。在刑事案件中，经协商后，由客户决定作何种答辩（plea）、是否放弃陪审团审判，以及是否出庭作证。
EN: A lawyer must exercise independent judgment and give candid advice; relevant moral, economic, social and political considerations may inform that advice.
中文： 律师必须作出独立判断并提供坦诚建议；与案件有关的道德、经济、社会和政治因素，可以作为形成建议的考量。
EN: Explaining legal consequences differs from helping a client commit a crime or fraud. Use of the lawyer's services for wrongdoing activates separate restrictions and withdrawal duties.
中文： 解释法律后果，不同于帮助客户实施犯罪或欺诈。利用律师服务从事不法行为，会触发另外的限制和退出代理义务（withdrawal duties）。 ABA Rule 1.2(d)
EN: Withdrawal is required when representation would violate law or professional rules, the lawyer's health materially impairs representation, the lawyer is discharged, or the specified crime/fraud condition applies.
中文： 在下列情形中，必须退出代理：继续代理会违反法律或职业规则；律师的健康状况严重妨碍代理；律师被解聘；或出现规定的犯罪、欺诈情形。
EN: Rule 1.16(a)(4) applies when a client or prospective client seeks to use, or persists in using, the lawyer's services to commit or further crime or fraud despite the required discussion.
中文： 如果客户或潜在客户在经过规定的沟通后，仍试图利用或坚持利用律师服务来实施或推进犯罪、欺诈，规则 1.16(a)(4) 即适用。
EN: The seven grounds concern: no material adverse effect; reasonably suspected continuing crime/fraud using the services; past misuse of the services; repugnant action or fundamental disagreement; substantial unmet obligations after warning; unreasonable financial burden or difficulty; and other good cause.
中文： 七项理由分别涉及：退出不会造成重大不利影响；合理怀疑仍在利用律师服务持续实施犯罪或欺诈；过去曾滥用律师服务；令人反感的行为或根本性分歧；经警告后仍严重不履行义务；不合理的经济负担或代理困难；以及其他正当理由（good cause）。
EN: Fundamental disagreement with a client's proposed action may support permissive withdrawal; it does not transfer the client's decision-making authority to the lawyer.
中文： 对客户拟采取的行动存在根本性分歧，可能构成可以选择退出代理的理由；但这不会将客户的决定权转移给律师。
EN: A lawyer must comply with applicable notice/permission procedures and continue if the tribunal orders it, even when good cause for withdrawal exists. On exit, reasonable steps must protect the client, including transition time, required file/property return and refund of unearned advances.
中文： 律师必须遵守适用的通知或许可程序；即使存在退出的正当理由，裁判机构命令继续代理时，也必须继续。退出时，律师须采取合理措施保护客户利益，包括给予过渡时间、按要求返还文件和财产，以及退还尚未赚取的预付款。 ABA Rule 1.16(c)–(d)
EN: In representation, a lawyer must not knowingly make a false statement of material fact or law to a third person.
中文： 在代理过程中，律师不得明知而向第三人作出关于重要事实或法律的虚假陈述（false statement）。
EN: A lawyer must disclose a material fact when necessary to avoid assisting a client's crime or fraud, except when Rule 1.6 prohibits disclosure.
中文： 如果披露某项重要事实是避免协助客户犯罪或欺诈所必需的，律师必须披露，但规则 1.6 禁止披露的情形除外。
EN: Information relating to representation is protected unless disclosure is supported by informed consent, implied authorization for the representation, or an applicable exception.
中文： 与代理有关的信息受到保密保护，除非披露已取得知情同意、属于为开展代理而默示授权的范围，或符合适用的例外。
EN: Consent must follow an adequate explanation of relevant risks and available alternatives; particular rules may additionally require written confirmation or a signed writing.
中文： 知情同意（informed consent）必须在充分解释相关风险和可用替代方案之后作出；具体规则还可能要求书面确认或签署书面文件。
EN: Attorney–client privilege protects qualifying confidential communications made to obtain or provide legal advice from compelled disclosure. It protects the communication, not an underlying fact merely because the client told a lawyer. Ethical confidentiality separately covers representation-related information from any source.
中文： 律师—客户保密特权（attorney–client privilege）保护为获取或提供法律意见而进行、且符合条件的保密沟通，使其免于被强制披露。它保护沟通本身，而不会仅因客户向律师讲述某项事实，就保护该事实本身。职业伦理上的保密义务则另行覆盖来自任何来源、与代理有关的信息。 Upjohn, 449 U.S. 383, 395–396、ABA Rule 1.6 Comment ¶3
EN: Federal civil procedure separately protects documents and tangible materials prepared in anticipation of litigation by or for a party or representative. Ordinary work product may be discovered upon substantial need and undue hardship; attorney mental impressions and legal theories receive special protection.
中文： 联邦民事程序另行保护当事人或其代表为预期诉讼而制作、或由他人为其制作的文件和有形材料。对普通诉讼准备材料（work product），在存在重大需要和过度困难时，可以要求其在证据开示中提供；律师的思考判断和法律理论受到特别保护。 FRCP 26(b)(3)
EN: A lawyer may disclose to the extent reasonably believed necessary to prevent reasonably certain death or substantial bodily harm.
中文： 律师可以在其合理认为必要的范围内披露信息，以防止可合理确定将发生的死亡或严重身体伤害。
EN: Under (b)(2), a lawyer may disclose to prevent a client’s crime or fraud reasonably certain to cause substantial financial/property injury where the client has used or is using the lawyer’s services to further it. Under (b)(3), disclosure may prevent, mitigate or rectify such injury that is reasonably certain to occur or has occurred from a client’s crime or fraud furthered through those services. Both permit disclosure only to the extent the lawyer reasonably believes necessary.
中文： 根据第 (b)(2) 款，如果客户已经或正在利用律师服务推进犯罪或欺诈，且可合理确定该行为将造成重大经济或财产损害，律师可以披露信息以防止该行为。根据第 (b)(3) 款，如果客户利用律师服务推进的犯罪或欺诈，已经造成或可合理确定将造成上述损害，可以通过披露来防止、减轻或纠正损害。两款都只允许在律师合理认为必要的范围内披露。
EN: Other exceptions permit limited disclosure for ethics advice, compliance with law/court orders and specified conflict checks. The self-protection exception covers claims/defenses in lawyer–client disputes, defenses to criminal charges or civil claims based on conduct involving the client, and responses to allegations in proceedings about the representation.
中文： 其他例外允许为寻求职业伦理意见、遵守法律或法院命令，以及进行特定利益冲突核查而作有限披露。自我保护例外涵盖：律师与客户争议中的请求或抗辩；针对涉及客户的行为而提起的刑事指控或民事请求所作的抗辩；以及在有关代理的程序中回应对律师的指责。
EN: A permission under Rule 1.6(b) does not itself impose a duty to disclose; another applicable rule or law may impose one. Disclosure remains limited to its proper purpose.
中文： 规则 1.6(b) 下的披露许可，本身不产生披露义务；其他适用规则或法律可能规定该义务。披露仍须限于其正当目的。
EN: A lawyer must make reasonable efforts to prevent accidental or unauthorized disclosure and unauthorized access.
中文： 律师必须采取合理努力，防止意外或未经授权的披露，以及未经授权的访问。
EN: Under Model Rule 1.0, knowledge means actual knowledge, which may be inferred from circumstances; reasonable belief requires both an actual belief and objectively reasonable circumstances. These standards identify different mental-state requirements.
中文： 根据示范规则 1.0，知情指实际知情，可以从具体情形推定；合理相信（reasonable belief）既要求本人实际持有该认识，也要求客观情形使该认识合理。这些标准规定了不同的主观状态要求。 ABA Rule 1.0(f), (i)
EN: A lawyer must not solicit a substantial gift or prepare an instrument giving a substantial gift to the lawyer or a related person unless the recipient has the qualifying relationship to the client.
中文： 律师不得索取重大赠与，也不得制作将重大赠与给予自己或关联人士的法律文书，除非受赠人与客户之间具有符合规定的关系。
EN: The rule recognizes spouses, children, grandchildren, parents, grandparents and other qualifying relatives or close familial relationships.
中文： 该规则认可的关系包括配偶、子女、孙辈、父母、祖父母，以及其他符合条件的亲属或密切家庭关系。
EN: Solicitation is a communication initiated by or on behalf of a lawyer or law firm, directed to a specific person known or reasonably understood to need legal services in a particular matter, offering or reasonably understood as offering those services.
中文： 主动招揽（solicitation）是由律师或律师事务所自行发起、或由他人代表其发起的沟通，对象是已知或可合理认为就某一特定事项需要法律服务的特定人士；该沟通提出提供这些服务，或可被合理理解为作出了这样的提议。
EN: When financial gain is a significant motive, a lawyer generally may not solicit through live person-to-person contact unless a listed exception applies.
中文： 当经济获益是一项重要动机时，律师通常不得通过实时人际接触（live person-to-person contact）主动招揽，除非适用列明的例外。
EN: 【Necessary supplement】 Live person-to-person contact includes face-to-face encounters, live calls and comparable real-time visual/auditory exchanges. It excludes text messages, chat rooms and other written communications the recipient can readily disregard; other solicitation restrictions still apply.
中文： 【必要补充】 实时人际接触包括面对面接触、实时通话，以及类似的实时视觉或听觉交流。它不包括短信、聊天室和接收者可以轻易忽略的其他书面沟通；其他招揽限制仍然适用。
EN: Exceptions include lawyers; people with family, close personal, prior business or professional relationships with the lawyer/firm; and people who routinely use those services for business purposes.
中文： 例外对象包括律师；与该律师或律所具有家庭关系、密切私人关系、既往商业关系或专业关系的人；以及经常为商业目的使用此类服务的人。
EN: A listed exception does not permit coercion, duress, harassment or solicitation after the person has expressed a wish not to be solicited. Legally authorized or tribunal-ordered communications receive separate treatment.
中文： 列明的例外并不允许强迫、胁迫、骚扰，或在对方已表示不愿被招揽后继续招揽。法律授权或裁判机构命令进行的沟通，另作处理。
EN: A lawyer must not practice contrary to the jurisdiction's professional regulation or assist another in doing so; admission in one jurisdiction does not automatically authorize all practice elsewhere.
中文： 律师不得违反所在法域的职业监管规定执业，也不得协助他人这样做；在某一法域获得执业资格，并不自动取得在其他地方从事所有律师业务的权限。
EN: A lawyer not admitted locally cannot improperly establish a continuing local practice or represent that local admission exists. A nonlawyer's invented title does not confer a license.
中文： 未在当地取得执业资格（admission）的律师，不得不当地在当地建立持续执业安排，也不得声称自己具有当地执业资格。非律师自行创造的头衔，并不能赋予其执业许可。
EN: Managers and supervisors must implement reasonable safeguards; directing or knowingly ratifying misconduct, or failing to remedy known conduct when its consequences can be prevented or mitigated, can trigger responsibility.
中文： 管理者和监督者必须实施合理保障措施；指示或明知而追认不当行为，或者对已知的行为，在其后果尚可防止或减轻时不采取补救措施，都可能引发责任。
EN: A lawyer may not violate, attempt to violate, knowingly assist or induce violations of professional rules, including by acting through another person.
中文： 律师不得违反、试图违反、明知而协助或诱导他人违反职业规则，通过他人实施这些行为也在禁止之列。
EN: A lawyer must not have sexual relations with a client unless a consensual sexual relationship existed when representation began.
中文： 律师不得与客户发生性关系，除非在代理开始时已存在双方自愿的性关系。
EN: Ordinary client consent does not cure a relationship prohibited by Rule 1.8(j); proof of actual harm is not an element of that prohibition.
中文： 客户的一般同意，不能使规则 1.8(j) 禁止的关系变得合法；证明实际损害并不是这项禁令的构成要件。
EN: A qualifying pre-existing relationship avoids the specific Rule 1.8(j) prohibition but leaves Rule 1.7's conflict analysis intact.
中文： 符合条件的既存关系不受规则 1.8(j) 的特定禁止，但仍须完整适用规则 1.7 的利益冲突分析。
EN: A conflict exists through direct adversity to another current client, or a significant risk of material limitation from responsibilities to others or the lawyer's personal interests.
中文： 与另一现有客户直接对立，或因对其他人的责任、律师个人利益而存在代理受到重大限制的显著风险时，就存在同时利益冲突（concurrent conflict of interest）。
EN: Acting for one client against another current client can create a conflict even when the two engagements concern different matters.
中文： 代表一个客户对抗另一现有客户，即使两项委托涉及不同事项，也可能形成利益冲突。 ABA Rule 1.7 Comment ¶6
EN: The test focuses on a significant risk that competing interests will impair the lawyer's ability to consider or recommend appropriate courses of action.
中文： 该测试关注：相互竞争的利益是否带来显著风险，损害律师考虑或建议适当行动方案的能力。
EN: All four conditions must hold: the lawyer reasonably believes competent and diligent representation of each affected client is possible; the representation is not prohibited by law; it does not involve one client asserting a claim against another client represented by the lawyer in the same litigation or other proceeding before a tribunal; and every affected client gives informed consent confirmed in writing.
中文： 必须同时满足全部四项条件：律师合理相信能够为每位受影响客户提供胜任、勤勉的代理；代理不为法律所禁止；代理不涉及在同一诉讼或裁判机构的其他程序中，由一个客户向该律师代理的另一客户提出请求；每位受影响客户均作出经书面确认的知情同意。
EN: Under the Model Rules, consent confirmed in writing can be the client’s written consent or a lawyer’s prompt written confirmation of oral informed consent. A rule demanding a client-signed agreement, such as contingent-fee Rule 1.5(c), adds a signature requirement.
中文： 按照示范规则，经书面确认的同意（consent confirmed in writing）可以是客户的书面同意，也可以是律师对客户口头知情同意及时作出的书面确认。要求客户签署协议的规则，例如有关风险代理费的规则 1.5(c)，另行增加了签字要求。 ABA Rule 1.0(b)
EN: If the conditions for continued representation cannot be met, consent does not authorize the representation.
中文： 如果无法满足继续代理的条件，客户同意也不能使该代理获得许可。
EN: A lawyer likely to be a necessary witness generally must not act as trial advocate, subject to the rule's exceptions.
中文： 律师很可能成为必要证人（necessary witness）时，通常不得在审判中担任出庭代理律师，但须考虑该规则规定的例外。
EN: Exceptions concern uncontested issues, the nature/value of legal services in the case, and substantial hardship to the client; another lawyer in the firm may act unless separate conflict rules prohibit it.
中文： 例外涉及无争议的事项、该案法律服务的性质或价值，以及给客户造成的重大困难；同一律所的另一名律师可以担任出庭代理律师，除非另有利益冲突规则禁止。
EN: A lawyer must not knowingly misstate facts/law or offer known false evidence; discovering material false evidence already submitted requires reasonable remedial action, including disclosure when necessary.
中文： 律师不得明知而错误陈述事实或法律，也不得提供明知虚假的证据；发现已经提交的重要证据虚假时，必须采取合理补救措施，包括必要时披露。
EN: A lawyer must not unlawfully obstruct evidence access, alter/destroy/conceal material with potential evidentiary value, falsify evidence or counsel false testimony.
中文： 律师不得非法阻碍他人获取证据，或非法改动、毁损、隐匿具有潜在证据价值的材料；也不得伪造证据或指导他人作伪证。
EN: A criminal act reflecting adversely on honesty, trustworthiness or professional fitness can constitute professional misconduct.
中文： 显示律师在诚实、可信度或执业适任性方面存在问题的犯罪行为，可以构成职业不当行为（professional misconduct）。
EN: Deceit, fraud, dishonesty or misrepresentation, and conduct prejudicial to the administration of justice, fall within separate misconduct provisions.
中文： 欺骗、欺诈、不诚实或虚假陈述，以及妨碍司法正常运作的行为，分别属于不同的不当行为条款。
EN: Where permitted, a fee may depend on the outcome. Rule 1.5 requires a client-signed writing explaining calculation, expense deductions and costs the client must pay regardless of success.
中文： 在允许的情况下，律师费用可以取决于案件结果。规则 1.5 要求通过客户签署的书面文件，说明计算方式、费用扣除，以及无论是否胜诉客户都必须支付的费用。 ABA Rule 1.5(c)
EN: Rule 1.5(d) prohibits contingent fees for criminal defendants and domestic-relations fees tied to obtaining divorce or the amount of alimony, support or a property settlement in lieu thereof.
中文： 规则 1.5(d) 禁止对刑事被告采用风险代理收费，也禁止在家庭关系案件中，将收费与取得离婚、配偶扶养费或抚养费的金额，或替代这些款项的财产和解金额挂钩。 ABA Rule 1.5(d)
EN: Fees must be reasonable; the client retains settlement authority.
中文： 律师收费必须合理；客户保留决定是否和解的权力。 ABA Rule 1.5
Source coverage｜来源覆盖： 《The Rainmaker & Rules of Professional Responsibility》slides 1–13；配套规则讲义 pp. 1–11。第 14 张幻灯片为图片来源。电影情节用于规则适用讨论，不构成真实法院的裁判结论。
Framework｜知识框架： Evaluate the franchise → verify disclosure and economics → secure usable premises → allocate cost and risk → plan transfer and exit. 加盟经营需要同时解决品牌授权、经营成本、场地使用和退出责任；不同合同之间的条件必须衔接。
EN: Under the federal rule, the arrangement generally combines trademark association, significant operational control or assistance, and a required payment to the franchisor or an affiliate.
中文： 根据联邦规则，这类安排通常同时具备三个要素：与商标相关联、对经营施加重大控制或提供重大协助，以及必须向特许人或其关联方付款。 16 CFR 436.1(h)
EN: Calling an arrangement a license, dealership or partnership does not determine whether the franchise definition is met.
中文： 将一项安排称为许可、经销或合伙，并不能决定它是否符合特许经营的定义。
EN: The concept includes payments required by contract or practical necessity to obtain or commence the franchise, but excludes reasonable inventory purchases at genuine wholesale prices for resale or lease.
中文： 必要付款（required payment）包括依合同约定或实际需要，为取得或开始特许经营而必须支付的款项；但不包括按真实批发价格购入合理数量、用于转售或出租的存货所支付的款项。 16 CFR 436.1(s)
EN: From July 12, 2024, the federal exemption applies when required payments or commitments to the franchisor/affiliate made before or within six months after operations begin total less than $735.
中文： 自2024年7月12日起，在开始经营之前或之后六个月内，向特许人或其关联方作出的必要付款或付款承诺合计不足735美元时，适用这项联邦豁免。 16 CFR 436.8(a)(1)
EN: The 2024 thresholds require at least $1,469,600 in qualifying initial investment, with the required acknowledgment, or a franchisee/parent/affiliate entity in business for at least five years with net worth of at least $7,348,000.
中文： 2024年的门槛要求：符合条件的初始投资至少为1,469,600美元，并作出规定的确认；或者加盟商、其母公司或关联企业已经营至少五年，且净资产至少为7,348,000美元。 FTC 调整公告
EN: The FDD supplies pre-sale information through 23 items; the franchise agreement and related contracts establish the operative promises and obligations.
中文： 特许经营披露文件（FDD）通过23个项目提供售前信息；加盟协议及相关合同则确立实际适用的承诺与义务。
EN: Unless exempt, the franchisor must furnish the current FDD at least 14 calendar days before the prospective franchisee signs a binding agreement with, or pays the franchisor or affiliate in connection with, the proposed franchise sale.
中文： 除适用豁免外，特许人必须在潜在加盟商就拟议加盟交易与特许人或其关联方签订有约束力的协议，或向其付款之前，至少提前14个日历日提供现行FDD。 16 CFR 436.2(a)
EN: A franchisor making unilateral material changes to the attached agreement must supply the revision at least seven calendar days before signing; changes arising from negotiations initiated by the prospective franchisee do not trigger that period.
中文： 特许人对所附协议作出单方重大修改的，必须在签署前至少七个日历日提供修订稿；由潜在加盟商主动发起谈判而产生的修改，不触发这一期限要求。 16 CFR 436.2(b)
EN: Federal disclosure rules coexist with applicable state registration, disclosure or relationship rules and the parties' contracts. A receipt confirms delivery, not official endorsement or automatic waiver of claims.
中文： 联邦披露规则与适用的州登记、披露或特许经营关系规则，以及双方合同并行适用。收讫确认证明文件已交付，并不表示官方认可，也不意味着自动放弃请求权。
EN: Item 1 identifies the business and relevant related entities, their history and the offered franchise.
中文： 第1项说明经营主体及相关关联实体、它们的历史，以及拟提供的特许经营业务。
EN: Item 2 identifies directors, principal officers and others responsible for franchise sales or operations, and lists their principal positions and employers during the past five years, with dates and locations. 中文： 第2项列明董事、主要高级管理人员及其他负责加盟销售或经营的人员，并列出他们在过去五年的主要职位和雇主，以及任职时间和地点。 §436.5(b)
EN: Item 3 covers specified pending proceedings, material franchise-relationship civil actions from the last fiscal year, covered felony convictions/no-contest pleas and specified civil liability within ten years, and currently effective covered governmental injunctions. The persons and entities covered vary by category. 中文： 第3项涵盖规定范围内的未决程序、上一财政年度与特许经营关系有关的重大民事诉讼、十年内规定范围内的重罪定罪或不争辩答辩及特定民事责任，以及目前有效且属于披露范围的政府禁令。须披露的个人和实体因事项类别而异。 §436.5(c)
EN: Item 4 covers relevant bankruptcy petitions and discharges during the ten years before FDD issuance, including specified officers’ links to entities that entered bankruptcy during their tenure or within one year after they left. Related foreign proceedings are also covered. 中文： 第4项涵盖FDD发布前十年的相关破产申请和债务免责，包括指定高级管理人员与某些实体的关联：这些实体在其任职期间或离任后一年内进入破产程序。相关外国程序也在披露范围内。 §436.5(d)
EN: Initial fees are payments required at entry, with separately stated refund conditions. The sample traditional-store fee is generally $45,000. Under its agreement, if the restaurant is not ready for occupancy within one year, the franchisee may terminate and request an immediate refund in writing.
中文： 初始费用是加入时必须支付的款项，其退款条件须单独列明。样本中传统门店的初始费通常为45,000美元。根据该协议，如果餐厅在一年内尚未达到可入驻状态，加盟商可以终止协议，并以书面方式要求立即退款。
EN: Item 6 covers continuing and event-based charges. In the course FDD, royalties are 4% or 5% of Gross Sales, payable on the 10th of the following month, depending on the transaction category.
中文： 第6项涵盖持续收取的费用及特定事件触发的费用。课程FDD中的特许权使用费（royalty）按交易类别分别为营业总额的4%或5%，于次月10日支付。
EN: Item 7 combines the initial fee, buildout, equipment and other start-up needs. The historical traditional-store range is $1,470,500–$2,642,000, with working capital for the stated initial period; the stated totals exclude percentage rent and royalties.
中文： 第7项汇总初始费、装修施工、设备及其他开业所需投入。历史版本中，传统门店的预计初始投资为1,470,500至2,642,000美元，包括所列初始期间的营运资金；列示总额不包括按营业额计算的租金及特许权使用费。
EN: Item 8 explains required suppliers or specifications and relevant purchasing benefits received by the franchisor.
中文： 第8项说明必须采用的供应商或产品规格，以及特许人获得的相关采购收益。
EN: Item 9 links key franchisee obligations to the relevant disclosure items and contract provisions.
中文： 第9项将加盟商的主要义务与相关披露项目及合同条款对应列示。
EN: Item 10 describes offered financing and relevant repayment, security and default terms. Availability of a program does not establish every applicant's eligibility.
中文： 第10项说明所提供的融资安排，以及相关还款、担保和违约条款。存在某项融资计划，并不意味着每个申请人都符合资格。
EN: Item 11 states the support to be supplied and the systems, training and advertising obligations. The course FDD requires annual advertising/promotion expenditure of at least 4% of Gross Sales, with potentially higher fund/cooperative requirements.
中文： 第11项列明将提供的支持，以及系统、培训和广告方面的义务。课程FDD要求每年广告及推广支出至少达到营业总额的4%，而基金或广告合作组织的要求可能更高。
EN: Territory provisions define any geographic protection and retained competition rights. The course McDonald's FDD grants no exclusive territory.
中文： 经营区域条款界定地理范围内的保护，以及保留的竞争权利。课程中的麦当劳FDD不授予独占区域（exclusive territory）。
EN: Trademark disclosure identifies the marks and relevant rights, disputes and obligations associated with their use.
中文： 商标披露列明相关商标，以及使用这些商标涉及的权利、争议和义务。
EN: Item 14 addresses relevant intellectual property beyond trademarks and protection of proprietary business information.
中文： 第14项涉及商标以外的相关知识产权，以及对专有商业信息的保护。
EN: Item 15 explains required operational participation. The sample agreement requires the designated individual franchisee to devote full time and best efforts personally to restaurant operations and avoid interfering outside enterprises.
中文： 第15项说明实际参与经营的要求。样本协议要求指定的个人加盟商亲自全职投入并尽最大努力经营餐厅，同时避免从事妨碍餐厅经营的其他业务。
EN: The franchisee's permitted product and service range is constrained by the franchise system and contract.
中文： 加盟商获准销售的商品和服务范围，受到特许经营体系及合同的限制。
EN: Item 17 summarizes the relationship's duration, renewal conditions, cure and termination, transfers, death/disability, post-termination duties and dispute terms. The historical traditional-store term is usually 20 years.
中文： 第17项概述特许经营关系的期限、续期条件、违约补救与终止、转让、死亡或失能、终止后义务，以及争议处理条款。历史版本中，传统门店的期限通常为20年。
EN: Item 18 identifies covered public-figure promotion and interests. This FDD states that McDonald’s uses no public figure to promote the sale of its franchises. Celebrity advertising directed to restaurant customers serves a different purpose.
中文： 第18项列明属于披露范围的公众人物推广活动及利益关系。本FDD表示，麦当劳不使用公众人物推广加盟业务的销售。面向餐厅顾客的名人广告具有不同的目的。
EN: An FPR expressly or implicitly states a level or range of actual or potential sales, income or profit. A franchisor choosing to make an FPR generally needs Item 19 disclosure, a reasonable basis and written substantiation. Two specific routes allow actual results for an existing outlet to be given only to that outlet’s potential purchasers, or a compliant supplemental FPR for a particular location/variation. The latter must be written, explain its departure from the FDD and meet the applicable basis, assumptions and disclosure requirements.
中文： 财务业绩陈述（FPR）明示或暗示实际或潜在销售额、收入或利润的水平或范围。特许人选择作出此类陈述时，通常须在第19项披露，并具备合理依据和书面佐证。两种特定安排允许：仅向某家现有门店的潜在买方提供该店实际经营结果；或者就特定地点或经营差异提供符合要求的补充业绩陈述。后一种陈述必须采用书面形式，说明其与FDD的差异，并满足适用的依据、假设及披露要求。 §436.5(s)(4)–(5)
EN: Item 20 provides outlet movement and current/former franchisee information, allowing openings, closures, transfers and departures to be evaluated together. The required departure/contact list includes franchisees who left in the most recently completed fiscal year and those who have not communicated with the franchisor during the 10 weeks before FDD issuance.
中文： 第20项提供门店变动及现任、前任加盟商信息，以便结合评估开店、关店、转让和退出情况。规定的退出及联系名单包括在最近一个已结束的财政年度退出的加盟商，以及在FDD发布前十周未与特许人联系的加盟商。 §436.5(t)(5)
EN: A balance sheet shows assets, liabilities and equity at a date; income and cash-flow statements show results and cash movements over a period. Consolidated statements combine covered entities. An audit opinion concerns the financial statements under its stated standard, not a guarantee of franchise profitability.
中文： 资产负债表反映某一时点的资产、负债和权益；利润表与现金流量表反映某一期间的经营结果和现金变动。合并报表将纳入合并范围的实体合并列报。审计意见针对财务报表是否符合其所述标准，并不保证加盟业务盈利。
EN: Proposed agreements and attachments identify the actual terms the purchaser will be asked to accept.
中文： 拟签署的协议及附件列明买方将被要求接受的实际条款。
EN: The receipt records delivery of the FDD and helps document the disclosure timeline.
中文： 收讫确认记录FDD的交付，并帮助留存披露时间的证明。
EN: Gross Sales is the agreement’s fee base, not cash profit. The sample counts credit sales in the sale month even before collection, includes restaurant-generated business, and excludes qualifying refunds/returns and sales taxes actually paid to government.
中文： 营业总额（Gross Sales）是协议中的计费基础，并非现金利润。样本将赊销计入销售发生月份，即使尚未收款；它包括餐厅产生的业务，并排除符合条件的退款、退货，以及实际缴付政府的销售税。
EN: Average sales divide total sales by outlet count; the median is the middle observation after ranking. The 2023 traditional franchised-store sample reports about $3.964 million average and $3.797 million median sales.
中文： 平均销售额是销售总额除以门店数量；中位数是将观察值排序后位于中间的数值。2023年传统加盟店样本报告的平均销售额约为396.4万美元，销售额中位数约为379.7万美元。
EN: The 2023 sales sample includes traditional franchised stores open at least one year: about 78%, 71% and 64% exceeded $3.0m, $3.2m and $3.4m respectively. The separate pro forma expense sample covers 11,362 qualifying stores and excludes company-operated, satellite and specified ownership-change stores.
中文： 2023年销售样本包括开业至少一年的传统加盟店：约78%、71%和64%的门店销售额分别超过300万、320万和340万美元。另一个费用模拟样本涵盖11,362家符合条件的门店，不包括直营店、卫星店及特定的所有权变更门店。
EN: Excluding failed or departed outlets can make the remaining outlets appear more successful than the full investment experience.
中文： 排除失败或退出的门店，可能使剩余门店呈现出的成功程度高于全部投资经历的实际情况。
EN: Pro forma results depend on assumptions; working capital finances day-to-day operations and timing gaps between receipts and payments.
中文： 模拟财务结果（pro forma results）取决于所采用的假设；营运资金用于支持日常经营，并弥补收付款时间差产生的资金缺口。
EN: The course FDD applies the 5% rate from January 1, 2024 to specified new-store/McOpCo/right-of-first-refusal resale transactions, while listed qualifying existing-store transactions retain 4%. Traditional, satellite, Walmart and BFL formats differ.
中文： 课程FDD自2024年1月1日起，对指定的新店、麦当劳直营店（McOpCo）以及通过行使优先购买权取得后再出售的交易适用5% 费率；列明的合格既有门店交易则保留4% 费率。传统店、卫星店、沃尔玛店和营业设施租赁店（BFL）各有不同安排。
EN: The sample franchise grants no automatic renewal or extension right. New-Term and Growth Policies describe discretionary evaluation, may change and do not themselves promise a new franchise; an actual offer has its own acceptance conditions.
中文： 样本加盟协议不授予自动续期或延长期限的权利。新期限政策与扩店政策规定了由特许人酌情开展的评估，政策可能调整，且本身并不承诺授予新的特许经营权；实际发出的要约另有接受条件。
EN: Under the sample, a proposed transfer requires at least 20 days’ advance written notice identifying the buyer and offer terms. McDonald’s has 10 days after receipt to exercise its first purchase option on the same terms. A failed sale to that buyer leaves the right applicable to a later offer.
中文： 根据样本，拟转让时须至少提前20天书面通知，列明买方及报价条件。麦当劳可在收到通知后10天内，按相同条件行使其优先购买选择权。若未能向该买方出售，这项权利仍适用于后续报价。
EN: During the franchise, the sample restricts interests in similar restaurant businesses without McDonald’s prior written consent, without a ten-mile limit. A separate restriction lasts 18 months after termination or sale within a ten-mile radius of the original restaurant. Ownership below 2% of an exchange-listed company is excepted. Exit also requires stopping brand/system use and returning materials. Applicable law can limit enforcement.
中文： 在加盟期间，未经麦当劳事先书面同意，样本限制加盟商持有类似餐饮业务的权益，且该限制没有十英里的地域边界。另一项限制适用于终止或出售后18个月内、原餐厅周围十英里半径范围。持有证券交易所上市公司不足2% 的股份属于例外。退出时还须停止使用品牌及经营体系，并返还资料。适用法律可能限制这些条款的强制执行。
EN: Loss or transfer of the franchise can affect the premises and financing, while obligations under another contract may continue unless its terms provide otherwise.
中文： 特许经营权的丧失或转让可能影响场地及融资安排；除非相关合同另有规定，另一份合同项下的义务仍可能继续存在。
EN: A contains financial statements; B–D contain traditional, satellite and Walmart agreements; E is the new-restaurant rider; F is the BFL rider; G is the operator's lease.
中文： 附件A包含财务报表；B至D包含传统店、卫星店及沃尔玛店协议；E是新餐厅附约；F是营业设施租赁店（BFL）附约；G是经营者租约。
EN: H–I address entity assignment and transfer; J covers candidate agreements; K–L state new-term and growth policies; M contains the new-term offer letter.
中文： 附件H至I涉及向实体转让及其他转让安排；J包含候选人协议；K至L载明新期限政策和扩店政策；M包含新期限要约函。
EN: N contains loan documents; O–P identify service agents and state administrators; Q identifies affiliates; R–S list current and departed franchisees; T contains state-specific addenda.
中文： 附件N包含贷款文件；O至P列明送达代理人和州监管主管机构；Q列明关联企业；R至S列出现任及退出的加盟商；T包含各州专用补充条款。
EN: A franchisor must prepare its annual FDD revision within 120 days after fiscal year-end and prepare quarterly material-change revisions within a reasonable time after quarter-end. When furnishing the FDD, the seller must identify known or reasonably knowable material changes in Item 19 information.
中文： 特许人必须在财政年度结束后120天内完成FDD年度修订，并在每个季度结束后的合理时间内，就重大变化完成季度修订。提供FDD时，销售方必须指出第19项信息中已经知道或经合理了解应当知道的重大变化。 16 CFR 436.7
EN: The sample’s pro forma operating-income figures exclude rent, royalties, depreciation and amortization, interest and income taxes. They are intermediate measures; organization-level overhead and reinvestment needs can further reduce the owner’s economic return.
中文： 样本中的模拟经营收益数据未扣除租金、特许权使用费、折旧与摊销、利息及所得税。这些属于中间层次的收益指标；企业层面的管理费用及再投资需要，还可能进一步降低所有者的经济回报。
EN: The FDD links the monthly sales threshold to base rent divided by the fixed percentage rate. Percentage rent becomes payable above that threshold; separately defined pass-through rent reflects specified costs payable to an upstream landlord. The lease charges the percentage only on sales exceeding that threshold, in addition to base and applicable pass-through rent.
中文： FDD将月销售额门槛设为基础租金除以固定百分比费率。超过门槛后须支付营业额租金；另行定义的转付租金（pass-through rent）反映应付上游出租人的指定成本。根据租约，除基础租金及适用的转付租金外，仅对超过门槛的销售额部分按该百分比计收租金。
EN: The sample program lets a qualifying operator contribute to building/site costs to reduce stated rent charges. McDonald’s keeps legal ownership of those improvements; the contribution does not purchase the real estate. Eligibility, rent floors and financing limits vary by outlet format.
中文： 样本计划允许符合条件的经营者分担建筑或场地成本，以降低规定的租金收费。麦当劳仍保留这些改良设施的法律所有权；这笔投入并不构成房地产购买。资格条件、租金下限及融资限制因门店类型而异。
EN: National/local advertising cooperatives pool member contributions. The sample OPNAD and local cooperatives are independent franchisee organizations; qualifying contributions count toward the 4% advertising minimum. Historical OPNAD pledges were 2.25% of sales, with local rates separately determined.
中文： 全国及地方广告合作组织汇集成员的出资。样本中的全国广告基金组织（OPNAD）和地方广告合作组织均为独立的加盟商组织；符合条件的缴款可计入4%的最低广告支出要求。历史上的OPNAD承诺缴款比例为销售额的2.25%，地方比例另行确定。
EN: The sample candidate program generally lasts six months to two years, and the candidate agreement permits a longer period. Required training precedes a franchise agreement or payment; the candidate bears living/travel and related personal costs, receives no training wages, and gains no guaranteed franchise merely by completing training.
中文： 样本候选人计划通常持续六个月至两年，候选人协议允许更长时间。规定培训须在签订加盟协议或付款之前完成；候选人自行承担生活、旅行及相关个人费用，培训不支付工资，完成培训本身也不保证获得加盟权。
EN: The sample requires compliance with operating manuals, approved products, equipment and technology standards that may change. Required upgrades and supplier arrangements create continuing costs; authority to change a manual is distinct from authority to rewrite every signed contractual term.
中文： 样本要求遵守可能调整的经营手册，以及获准产品、设备和技术标准。强制升级及供应商安排会带来持续成本；修改手册的权限，不等于改写所有已签合同条款的权限。
EN: The sample requires prior-month receipts by 11 a.m. Central Standard Time on the first business day, operating/statistical reports by the 25th, annual statements within 90 days, and sales records for at least three years. The operator pays audit costs when actual sales exceed reported sales by at least 2% of reported sales.
中文： 样本要求：最迟于每月首个工作日美国中部标准时间上午11时报送上月营业收入，不迟于25日报送经营及统计报告，在90天内提交年度报表，并将销售记录保存至少三年。实际销售额比申报销售额高出的部分达到申报销售额的2%或以上时，审计费用由经营者承担。
EN: The sample identifies unpaid amounts beyond 30 days, serious system breaches, prohibited transfers, intentional sales understatement and other listed events as material. Other isolated breaches support enforcement remedies without automatically triggering termination; repeated breaches and uncured defaults also affect transfer approval.
中文： 样本将款项逾期未付超过30天、严重违反经营体系要求、被禁止的转让、故意少报销售额，以及其他列明事件认定为重大违约。其他孤立违约可成为采取合同执行救济的依据，但不会自动触发终止；反复违约和未补救的违约也会影响转让批准。
EN: After breach termination, the sample gives McDonald’s a 30-day option to buy specified tangible assets at fair market value, excluding intangible-asset payment. Expiry/condemnation uses a different timetable: purchase notice at least 30 days before termination and removal restrictions during the preceding 60 days.
中文： 因违约终止后，样本赋予麦当劳30天的选择期，可按公平市场价值购买指定有形资产，但不支付无形资产价款。期限届满或征收适用另一套时间安排：购买通知须至少在终止前30天发出，而终止前60天内适用资产搬离限制。
EN: The sample allows an approved qualified spouse/heir/relative to assume the franchise personally. If no qualified successor can operate, McDonald’s may manage for the estate, normally no more than 12 full calendar months without consent; failure to complete an approved transfer can trigger a fair-market-value purchase option.
中文： 样本允许经批准且符合资格的配偶、继承人或亲属亲自承接特许经营。没有合格继任者能够经营时，麦当劳可以为遗产代为经营；未经同意，这一期限通常不超过12个完整日历月。未完成获准转让，可能触发按公平市场价值购买的选择权。
EN: The BFL rider permits a conditional purchase after 12 months of restaurant operation on 60 days’ notice, with the specified price and conditions. The purchased business facilities exclude land and building; continued occupancy and brand rights depend on amended leases and franchise terms.
中文： 营业设施租赁店（BFL）附约允许在餐厅经营满12个月后，提前60天通知，按指定价格和条件进行附条件购买。所购买的营业设施不包括土地和建筑物；继续使用场地及品牌的权利取决于修订后的租约和加盟条款。
EN: The sample calls the franchisee an independent contractor responsible for restaurant operations and denies agency/partnership/joint employment. Item 3 nevertheless describes claims alleging joint-employer liability. A contract label and the legal classification under the applicable employment statute are separate questions.
中文： 样本将加盟商称为对餐厅经营负责的独立承包人，并否认双方存在代理、合伙或共同雇佣关系。不过，第3项仍披露了主张共同雇主责任的诉讼请求。合同中的称谓与适用劳动法规下的法律定性，是两个不同问题。
EN: No-poach clauses restrict hiring or soliciting workers from other businesses in a system. Item 3 and the Washington assurance describe antitrust challenges to such restrictions and McDonald’s agreement to stop enforcement and remove the provision, without admission of liability.
中文： 禁止挖角条款（no-poach clauses）限制招揽或聘用同一体系内其他企业的员工。第3项及华盛顿州的承诺文件说明了这些限制受到的反垄断挑战，以及麦当劳同意停止执行并删除相关条款，但不承认责任。
EN: Assigning the sample franchise to a company does not release the original individual; assignor and assignee remain jointly and severally responsible. Further equity transfers, pledges, new interests and certain trust changes require consent, even if an arrangement is labeled debt but carries profit or appreciation participation.
中文： 将样本加盟权转让给公司，不会免除原个人加盟商的责任；转让人与受让人继续承担连带责任。后续股权转让、质押、新设权益及某些信托变更均须取得同意；即使某项安排名为债务，只要附带分享利润或增值的权利，也适用这一要求。
EN: The candidate form generally gives qualified candidates 12 months to acquire the specified 100% traditional-store interest; an extension request is due 60 days before expiry and, if granted, adds at most 12 months. The growth policy separately requires a complete acquisition plan at least ten days before presenting an acquisition contract.
中文： 候选人表单通常给予合格候选人12个月，购买指定传统门店的100%权益；延期申请须在届满前60天提出，获准后最多再延长12个月。扩店政策另要求，在提交收购合同之前至少十天，提供完整的收购计划。
EN: The FDD requires suppliers meeting quality, capacity, confidentiality, financial and compliance standards; approval can still be withheld where adequate suppliers already exist. Required/specification-based purchases historically represented 90–95% of establishment purchases and 55–65% of operating purchases.
中文： FDD要求供应商满足质量、产能、保密、财务及合规标准；如果已有充足供应商，仍可不予批准。历史上，强制采购或须符合指定规格的采购，占开店采购的90%至95%，占日常经营采购的55%至65%。
EN: The McDonald’s operator lease restricts use to the branded restaurant, requires continuous occupancy, and links franchise termination/default to lease remedies. Its ordinary non-rent covenant cure period is ten days after written notice; payment and other specified triggers differ. If the term or rent accrual has not commenced within one year after signing, its lapse clause provides for return of advance payments.
中文： 麦当劳经营者租约将用途限定为经营该品牌餐厅，要求持续占用场地，并将加盟协议终止或违约与租约救济相联动。租约中一般非租金义务的补救期为收到书面通知后十天；付款及其他指定触发事项适用不同规则。如果签署后一年内租期尚未开始，或尚未开始计收租金，其失效条款规定返还预付款。
EN: Incontestability strengthens a qualifying registered mark’s position against specified challenges; it is not immunity from every claim. Section 15 requires conditions including five consecutive years of post-registration commercial use and the prescribed declaration. The franchisee still receives only the contracted license.
中文： 商标不可争议地位（incontestability）加强符合条件的注册商标抵御特定挑战的能力，但并非对所有请求都享有豁免。第15条要求满足若干条件，包括注册后连续五年商业使用及提交规定声明。加盟商获得的仍只是合同约定的使用许可。 USPTO 说明
EN: A promissory note records the borrower’s promise to repay principal and interest. Principal is the borrowed balance; maturity is the final due date. The FDD’s guaranteed bank-loan program is third-party financing, not a promise that McDonald’s directly funds every franchisee.
中文： 本票（promissory note）记录借款人偿还本金及利息的承诺。本金是借入款项的余额；到期日是最终付款日期。FDD中的有保证银行贷款计划属于第三方融资，并非承诺由麦当劳直接为每位加盟商提供资金。
EN: The sample rate is one-month Term SOFR plus a 0.10 percentage-point adjustment plus an initial 3.00 percentage-point spread, with a zero floor on Term SOFR. SOFR relates to secured overnight dollar funding; a floating benchmark changes the borrower’s interest cost.
中文： 样本利率为一个月期期限SOFR，加0.10个百分点的调整值，再加初始3.00个百分点的利差；期限SOFR以零为下限。SOFR反映有担保的美元隔夜融资情况；浮动基准的变动会改变借款人的利息成本。
EN: A loan term can be shorter than its amortization schedule. The FDD describes three-to-five-year terms with a seven-year amortization basis, leaving principal at maturity unless separately repaid, refinanced or otherwise addressed.
中文： 贷款期限可以短于其分期摊还期间。FDD列明贷款期限为三至五年，按七年基础计算分期摊还；因此到期时仍有未偿本金，除非另行偿还、再融资或作其他安排。
EN: The sample grants the bank a security interest in broad personal property, including equipment, inventory, receivables and proceeds, but excludes the franchise rights themselves. The security supports enforcement against covered assets upon default, subject to applicable law.
中文： 样本赋予银行涵盖广泛动产的担保权益（security interest），包括设备、存货、应收账款及收益，但不包括加盟权本身。这项担保使银行可在违约时，依适用法律对担保范围内的资产采取执行措施。
EN: A lien burdens property for a claim. Perfection concerns making a security interest effective against relevant third parties through the applicable required steps; subordination changes agreed priority. The sample requires cooperation with filings and restricts additional liens.
中文： 财产担保负担（lien）使财产因某项请求权而受到权利限制。担保权益完善（perfection）是指通过适用规则要求的步骤，使担保权益能够对抗相关第三人；顺位从属则改变约定的受偿顺序。样本要求配合办理登记，并限制新增财产担保负担。 UCC 9-310
EN: The FDD describes a guarantee fee of 1.50% of average outstanding principal. Under OAP, amounts paid by McDonald’s to the bank must be reimbursed by the franchisee within 30 days. Joint-and-several liability permits recovery of the covered obligation from any liable obligor, subject to applicable law.
中文： FDD列明，保证费用为平均未偿本金的1.50%。在经营者援助计划（OAP）下，加盟商须在30天内向麦当劳偿还其向银行代付的款项。连带责任允许债权人依适用法律，向任何负有责任的债务人追偿责任范围内的债务。
EN: Affirmative covenants require actions such as maintaining records, insurance, operations and notices. Negative covenants restrict new debt, liens, guarantees, asset sales and changes of control without required consent. OAP also restricts loans to insiders and retention/distribution of excess cash.
中文： 积极义务条款要求采取行动，例如保存记录、维持保险和经营，以及发出通知。限制性条款则限制未经必要同意而新增债务、财产担保负担或保证，出售资产，以及变更控制权。经营者援助计划（OAP）还限制向内部人士放贷，以及留存或分配超额现金。
EN: Cross-default makes breach of one agreement a default under another. Acceleration makes the remaining debt immediately due when its conditions occur. The sample links the bank note, franchise and OAP, so a franchise breach or financing default can spread across the transaction.
中文： 交叉违约（cross-default）使一份协议的违约同时构成另一份协议的违约。债务加速到期（acceleration）使剩余债务在约定条件出现时立即到期。样本将银行本票、加盟协议和经营者援助计划（OAP）关联起来，因此加盟违约或融资违约可能影响整项交易。
EN: The note generally allows 10 days after notice for a missed payment or specified curable breach, while named covenants trigger immediate default. OAP gives 60 days after notice for specified nonpayment-independent breaches; payment/reimbursement defaults have different treatment. Franchise termination requires repayment/refinancing of the note and OAP amounts within 30 days.
中文： 本票通常对逾期付款或指定的可补救违约，给予通知后10天的补救期；但违反列明的特定义务会立即构成违约。经营者援助计划（OAP）对指定的非付款类违约给予通知后60天补救期，付款或代偿款偿还违约则另行处理。加盟协议终止后，须在30天内偿还本票和OAP项下的款项，或为其安排再融资。
EN: The note permits penalty-free prepayment on at least five business days’ advance notice. Payments first cover fees/expenses, then accrued interest, then principal; interest uses actual days over a 360-day year. ACH authorization permits scheduled debits but does not excuse payment before activation.
中文： 本票允许在至少提前五个工作日通知后，不支付罚金而提前还款。款项首先抵付费用及支出，再抵付应计利息，最后抵付本金；利息按实际天数及一年360天计算。自动清算系统扣款授权（ACH authorization）允许按计划扣款，但不免除该功能启用前的付款义务。
EN: After an enforceable default, the sample permits legally compliant possession and commercially reasonable sale of collateral. Proceeds reduce the debt, surplus returns to the borrower, and a deficiency remains payable. Repossession therefore does not necessarily settle the debt in full.
中文： 发生可依法执行的违约后，样本允许依法占有担保财产，并以商业上合理的方式出售。所得款项用于减少债务，剩余款项返还借款人，不足清偿的债务仍须偿付。因此，收回担保财产不一定意味着债务已全部清偿。
EN: The OAP sample contains a release of pre-agreement claims and separate confidentiality, enforcement-cost and reimbursement duties. Its termination requires release of the guarantee and payment of outstanding obligations; recovery of a previously received payment can reinstate liability.
中文： 经营者援助计划（OAP）样本包含对签约前请求权的放弃，以及独立的保密、承担执行费用和偿还代付款义务。终止OAP须解除保证并清偿未履行的义务；如果已经收到的付款被追回，责任可能恢复。
EN: A state rider modifies the base form where the relevant statute applies. The sample addresses restrictions on releases, forum clauses, termination and competition, including Hawaii, Maryland, Minnesota, North Dakota and Washington variations; contractual text can yield to mandatory state law.
中文： 相关州法适用时，州附约会修改基础合同文本。样本涉及对请求权放弃、争议审理地条款、终止和竞争限制的约束，包括夏威夷州、马里兰州、明尼苏达州、北达科他州及华盛顿州的不同规定；合同文字可能须让位于强制性州法。
EN: The sample Minnesota rider states, subject to specified exceptions, 90 days’ termination notice with 60 days to cure, 180 days’ nonrenewal notice, and no unreasonable withholding of transfer consent. These protections are conditional on Minnesota law governing the franchise.
中文： 样本中的明尼苏达州附约规定，除指定例外外，终止须提前90天通知，并给予60天补救期；不续期须提前180天通知；不得不合理地拒绝同意转让。这些保护以明尼苏达州法适用于该特许经营关系为条件。
EN: The sample Michigan notice bars specified unfair terms. Early termination requires good cause and reasonable cure opportunity, not necessarily over 30 days. The stated nonrenewal compensation protection requires a term under five years plus the specified post-term business restriction or lack of six months’ advance nonrenewal notice.
中文： 样本中的密歇根州告知书禁止若干指定的不公平条款。提前终止须有正当理由，并给予合理补救机会，但补救期不必超过30天。所述不续期补偿保护要求合同期限不足五年，并同时满足以下任一条件：存在指定的期满后经营限制，或未提前六个月通知不续期。
EN: Under the sample Michigan notice, unaudited recent financial statements showing net worth below $100,000 trigger, on a franchisee’s request, escrow of covered payments until specified obligations are performed; the franchisor may substitute a surety bond.
中文： 根据样本中的密歇根州告知书，如果近期未经审计的财务报表显示净资产低于100,000美元，应加盟商要求，规定范围内的付款须交由托管（escrow），直至指定义务履行完毕；特许人可提供保证债券（surety bond）作为替代。
EN: Item 3 includes allegations that statements or omissions induced investment or renewal. Fraud concerns intentional deception under the applicable elements; negligent misrepresentation concerns misleading information supplied without the required care. Their elements and remedies depend on governing law.
中文： 第3项包括有关陈述或遗漏诱使他人投资或续期的指控。欺诈涉及满足适用构成要件的故意欺骗；过失性失实陈述涉及未尽必要注意而提供误导性信息。二者的构成要件和救济取决于适用法律。
EN: Tortious-interference allegations concern improper disruption of another party’s contract or protected business relationship. Trade libel concerns injurious false statements about products or business interests. The Kytch disclosure illustrates claims about device-safety statements and alleged interference with confidentiality agreements.
中文： 不当干预交易关系的指控涉及以不当方式破坏他人的合同或受保护的商业关系。商业诋毁涉及对产品或商业利益作出具有损害性的虚假陈述。Kytch事项的披露展示了有关设备安全陈述，以及涉嫌干预保密协议的请求。
EN: Promissory estoppel protects qualifying reasonable reliance on a promise; equitable estoppel can prevent a party contradicting conduct on which another reasonably relied. Unjust enrichment concerns unjust retention of a benefit. Item 3 shows these claims accompanying disputes over promised renewals and retained benefits.
中文： 允诺禁反言（promissory estoppel）保护对承诺产生的、符合条件的合理信赖；衡平禁反言可以阻止一方否认他人曾合理信赖的行为。不当得利涉及不正当地保留所得利益。第3项显示，这些请求伴随着续期承诺和利益留存方面的争议提出。
EN: The food-illness disclosures distinguish negligence, strict product liability, failure to warn, design-defect and warranty claims. Express warranties arise from relevant affirmations/promises; merchantability concerns ordinary-use fitness. A claim identifies a legal theory, while proof of defect, causation and other elements remains necessary.
中文： 食品致病事项的披露区分了过失、严格产品责任、未尽警示义务、设计缺陷和保证责任请求。明示保证产生于相关事实确认或承诺；适销性涉及产品是否适合通常用途。一项请求表明所依据的法律理论，但仍须证明缺陷、因果关系及其他构成要件。
EN: Item 3 lists discrimination, harassment, retaliation, wrongful/constructive discharge, wage-and-hour and background-check claims. Constructive discharge concerns conditions allegedly forcing resignation; wage-and-hour claims concern matters such as pay, overtime and required records. Background-check compliance can require specific disclosure and authorization.
中文： 第3项列明歧视、骚扰、报复、不当解雇或被迫辞职、工资与工时，以及背景调查方面的请求。被迫辞职涉及据称迫使员工辞职的工作条件；工资与工时请求涉及工资、加班及规定记录等事项。背景调查合规可能要求作出特定披露并取得授权。
EN: An ombudsman or internal appeal helps address disputes within the system. Mediation uses a neutral facilitator to seek agreement, unlike an arbitrator’s decision. The FDD describes mediation as a practice rather than a contractual requirement; settlement can exchange money/assets for releases without adjudicating all allegations.
中文： 申诉专员或内部申诉程序帮助处理体系内的争议。调解由中立第三方协助双方寻求合意，与仲裁员作出裁决不同。FDD将调解描述为一种实践做法，而非合同强制要求；和解可以通过支付金钱或转让资产换取请求权放弃，而无须对全部指控作出裁判。
EN: False promises and omission of important investment facts can impair a purchaser's decision even when some financial figures are accurate.
中文： 虚假承诺和对重要投资事实的遗漏，可能妨碍买方作出判断，即使某些财务数据本身准确。
EN: The complaint alleged deceptive representations, deficient disclosures, FPRs outside the FDD and representations contradicting required disclosures.
中文： 诉状指控存在欺骗性陈述、披露不足、在FDD之外作出财务业绩陈述，以及作出与规定披露内容相矛盾的陈述。
EN: Refund promises require accurate conditions and actual performance. The allegations also covered issue dates, covered entities/personnel, supplier benefits and franchisee contacts.
中文： 退款承诺须准确说明条件，并切实履行。指控还涉及文件发布日期、披露范围内的实体和人员、供应商利益，以及加盟商联系方式。
EN: The 2024 corporate default judgment imposed a franchise-sales ban, $7.75 million in civil penalties and approximately $48.48 million in consumer redress.
中文： 2024年针对公司的缺席判决禁止其销售特许经营业务，并判处775万美元民事罚款及约4,848万美元消费者救济款。 公司被告判决
EN: A civil penalty punishes a violation; consumer redress addresses affected purchasers' losses; an injunction requires or prohibits specified conduct.
中文： 民事罚款用于惩处违法行为；消费者救济针对受影响买方的损失；禁令要求实施或禁止实施指定行为。
EN: The March 2026 release alleged six-month opening claims despite typical delays beyond a year, missing executive litigation/bankruptcy information, deficient departed-franchisee contacts and untimely FDD delivery.
中文： 2026年3月的公告指控：尽管开业通常延误至一年以上，仍宣称六个月内可开业；遗漏高管的诉讼及破产信息；退出加盟商的联系资料不完整；以及未及时交付FDD。
EN: The release describes proposed $17 million redress, restrictions on misrepresentations and complete, accurate, timely disclosure duties.
中文： 公告说明了拟议的1,700万美元救济款、对失实陈述的限制，以及完整、准确、及时披露的义务。
EN: The October 2026 complaint described claims that inexperienced operators could profitably run one or more studios while working fewer than 15 hours per week. More than 200 consumers allegedly paid initial franchise fees of $49,500 or more, with additional build-out and operating costs.
中文： 2026年10月的诉状描述了以下宣传：缺乏经验的经营者每周工作不足15小时，即可有利可图地经营一家或多家工作室。据称，超过200名消费者支付了49,500美元或以上的初始加盟费，并承担额外装修施工和经营成本。
EN: The alleged comparison used experienced operators in 2,000–7,000 sq ft studios to promote inexperienced entrants' 1,200–1,600 sq ft studios, without adequate support and disclosure of differences. The complaint also concerned undisclosed management roles of FFL sales personnel and financial performance representations outside the FDD.
中文： 据指控，该比较以经验丰富者经营的2,000至7,000平方英尺工作室，推广新手经营者的1,200至1,600平方英尺工作室，却缺少充分依据，也未充分披露差异。诉状还涉及未披露FFL销售人员承担的管理职务，以及在FDD之外作出的财务业绩陈述。
EN: The proposal sets a $3,875,424 PFG judgment, partly suspended after $650,000 payment, plus $1.2 million from FFL; specified franchisees receive a penalty-free cancellation option.
中文： 拟议安排规定对PFG作出3,875,424美元的金钱判决，在支付650,000美元后暂缓执行其中部分金额；另由FFL支付120万美元。指定加盟商可选择无罚金解除合同。
Scope｜适用范围： The KPOT document is a classroom lease draft. Its amounts and deadlines are negotiated contract terms. The 2012 tenant checklist supplies negotiation issues and possible protections. 本节将课堂租约与租客清单合并理解；草稿数字是该交易的约定，清单中的保护须经合同或适用法律成立。
EN: A lease grants agreed possession and use for a term and allocates rent, operating duties and risk. The leasehold is distinct from ownership of the property.
中文： 租约在约定期限内授予占有和使用权，并分配租金、经营义务及风险。租赁权益（leasehold interest）不同于物业所有权。
EN: Preliminary documents may separate nonbinding business terms from binding confidentiality or exclusivity obligations. The classroom draft becomes binding when both parties sign; circulation alone reserves no premises.
中文： 初步文件可将不具约束力的商业条件，与具有约束力的保密或排他谈判义务分开约定。课堂草案在双方签署时生效并具有约束力；仅传阅草案不会为任何一方保留场地。
EN: Investigation covers title, existing occupancy, zoning, permits, building condition, utilities, environmental issues, restrictions and the landlord's capacity to perform.
中文： 尽职调查涵盖产权、现有占用情况、规划用途、许可证、建筑状况、公用设施、环境问题、限制条件，以及出租人的履约能力。
EN: Representations identify facts the parties undertake responsibility for, including title, authority, condition and compliance. Signing for an entity requires the relevant authority.
中文： 陈述列明双方愿意对其承担责任的事实，包括产权、权限、状况和合规情况。代表实体签约须具备相应授权。
EN: The premises description and plans identify boundaries, entrances and any associated patio, storage, loading or common-area rights. The draft concerns 7,627 sq ft.
中文： 场地描述及图纸界定边界、入口，以及任何相关的露台、储藏、装卸或公共区域使用权。该草案涉及7,627平方英尺场地。
EN: Rentable area can include allocated common space beyond usable premises. The draft allows remeasurement within 20 days after its measurement statement; failure to act constitutes acceptance. A discrepancy adjusts the stated charges, and a discrepancy greater than 5% shifts substantiated remeasurement costs to the landlord, payable within five days after invoice.
中文： 计租面积可能包括实际可用场地之外分摊的公共空间。草案允许在其测量说明提供后20天内重新测量；未采取行动即构成接受。存在面积差异时，须调整列明的费用；差异超过5%时，有凭据支持的重新测量费用由出租人承担，并须在收到发票后五天内支付。
EN: These dates trigger different obligations. Under the draft, rent generally starts at the earlier of actual opening and 300 days after possession, subject to specified adjustments.
中文： 这些日期分别触发不同义务。根据草案，租金通常自实际开业日与取得占有后300天两者中的较早日期开始计算，但须适用指定调整。
EN: The draft provides 120 full months after rent commencement and two conditional 60-month extensions. Ordinary exercise is 12–6 full months before expiry. If no timely notice arrives and an option remains, the landlord must give a reminder; the tenant then has 30 days after receipt to exercise. Failure to notify within that additional period ends all unexercised renewal options.
中文： 草案规定，自起租日起为120个完整月，并可在满足条件时延长两次，每次60个月。通常须在届满前12至6个完整月之间行使续租选择权。如果未及时收到通知且仍有选择权可行使，出租人必须发出提醒；承租人随后可在收到提醒后30天内行权。在这一额外期间内仍未通知的，全部尚未行使的续租选择权终止。
EN: A delivery deadline and its remedies allocate delay risk; relief may include postponed rent, reimbursement or termination under specified conditions.
中文： 交付截止日期及相应救济用于分配延误风险；符合指定条件时，救济可能包括延后起租、费用偿付或终止。
EN: An as-is acceptance clause allocates condition risk, subject to express promises. Substantial completion identifies the agreed level of completion permitting the next stage, with remaining work separately addressed.
中文： 按现状接受条款用于分配物业状况风险，但须受明示承诺的约束。实质完工确定双方约定、足以进入下一阶段的完工程度，剩余工程则另行处理。
EN: Base rent pays for occupancy; additional rent comprises other amounts the contract treats as rent. The draft's monthly base rent is $37,372.30, plus estimated common expenses of $5,110.09.
中文： 基础租金是占用场地的对价；额外租金包括合同归类为租金的其他款项。草案中的月基础租金为37,372.30美元，另加预计公共费用5,110.09美元。
EN: A net lease shifts specified property expenses to the tenant in addition to base rent; the precise allocation follows the contract.
中文： 净租赁（net lease）使承租人在基础租金之外承担指定的物业费用；具体如何分配取决于合同。
EN: Rent or expense increases may use fixed percentages, a base-year comparison or a stated price index. The draft increases initial-term base rent 2.5% annually.
中文： 租金或费用上涨可按固定百分比、与基准年比较，或依据指定价格指数计算。草案规定，初始租期内基础租金每年上涨2.5%。
EN: A deposit secures performance and is not a liability cap. The draft permits commingling without interest and requires replenishment within 10 days of demand; the stated signing payment is $121,417.48.
中文： 保证金用于担保履约，并非责任上限。草案允许将保证金与其他资金混合存放且不支付利息，并要求在提出补足要求后10天内补足；列明的签约时付款为121,417.48美元。
EN: A negotiated standby letter of credit can replace cash security; draw conditions, renewal, reduction and return obligations define its protection and cost.
中文： 经协商，可用备用信用证（standby letter of credit）替代现金担保；提款条件、续期、金额递减及返还义务决定其保护范围和成本。
EN: For rent under §4.5, remaining unpaid five calendar days after the due date triggers a 10% late charge plus interest from the due date at the lesser of 12% annually and the legal maximum. For overdue sums owed to either party, §34 instead uses the lesser of prime plus six percentage points and the legal maximum annual rate, compounded monthly, subject to specific exceptions.
中文： 根据第4.5条，租金到期后五个日历日仍未支付的，须加收10%滞纳费，并从到期日起计息，年利率为12%与法定最高利率中的较低者。对于任何一方所欠的逾期款项，第34条则适用最优惠利率加六个百分点与法定最高年利率中的较低者，按月复利计算，但须适用特定例外。
EN: CAM passes specified common-area and operating costs to tenants. The draft caps “controllable CAM” at 5% annually without defining the category; the clause does not establish a general cap on every occupancy cost.
中文： 公共区域维护费（Common Area Maintenance，CAM）将指定的公共区域及运营成本转由承租人承担。草案将“可控制的CAM费用”的年度增幅限定为5%，但未定义这一类别；该条款并未为所有场地成本设定统一上限。
EN: Pro rata share divides the tenant’s relevant area by the agreed total area. Comparable measurement methods, mixed-use allocations and treatment of vacant/anchor space determine fairness; all recoveries should be checked for duplication or recovery beyond the allocated cost.
中文： 按比例分摊份额以承租人的相关面积除以约定总面积计算。可比的测量方法、混合用途的分配方式，以及空置空间和主力店面积的处理，共同决定分摊是否公平；应检查全部收回费用，避免重复收取或超过所分配的成本。
EN: Gross-up adjusts eligible occupancy-sensitive costs to a specified assumed occupancy; it should use consistent treatment in the base and comparison years. Fixed costs do not vary merely because occupancy changes. Reconciliation compares advances with the contractually recoverable final charge.
中文： 按假定出租率调整（gross-up）将符合条件、随出租率变化的费用调整到指定假定出租率下的水平；基准年与比较年应采用一致处理方式。固定成本不会仅因出租率变化而改变。结算是将预付款与合同允许收取的最终费用进行比较。
EN: The checklist proposes exclusions for ownership financing, leasing/professional fees, initial construction/defects, above-market affiliate charges, executive overhead, advertising/art/donations, fines, other tenants’ special services and reimbursed costs. Capital costs may instead be subject to approval, cost-saving tests and useful-life allocation.
中文： 核查清单建议排除：业主融资费用、招租及专业服务费、初始建设或缺陷费用、超过市场水平的关联方收费、高管管理费用、广告／艺术品／捐赠支出、罚款、向其他承租人提供的特殊服务费用，以及已获偿付的成本。资本性支出则可另受批准要求、成本节约测试及按使用寿命分摊的约束。
EN: An audit clause determines records, retention, reviewer access, challenge periods and refunds; it may shift audit costs if overcharges exceed an agreed threshold.
中文： 审计条款确定记录范围、保存期限、审核人员的查阅权限、异议期限和退款安排；如果多收费用超过约定门槛，还可将审计费用转由另一方承担。
EN: Tax clauses allocate the covered property tax base, changes, special assessments, contest rights, contest costs and refunds.
中文： 税费条款分配所涵盖的房地产税计税基础、税额变动、特别征费、提出异议的权利、争议费用及退税款。
EN: Percentage rent links rent to defined sales, often above a negotiated breakpoint; gross-sales inclusions, returns, taxes, online sales, partial years and audit rights affect the amount.
中文： 营业额租金使租金与定义的销售额挂钩，通常针对超过协商门槛的部分计收；营业总额的计入范围、退货、税款、网络销售、不完整年度及审计权，都会影响金额。
EN: Approval fees, professional expenses and administration charges may be separately payable; negotiated limits can tie them to reasonable, actual costs and prevent duplicate recovery.
中文： 审批费、专业服务支出及管理费可能须单独支付；协商约定的限制可将其限定为合理、实际发生的成本，并防止重复收取。
EN: Permitted use defines the authorized business and may restrict later concepts, subtenants or ancillary activities.
中文： 允许用途界定获准经营的业务，并可能限制此后变更经营模式、选择次承租人或开展附带活动。
EN: The draft prohibits the landlord from knowingly leasing Phase I buildings A–F to a competing Korean BBQ/hot-pot primary business, defined by more than 50% of gross revenue from the protected items. Protection depends on the tenant operating as required without uncured default and ends after 60 continuous days without the permitted use, excluding specified interruptions.
中文： 草案禁止出租人明知而将一期A至F栋楼宇出租给以韩式烧烤或火锅为主要业务的竞争者；“主要业务”指受保护品类贡献超过营业总收入的50%。这项保护以承租人按要求经营且不存在未补救违约为条件；连续60天未按允许用途经营后，保护终止，但指定的中断情形除外。
EN: A lease may impose an opening deadline, minimum hours and a continuing-operation duty; paying rent alone may not satisfy these obligations.
中文： 租约可规定开业期限、最低营业时长及持续营业义务；仅支付租金可能不足以履行这些义务。
EN: A negotiated co-tenancy clause can tie obligations or relief to anchor stores or occupancy. The draft makes no general promise that particular tenants or occupancy levels will continue.
中文： 协商约定的关联商户营业条件条款（co-tenancy clause）可将义务或救济与主力店或出租率挂钩。草案并未普遍承诺特定商户或出租率将持续存在。
EN: A radius clause restricts competing locations operated by the tenant within a defined area; duration, covered affiliates and existing-store exceptions determine its reach.
中文： 半径限制条款（radius clause）限制承租人在指定范围内经营竞争门店；限制期限、涵盖的关联方及既有门店例外决定其适用范围。
EN: A work letter divides design, permits, construction, utilities and delivery responsibilities between landlord and tenant.
中文： 工程责任说明（work letter）在出租人与承租人之间划分设计、许可、施工、公用设施及交付责任。
EN: The draft’s $80 per measured rentable square foot allowance covers hard construction costs. Payment is due within 30 calendar days after the last required document is received and other conditions are met. A recorded construction lien can support withholding the lesser of 150% of the lien and the entire allowance.
中文： 草案按实测计租面积每平方英尺80美元提供补贴，用于直接施工成本。在收到最后一份必要文件并满足其他条件后，须于30个日历日内付款。若存在已登记的工程留置权，可暂扣相当于留置权金额150%与全部补贴两者中较低的金额。
EN: Structural/system changes commonly require consent; the draft provides a conditional exception for nonstructural alterations totaling no more than $10,000 annually.
中文： 结构或系统改造通常须取得同意；草案对每年总额不超过10,000美元的非结构性改造，设有附条件例外。
EN: A qualifying unpaid contractor or supplier may assert a construction-related claim against property; the lease can require payment, discharge, bonding or security to address it.
中文： 符合条件且未获付款的承包商或供应商，可就工程相关债权对物业主张权利；租约可要求通过付款、解除该权利、提供保证债券或其他担保来处理。
EN: A performance/completion bond and construction insurance address different risks: completion obligations versus specified insured losses.
中文： 履约或完工保证债券与施工保险应对不同风险：前者针对完工义务，后者针对指定的承保损失。
EN: Compliance clauses allocate existing violations, new building requirements and obligations triggered specifically by the tenant's use or alterations.
中文： 合规条款分配既有违法状况、新建筑规范要求，以及因承租人的特定用途或改造而触发的义务。
EN: Utility clauses address available capacity, entry points, separate meters, submetering, tariffs, maintenance and interruption.
中文： 公用设施条款涉及可用容量、接入点、独立计量表、分表计量、收费标准、维护及中断。
EN: HVAC obligations concern temperature/capacity standards, service hours, after-hours pricing, supplementary systems, maintenance and replacement.
中文： 供暖、通风与空调系统（HVAC）的义务涉及温度或容量标准、服务时段、非正常时段收费、辅助系统、维护及更换。
EN: Elevator and loading terms can define service hours, freight access, moving reservations, waiting-time standards, security and repair scheduling.
中文： 电梯和装卸条款可规定服务时段、货运通行、搬运预约、等候时间标准、安保及维修安排。
EN: Maintenance preserves condition, repair restores function and replacement substitutes new equipment; responsibility for performing work may differ from responsibility for paying it.
中文： 维护用于保持状况，维修用于恢复功能，更换则以新设备替代；负责实施工程的一方，不一定也是承担费用的一方。
EN: Operational provisions specify cleaning standards/times, waste facilities, storage, delivery access and associated charges.
中文： 经营条款规定清洁标准及时间、垃圾设施、储存、送货通行，以及相关收费。
EN: Security services require defined commitments; signs alone do not establish functioning surveillance. Access terms address staff, customers, sensitive areas and after-hours entry.
中文： 安保服务需要有明确承诺；仅有标示并不证明监控实际运行。通行条款涉及员工、顾客、敏感区域及非正常时段进入。
EN: Landlord control over common areas can affect access, circulation, visibility and parking; agreed limits and parking ratios define the tenant's protection.
中文： 出租人对公共区域的控制可能影响通行、人流或车流组织、可见度及停车；约定的限制和停车位配比界定承租人获得的保护。
EN: Sign rights determine permitted location, size, visibility, approval, installation costs and changes to building or tenant names.
中文： 招牌设置权决定允许的位置、尺寸、可见度、审批、安装成本，以及建筑或商户名称变更。
EN: Access clauses specify purposes, personnel, notice, hours and emergencies. The draft permits entry to nonpublic areas on at least 24 hours’ written notice, subject to its exceptions, and limits unreasonable business disruption.
中文： 进入场地的条款规定目的、人员、通知、时段及紧急情况。草案允许在至少提前24小时书面通知后进入非公共区域，但有其约定例外，并限制对营业造成不合理干扰。
EN: The draft permits reasonable management-rule changes that are consistent with the lease and nondiscriminatorily enforced; the lease controls a conflict.
中文： 草案允许对管理规则作出合理修改，但须与租约一致，且不得以歧视性方式执行；发生冲突时，以租约为准。
EN: Liability insurance addresses covered third-party claims; property insurance covers specified assets and losses; business-interruption coverage addresses covered lost income and associated costs.
中文： 责任保险针对承保范围内的第三方请求；财产保险保障指定资产及损失；营业中断保险针对承保范围内的收入损失及相关成本。
EN: Additional-insured status extends specified policy protection to another party; deductibles leave part of a covered loss for the insured or contractually allocated payer.
中文： 附加被保险人身份使保单的指定保障延伸至另一方；免赔额则使承保损失中的一部分由被保险人或合同指定的付款方承担。
EN: After paying a loss, an insurer may pursue the insured's claim against a responsible third party. An effective waiver limits the specified recovery route and should align with the policy.
中文： 保险人赔付损失后，可以行使被保险人对负有责任的第三方的请求权。有效的代位求偿权放弃限制指定的追偿途径，并应与保单保持一致。
EN: Indemnification shifts defined losses; a defense obligation addresses handling or funding covered claims. Contractual indemnity may exceed insurance coverage.
中文： 赔偿保障（indemnification）转移约定损失的承担责任；抗辩义务涉及处理责任范围内的请求，或支付应对这些请求的费用。合同约定的赔偿责任可能超出保险覆盖范围。
EN: Exculpation excludes specified liability; a limitation restricts types/amounts of recovery or enforcement assets, subject to applicable law.
中文： 免责排除指定责任；责任限制则限制可获赔偿的类型或金额，或者可供执行的资产范围，并须受适用法律约束。
EN: Quiet enjoyment protects agreed possession and use against prohibited interference; it does not promise silence, customer traffic or profit.
中文： 安宁享有权（quiet enjoyment）保护约定的占有和使用，使其免受被禁止的干扰；它不承诺环境安静、客流或利润。
EN: Casualty provisions allocate repair of building work versus tenant property, insurance funding, completion timing and termination. The draft uses 180 days as an important restoration benchmark, with specified elections and extensions.
中文： 灾损条款分配建筑工程与承租人财产的修复责任、保险资金、完工时间及终止安排。草案以180天作为重要的恢复期限标准，并设有指定的选择权和延期安排。
EN: Abatement reduces the rent components identified by the clause when its trigger is met; other charges may continue.
中文： 租金减免在约定触发条件满足时，减少条款指定的租金组成部分；其他费用可能继续收取。
EN: Taking clauses allocate termination, rent reduction and compensation depending on the extent of the taking and the remaining premises' usability.
中文： 征收条款根据征收范围及剩余场地的可用性，安排终止、租金减少和补偿。
EN: A force-majeure clause excuses or delays specified performance for qualifying uncontrollable events. The draft excludes financial inability and does not excuse the tenant's financial obligations, including rent.
中文： 不可抗力条款对符合条件且无法控制的事件，免除或延缓指定履约义务。草案排除财务上无力履行的情形，且不免除承租人的金钱义务，包括租金。
EN: Clauses distinguish existing contamination, tenant-introduced substances and permitted ordinary supplies, then allocate investigation, cleanup and indemnity.
中文： 条款区分既有污染、承租人引入的物质，以及允许使用的普通用品，随后分配调查、清理及赔偿责任。
EN: A default is a failure meeting the lease's conditions; a cure period is the time allowed to correct it before specified remedies arise. Different breaches may have different triggers.
中文： 违约是满足租约所定条件的不履行；补救期是在特定救济可被行使之前，允许纠正违约的时间。不同违约可能有不同触发条件。
EN: Nonpayment continuing five days after the due date is a specified default. Other breaches generally allow 30 days after written notice, with qualifying diligent cure extending to a maximum of 45 calendar days.
中文： 款项在到期后五天仍未支付，属于列明的违约。其他违约通常可在书面通知后30天内补救；符合条件且持续积极进行补救的，补救期最长可延至45个日历日。
EN: The draft generally gives the landlord 30 calendar days after written notice, with a reasonable longer period where diligent cure requires it; financing terms can also require notice and cure opportunity for the lender.
中文： 草案通常给予出租人书面通知后30个日历日的补救期；如果积极补救需要更长时间，可给予合理延长。融资条款还可能要求向贷款人通知，并给予其补救机会。
EN: The draft distinguishes taking possession from terminating the lease; reletting proceeds are allocated under the contract and affect the claimed balance.
中文： 草案区分收回占有与终止租约；再次出租所得按合同分配，并影响所主张的欠款余额。
EN: Negotiated tenant remedies may permit repair at the landlord's cost, rent setoff, abatement or termination after defined notice and cure conditions.
中文： 经协商约定的承租人救济，可允许在满足指定通知和补救条件后，由承租人修缮并由出租人承担费用、抵扣租金、减免租金或终止租约。
EN: The draft generally requires written notices by specified delivery methods; personal delivery is effective on delivery and mail is deemed served three calendar days after mailing. Tenant notices also require specified simultaneous copies to superior interests. A time-is-of-the-essence clause emphasizes timely exercise/performance.
中文： 草案通常要求通过指定送达方式发出书面通知；亲自交付的，交付时生效；邮寄的，寄出后三个日历日视为送达。承租人发出通知时，还须按规定同时向上位权利人发送副本。严格遵守期限条款（time is of the essence）强调按时行权和履约。
EN: The certificate records rent, deposit, defaults, amendments and outstanding obligations for lenders or buyers to rely on. The draft requires response within 10 days of written request.
中文： 租赁事实确认书（estoppel certificate）记载租金、保证金、违约、修改及未履行义务，供贷款人或买方信赖。草案要求在书面请求后10天内回复。
EN: The draft selects Nevada law and Clark County; its arbitration arrangement uses JAMS and excludes specified repossession/summary-eviction matters.
中文： 草案选择内华达州法及克拉克县作为准据法和争议地点；其仲裁安排采用JAMS，并排除指定的收回占有或简易驱逐事项。
EN: For non-arbitrated matters, the draft contains a jury waiver to the extent legally permitted and requires the nonprevailing party to reimburse reasonable litigation/arbitration fees and costs.
中文： 对于不通过仲裁处理的事项，草案在法律允许的范围内约定放弃陪审团审理，并要求败诉方偿付合理的诉讼或仲裁费用及成本。
EN: Subordination gives the specified mortgage or superior property interest priority over the lease under the agreement.
中文： 顺位从属使指定抵押权或其他上位物业权利，依据协议优先于租赁权。
EN: Non-disturbance protects a qualifying tenant's continued occupancy after mortgage enforcement, within the agreement's terms. The draft requires commercially reasonable efforts to obtain it.
中文： 不干扰约定在协议范围内，保护符合条件的承租人在抵押权执行后继续占用场地。草案要求尽商业上合理的努力取得这项保护。
EN: Attornment requires recognition of the successor landlord. The successor's responsibility for prepaid rent, offsets, deposits and unfinished landlord work depends on stated exceptions.
中文： 承认新出租人（attornment）要求承租人承认继任出租人的地位。继任者是否须对预付租金、抵扣、保证金及未完成的出租人工程承担责任，取决于列明的例外。
EN: Tenant financing can involve the leasehold, equipment or entity equity; consent, enforcement and lender cure/removal rights determine its feasibility.
中文： 承租人融资可涉及租赁权益、设备或实体股权；同意要求、执行安排，以及贷款人的补救权和设备移除权，决定其可行性。
EN: Assignment transfers the tenant's leasehold position as agreed; a sublease creates a derivative occupancy arrangement while the original lease relationship continues. Approval rules may differ.
中文： 租约转让按约定转移承租人的租赁地位；转租在原租赁关系继续存在的同时，建立派生的占用安排。两者的批准规则可能不同。
EN: The draft requires consent not unreasonably withheld, delayed or conditioned, with application 90–60 calendar days before the transfer. The landlord has 30 days to respond; silence means rejection. Aggregate transfers/hypothecations of over 49% of equity since the effective date count as assignment, subject to its affiliate exception.
中文： 草案要求不得不合理地拒绝、拖延或附加同意条件，转让申请须在拟转让日前90至60个日历日之间提出。出租人有30天回复，沉默视为拒绝。自生效日起累计转让或质押超过49%的股权，视为租约转让，但适用其关联方例外。
EN: A recapture clause can let the landlord take back space upon a proposed transfer; profit-sharing clauses allocate defined excess consideration after agreed deductions.
中文： 收回条款可允许出租人在承租人提出转让时收回场地；转让收益分享条款则分配扣除约定项目后、按定义计算的超额对价。
EN: Under the draft, consent to assignment does not release the original tenant unless the landlord expressly agrees in writing; the assignee assumes obligations as provided.
中文： 根据草案，除非出租人明确书面同意，否则同意租约转让不会免除原承租人的责任；受让人按约定承担义务。
EN: A guarantor separately promises to answer for the tenant's specified obligations; the draft waives certain requirements to pursue the tenant first and preserves liability through specified changes.
中文： 保证人单独承诺对承租人的指定义务负责；草案放弃了某些须先向承租人追索的要求，并使保证责任在指定变更后继续存在。
EN: Transfer provisions address the successor's assumption of landlord duties, deposit transfer, payment instructions and any release of the former owner.
中文： 转让条款涉及继任者承接出租人义务、保证金转移、付款指示，以及是否免除原业主责任。
EN: The draft permits relocation on five calendar days' advance notice, with approximately equivalent usable area, unchanged minimum monthly rent, comparable improvements and reasonable moving-cost reimbursement.
中文： 草案允许在至少提前五个日历日通知后要求搬迁，但须提供大致相同的可用面积、保持最低月租不变、提供相当的装修设施，并偿付合理搬迁费用。
EN: An option gives a contractual power exercisable on stated conditions. A right of first offer precedes third-party marketing; a right of first refusal responds to the specified third-party transaction.
中文： 选择权是在规定条件下可行使的合同权利。优先报价权（right of first offer）先于向第三方推介出售；优先购买权（right of first refusal）则针对指定的第三方交易作出回应。
EN: End-of-term clauses allocate removal of trade fixtures, restoration, ordinary wear, abandoned property, inspection and prepaid amounts.
中文： 租期届满条款安排营业附属设施的移除、恢复原状、正常磨损、遗弃财产、检查及预付款项。
EN: The draft charges 200% of the prior base rent for holdover, with other applicable terms continuing, and treats the tenant as a tenant at sufferance.
中文： 草案对租期届满后继续占用收取此前基础租金的200%，其他适用条款继续有效，并将承租人视为未经许可继续占用的承租人（tenant at sufferance）。
EN: The draft integrates the lease and incorporated attachments, requires signed written changes and preserves remaining provisions if one is invalid under its severability clause.
中文： 草案将租约及纳入的附件整合为完整协议，要求修改以签署的书面形式作出，并通过可分割性条款，在某一条款无效时保留其余条款的效力。
EN: For financing or sale, the draft requires the latest audited balance sheet within ten days of written request, no more than once in twelve months. Disclosures to specified lenders/buyers require confidentiality assurances, with additional litigation/court-order exceptions; the confidentiality obligation survives termination.
中文： 为融资或出售，草案要求在书面请求后十天内提供最新经审计资产负债表，十二个月内最多要求一次。向指定贷款人或买方披露时，须取得保密保证，并另设诉讼或法院命令例外；保密义务在终止后继续有效。
EN: A-1/A-2 identify premises/site; B allocates work; C sets rules; D-1/D-2 set signage; E is rent; F is completion; G concerns Nevada construction-lien acknowledgment; H is guaranty; I is commencement; J lists existing use restrictions; K is estoppel; L is SNDA.
中文： 附件A-1和A-2界定租赁场地及总平面；B划分工程责任；C规定管理规则；D-1和D-2规定招牌；E涉及租金；F涉及完工；G涉及内华达州工程留置权确认；H为保证；I为起租确认；J列出现有用途限制；K为租赁事实确认书；L为顺位从属、不干扰与承认新出租人协议（SNDA）。
EN: Closing documents establish authority and agreed protections; subsequent administration tracks delivery, insurance, allowances, audits, tax challenges, renewal notices and amendments.
中文： 交割文件确立授权及约定保护；后续管理跟踪交付、保险、补贴、审计、税额异议、续租通知及修改。
EN: A silent issue is a needed protection or operational arrangement absent from the draft. Identifying it requires starting from the tenant's business needs, as well as reading existing wording.
中文： 租约遗漏事项是指草案未包含、但实际需要的保护或经营安排。识别这些事项，既要阅读现有文字，也须从承租人的经营需要出发。
EN: A consent clause can use objective conditions, a reasonableness standard, preapproved categories or a response deadline. Silence has the effect specified by the agreement. The checklist proposes deemed approval; the classroom transfer clause instead makes silence rejection.
中文： 同意条款可采用客观条件、合理性标准、预先批准的类别或回复期限。沉默产生协议规定的效果。核查清单建议将沉默视为批准；课堂转让条款则相反，将沉默视为拒绝。
EN: A punchlist records incomplete/defective work remaining at delivery; a latent defect is not apparent in ordinary inspection. The draft gives 30 days after possession to submit a punchlist and separately requires correction of known latent defects; accepting possession need not erase these promises.
中文： 完工尾项清单（punchlist）记录交付时尚未完成或存在缺陷的工程；隐蔽缺陷是在通常检查中不易发现的缺陷。草案给予取得占有后30天提交尾项清单，并另要求纠正已知隐蔽缺陷；接受占有不一定消除这些承诺。
EN: Hard costs concern physical construction; soft costs include design, engineering and related professional expenses. An allowance can cover one or both categories. The tenant also bears timing and landlord-credit risk when it must spend first and seek reimbursement later.
中文： 工程直接成本（hard costs）涉及实体施工；工程间接成本（soft costs）包括设计、工程技术及相关专业支出。补贴可以覆盖其中一类或两类。承租人必须先支出、后申请偿付时，还承担付款时间及出租人信用风险。
EN: LEED is a green-building rating/certification system. A lease can allocate required design, materials, operating practices, data cooperation, certification costs and later upgrades. A sustainability objective does not itself decide which party pays.
中文： LEED是绿色建筑评级及认证体系。租约可分配设计、材料、经营方式、数据配合、认证成本及后续升级方面的要求。可持续发展目标本身并不决定由哪一方付款。
EN: Operational needs can require cable/duct routes, roof equipment, generators, internal stairs, hoists, loading/staging or storage areas beyond the demised floor space. Rights should address capacity, access, maintenance, relocation and duration alongside the main lease.
中文： 经营需要可能涉及主要租赁楼面之外的电缆或管道路径、屋顶设备、发电机、内部楼梯、起重设备、装卸或集结区，以及储存区域。相关权利应与主租约一并处理容量、通行、维护、迁移及期限。
EN: Simultaneous landlord/tenant work requires an agreed sequence, access arrangements and interference controls. Proprietary layouts can also require confidentiality and limits on third-party access to design documents; review fees and response times affect the construction budget and schedule.
中文： 出租人与承租人同时施工时，需要约定施工顺序、进入安排及干扰控制。专有布局还可能要求保密，并限制第三方查阅设计文件；审查费用及回复时间影响施工预算和进度。
EN: Submeters allocate measured use within a building; usage surveys estimate or test consumption. Calibration, the utility tariff, excluded outside loads and audit rights affect charges. Backup power needs an allocated capacity, fuel/maintenance plan and notice of shutdowns.
中文： 分表计量在建筑内部按实测用量分摊；用量调查估算或检验消耗量。仪表校准、公用事业收费标准、排除外部负荷，以及审计权都会影响收费。备用电力需要明确分配容量、燃料及维护计划，以及停机通知。
EN: HVAC, elevators, cleaning and security can use measurable operating hours and response standards. When several tenants request after-hours service simultaneously, negotiated allocation avoids charging each the full cost. Nonoccupancy credits address variable services the landlord no longer supplies.
中文： 空调、电梯、清洁和安保服务可采用可衡量的服务时段和响应标准。多名承租人同时要求非正常时段服务时，协商分摊可避免向每人分别收取全部成本。未占用时的费用抵减，针对出租人不再提供的可变动服务。
EN: A normalized base year reflects recurring operating costs rather than temporary warranty savings or unusual vacancies. Porter’s-wage escalation ties charges to a specified wage measure; CPI escalation uses a named index, base date and formula. Each can differ from actual cost reimbursement.
中文： 基准年正常化反映经常性运营成本，而不是临时保修节省或异常空置带来的影响。按勤杂工工资递增的机制，将收费与指定工资指标挂钩；按消费者价格指数（CPI）递增的机制，则使用指定指数、基准日及公式。两者都可能不同于实际成本偿付。
EN: Replacing a long-lived asset differs from routine maintenance. If a lease permits recovery of capital costs, useful-life amortization, finance charges, remaining tenant term and demonstrated savings can determine recoverable amounts. A short amortization period front-loads tenant cost.
中文： 更换长期使用的资产不同于日常维护。如果租约允许收回资本性支出，则按使用寿命摊销、融资费用、承租人剩余租期及已证明的节约额，都可能决定可收回金额。较短的摊销期会使承租人较早承担更多成本。
EN: An MFN adjustment clause can give the tenant the benefit of errors or favorable treatments found through another tenant’s audit. The benefit depends on the negotiated scope; it is not automatically created by another tenant receiving a refund.
中文： 最惠待遇调整条款（MFN adjustment clause）可使承租人同样受益于其他承租人审计发现的错误或有利处理。该利益取决于协商范围，并不会因另一承租人获得退款而自动产生。
EN: A tax clause can allocate authority and deadlines to contest assessments, reasonable protest costs and the tenant’s share of refunds after expiry. Special assessments may fund specified improvements; installment treatment can limit allocation to the tenant’s occupancy period.
中文： 税费条款可分配对税额评定提出异议的权限和期限、合理异议费用，以及租期届满后承租人应得的退税份额。特别征费可用于指定改良工程；分期处理可将承租人的分摊限定在其占用期间。
EN: Blanket coverage combines several locations; self-insurance retains risk; a captive is an affiliated insurance vehicle. Additional-insured status concerns liability coverage, while a loss-payee designation concerns payment for insured property. Per-occurrence and aggregate limits cap different measures.
中文： 统括保险将多个地点纳入同一保障；自我保险（self-insurance）由自身保留风险；自保公司（captive）则是关联保险实体。附加被保险人身份涉及责任保障，赔款受领人指定则涉及受保财产的赔款支付。每次事故限额与累计限额限制的是不同口径。
EN: Insurance proceeds do not necessarily remain available for rebuilding; a mortgage can give a lender rights over them. Restoration duties, lender consent, deductibles, uninsured losses and tenant improvements should be coordinated, including termination if rebuilding cannot be completed within agreed limits.
中文： 保险赔款不一定仍可用于重建；抵押安排可赋予贷款人对赔款的权利。修复义务、贷款人同意、免赔额、未获保险覆盖的损失及承租人装修应相互协调，包括无法在约定限制内完成重建时的终止安排。
EN: A taking can impair access, parking or visibility without removing the whole premises. Contractual thresholds and remaining usability determine termination or abatement; separate tenant claims can concern moving costs, fixtures or leasehold value where law permits.
中文： 征收即使未涉及全部场地，也可能损害通行、停车或可见度。合同门槛及剩余场地的可用性，决定能否终止或减免租金；法律允许时，承租人可就搬迁费用、附属设施或租赁权益价值单独提出补偿请求。
EN: Future-rent claims raise present-value, reletting-credit and duplicate-recovery issues. A mitigation provision requires reasonable efforts to reduce avoidable loss; its scope can be negotiated. Statutory duties differ across jurisdictions, so the 2012 checklist’s state-law comments are historical context.
中文： 未来租金请求涉及现值、再次出租收入的抵扣，以及重复受偿问题。减损条款要求合理努力减少可避免的损失，其范围可以协商。法定义务因法域而异，因此2012年核查清单中的州法评论属于历史背景。
EN: An ipso facto clause treats insolvency or bankruptcy as a default because of that status. Bankruptcy law can restrict enforcement of such clauses and related remedies; a written lease default therefore does not by itself establish an enforceable termination right after a bankruptcy filing.
中文： 因破产自动违约条款（ipso facto clause）仅因资不抵债或破产这一状态，就将其认定为违约。破产法可能限制此类条款及相关救济的执行；因此，租约书面列明的违约，并不当然意味着破产申请提出后即可依法终止租约。 11 USC 365(e)
EN: A recognition/nondisturbance agreement can preserve a qualified subtenant’s occupancy if the main lease ends. Splitting a large lease into independent leases can facilitate partial exits; cross-default provisions can undermine that independence.
中文： 承认或不干扰协议可在主租约终止时，保护符合条件的次承租人继续占用。将大型租约拆分为独立租约，可以便利部分退出；交叉违约条款则可能削弱这种独立性。
EN: Profit-sharing depends on defined receipts and allowable deductions such as improvements, concessions and brokerage. A recapture-withdrawal right lets the tenant abandon a proposed transfer instead of losing the space. Successive transfers can require basis adjustments to avoid repeatedly taxing the same value.
中文： 转让收益分享取决于定义的收入及允许扣除的项目，例如改良投入、优惠让步和经纪费用。出租人收回时的撤回权使承租人可放弃拟议转让，而非失去场地。连续发生转让时，可能需要调整计算基础，以避免对同一价值反复收费。
EN: Guarantee language may preserve liability despite amendments, extensions, assignment or release of the tenant. Negotiated notice/cure rights, liability caps, expiry and replacement-guarantor releases limit exposure; transfer approval alone does not supply those protections.
中文： 保证条款可能约定，在合同修改、延长、转让或承租人获免责后，保证责任仍继续存在。协商取得的通知及补救权、责任上限、到期安排，以及更换保证人时的原保证人免责，可限制风险敞口；仅批准转让并不提供这些保护。
EN: A landlord may itself be a tenant under a superior lease rather than own the property outright. The space tenant’s security then depends on the superior term and defaults; recognition, consent and nondisturbance from the superior landlord address that additional risk.
中文： 出租人本身可能是上层租约下的承租人，而非直接拥有物业所有权。场地承租人的保障因而取决于上层租约期限及违约情况；取得上层出租人的承认、同意和不干扰承诺，可以应对这项额外风险。
EN: A lender enforcing assigned rents may direct the tenant to pay it instead of the landlord. A rent-redirection clause can state what notice is sufficient and protect compliant payment while landlord and lender dispute entitlement, avoiding duplicate-payment exposure.
中文： 贷款人执行受让的租金债权时，可指示承租人将租金改付给自己，而非出租人。租金改付条款可规定何种通知足够有效，并在出租人与贷款人争议谁有权收款期间，保护按要求作出的付款，避免重复付款风险。
EN: A memorandum records selected lease facts and rights without publishing the full economic agreement. Recordation can give relevant third parties notice under local law. The classroom draft prohibits recording the lease or memorandum without the landlord’s prior written consent.
中文： 租约摘要（memorandum of lease）记录选定的租赁事实及权利，而不公开全部经济约定。登记可依据当地法律，向相关第三方公示。课堂草案禁止未经出租人事先书面同意而登记租约或租约摘要。
EN: Leasehold title insurance addresses covered defects affecting the insured leasehold’s title or priority. Casualty insurance concerns covered physical-loss risks. A title search, policy exceptions and endorsements identify which title problems remain outside protection.
中文： 租赁权益产权保险针对承保范围内、影响租赁权益产权或优先顺位的缺陷。灾损保险针对承保范围内的实物损失风险。产权调查、保单除外条款及批单界定哪些产权问题仍未获保障。
EN: An REA coordinates separate parcels’ shared access, parking, utilities and other facilities, including maintenance costs and restrictions. The tenant may need enforceable rights or landlord enforcement duties because shared use can depend on owners outside the immediate lease.
中文： 相互地役权协议（REA）协调不同地块共用的通行、停车、公用设施及其他设施，包括维护费用和限制。由于共同使用可能取决于直接租约之外的业主，承租人可能需要可依法执行的权利，或要求出租人承担行使权利的义务。
EN: A renewal option using market rent needs an appraisal method, comparable assumptions and a deadlock procedure. Long-lived options can encounter state rules restricting remote future interests; the applicable rule and exceptions depend on the jurisdiction and option type.
中文： 按市场租金续租的选择权，需要估价方法、用于比较的假设条件及僵局处理程序。长期选择权可能受到州法规则的限制，这些规则限制在很久以后才生效的财产权益；适用规则和例外取决于法域及选择权类型。 NY EPTL 9-1.1
EN: The draft authorizes each named co-tenant to act for the others on lease matters, including amendments and extensions, and treats notice to one as notice to all. This differs from a retail co-tenancy clause concerning anchor stores or occupancy.
中文： 草案授权每位列名的共同承租人，就租约事项代表其他人行事，包括修改和延长租约，并将向其中一人发出的通知视为向全体通知。这不同于零售租赁中与主力店或出租率有关的关联商户营业条件条款。
EN: The sample no-merger clause preserves the separate leasehold even if the same person obtains both the leasehold and the ownership interest. Its function is to prevent acquisition alone from extinguishing the contractual lease structure and related rights.
中文： 样本中的权益不合并条款，即使同一人同时取得租赁权益和所有权，也保留独立的租赁权益。其作用是防止仅因取得所有权，就使合同中的租赁结构及相关权利消灭。
EN: Accord and satisfaction concerns an agreement to accept substitute performance to discharge an existing claim. The sample rejects treating a short payment or a “paid in full” notation alone as settlement; acceptance may count only against the earliest unpaid rent, subject to applicable law.
中文： 和解替代履行（accord and satisfaction）是指约定接受替代履行，以清偿已有请求权。样本排除仅凭不足额付款或“已全部付清”的附注，就认定达成和解；依适用法律，接受付款可能仅用于抵扣最早到期未付的租金。
EN: Brokerage provisions identify representation, commission responsibility and competing claims. Closing records should include authority, approvals, plans, guarantees and required lender documents; post-closing calendars track options, audits, tax protests, insurance and credit expiry.
中文： 经纪条款列明代理关系、佣金承担及相互竞争的佣金请求。交割记录应包括授权、批准、图纸、保证及必要的贷款人文件；交割后日程跟踪选择权、审计、税额异议、保险及信用证到期。
Source coverage｜来源覆盖： Module 4.1 的 McDonald's FDD（2024-05-01 发布、2025-01-01 修订）、BurgerIM 诉状与判决／案件资料、Xponential 与 PMA 新闻稿；Module 4.2 的《Lease for Class》Articles 1–34、附件 A–L 与《Tenant's Checklist of Silent Lease Issues》第 1–47 类主题。课件示例中的金额与交易条件均按相应资料期间列示。
Framework｜知识主线： employment status → applicable protection → prohibited conduct → employer liability → procedures/remedies → ownership and governance. 先确定雇佣身份和法律覆盖，再分析违法行为、雇主责任及救济；另以 LLC 经营协议区分工作、持有权益和管理公司的权利。
Materials｜资料： 13 页性骚扰判例课件、2020 年就业法指南、NYSED 反歧视政策、UCS 政策及投诉表、2021 年 Kansas LLC 经营协议样本。以下机构程序只对应相应机构，LLC 数字均为样本约定。
EN: Sexual harassment is a form of sex discrimination. Quid pro quo describes conditioning job benefits or detriments on sexual submission; a hostile work environment concerns discriminatory abuse affecting working conditions.
中文： 性骚扰（sexual harassment）是性别歧视的一种形式。利益交换型骚扰（quid pro quo）是指把是否给予工作利益或施加不利待遇，与员工是否屈从性要求挂钩；敌意工作环境（hostile work environment）则涉及影响工作条件的歧视性侵扰。
EN: Under Title VII, a hostile environment must be because of sex, unwelcome, and sufficiently severe or pervasive, assessed objectively and subjectively.
中文： 根据《民权法》第七编（Title VII），构成敌意工作环境的行为必须基于性别、不受欢迎，并达到足够严重或广泛持续（severe or pervasive）的程度；判断时须同时采用客观和主观标准。
EN: Vicarious liability attributes another person's wrongful conduct to the employer under the applicable legal rules. An affirmative defense requires the defendant to establish additional facts that defeat liability.
中文： 替代责任（vicarious liability）是指依照适用法律，将他人的不当行为归责于雇主。积极抗辩（affirmative defense）要求被告证明足以排除责任的额外事实。
EN: A supervisor is a person empowered to take tangible employment actions against the victim. Authority merely to assign daily tasks is not enough by itself; coworker harassment may still create employer liability for negligent prevention or correction.
中文： 这里的主管（supervisor）是指有权对受害者采取实质性人事措施（tangible employment actions）的人。仅有分配日常任务的权限，本身并不足以符合这一定义；但对于同事实施的骚扰，雇主仍可能因未尽到预防或纠正义务而承担过失责任。
Source｜来源： Vance v. Ball State University 判决。
EN: Facts and issue. Mechelle Vinson alleged repeated sexual demands, unwanted touching and assaults by supervisor Sidney Taylor. The issue was whether harassment without an economic job loss could violate Title VII.
中文： 事实与争点。 Mechelle Vinson 指控主管 Sidney Taylor 多次对她提出性要求，并实施她不愿接受的身体接触和侵害。争点是：骚扰即使没有造成与工作有关的经济损失，是否仍可能违反《民权法》第七编。
EN: Rule. A sufficiently severe or pervasive hostile environment is actionable. The focus is whether the conduct was unwelcome; participation described as voluntary does not resolve that question.
中文： 规则。 达到足够严重或广泛持续程度的敌意工作环境，可以成为依法提起诉讼的依据。判断重点是行为是否不受欢迎（unwelcome）；仅把当事人的参与描述为自愿，并不能回答这一问题。
EN: Employer liability and outcome. Agency principles matter. Neither automatic employer liability for every supervisory act nor automatic immunity for lack of notice is correct. The Supreme Court affirmed the appellate remand, leaving further proceedings below.
中文： 雇主责任与裁判结果。 雇主责任的认定需要考虑代理法原则（agency principles）。不能认定雇主对主管的每项行为都自动承担责任，也不能认定雇主只要未收到通知就自动免责。最高法院维持了上诉法院发回重审的决定，后续事项仍由下级法院继续审理。
Sources｜核对来源： Meritor 判决，477 U.S. 57。
EN: Facts. President Charles Hardy repeatedly directed sex-based insults and sexual innuendo at Teresa Harris. The lower court demanded serious psychological injury.
中文： 事实。 公司总裁 Charles Hardy 多次对 Teresa Harris 作出基于性别的侮辱和带有性意味的暗示。下级法院要求她证明自己遭受了严重心理损伤。
EN: Rule. The environment must be both objectively hostile to a reasonable person and subjectively perceived as abusive by the plaintiff. A diagnosed psychological injury is unnecessary.
中文： 规则。 该环境既须在合理人看来客观上具有敌意（objectively hostile），也须被原告主观上感受到具有侵害性（subjectively perceived as abusive）。原告无需证明自己遭受了经诊断的心理损伤。
EN: Totality of circumstances. Consider frequency, severity, threats or humiliation, and interference with work. The Supreme Court reversed and remanded.
中文： 综合情境判断（totality of circumstances）。应考虑行为的频率、严重程度、是否包含威胁或羞辱，以及对工作的妨碍。最高法院撤销原判，并将案件发回继续审理。
Sources｜核对来源： Harris 判决。
EN: Faragher facts. Female lifeguards experienced repeated harassment by supervisors. The city failed to distribute its policy adequately to the beach workforce.
中文： Faragher 案事实。 女性救生员多次遭受主管骚扰。市政府未向海滩工作人员充分传达其反骚扰政策。
EN: Ellerth facts. A supervisor made repeated sexual remarks and threats involving job benefits, but the threats were not carried out. Ellerth did not use the employer's reporting procedure.
中文： Ellerth 案事实。 一名主管反复作出带有性意味的言论，并以工作利益相威胁，但没有实际实施这些威胁。Ellerth 未使用雇主设立的举报程序。
EN: Tangible employment action means a significant employment-status change, such as discharge, demotion or reassignment with significantly different responsibilities. When supervisory harassment culminates in such an action, the Faragher–Ellerth defense is unavailable.
中文： 实质性人事措施（tangible employment action）是指就业地位的重大变化，例如解雇、降职，或调至职责明显不同的岗位。如果主管的骚扰最终导致此类措施，雇主便不能援用 Faragher–Ellerth 抗辩。
EN: Without such an action, the employer must prove both reasonable preventive/corrective care and the employee's unreasonable failure to use available protections or otherwise avoid harm.
中文： 如果没有发生上述实质性人事措施，雇主必须证明两项条件同时成立：雇主已尽到合理的预防和纠正义务，并且员工无合理理由未使用可获得的保护措施，或未以其他方式避免损害。
EN: Outcomes. Faragher reversed the appellate judgment and directed restoration of the district-court result; the Title VII award included $1 nominal damages. Ellerth affirmed the appellate reversal of summary judgment and remanded for further proceedings.
中文： 裁判结果。 Faragher 案撤销了上诉法院判决，并指示恢复地区法院的裁判结果；依据《民权法》第七编作出的赔偿包括 1 美元名义赔偿（nominal damages）。Ellerth 案维持了上诉法院撤销简易判决的决定，并发回继续审理。
Sources｜核对来源： Faragher 判决；Ellerth 判决。
EN: Facts and holding. Joseph Oncale alleged sexual humiliation, physical abuse and threats by male coworkers on an offshore platform. Title VII does not exclude same-sex harassment.
中文： 事实与裁判要点。 Joseph Oncale 指控海上平台的男性同事对其实施性羞辱、身体侵害和威胁。《民权法》第七编并未排除同性性骚扰（same-sex harassment）。
EN: A claim still requires discrimination because of sex; sexual desire is not essential. Social context helps distinguish actionable abuse from ordinary interaction.
中文： 相关请求仍须证明存在基于性别的歧视（discrimination because of sex），但不要求行为人具有性欲动机。社会情境有助于区分依法可追究的侵扰与普通人际互动。
EN: Outcome. The Supreme Court reversed and remanded, removing the categorical bar to same-sex claims. It did not itself determine damages or finally establish all alleged facts.
中文： 裁判结果。 最高法院撤销原判并发回审理，消除了对同性骚扰请求的一概排除。最高法院并未自行确定赔偿额，也未最终认定所有被指控的事实成立。
Sources｜核对来源： Oncale 判决。
EN: NYCHRL must be construed independently and liberally under the Local Civil Rights Restoration Act of 2005. Sex-based harassment asks whether the person was treated less well because of gender, rather than importing the federal severity threshold.
中文： 根据 2005 年《地方民权恢复法》（Local Civil Rights Restoration Act of 2005），纽约市人权法（NYCHRL）必须得到独立且有利于实现保护目的的宽泛解释。对基于性别的骚扰，应判断当事人是否因性别受到较差对待（treated less well because of gender），而不是直接采用联邦法的严重程度门槛。
EN: Defendants may show that the conduct amounted only to petty slights or trivial inconveniences. Retaliation asks whether conduct was reasonably likely to deter protected activity.
中文： 被告可以证明相关行为仅属于轻微冒犯或琐碎不便（petty slights or trivial inconveniences）。判断报复时，则要看相关行为是否有合理可能阻止当事人从事受保护活动。
EN: Actual outcome. The plaintiff was Gina Williams. The court nevertheless affirmed dismissal, including failure to connect the disputed assignments to retaliation.
中文： 实际裁判结果。 原告是 Gina Williams。法院最终仍维持了驳回决定；理由包括未能证明有争议的工作安排与报复有关。
Sources｜核对来源： Williams 判决。
EN: Zakrzewska. Dominika Zakrzewska alleged harassment by Kwang-Wen Pan and retaliatory monitoring. New York's Court of Appeals held that the federal Faragher–Ellerth defense does not apply under NYCHRL.
中文： Zakrzewska 案。 Dominika Zakrzewska 指控 Kwang-Wen Pan 实施骚扰及报复性监控。纽约州最高审级法院裁定，联邦法上的 Faragher–Ellerth 抗辩不适用于纽约市人权法（NYCHRL）。
EN: NYCHRL provides statutory employer-liability grounds, including managerial/supervisory responsibility. Prevention measures can affect specified penalties or punitive damages; rejection of one defense is not automatic success on every element.
中文： 纽约市人权法规定了雇主承担责任的法定依据，其中包括行为人行使管理或监督职责的情形。预防措施可以影响特定罚款或惩罚性赔偿；某项抗辩被否定，并不意味着原告已自动满足所有请求要件。
EN: Under §8-107(13)(b), employer liability can arise where (1) the employee/agent exercised managerial or supervisory responsibility; (2) the employer knew of the conduct and acquiesced or failed to take immediate appropriate corrective action; or (3) it should have known and failed to exercise reasonable diligence to prevent it. Knowledge of another supervisor can be attributed to the employer.
中文： 根据 第 8-107(13)(b) 条，下列情形可能产生雇主责任：（1）实施行为的员工或代理人负有管理或监督职责；（2）雇主知道该行为，却予以默许，或未立即采取适当纠正措施；（3）雇主本应知道该行为，却未尽到合理的预防注意义务。其他主管对行为的知情，可以归属于雇主。
EN: Chauca. A pregnancy-discrimination case asked what punitive-damages standard governs NYCHRL. The court adopted willful or wanton negligence, recklessness, or conscious disregard of others' rights.
中文： Chauca 案。 这起怀孕歧视案件涉及纽约市人权法下应适用何种惩罚性赔偿标准（punitive-damages standard）。法院采用的标准包括故意或恣意的过失、鲁莽行为，或明知而漠视他人权利。
EN: Chauca had a jury award of $10,500 compensatory damages plus $50,000 for pain and suffering. The state court answered the certified legal question; it did not set a new punitive award.
中文： Chauca 已获陪审团裁定的 10,500 美元补偿性赔偿，以及 50,000 美元痛苦赔偿。州法院回答的是提交其解释的法律问题，并未重新确定一笔惩罚性赔偿。
Sources｜核对来源： Zakrzewska 判决；Chauca 判决。
EN: Facts. A writers' assistant on Friends encountered coarse sexual discussions and gestures. The court examined whether the evidence established harassment because of sex in the actual creative workplace.
中文： 事实。 《老友记》（Friends）编剧团队的一名助理在工作中接触到粗俗的性话题讨论和手势。法院审查的是：结合实际创作环境，证据是否能够证明这些行为属于基于性别的骚扰（harassment because of sex）。
EN: Holding and limit. Defendants prevailed on the sexual-harassment claim. The decision did not create blanket immunity for creative workplaces or require every hostile-environment incident to target the plaintiff personally.
中文： 裁判要点与边界。 被告在性骚扰请求上胜诉。该判决没有赋予创作型工作场所全面豁免，也没有要求构成敌意工作环境的每一次事件都必须直接针对原告本人。
EN: Procedural outcome. The court directed affirmance of summary judgment on sexual harassment, while remanding other issues, including racial harassment and fees. The majority did not decide a First Amendment defense.
中文： 程序结果。 法院指示维持就性骚扰请求作出的简易判决（summary judgment），同时将种族骚扰和费用等其他问题发回审理。多数意见没有裁决基于第一修正案提出的抗辩。
Sources｜核对来源： Lyle 判决。
EN: Federal Title VII. Hostile-environment harassment requires severe or pervasive conduct. Supervisory liability follows Faragher–Ellerth; coworker or third-party harassment generally involves whether the employer knew or should have known and failed to act appropriately.
中文： 联邦《民权法》第七编（Title VII）。敌意工作环境型骚扰要求行为达到严重或广泛持续的程度。主管骚扰责任依照 Faragher–Ellerth 框架判断；同事或第三方骚扰通常要考察雇主是否知道或应当知道相关行为，却未采取适当措施。
EN: NYSHRL: New York State. Harassment is unlawful when protected-class treatment produces inferior employment terms or conditions, without the federal severe-or-pervasive requirement; petty slights/trivial inconveniences remain a defense.
中文： 纽约州人权法（NYSHRL）。如果因当事人具有受保护身份而受到的对待，导致其雇佣待遇或工作条件较差，骚扰即可构成违法，无须达到联邦法上的严重或广泛持续标准；轻微冒犯或琐碎不便仍可构成抗辩。
EN: NYCHRL: New York City. Apply the independent treated-less-well standard and §8-107(13) employer-liability rules. Individual liability may arise under applicable direct-participation or aiding-and-abetting provisions.
中文： 纽约市人权法（NYCHRL）。应适用独立的“受到较差对待”标准，以及第 8-107(13) 条规定的雇主责任规则。依照适用的直接参与或帮助、教唆条款，行为人还可能承担个人责任（individual liability）。
EN: California FEHA. Severe or pervasive harassment remains relevant; a single sufficiently severe incident may suffice. Employers are generally strictly liable for supervisor harassment; avoidable-consequences rules may reduce recoverable harm rather than eliminate liability.
中文： 加利福尼亚州《公平就业与住房法》（FEHA）。骚扰是否严重或广泛持续仍是相关标准；一次足够严重的事件也可能达到要求。雇主一般对主管骚扰承担严格责任（strict liability）；可避免损害规则可能减少可获赔的损害范围，而不是消除责任本身。
EN: Individual responsibility varies by cause of action. Title VII generally does not impose personal damages liability on individual supervisors; state/local statutes and tort law may do so.
中文： 个人责任因请求权基础而异。 《民权法》第七编一般不要求主管个人承担损害赔偿责任；州法、地方法及侵权法则可能规定这种责任。
EN: Compensatory damages address loss; punitive damages punish qualifying misconduct. Reinstatement, back pay, front pay, injunctions and attorney fees are distinct remedies.
中文： 补偿性赔偿（compensatory damages）用于弥补损失；惩罚性赔偿（punitive damages）用于惩罚达到法定标准的不当行为。恢复原职、过去工资损失补偿、未来工资损失补偿、禁令和律师费，分别属于不同的救济方式。
EN: Back pay restores past pay lost because of unlawful discrimination. Reinstatement returns the employee to a position; front pay can substitute for or bridge to feasible reinstatement. Compensatory damages address other covered losses, while punitive damages address qualifying aggravated wrongdoing.
中文： 过去工资损失补偿（back pay）弥补因违法歧视而已损失的工资。恢复原职（reinstatement）使员工重新获得工作职位；未来工资损失补偿（front pay）可以替代复职，也可以补偿等待复职成为可行安排期间的损失。补偿性赔偿弥补其他受法律涵盖的损失，惩罚性赔偿则针对达到相关标准的严重不当行为。
EN: Under federal §1981a, covered compensatory and punitive damages combined are capped by employer size: 15–100: $50,000; 101–200: $100,000; 201–500: $200,000; over 500: $300,000.
中文： 根据联邦 第 1981a 条，该条涵盖的补偿性与惩罚性赔偿，按雇主规模适用合计上限：15—100 人为 50,000 美元；101—200 人为 100,000 美元；201—500 人为 200,000 美元；超过 500 人为 300,000 美元。
EN: Each employee-size band uses 20 or more calendar weeks in the current or preceding year, and the cap applies per complaining party. The capped compensatory categories include future pecuniary and nonpecuniary losses; back pay, back-pay interest and front pay are outside this cap, as are past pecuniary losses.
中文： 各员工人数档次均要求雇主在当年或前一年至少 20 个日历周达到相应规模，上限按每一位请求人分别适用。受上限限制的补偿项目包括未来财产损失和非财产损失；过去工资损失补偿、该项利息、未来工资损失补偿，以及过去的财产损失，均不计入这一上限。
EN: Federal punitive damages require malice or reckless indifference to federally protected rights, and are unavailable against governmental defendants under §1981a. NYC's Chauca standard is distinct; California uses malice, oppression or fraud subject to its own requirements.
中文： 联邦法上的惩罚性赔偿要求行为人具有恶意，或鲁莽漠视联邦法保护的权利；根据第 1981a 条，政府被告不承担该项赔偿。纽约市采用独立的 Chauca 标准；加州则依据自身要求，采用恶意、压迫或欺诈标准。
EN: Speak Out Act (2022). Predispute nondisclosure and nondisparagement clauses are judicially unenforceable for covered sexual-assault or sexual-harassment disputes.
中文： 2022 年《畅所欲言法》（Speak Out Act）。对于该法涵盖的性侵或性骚扰争议，在争议发生前订立的保密条款（nondisclosure clauses）及禁止贬损条款（nondisparagement clauses），不能通过司法程序强制执行。
EN: An NDA (nondisclosure agreement) restricts disclosure of specified information; a nondisparagement clause restricts damaging or negative statements about another party. Their functions differ: secrecy versus reputational restraint. The Act limits enforcement of qualifying predispute clauses when a covered harassment/assault dispute arises.
中文： 保密协议（nondisclosure agreement，NDA）限制披露指定信息；禁止贬损条款（nondisparagement clause）限制对另一方作出有损其声誉或负面的言论。两者作用不同：前者要求信息保密，后者限制损害声誉的表达。发生该法涵盖的骚扰或性侵争议时，该法限制对符合条件的事前条款进行强制执行。
EN: Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act (2022). At the claimant's election, qualifying predispute arbitration and joint-action waivers cannot be enforced for covered cases. A court determines applicability.
中文： 2022 年《终止性侵和性骚扰强制仲裁法》（Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act）。对于该法涵盖的案件，请求人作出该选择时，不得强制执行符合条件的事前仲裁约定和共同诉讼权放弃条款。该法是否适用，由法院判断。
EN: A predispute arbitration agreement commits future disputes to arbitration; a joint-action waiver prevents participation in a joint, class or collective case. The Act applies to disputes or claims arising or accruing on or after March 3, 2022, with applicability decided by a court even if a contract delegates that question to an arbitrator.
中文： 事前仲裁协议（predispute arbitration agreement）约定将未来争议交由仲裁解决；共同诉讼权放弃条款（joint-action waiver）阻止当事人参与联合诉讼、集体诉讼（class action）或共同诉讼（collective action）。该法适用于 2022 年 3 月 3 日及之后发生的争议或形成的请求权；即使合同将适用性问题交给仲裁员决定，该法是否适用仍由法院判断。
EN: Digital evidence can include messages, email, collaboration-platform logs and metadata, meaning information about a file or communication such as its sender, recipient, creation time or modification time. Relevance, preservation, lawful access and context determine their evidentiary value.
中文： 电子证据（digital evidence）可以包括消息、电子邮件、协作平台日志和元数据（metadata）。元数据是关于文件或通信的信息，例如发送者、收件人、创建时间或修改时间。证据的关联性、保存情况、获取是否合法及其上下文，共同决定这些材料的证据价值。
Sources｜核对来源： EEOC 主管骚扰责任；纽约州第 296 条；加州 CRD 就业说明；加州陪审团指示 CACI 2526；联邦赔偿条款；Speak Out Act；仲裁例外。
本节保留 2020 年指南涉及的全部主题；明确标为历史规则的内容用于理解原材料，其余带链接的门槛与给付细节按 2026-10-20 核对，属于帮助理解的规则补充。
EN: Employee vs. independent contractor. Classification depends on the applicable legal test and actual working relationship, including control and economic dependence; labels alone do not determine status.
中文： 雇员与独立承包人（employee / independent contractor）。身份分类取决于适用的法律测试和实际工作关系，包括控制程度及经济依赖程度；仅凭双方使用的称谓不能决定身份。
EN: Full-time vs. part-time definitions vary. The guide describes a common 35–40-hour employer definition; the ACA generally uses 30 hours per week for its relevant full-time classification.
中文： 全职与兼职（full-time / part-time）的定义并不统一。指南介绍了雇主通常采用的每周 35—40 小时标准；《平价医疗法》（ACA）在相关全职分类中一般采用每周 30 小时标准。
EN: Employment at will generally permits either party to end employment, subject to lawful reasons and applicable restrictions. Contracts and collective bargaining agreements may restrict termination.
中文： 任意雇佣（employment at will）一般允许雇佣关系中的任一方终止该关系，但终止理由仍须合法，并遵守适用的限制。劳动合同及集体谈判协议可能限制终止雇佣。
EN: A CBA is negotiated between an employer and employees’ union or bargaining representative. It commonly regulates pay, hours, benefits, discipline and grievance/arbitration procedures. A just-cause dismissal clause, for example, can require a reason and procedure beyond ordinary at-will termination.
中文： 集体谈判协议（collective bargaining agreement，CBA）由雇主与员工工会或谈判代表协商订立。协议通常规定工资、工时、福利、纪律处分及申诉、仲裁程序。例如，要求解雇具有正当理由（just cause）的条款，可能要求雇主提供超出普通任意雇佣规则的理由并履行相应程序。
EN: Constructive discharge concerns resignation caused by discriminatory working conditions so intolerable that a reasonable person would feel compelled to leave. A resignation alone does not establish the claim.
中文： 推定解雇（constructive discharge）涉及员工因歧视性工作条件而辞职，且这些条件已恶劣到合理人也会感到被迫离职的程度。仅有辞职这一事实，并不足以证明该项请求成立。
Source｜来源： EEOC 禁止的就业做法。
EN: Employee handbooks should cover discrimination/reporting, accommodations, attendance and leave, classification/pay/benefits, safety, performance and discipline. Distribution, training and acknowledgment support implementation.
中文： 员工手册（employee handbook）应涵盖歧视及举报、合理便利、出勤及休假、人员分类及工资福利、安全、绩效和纪律等事项。发放手册、开展培训及确认员工已收悉，有助于落实这些制度。
EN: Wage compliance includes lawful minimum pay, permitted deductions, wage notices/statements, accurate time and payroll records, and required workplace notices. Commissions are transaction/performance-based pay; wage deductions reduce gross pay and require a lawful basis; garnishment is a legally ordered withholding for a debt. The guide also identifies meal breaks, work-related expenses and special rules for minors.
中文： 工资合规（wage compliance）包括满足法定最低工资、依法扣款、提供工资告知及工资明细、准确保存工时和工资记录，以及发布规定的工作场所告示。佣金（commission）是按交易或业绩支付的报酬；工资扣款（wage deduction）减少应发工资，必须具有合法依据；工资扣押（garnishment）则是依法律命令扣留工资以偿还债务。指南还指出了用餐休息、工作相关费用及未成年人用工的特别规则。
EN: Minimum wage is the legal pay floor for covered work; overlapping federal/state requirements are met by paying at least the applicable higher minimum. A hiring wage notice explains the agreed rate and payday; a wage statement shows the actual pay calculation. New York requires the hiring notice in English and in the employee’s primary language when a state template is available. NYSDOL wage-notice rules.
中文： 最低工资（minimum wage）是受法律涵盖的工作报酬下限；联邦与州要求同时适用时，应至少支付其中较高的适用标准。入职时的工资告知（wage notice）说明约定工资率及发薪日；工资明细（wage statement）展示实际工资的计算情况。纽约州要求以英语提供入职工资告知；如果州政府提供员工主要语言的模板，还须使用该语言提供告知。纽约州劳工厅工资告知规则。
EN: Fringe benefits are benefits beyond direct wages, such as insurance or retirement contributions. Meal periods provide a work break for eating and are distinct from vacation or medical leave. Child-labor rules restrict minors’ hours and hazardous work and may require working papers. Expense reimbursement concerns repayment of business costs advanced by the worker, separately from wages. These rights can arise from statute or a CBA/benefit plan.
中文： 附加福利（fringe benefits）是直接工资以外的福利，例如保险或退休计划缴款。用餐时间（meal periods）是供员工进食的工作休息时间，与年假或医疗休假不同。童工保护规则（child-labor rules）限制未成年人的工时及危险工作，并可能要求取得用工证明。费用报销（expense reimbursement）是偿还员工先行垫付的业务成本，与工资分别处理。这些权利可以源于法律，也可以源于集体谈判协议或福利计划。
EN: Under the FLSA, covered non-exempt employees generally receive at least 1.5 times the regular rate for hours over 40 in a workweek. Exempt status depends on applicable tests.
中文： 根据 《公平劳动标准法》（FLSA），受该法涵盖的非豁免员工，在一个工作周内超过 40 小时的工作时间，一般至少按正常工资率的 1.5 倍获得报酬。是否属于豁免类别，取决于适用的判断标准。
EN: Non-exempt means the worker is not excluded from the relevant overtime protection. Common white-collar exemptions require specified duties and, where applicable, salary-basis/level conditions. Regular rate is the statutory calculation base and can include remuneration beyond the nominal hourly wage; two workweeks cannot ordinarily be averaged to erase overtime.
中文： 非豁免（non-exempt）是指劳动者未被排除在有关加班工资保护之外。常见白领豁免要求劳动者履行特定职责，并在适用时满足薪资支付方式及金额条件。正常工资率（regular rate）是法定计算基数，可能包括名义小时工资以外的报酬；通常不能通过平均两个工作周的工时来抵销加班。
EN: The Equal Pay Act generally bars sex-based pay differences within the same establishment for substantially equal skill, effort and responsibility under similar working conditions. Employers may prove a seniority, merit, production-based system or another factor other than sex. Job content matters more than titles.
中文： 《同工同酬法》（Equal Pay Act）一般禁止同一工作场所在类似工作条件下，对需要实质相同技能、努力及责任的工作，因性别而支付不同报酬。雇主可以证明差异源于工龄制度、绩效制度、以生产业绩为依据的计酬制度，或其他性别以外的因素。判断时，实际工作内容比职位名称更重要。
Source｜来源： EEOC 薪酬歧视规则。
EN: IRCA / Form I-9. Employees complete Section 1 by the first day of employment; employers generally complete document verification in Section 2 within three business days after that day. Temporary authorization may require reverification.
中文： 《移民改革与控制法》与 I-9 表（IRCA / Form I-9）。员工应最迟在入职首日完成第一部分；雇主一般须在首日之后三个工作日内完成第二部分的文件核验。临时就业许可可能需要重新核验。
EN: For employment lasting less than three business days, Section 2 must be completed on the first day. The employee chooses acceptable documents from the permitted lists; employers may not demand a particular acceptable document or extra documents because of citizenship or national origin.
中文： 对于持续时间不足三个工作日的雇佣，第二部分须在入职首日完成。员工可以从允许的文件清单中选择合格文件；雇主不得因公民身份、国别或族裔来源，要求员工提供某一特定的合格文件，或额外文件。
EN: Title VII generally covers private employers with 15+ employees for each working day in at least 20 calendar weeks in the current or preceding year. It prohibits discrimination based on race, color, religion, sex and national origin, including protected sex-related categories.
中文： 《民权法》第七编（Title VII）一般适用于在当年或前一年至少 20 个日历周中，每个工作日均有至少 15 名员工的私人雇主。它禁止基于种族、肤色、宗教、性别和国别或族裔来源的歧视，其中包括受保护的性别相关类别。
EN: ADEA protects persons 40 or older; the usual private-employer threshold is 20 employees for each working day in at least 20 calendar weeks in the current or preceding year. New York State age protection generally begins at 18.
中文： 《就业年龄歧视法》（ADEA）保护 40 岁及以上的人；私人雇主的一般人数门槛是在当年或前一年至少 20 个日历周中，每个工作日均有至少 20 名员工。纽约州的年龄保护一般从 18 岁开始。
EN: ADA generally covers employers with at least 15 employees for each working day in 20 or more calendar weeks in the current or preceding calendar year. Disability may involve a substantially limiting impairment, a record of impairment or being regarded as impaired.
中文： 《美国残疾人法》（ADA）一般适用于在当前或前一个日历年度至少 20 个日历周中，每个工作日均有至少 15 名员工的雇主。残障认定可以基于构成实质限制的身心障碍、相关障碍记录，或当事人被视为存在障碍。 ADA 覆盖定义
EN: Under the ADA, being regarded as disabled alone does not create an accommodation entitlement.
中文： 根据 ADA，仅仅被视为有残障（regarded as disabled），并不产生要求提供合理便利的权利。
EN: The regarded-as route concerns adverse action because of an actual/perceived impairment without requiring proof that it substantially limits a major life activity. An impairment that is both transitory (lasting or expected to last six months or less) and minor is excluded from this route.
中文： “被视为有残障”（regarded-as）这一认定路径，针对因实际或被认为存在的身心障碍而受到不利行动的情形，不要求证明该障碍对主要生活活动构成实质限制。同时短暂且轻微的障碍不适用这一路径；“短暂”是指实际或预期持续不超过六个月。
EN: Reasonable accommodation modifies work arrangements to enable a qualified person to perform essential job functions, unless undue hardship applies. Under the ADA, this means significant difficulty or expense assessed in light of the accommodation, resources and business operations.
中文： 合理便利（reasonable accommodation）通过调整工作安排，使符合资格的人能够履行核心工作职责，但造成过度困难（undue hardship）的情形除外。根据 ADA，过度困难是指重大困难或费用，应结合便利措施、可用资源及业务经营情况判断。 ADA 定义
EN: Essential functions are the job’s fundamental duties, not marginal tasks. An accommodation can also enable application or equal access to employment benefits, for example an accessible interview, adapted equipment or an adjusted schedule. The employer generally need not remove an essential function but should assess an effective adjustment through an individualized process.
中文： 核心职责（essential functions）是岗位的基本职责，不包括边缘性任务。合理便利也可以用于帮助当事人申请工作，或平等享有就业福利，例如提供无障碍面试、调整设备或工作时间。雇主一般无须取消核心职责，但应通过针对个人情况的程序，评估能够有效解决需要的调整措施。
EN: Under Groff, denying a Title VII religious accommodation on undue-hardship grounds requires substantial increased costs in relation to the employer’s particular business, assessed in context. A merely minor burden is insufficient.
中文： 根据 Groff 案，以过度困难（undue hardship）为由拒绝提供第七编要求的宗教便利，必须证明该安排相对于雇主的具体业务会带来实质性增加的成本，并结合具体情境评估。仅有轻微负担并不足够。
Source｜来源： Groff v. DeJoy 判决。
EN: FMLA eligibility: a covered employer (ordinarily a private employer with 50+ employees for 20 workweeks in the current or preceding year); at least 12 months employed; 1,250 hours worked in the preceding 12 months; and 50 employees within 75 miles of the relevant worksite.
中文： 《家庭与医疗休假法》资格（FMLA eligibility）：雇主须受该法涵盖，通常指在当年或前一年有 20 个工作周雇有至少 50 人的私人雇主；员工须已受雇至少 12 个月，在此前 12 个月工作至少 1,250 小时，且相关工作地点 75 英里范围内至少有 50 名员工。
EN: Eligible employees generally receive up to 12 workweeks of job-protected leave in a 12-month period for qualifying health, new-child or military-family reasons. Military-caregiver leave may reach 26 workweeks in a single 12-month period.
中文： 符合资格的员工，因符合规定的健康、新增子女或军人家庭事由，一般可在 12 个月内获得最多 12 个工作周的保职休假（job-protected leave）。军人照护假在单个 12 个月期间内可以达到 26 个工作周。
EN: For new-child bonding, the leave must conclude within 12 months of birth or placement. Ordinary family-care leave concerns a spouse, child or parent with a serious health condition, rather than every relative. Eligibility and the qualifying reason must both be satisfied.
中文： 用于与新生或新安置子女建立亲子关系的休假，必须在出生或安置之日起 12 个月内结束。普通家庭照护假针对患有严重健康状况的配偶、子女或父母，并非涵盖每一位亲属。员工资格与休假事由须同时符合要求。
Source｜来源： DOL FMLA 适用事由。
EN: COBRA generally applies to qualifying group health plans of employers with 20+ employees on more than half of typical business days in the preceding calendar year. Continuation commonly lasts 18 months, may extend to 29 months for qualifying disability, or 36 months for specified beneficiary events.
中文： COBRA 延续保障一般适用于符合条件的雇主团体医疗计划；该雇主须在前一个日历年度超过一半的典型工作日中雇有至少 20 人。延续保障通常为 18 个月；符合残障条件时可能延至 29 个月，发生特定受益人事件时则可能达到 36 个月。
EN: The 18-month route ordinarily follows termination other than for gross misconduct or reduced hours that causes coverage loss. The disability extension requires an SSA determination covering disability during the first 60 days of COBRA and plan notice before the original 18-month period expires and within the plan’s permitted period (at least 60 days from the latest relevant determination/event/coverage-loss/notice-of-duty date). The disability must continue throughout the initial 18-month coverage period. For qualifying disability-extension months, premiums can rise to 150% if the disabled beneficiary remains covered.
中文： 18 个月的延续保障通常适用于因非严重不当行为而终止雇佣，或因减少工时而失去保险保障的情形。残障延长保障要求社会保障署（SSA）作出残障认定，且在 COBRA 保障最初 60 天内存在残障；还须在原 18 个月期限届满前，并在计划允许的通知期限内向计划发出通知。该通知期限至少应为相关认定、事件、失去保障或获知通知义务等日期中最晚日期起的 60 天。残障须在最初 18 个月保障期间持续存在。在符合条件的残障延长月份内，如果残障受益人仍受保障，保费可以提高至 150%。
EN: A qualified beneficiary generally has at least 60 days after the later of coverage loss or the election notice to elect COBRA, then at least 45 days after election for the initial premium. The ordinary charge may reach 102% of total plan cost, not 102% of the employee’s former contribution. Later payments receive at least a 30-day grace period.
中文： 合格受益人通常自失去保障或提供选择通知两者中较晚的日期起，至少有 60 天选择 COBRA；作出选择后，至少有 45 天支付首笔保费。普通保费可以达到计划总成本的 102%，并非员工原来个人缴费额的 102%。之后的保费支付须给予至少 30 天的宽限期（grace period）。
Source｜来源： DOL COBRA FAQ；保费与宽限期。
EN: ERISA sets standards for covered benefit plans, including administration, funding, disclosure and reporting. Vesting means earning a nonforfeitable right to benefits; a 401(k) is a defined-contribution retirement arrangement.
中文： 《雇员退休收入保障法》（ERISA）为受涵盖的福利计划规定标准，包括计划管理、资金安排、披露和报告。权益归属（vesting）是指取得不可被剥夺的福利权利；401(k) 是一种确定缴费型退休安排。
EN: HIPAA protects specified health information held by covered entities. Ordinary employment records are generally outside its Privacy Rule, even when health-related.
中文： 《健康保险可携带性和责任法》（HIPAA）保护受涵盖主体持有的特定健康信息。一般人事记录即使涉及健康，也通常不在该法隐私规则的适用范围内。
EN: NLRA protects covered employees' concerted activity for mutual aid or protection, including in nonunion workplaces. The NLRB handles unfair-labor-practice charges, union elections and collective bargaining matters.
中文： 《国家劳资关系法》（NLRA）保护受涵盖员工为共同帮助或保护而采取的共同活动（concerted activity），没有工会的工作场所也包括在内。国家劳资关系委员会（NLRB）处理不当劳动行为指控、工会选举及集体谈判事项。
EN: Collective bargaining is negotiation between an employer and employees’ representative over terms such as pay and hours. Concerted activity can include coworkers jointly discussing pay or asking for safer conditions, even without a union. Supervisors and independent contractors generally fall outside NLRA employee coverage, though other laws may protect them.
中文： 集体谈判（collective bargaining）是雇主与员工代表就工资、工时等条件进行的协商。共同活动（concerted activity）可以包括同事共同讨论工资或要求更安全的工作条件，即使没有工会也可能适用。主管及独立承包人一般不属于 NLRA 涵盖的员工，但可能受到其他法律保护。
EN: The OSH Act imposes workplace safety duties; OSHA is the enforcement agency. The general duty concerns recognized hazards causing or likely to cause death or serious harm. If a work-related death occurs within 30 days of the incident, it must be reported within 8 hours after the employer or its agent learns of the death and its work-related nature. Inpatient hospitalization for care/treatment, amputation or eye loss occurring within 24 hours of the incident must be reported within 24 hours after the employer or its agent learns of the outcome and its work-related nature. Observation or diagnostic testing alone is not an inpatient-treatment admission.
中文： 《职业安全与健康法》（OSH Act）规定工作场所安全义务；职业安全与健康管理局（OSHA）是执法机构。一般安全义务针对已被认识到、会造成或可能造成死亡或严重伤害的危险。工作相关死亡发生于事故后 30 天内的，雇主或其代理人须在得知死亡及其工作关联后 8 小时内报告。因护理或治疗而住院、截肢或眼球丧失发生于事故后 24 小时内的，须在雇主或其代理人得知该后果及其工作关联后 24 小时内报告。仅为观察或诊断检查而入院，不属于住院治疗。
Source｜来源： OSHA 报告条件与起算点。
Sources｜核对来源： ACA 全职定义；FLSA 加班；ADA 便利限制；EEOC 雇主覆盖；ADEA 年龄保护；I-9 官方说明；FMLA；COBRA；HIPAA 与人事档案；OSHA 报告规则。
EN: New York State employment-discrimination coverage extends to employers of all sizes. Annual sexual-harassment prevention training, written policies and complaint forms are central compliance requirements.
中文： 纽约州就业反歧视保护适用于各种规模的雇主。每年开展性骚扰预防培训、制定书面政策及提供投诉表格，都是核心合规要求。
EN: Other state protections include reproductive-health decisions; NYC also protects partnership status. Coverage must be tied to the relevant statute.
中文： 其他州法保护还包括生育健康决定（reproductive-health decisions）；纽约市也保护伴侣关系身份（partnership status）。具体覆盖范围必须结合相关法律确定。
EN: State protections include specified contractors and service providers, protected lawful off-duty conduct, and broader protected categories than some federal statutes.
中文： 州法保护还涵盖规定范围内的承包人和服务提供者、受保护的合法非工作时间行为，以及比部分联邦法律更广的受保护类别。
EN: Protected lawful recreation and consumption ordinarily occur outside work hours, off employer premises and without employer equipment. The rules retain exceptions for material conflicts with trade secrets/proprietary interests and legally required employer action. Lawful activity off duty does not authorize impairment or misconduct while working.
中文： 受保护的合法娱乐和消费活动，通常须发生在工作时间之外、雇主场所之外，且不使用雇主设备。如果活动与商业秘密或专有权益存在重大冲突，或法律要求雇主采取行动，规则仍保留相应例外。非工作时间的合法活动，并不允许员工在工作时处于能力受损状态或实施不当行为。
Source｜来源： 纽约劳动法 §201-d。
EN: PFL provides job protection and partial wage replacement for bonding with a new child, caring for a covered family member with a serious health condition, or qualifying military-family needs. The usual covered-worker eligibility is 26 consecutive weeks with the employer for regular schedules of 20+ hours/week, or 175 days worked for schedules below 20 hours; those days need not be consecutive or fall within one year. Public employers may opt in; independent contractors are not automatically covered.
中文： 纽约州带薪家庭假（Paid Family Leave，PFL）为与新子女建立亲子关系、照护患有严重健康状况的受涵盖家属，或满足符合条件的军人家庭需要，提供工作岗位保护及部分工资替代。受涵盖员工通常须满足以下资格：正常每周工作至少 20 小时的，在该雇主处连续受雇 26 周；每周不足 20 小时的，须已工作 175 天，这些天数不要求连续，也不要求发生在同一年内。公共部门雇主可以选择加入；独立承包人不会自动受涵盖。
Source｜来源： PFL 资格。
EN: Current benefits are up to 12 weeks in a 52-week period, generally 67% of average weekly wages capped at 67% of the state average weekly wage. PFL does not cover the worker’s own illness. It may run concurrently with FMLA when both apply; the two 12-week entitlements do not automatically add to 24 weeks. Benefit rules.
中文： 现行待遇为 52 周内最多 12 周，一般支付本人平均周薪的 67%，上限为全州平均周薪的 67%。PFL 不涵盖员工本人的疾病。如果同时适用 FMLA，两项休假可以同期计算；两项各 12 周的权利并不自动相加为 24 周。待遇规则。
EN: UI temporarily replaces part of wages for eligible unemployed workers. New York generally requires sufficient prior covered earnings, qualifying involuntary job loss, readiness and ability to work, and active job search with records. Resignation without good cause or disqualifying misconduct can defeat eligibility; being unemployed alone is insufficient.
中文： 失业保险（unemployment insurance，UI）向符合资格的失业劳动者暂时提供部分工资替代。纽约州一般要求申请人此前有足够的受保收入、因符合规定的非自愿原因失业、能够并准备好工作，以及积极求职并保留记录。无正当理由辞职，或存在导致资格被排除的不当行为，可能使申请人失去资格；仅仅处于失业状态并不足够。
Source｜来源： 纽约州 UI 资格。
EN: This cash-benefit program partially replaces wages when a covered worker cannot work because of an off-the-job illness/injury; it is different from ADA accommodation and workers’ compensation. The statutory benefit is 50% of the preceding eight weeks’ average weekly wage, capped at $170/week, generally beginning on the eighth consecutive disability day, for up to 26 weeks in 52 weeks. Different unemployment-related waiting rules can apply.
中文： 这项现金福利计划向因非工作原因的疾病或受伤而无法工作的受保劳动者，提供部分工资替代；它不同于 ADA 的合理便利及工伤赔偿。法定待遇为此前八周平均周薪的 50%，每周最高 170 美元，一般从连续无法工作的第八天开始，在 52 周内最多支付 26 周。与失业相关的情形可能适用不同的等待期规则。
Source｜来源： 纽约州工伤赔偿委员会：伤残福利。
EN: Workers’ compensation provides statutory medical and wage-loss benefits for covered work-related injury or occupational disease, generally without requiring proof of employer negligence. Its usual exclusive-remedy rule replaces a negligence suit against the employer for that injury; claims against responsible third parties and statutory exceptions are separate. Retaliation for a claim is prohibited.
中文： 工伤赔偿（workers’ compensation）为受涵盖的工作相关伤害或职业病提供法定医疗及工资损失待遇，一般无须证明雇主存在过失。通常适用的排他性救济规则（exclusive-remedy rule），使该制度取代员工就同一伤害向雇主提起的过失诉讼；针对责任第三方的请求及法定例外另行处理。法律禁止因员工申请工伤赔偿而进行报复。
EN: Jury-duty leave permits employees to fulfill a jury summons without punishment for the protected absence. In New York, employers with more than 10 employees must pay the lower of $72 or the employee’s daily wage for the first three jury-service days under the current rule. Witness/victim attendance and domestic-violence proceedings have distinct protections; this jury pay formula does not govern all court appearances.
中文： 陪审假（jury-duty leave）允许员工履行陪审传唤义务，而不因受保护的缺勤受到处罚。根据纽约州现行规则，雇有超过 10 名员工的雇主，须在员工履行陪审义务的前三天，按每天 72 美元与员工日工资两者中的较低数额支付。证人或受害人出庭及家庭暴力相关程序有各自的保护；这项陪审支付公式不适用于所有出庭情形。
Source｜来源： 纽约 Judiciary Law §519。
EN: USERRA protects qualifying military-service absences and reemployment: ordinary conditions include prior notice, no more than five cumulative years with the employer (with statutory exclusions), timely return/application and no disqualifying discharge. It protects the civilian career interrupted by service. Emergency-response leave protects specified emergency deployments under its applicable rules; it is distinct from ordinary vacation.
中文： 《军人服役就业与再就业权利法》（USERRA）保护符合条件的服役离岗及再就业。一般条件包括提前通知、在该雇主处的服役离岗累计不超过五年（法定不计入情形除外）、及时返岗或提出再就业申请，以及不存在导致资格丧失的退役情形。它保护因服役而中断的平民职业发展。应急响应休假则依据各自适用规则，保护指定应急任务导致的离岗；这与普通年假不同。
Source｜来源： DOL USERRA 权利与条件。
EN: New York’s blood-donation rule covers workers averaging 20+ hours/week for employers with 20+ employees at at least one site: ordinarily three hours in a 12-month period, or an employer-arranged alternative allowing donation during work at least twice yearly without using accrued leave. New York also requires 30 minutes of paid break time whenever reasonably needed to express breast milk, for up to three years after childbirth.
中文： 纽约州献血规则涵盖平均每周工作至少 20 小时的员工，且雇主须在至少一个工作地点雇有至少 20 人：通常每 12 个月提供三小时献血时间，或由雇主安排替代方案，让员工每年至少两次在工作期间献血，而无须动用已累积的休假。纽约州还要求，在分娩后三年内，每当员工合理需要吸乳时，提供 30 分钟带薪休息时间。
Source｜来源： 献血法 §202-j；泵乳休息规则。
EN: New York workers lacking four consecutive hours while polls are open before or after their shift may take the necessary voting time, of which up to two hours is paid. They must notify the employer 2–10 working days before the election. A sufficient four-hour block on either side of the shift removes this statutory paid-leave entitlement.
中文： 纽约州员工如果在班前或班后、投票站开放期间没有连续四小时可用于投票，便可以取得必要的投票时间，其中最多两小时带薪。员工须在选举前 2—10 个工作日通知雇主。班前或班后任一侧已存在足够的连续四小时投票时间，就不享有该项法定带薪休假权。
Source｜来源： 纽约州选举委员会。
EN: NYC cooperative dialogue requires an individualized discussion about accommodation needs and options, followed by a written determination granting or denying accommodation.
中文： 纽约市的合作对话（cooperative dialogue）要求雇主针对个人情况，讨论其合理便利需要及可行方案，之后以书面决定说明批准或拒绝何种便利。
EN: The duty can arise when the employer has notice of a possible need, even before a formal request. The discussion considers functional limitations, proposed adjustments and alternatives; the written final determination records what was granted or denied.
中文： 雇主得知员工可能存在相关需要时，即使尚未收到正式请求，也可能产生对话义务。讨论应考虑功能限制、提出的调整及替代方案；最终书面决定应记录哪些安排获得批准、哪些被拒绝。
EN: Guide's historical ESSTA rules: one hour per 30 worked; 40-hour annual maximum; 80-hour coverage and 120-day waiting references. These figures must be read as the guide's historical account.
中文： 指南记载的历史 ESSTA 规则： 每工作 30 小时累积一小时休假；年度上限为 40 小时；另提及 80 小时的覆盖门槛及 120 天等待期。这些数字必须作为指南对历史规则的描述来理解。
EN: 2026 NYC rule. Leave generally accrues at 1 hour per 30 worked: 5–99 employees → 40 paid hours; 100+ → 56 paid hours. Employers with 1–4 employees generally provide 40 hours, paid if prior-tax-year net income is at least $1 million, otherwise unpaid. Domestic workers have a paid-leave exception.
中文： 2026 年纽约市规则。 休假一般按每工作 30 小时累积一小时计算：雇主有 5—99 名员工时提供 40 小时带薪假；至少 100 人时提供 56 小时带薪假。有 1—4 名员工的雇主一般提供 40 小时；如果前一税务年度净收入至少为 100 万美元，则为带薪假，否则为无薪假。家政员工另有带薪休假的例外规定。
EN: From February 22, 2026, employees also receive 32 immediately available unpaid hours at hire and the start of each employer-designated leave year as defined under the law. Paid prenatal leave provides an additional 20 hours under its own rules.
中文： 自 2026 年 2 月 22 日起，员工还可在入职时，以及每个由雇主指定、符合法律定义的休假年度开始时，获得 32 小时即时可用的无薪假。带薪产前假依其独立规则，另提供 20 小时。
EN: The separate 20-hour paid prenatal leave bank is available without accrual or a minimum service period. Its 52-week period starts on first use, and unused hours do not carry over. It covers the employee receiving pregnancy-related healthcare, including fertility treatment and end-of-pregnancy care, but excludes healthcare after pregnancy and leave for an accompanying partner.
中文： 独立的 20 小时带薪产前假（paid prenatal leave）无须先累积工时，也无最低服务年限要求。其 52 周期间从首次使用时起算，未用小时不能结转。它涵盖员工本人接受的妊娠相关医疗服务，包括生育治疗及妊娠结束时的护理，但不包括妊娠结束后的医疗服务，也不包括伴侣陪同所需的休假。
Source｜来源： 纽约州产前假说明。
EN: Sick time concerns illness, preventive care and covered family care; safe time concerns specified violence/safety needs such as shelter or legal help. Under current NYC rules, accrued time can be used as it accrues, with no 120-day wait. Reasonable third-party documentation may be required only for more than three consecutive workdays under a previously supplied written policy; submission time must be at least seven days after returning to work.
中文： 病假（sick time）用于疾病、预防性保健及受涵盖的家属照护；安全假（safe time）用于规定的暴力或安全需要，例如寻求庇护或法律帮助。根据纽约市现行规则，休假随累积即可使用，无须等待 120 天。只有缺勤超过连续三个工作日，且依据事先提供的书面政策，才可要求合理的第三方证明；返岗后应给予至少七天提交证明。
Source｜来源： 纽约市 PTO FAQ：使用与证明。
EN: The 2026 law also covers child care, care for a family/household member with a disability, and public-benefit or housing proceedings and appointments. Public-disaster leave requires a qualifying government declaration and a direction to stay indoors/avoid travel or closure of the workplace or the child’s school/daycare.
中文： 2026 年法律还涵盖儿童照护、对残障家属或同住者的照护，以及公共福利或住房相关程序及预约事项。公共灾难休假要求存在符合规定的政府声明，并伴随要求留在室内或避免出行的指示，或工作场所、子女学校或日托机构关闭。
EN: The guide describes an old right to two temporary schedule changes after 120 days. Current NYC guidance protects requests for temporary schedule changes; employers may deny them but may not retaliate.
中文： 指南描述的是工作满 120 天后享有两次临时改班机会的旧规则。纽约市现行指引保护员工提出临时改班请求（temporary schedule-change requests）；雇主可以拒绝请求，但不得因此报复。
EN: Mediation uses a neutral to help parties reach agreement; arbitration submits a dispute to a decision-maker. Contractual ADR provisions remain subject to applicable statutory limits.
中文： 调解（mediation）由中立第三方帮助当事人达成协议；仲裁（arbitration）则将争议提交给有权作出决定的人处理。合同中的替代性争议解决条款，仍受适用法律的限制。
Sources｜核对来源： 纽约市受保护休假 FAQ；休假及临时改班权利。
EN: The policy covers applicants, interns, employees and participants across hiring, pay, assignments, promotion, training, benefits and termination. A person affected by harassment need not be its direct target.
中文： 该政策涵盖求职者、实习生、员工和参加相关活动者，并适用于招聘、工资、任务安排、晋升、培训、福利及终止雇佣等环节。受到骚扰影响的人，不一定是骚扰直接针对的对象。
EN: Discrimination includes protected-class unfair treatment, harassment and unlawful denial of accommodation. Retaliation punishes complaints, opposition or participation in proceedings.
中文： 歧视（discrimination）包括因受保护身份而受到的不公平对待、骚扰及违法拒绝合理便利。报复（retaliation）是因当事人投诉、提出反对或参与相关程序而对其施加不利对待。
EN: A federal retaliation claim requires protected participation or opposition, a materially adverse action, and the applicable causal connection. For Title VII retaliation against private or state/local employers, but-for causation means the adverse act would not have happened without the retaliatory motive; retaliation need not be its sole cause. An action is materially adverse when it could deter a reasonable worker from pursuing protected activity; it need not be a discharge.
中文： 联邦报复请求要求存在受保护的参与或反对行为、实质性不利行动，以及适用规则要求的因果关系。对于依据第七编向私人雇主或州、地方雇主提出的报复请求，必要条件因果关系（but-for causation）是指：如果没有报复动机，该不利行动就不会发生；报复无须是唯一原因。如果某行动可能使合理的劳动者不愿继续从事受保护活动，就可能构成实质性不利行动，并不一定要达到解雇的程度。
Source｜来源： EEOC 报复规则。
EN: Complaints may be oral or written to the Office of Diversity & Access (ODA); a written form is recommended. Supervisors must immediately forward allegations and must not resolve them alone.
中文： 投诉可以口头或书面方式向多元与无障碍办公室（Office of Diversity & Access，ODA）提出；政策建议使用书面表格。主管必须立即转交有关指控，不得独自处理解决。
EN: ODA promptly reviews complaints regardless of the complainant's wishes, may examine documents and interview parties/witnesses, and requires employee cooperation. Applicable legal/union representation rights remain relevant.
中文： 无论投诉人的个人意愿如何，ODA 都会及时审查投诉，可以查看文件并访谈当事人或证人，同时要求员工配合。适用的法律代理或工会代表权仍须予以考虑。
EN: Confidentiality obligations apply subject to required disclosures. Both parties receive the determination; discipline proceeds through labor-relations, civil-service or collective-agreement mechanisms.
中文： 相关人员负有保密义务，但依法或依程序必须披露的情形除外。双方都会收到处理结论；纪律处分通过劳资关系、公务员管理或集体协议机制实施。
EN: DHR is the New York State Division of Human Rights; EEOC is the federal Equal Employment Opportunity Commission. They administer distinct complaint systems. Title IX prohibits sex discrimination in covered federally funded education programs/activities; NYSED directs Title IX matters to its designated coordinator and grievance channel. Title VII separately regulates covered employment discrimination.
中文： DHR 是纽约州人权署；EEOC 是联邦平等就业机会委员会，两者分别管理不同的投诉制度。第九编（Title IX）禁止受涵盖、接受联邦资助的教育项目或活动中的性别歧视；纽约州教育厅将相关事项交由其指定协调员及申诉渠道处理。第七编（Title VII）则另行规范受涵盖的就业歧视。
EN: Age: protection includes persons at least 18 perceived as too young or too old. Job-related experience and ability may still be assessed.
中文： 年龄保护包括已满 18 岁、却被认为过于年轻或年长的人。雇主仍可以评估与工作有关的经验和能力。
EN: Race and color: race includes associated traits such as hair texture and protective hairstyles; color can be independently protected.
中文： 种族与肤色（race and color）：种族包括与其相关的特征，例如发质及保护性发型；肤色也可以作为独立类别受到保护。
EN: Creed/religion: protection extends to religious belief, atheism, agnosticism and absence of belief. Sabbath/holy-day observance, travel time, attire and grooming may require accommodation.
中文： 信仰与宗教（creed / religion）：保护范围包括宗教信仰、无神论、不可知论及没有宗教信仰。遵守安息日或宗教节日、所需出行时间、服饰及仪容安排，都可能需要提供合理便利。
EN: National origin and language: ancestry is protected. Language requirements should reflect necessary job proficiency, not a demand for native birth or native-speaker identity.
中文： 国别或族裔来源与语言（national origin and language）：祖籍或族裔血统受到保护。语言要求应反映履行工作所需的能力，而不应要求员工出生于某地或具有母语者身份。
EN: Military status: participation in specified federal or state military service is protected.
中文： 军人身份（military status）：参加规定范围内的联邦或州军事服役受到保护。
EN: Sex and sex stereotyping: discrimination may concern pregnancy, childbirth, gender identity, sexual orientation or assumptions about how women/men should act or dress.
中文： 性别与性别刻板印象（sex and sex stereotyping）：歧视可能涉及怀孕、分娩、性别认同、性取向，或对女性、男性应如何举止或着装的预设。
EN: Sexual orientation concerns actual or perceived attraction/relationship orientation, including heterosexuality, same-gender orientation, bisexuality and asexuality. Gender identity/expression concerns one's gender identity, appearance or expression.
中文： 性取向（sexual orientation）涉及一个人实际或被认为具有的吸引对象及关系取向，包括异性取向、同性取向、双性取向及无性取向。性别认同与表达（gender identity / expression）则涉及个人的性别认同、外表或表达方式。
EN: Under this policy, use requested names/titles/pronouns and allow facilities consistent with gender identity without demanding proof. Legal names may remain necessary in payroll/tax records until formally changed.
中文： 根据该政策，应使用当事人要求的姓名、称谓及代词，并允许其使用与性别认同一致的设施，不得要求其提供证明。在正式更名之前，工资和税务记录仍可能需要使用法定姓名。
EN: Single-user facilities may be used by anyone but cannot be imposed solely because of transgender/nonbinary status. Appearance rules must be applied consistently without gender stereotyping.
中文： 任何人都可以使用单人设施，但不能仅因某人具有跨性别或非二元性别身份，就强制其使用这类设施。外表要求应一致执行，不能依赖性别刻板印象。
EN: Under the NYSED policy, disability includes a physical, mental or medical impairment from anatomical, physiological, genetic or neurological conditions that prevents a normal bodily function or is demonstrable by accepted clinical/laboratory diagnostic techniques, a record of such impairment, or being regarded as having it.
中文： 根据纽约州教育厅政策，残障（disability）包括因解剖、生理、遗传或神经方面的情况导致的身体、精神或医学障碍；该障碍妨碍正常身体功能，或可通过公认的临床、实验室诊断技术证实。残障还包括存在此类障碍的记录，或被视为具有此类障碍。
EN: Illegal drug use and on-duty intoxication may lead to discipline. Recovered/recovering addiction and qualifying alcoholism may receive disability protection; reasonable-suspicion testing and confidential employee assistance are addressed separately.
中文： 非法使用药物，以及在岗醉酒或处于药物致醉状态，可能导致纪律处分。已经康复或正在康复的成瘾，以及符合条件的酒精依赖，可能受到残障保护；基于合理怀疑的检测及保密的员工援助，则由相关规定另行处理。
EN: Predisposing genetic characteristics indicate inherited susceptibility to disease/disability; testing is prohibited in most circumstances under the policy.
中文： 遗传易感特征（predisposing genetic characteristics）表明一个人因遗传而更容易患有某种疾病或残障；根据该政策，大多数情况下禁止进行相关检测。
EN: Familial status includes pregnancy and specified relationships to children under 18, including custody/adoption/foster-placement processes. Marital status includes single, married, separated, divorced and widowed.
中文： 家庭身份（familial status）包括怀孕，以及与未满 18 岁子女之间的特定关系，也涵盖监护、收养或寄养安置程序。婚姻状况（marital status）包括未婚、已婚、分居、离婚和丧偶。
EN: Domestic-violence survivors may need leave for medical care, shelter/crisis services, counseling, safety planning/relocation, or legal proceedings.
中文： 家庭暴力幸存者（domestic-violence survivors）可能需要请假，以接受医疗、庇护或危机服务、心理咨询，制定安全计划或搬迁，或参加法律程序。
EN: The policy’s survivor definition covers a person over 16, any married person, or a parent accompanied by minor children, where specified unlawful acts by an alleged family/household member cause actual injury or substantial risk of physical/emotional harm to the person or child.
中文： 该政策中的幸存者定义涵盖超过 16 岁的人、任何已婚者，或携有未成年子女的父母；适用情形是，家庭成员或同住者被指实施了规定的违法行为，已对该人或子女造成实际伤害，或带来身体、情感伤害的重大风险。
EN: Pregnancy-related conditions require applicable accommodation; parental leave is offered on a gender-neutral basis under the policy.
中文： 对于怀孕相关状况，应提供适用的合理便利（accommodation）；根据该政策，育儿假（parental leave）应以性别中立的方式提供。
EN: Specified resolved arrests, youthful-offender adjudications and sealed convictions are protected from inquiry/adverse action. Pending charges and other convictions require separate rules.
中文： 对于规定范围内已终结的逮捕事项、少年犯裁定和封存的定罪记录，法律限制雇主查询或据此采取不利行动。未决指控及其他定罪则适用不同规则。
EN: The policy provides that later favorable resolution can restrict reliance on the arrest where the employee remained employed; the employer may require timely proof of disposition. Annual anti-discrimination training supports implementation.
中文： 该政策规定，如果员工一直保持受雇状态，相关事项后来获得有利处理结果，便可能限制雇主继续依据该逮捕事项采取行动；雇主可以要求员工及时提供处理结果证明。年度反歧视培训有助于落实政策。
EN: A youthful-offender adjudication is a protected youth-specific disposition, not simply any conviction committed when young. Sealing limits access to specified records; an adjournment in contemplation of dismissal (ACD) is a designated deferred-dismissal disposition protected by the policy. The special ban on inquiry does not extend automatically to pending charges.
中文： 少年犯裁定（youthful-offender adjudication）是针对青少年的一种受保护的特别处理结果，并非所有年轻时犯罪形成的定罪。记录封存（sealing）限制查阅指定记录；以撤销指控为预期的延期处理（adjournment in contemplation of dismissal，ACD）是政策保护的一种特定延后撤销指控安排。禁止查询的特别规则，不会自动延伸至未决指控。
EN: The Unified Court System (UCS) policy covers judges, court employees and specified nonemployees, including applicants, interns, vendors, contractors, litigants, jurors, lawyers and visitors.
中文： 纽约州统一法院系统（Unified Court System，UCS）的政策涵盖法官、法院员工及指定范围内的非员工，包括求职者、实习生、供应商、承包人、诉讼当事人、陪审员、律师和访客。
EN: Protected categories include age, certain arrest/conviction records, citizenship/immigration status, color, creed, disability, familial/gender/marital/military status, national origin, genetics, race, religion, sex, orientation and domestic-violence status.
中文： 受保护类别包括年龄、某些逮捕或定罪记录、公民或移民身份、肤色、信仰、残障、家庭状况、性别身份（gender status）、婚姻状况、军人身份、国别或族裔来源、遗传特征、种族、宗教、性别（sex）、性取向及家庭暴力幸存者身份。
EN: Policy violations need not satisfy the federal severe-or-pervasive threshold. Work events, travel, email, messages and off-duty social-media conduct can be covered when work-related.
中文： 行为违反该政策，并不要求达到联邦法上的严重或广泛持续（severe or pervasive）门槛。工作活动、出差、电子邮件、消息，以及下班后的社交媒体行为，只要与工作有关，都可能受政策约束。
EN: Good-faith complaints remain protected against retaliation even if unsubstantiated. Intentionally false charges receive no protection under the policy's stated rule.
中文： 善意投诉（good-faith complaints）即使最终未被证实，也仍受反报复保护。根据政策明示的规则，故意虚假的指控不受保护。
EN: Retaliation can include demotion, dismissal, unfavorable shifts, unjustified references, disclosure of personnel files or threats outside work.
中文： 报复（retaliation）可以包括降职、解雇、不利排班、缺乏依据的任职评价、披露人事档案，或在工作场所以外进行威胁。
EN: Reports may go to a supervisor, HR, ODI or the Inspector General (IG), without a required sequence; anonymous complaints are allowed. Supervisors must forward suspected misconduct to IG.
中文： 报告可以提交给主管、人力资源部门、ODI 或监察长（Inspector General，IG），无须按固定顺序逐级进行；政策允许匿名投诉。主管必须将涉嫌不当行为转报监察长。
EN: UCS uses its own broad supervisory definition: any judge or nonjudicial employee assigned to supervise at least one other judge/employee, regardless of title or grade. HR and ODI also must report suspected violations to IG. This reporting definition differs from the Title VII liability definition in Vance.
中文： UCS 对主管采用自身较宽的定义：任何被安排监督至少一名其他法官或员工的法官、非司法员工，不论职称或级别，都属于主管。人力资源部门和 ODI 也须向监察长报告涉嫌违规事项。这里用于确定报告义务的定义，不同于 Vance 案中用于确定第七编责任的主管定义。
EN: Internal filing deadline: complaints must be submitted to IG within three years of the alleged conduct; IG may investigate older matters at its discretion.
中文： 内部投诉期限：投诉须在被指控行为发生之日起三年内提交监察长；监察长可以酌情调查更早的事项。
EN: Investigations require sufficient factual basis and may use oral or written reports. Parties and witnesses must cooperate truthfully; confidentiality is maintained as practicable, not guaranteed anonymity throughout.
中文： 调查需要足够的事实依据，可以使用口头或书面报告。当事人及证人须如实配合；调查将在实际可行范围内保密，但不保证全过程匿名。
EN: Investigation length varies with complexity and other proceedings. The final determination is generally sent within 30 calendar days after IG transmits its report to the appropriate administrator, though some cases take longer.
中文： 调查所需时间因复杂程度及其他程序而异。最终结论一般在监察长向适当行政负责人提交报告后 30 个日历日内发送，但部分案件可能需要更长时间。
EN: IG may administratively close a matter for good cause, including failure to cooperate, and may await an external agency’s determination. Reports go to the designated administrative decision-maker; Court of Appeals matters go to its Chief Judge, and Appellate Division matters to the relevant Presiding Justice.
中文： 监察长可以基于正当理由，包括当事人不配合，作出行政结案，也可以等待外部机构的结论。报告提交指定的行政决策者；涉及纽约州最高审级法院的事项交其首席法官，涉及上诉分庭的事项交相应分庭的首席法官。
EN: Substantiated conduct may lead to reprimand, fines, probation, unpaid suspension, demotion, loss of benefits, training, dismissal or referral to judicial/attorney discipline or prosecutors.
中文： 查实的行为可能导致申诫、罚款、察看、停薪停职、降职、取消福利、培训、解雇，或移送司法纪律、律师纪律机构或检察机关处理。
EN: Either party may appeal the substantiation determination in writing, mailed within 30 calendar days of receipt. The appeal is generally decided within 30 days, subject to extensions; it is separate from a disciplinary-penalty appeal.
中文： 任一方均可针对指控是否查实的结论提出书面申诉，并须在收到结论后 30 个日历日内寄出。申诉一般在 30 天内作出决定，但可以延期；这与针对纪律处分提出的申诉是不同程序。
EN: Nonemployees may contact the relevant Chief Clerk, administrative authorities, HR or IG, and may have external remedies.
中文： 非员工可以联系相关法院的首席书记官、行政管理部门、人力资源部门或监察长，也可能享有外部救济渠道。
EN: The complaint form records identity/contact details, protected category or retaliation, conduct, accused persons, dates/ongoing status, witnesses and authorization; supporting documents can be attached.
中文： 投诉表记录身份和联系方式、受保护类别或报复问题、相关行为、被投诉人、日期及行为是否仍在持续、证人和授权情况；还可以附上支持文件。
EN: EEOC: charges generally within 180 calendar days, often 300 days where an appropriate state/local law is enforced. Internal grievance procedures generally do not extend this deadline.
中文： 联邦平等就业机会委员会（EEOC）：指控通常须在 180 个日历日内提出；存在适当州或地方法执法机制时，通常延长为 300 天。内部申诉程序一般不会延长这一期限。
EN: New York State DHR: for conduct occurring on or after February 15, 2024, the administrative filing period is three years. For earlier conduct, the usual DHR period was one year, except that workplace sexual harassment occurring after August 12, 2020 had a three-year period.
中文： 纽约州人权署（DHR）：对于 2024 年 2 月 15 日及之后发生的行为，行政投诉期限为三年。更早行为通常适用一年期限，但 2020 年 8 月 12 日之后发生的工作场所性骚扰，适用三年期限。
EN: NYC Commission on Human Rights: generally one year from the last alleged discriminatory act, or three years for gender-based harassment.
中文： 纽约市人权委员会（NYC Commission on Human Rights）：通常自最后一次被指控的歧视行为起一年内提出投诉；基于性别的骚扰为三年。
EN: GINA Title II generally covers employers with 15+ employees through the Title VII employer definition. It bars employment discrimination based on genetic information and generally restricts requesting, acquiring or disclosing it, subject to statutory exceptions. Genetic information includes genetic-test results and family medical history; it is not limited to an employee’s own DNA test.
中文： 《遗传信息不歧视法》第二部分（GINA Title II）通过引用第七编的雇主定义，一般适用于有至少 15 名员工的雇主。它禁止基于遗传信息的就业歧视，并原则上限制索取、取得或披露此类信息，但法定例外除外。遗传信息包括基因检测结果及家族病史，并不限于员工本人的 DNA 检测。
Source｜来源： GINA 法条。
EN: An operating agreement allocates LLC ownership, management, financing, distributions and exit rights. This sample uses Kansas law and an attached glossary to define capitalized terms.
中文： 经营协议（operating agreement）安排有限责任公司的所有权、管理、融资、分配及退出权利。此样本适用堪萨斯州法，并使用所附术语表定义首字母大写的术语。
EN: An LLC (limited liability company) is a state-law entity with members as owners. In this sample it operates a restaurant, separates ownership from managerial authority, and uses partnership-style tax allocations. State-law form and federal tax classification are separate questions.
中文： 有限责任公司（limited liability company，LLC）是依州法成立、由成员作为所有者的实体。在本样本中，公司经营一家餐厅，将所有权与管理权限分开，并采用合伙税制式的税务分摊。州法上的组织形式与联邦税务分类是两个不同问题。
EN: The LLC's term begins with filing its organizational document and continues perpetually unless dissolved. The manager selects the registered-agent/office arrangements and principal office subject to law.
中文： LLC 的存续期从提交组织设立文件时开始，除非解散，否则永久存续。管理人在法律允许范围内选择注册代理人、注册办公地址及主要办公地点。
EN: Member means an admitted LLC member; economic interest means rights to profits/losses and distributions. An economic-interest transferee does not automatically obtain voting or management rights.
中文： 成员（member）是指已被接纳的 LLC 成员；经济权益（economic interest）是指对利润、亏损及实际分配所享有的权益。经济权益受让人不会自动取得投票权或管理权。
EN: Equity owner includes members and other economic-interest holders. Membership rights include inspection, management participation and voting as defined by the agreement.
中文： 权益持有人（equity owner）包括成员及其他经济权益持有人。成员权利（membership rights）包括协议界定的查阅权、管理参与权及投票权。
EN: Capital contribution, capital account and member loan are distinct. Contributions fund equity; capital accounts track prescribed additions/debits; approved loans create debt on agreed terms.
中文： 出资（capital contribution）、资本账户（capital account）和成员借款（member loan）是不同概念。出资用于投入权益资本；资本账户记录规定的增加及扣减；经批准的借款则按约定条件形成债务。
EN: Contributions earn no contractual interest; owners generally cannot demand their return. §3.7 entitles a recipient to cash rather than compelling acceptance of assets in kind.
中文： 出资不按合同计付利息，权益持有人一般不能要求返还出资。第 3.7 条赋予分配接受方收取现金的权利，而不强迫其接受实物资产。
EN: §3.10 excludes personal liability merely by virtue of member/manager status. It does not erase separately assumed obligations.
中文： 第 3.10 条排除仅因成员或管理人身份而产生的个人责任（personal liability）。它不会消除当事人另行承担的义务。
EN: Members holding 71% may initiate a capital call. Owners contribute proportionately; notice describes the intended use, and the due date must be at least 30 days after notice.
中文： 持有 71% 权益的成员可以发起追加出资要求（capital call）。权益持有人按比例出资；通知须说明预定用途，缴款到期日须在通知发出至少 30 天后。
EN: A failure remaining uncorrected 30 days after written default notice is a default. Another member may make a make-up contribution, diluting the defaulting owner's percentage.
中文： 在书面违约通知发出 30 天后仍未补正出资欠缺，即构成违约。另一成员可以进行代补出资（make-up contribution），从而稀释（dilute）违约权益持有人的比例。
EN: §3.3 also states a 20-day cure period, including an approved transfer whose buyer cures at closing. The relationship between the 30-day and 20-day periods is unclear.
中文： 第 3.3 条另规定了 20 天补救期（cure period），其中包括经批准的转让，由买方在交割时完成补救。文本没有明确说明这一 20 天期间与前述 30 天期间如何衔接。
EN: Stated sanctions include suspension of voting/distributions, exclusion from voting counts, possible forfeiture without payment, and withholding profit/distribution rights while allocating losses.
中文： 列明的制裁措施包括暂停投票或分配、将违约成员排除在投票计算之外、可能无偿没收权益，以及停止给予利润和分配权益但仍向其分摊亏损。
EN: The sample restricts accounting/payment demands before termination and preserves specified obligations despite default or removal.
中文： 样本限制当事人在终止之前要求结算账目或付款，并规定某些义务即使发生违约或成员被除名，也仍然存在。
EN: §3.3.3 withholds distributions and profit allocations until, in the Majority Members’ discretion, nondefaulting members have received the specified amount equal to their paid capital contributions. The defaulting member still receives loss allocations. Thus dilution, suspension, forfeiture and asymmetric allocation are different possible sanctions, not synonyms.
中文： 根据第 3.3.3 条，在多数权益成员认定守约成员已收到规定金额、即相当于其已缴出资的金额之前，暂停向违约成员支付分配及分摊利润。违约成员仍须承担分摊的亏损。因此，稀释、暂停权利、没收权益和不对称损益分摊是不同的可能制裁措施，不能作为同义词使用。
EN: Distribution pays cash/assets to owners; allocation assigns accounting/tax profits or losses. Income allocated to an owner can differ from cash received.
中文： 实际分配（distribution）是向权益持有人支付现金或资产；损益分摊（allocation）是将会计或税务上的利润、亏损归属于相关人员。分摊给权益持有人的收入，可能与其实际收到的现金不同。
EN: Operating cash flow generally follows ownership percentages. §4.1.1 requires annual distributions within 75 days after tax-year end, with more frequent distributions allowed.
中文： 经营现金流（operating cash flow） 通常按持有权益的比例分配。第 4.1.1 条要求在纳税年度结束后 75 天内完成年度分配，也允许更频繁地进行分配。
EN: §4.1.3 provides tax distributions within 90 days after calendar-year end, subject to sufficient cash flow and reasonable efforts, using a uniform manager-set percentage. They count against later distributions.
中文： 第 4.1.3 条规定，应在公历年度结束后 90 天内进行税款分配（tax distributions），但以现金流充足为前提，并要求作出合理努力；分配时采用管理人确定的统一比例。这些分配款项应从以后应得的分配中扣减。
EN: Capital-transaction proceeds first pay due company liabilities, including owner loans; the balance follows ownership percentages.
中文： 资本交易所得（capital-transaction proceeds） 首先用于清偿公司到期债务，包括向权益持有人借入的款项；余额按持有权益的比例分配。
EN: General profits/losses follow ownership percentages after special allocations; losses may not create/increase an adjusted capital-account deficit under the stated limit.
中文： 在完成特殊分摊后，一般利润和亏损按持有权益的比例分摊；依照规定的限制，亏损分摊不得导致或增加经调整的资本账户赤字（adjusted capital-account deficit）。
EN: Minimum gain chargeback and owner minimum gain chargeback specially allocate income/gain when specified nonrecourse-debt minimum gain decreases.
中文： 当特定无追索债务所对应的最低收益减少时，最低收益回补分摊（minimum gain chargeback） 和权益持有人最低收益回补分摊（owner minimum gain chargeback） 要求对收入或收益作出特殊分摊。
EN: Qualified income offset allocates income/gain to correct certain unexpected capital-account deficits. Nonrecourse deductions follow ownership or the person bearing the relevant economic risk, as applicable.
中文： 合格收入抵补（qualified income offset） 通过分摊收入或收益，纠正某些意外出现的资本账户赤字。无追索扣除（nonrecourse deductions） 则根据适用规则，按持有权益的比例分摊，或分摊给承担相关经济风险的人。
EN: Tax basis is the tax measure used to compute gain/loss and relevant deductions. A §754 election can enable partnership-property basis adjustments following specified interest transfers or property distributions (§§743(b)/734(b)). In the sample, adjustments that tax regulations require to affect capital accounts are treated as specially allocated gain or loss.
中文： 计税基础（tax basis） 是计算收益、亏损及相关扣除额时使用的税务计量金额。作出第 754 条选择（§754 election） 后，特定权益转让或财产分配可以引起合伙企业财产计税基础的调整〔第 743(b) 条或第 734(b) 条〕。在本协议样本中，对于税务法规要求计入资本账户的调整，应将其作为特殊分摊的收益或亏损处理。
Source｜来源： IRS §754 说明。
EN: Withholding sends an owner-attributable tax payment directly to the taxing authority. Under §4.3.8, required withholding is treated as distributed to that owner, so it reduces what remains payable to the owner even though the cash never reached their bank account.
中文： 代扣税款（withholding） 是将归属于某位权益持有人的税款直接缴付给税务机关。根据第 4.3.8 条，依法必须代扣的款项视为已向该权益持有人作出分配，因此，即使款项从未进入其银行账户，也会减少之后应向其支付的金额。
EN: §704(c) accounts for the difference between contributed property’s tax basis and value, so pre-contribution gain/loss is not shifted arbitrarily to other owners. Example: property with basis 60 and value 100 has 40 of built-in gain to track for tax allocation. A book-up resets the relevant accounting value under the permitted rules; later tax allocations reconcile book and tax values.
中文： 第 704(c) 条处理出资财产的计税基础与价值之间的差额，防止将出资前已形成的收益或亏损任意转移给其他权益持有人。例如，一项财产的计税基础为 60、价值为 100，则有 40 的内含增值（built-in gain） 需要在税务分摊中持续记录。账面价值调增（book-up） 是在规则允许的范围内重新确定相关账面价值；之后通过税务分摊协调账面价值与计税价值之间的差异。
Source｜来源： 26 USC §704(c)。
EN: Liquidation considers positive capital accounts; no owner must restore a negative capital account under §4.4. In-kind assets use fair market value, normally determined by an independent appraiser.
中文： 清算时应考虑资本账户的正余额；根据第 4.4 条，权益持有人无须补足资本账户的负余额。实物资产（in-kind assets） 按公允市场价值（fair market value） 计价，该价值通常由独立评估师确定。
EN: Transfers during a year generally lead to daily proration; extraordinary capital items can require short-year separation. Tax-compliance amendments may not materially alter an owner's distributions without written consent.
中文： 年度中途发生转让时，通常按天数比例分摊；对于非常规资本项目，可能需要将该年度划分为较短期间分别计算。为符合税法而作出的协议修订，未经权益持有人书面同意，不得实质性改变其应得分配。
EN: Cash flow, net profit and defined Profits/Losses are separate measures. Cash flow deducts expenses/reserves but not noncash depreciation; buyout net profit uses the specified GAAP-based formula.
中文： 现金流（cash flow）、净利润（net profit） 以及协议定义的利润／亏损（Profits/Losses） 是不同的计量指标。计算现金流时扣除费用和储备金，但不扣除非现金折旧；用于回购估值的净利润则按协议规定、以公认会计原则（GAAP） 为基础的公式计算。
EN: This is a manager-managed LLC, initially managed by Bill. Other members cannot bind the company merely because they own an interest; authorized officers act within written delegated authority.
中文： 本公司属于管理人管理型有限责任公司（manager-managed LLC），最初由 Bill 担任管理人。其他成员不会仅因持有公司权益，就有权代表公司作出对公司具有约束力的行为；获得授权的高级职员应在书面授予的权限内行事。
EN: Changing the manager lineup requires the stated majority-member approval. An officer is an appointed executive/representative; under §5.2 the written appointment continues until canceled or revoked. Being a member, manager, employee and officer can create different rights and duties even when one person holds several roles.
中文： 变更管理人组成，须取得协议规定的多数成员批准。高级职员（officer） 是经任命的管理人员或代表；根据第 5.2 条，其书面任命持续有效，直至被取消或撤销。成员、管理人、员工和高级职员这几种身份可能对应不同的权利和义务，即使同一个人兼任多个角色也是如此。
EN: Meetings require 10–90 days' written notice, unless waived. The default quorum is all members/managers, personally or by proxy.
中文： 召开会议须提前 10—90 天发出书面通知，除非相关人员放弃通知要求。默认的法定出席人数（quorum） 要求为全体成员或全体管理人亲自出席，或由代理人出席。
EN: Default member approval requires 51% of ownership; manager approval requires all managers. Action without a meeting generally requires unanimous written consent.
中文： 默认情况下，成员批准须获得持有 51% 权益的成员同意；管理人批准须获得全体管理人同意。不召开会议而直接采取行动，通常须取得一致书面同意（unanimous written consent）。
EN: Members/managers are not automatically entitled to service compensation; reasonable substantiated business expenses are reimbursable. Duties still require the time necessary to perform them.
中文： 成员或管理人不会自动享有提供服务的报酬；合理且有凭证支持的业务费用可以报销。他们仍须投入履行职责所必需的时间。
EN: Outside businesses are generally permitted subject to §5.7. Affiliate transactions must be arm's length and commercially reasonable.
中文： 在遵守第 5.7 条的前提下，通常允许从事外部业务。关联方交易必须符合独立交易原则（arm’s length），并具有商业合理性。
EN: Exculpation limits covered liability; indemnification reimburses covered loss; advancement pays defense costs before the outcome, subject to repayment if ultimately ineligible.
中文： 免责（exculpation） 限制受保护范围内的责任；赔偿保障（indemnification） 补偿受保护范围内的损失；费用预付（advancement） 则在结果确定前支付抗辩费用，但如果最终认定不符合保障条件，接受预付的人须返还款项。
EN: The sample excludes bad faith, gross negligence, fraud, knowingly/reasonably known unlawful acts, willful misconduct and breach of the agreement from protection.
中文： 本协议样本不对以下行为提供保障：恶意（bad faith）、重大过失（gross negligence）、欺诈、明知或按合理标准应当知道属于违法的行为、故意不当行为，以及违反协议的行为。
EN: Noncompetition: named/employed members may not conduct specified competing food-service activities within 25 miles, during the agreement and for two years afterward.
中文： 竞业限制（noncompetition）：协议列明的成员或受雇成员，在协议有效期间及其结束后两年内，不得在 25 英里范围内从事协议规定的竞争性餐饮服务活动。
EN: Transfer conditions include securities-registration limits, a written joinder, tax/Investment Company Act conditions, transferee tax information and compliance with the internal offer process.
中文： 转让条件包括证券登记方面的限制、签署书面加入协议、符合税务及《投资公司法》的相关要求、提供受让人的税务信息，以及遵守内部要约程序。
EN: A joinder makes the transferee a party bound by the existing agreement. §6.1.3 treats prohibited transfers as void and denies the attempted transferee voting, management and distribution rights. That is distinct from a permitted economic transfer, which validly passes economic benefits but not membership status.
中文： 加入协议（joinder） 使受让人成为现有协议的当事人，并受其约束。第 6.1.3 条将被禁止的转让视为无效，拟受让人不享有表决权、管理权或分配权。这与获准进行的经济权益转让（economic transfer） 不同：后者可以有效转移经济利益，但不会转移成员身份。
EN: Unless an exception or required unanimous consent applies, the seller first offers to XXX Investment LLC, then to other voting members. Each may use Agreed Termination Value if lower than the offered price, and the agreement’s Payment Terms if more favorable to the buyer.
中文： 除非适用例外，或已取得所要求的一致同意，卖方应先向 XXX Investment LLC 提出出售要约，再向其他有表决权的成员提出要约。如果约定终止价值（Agreed Termination Value） 低于要约价格，各内部买方均可采用该价值作为购买价；如果协议规定的付款条件对买方更有利，也可采用这些付款条件。
EN: XXX Investment has 30 days after receipt to respond; if it accepts, closing is set no later than 25 days after its offer period expires.
中文： XXX Investment 应在收到要约后 30 天内答复；如果接受要约，约定的交割日不得晚于其要约期届满后第 25 天。
EN: If it declines, the seller offers to remaining members within 10 days after the first period ends. Their acceptance period runs 30 days after that member-offer period ends, with closing within 60 days after acceptance-period expiry.
中文： 如果 XXX Investment 拒绝购买，卖方应在首轮要约期结束后 10 天内向其余成员提出要约。其余成员的承诺期为向成员提出要约的期间结束后 30 天，交割应在承诺期届满后 60 天内完成。
EN: If the internal purchase fails, the seller gets a 90-day free-transfer period, still subject to applicable conditions. Full membership admission requires specified unanimous approval, contribution and written joinder.
中文： 如果内部购买未能完成，卖方将获得 90 天的自由转让期（free-transfer period），但仍须满足适用条件。受让人要取得完整成员身份，须获得规定的一致批准、完成出资并签署书面加入协议。
EN: Each internal buyer must purchase all, not merely part, of the offered interest, although multiple remaining members may allocate the whole purchase among themselves. The 90-day outside-transfer window runs from the specified failure to accept or complete the internal purchase.
中文： 每个内部买方必须购买全部待售权益，而不能只购买其中一部分；不过，多位剩余成员可以在彼此之间分配全部购买份额。向外部转让的 90 天期限，从协议规定的内部购买未获接受或未完成之时起算。
EN: §6.4 allows admission of an additional person on terms set by the managers, subject to member approval; absent a special rule, §5.3.3 requires approval by members holding at least 51% of the company’s Ownership Interest, measured by ownership rather than headcount. A transferee seeking substituted membership under §6.2.4 instead faces unanimous approval of the Voting Members, joinder and contribution conditions. The transaction’s route therefore changes the consent required.
中文： 第 6.4 条允许按照管理人设定的条件接纳新增成员，但须经成员批准；在没有特别规则时，第 5.3.3 条要求获得持有公司至少 51% 所有者权益（Ownership Interest） 的成员批准，计算依据为持有权益的比例，而非成员人数。相比之下，受让人根据第 6.2.4 条申请取得替代成员身份（substituted membership），须获得全体有表决权成员（Voting Members） 的一致批准，并满足加入协议及出资条件。因此，采用不同的交易路径，所需取得的同意也不同。
EN: Death: the company has an option, not an automatic duty, to buy at Agreed Termination Value. Election is due within 180 days of death; the clause provides four equal installments over one year, first due on day 180.
中文： 死亡：公司可以选择按约定终止价值（Agreed Termination Value） 购买权益，但不会自动负有购买义务。公司须在死亡后 180 天内作出选择；条款规定在一年内分四次等额付款，首期款于第 180 天到期。
EN: Employment termination: company-initiated termination uses Default Purchase Value; employee resignation uses Agreed Termination Value. Termination also triggers deemed resignation from held officer/director positions.
中文： 雇佣终止（employment termination）：公司主动终止雇佣时，使用违约购买价值（Default Purchase Value）；员工主动辞职时，使用约定终止价值（Agreed Termination Value）。雇佣终止还会使其被视为已辞去所担任的高级职员或董事职务。
EN: Other triggering events: members holding 51% may determine that a Triggering Event, defined as Involuntary Withdrawal, occurred, triggering purchase at Agreed Termination Value. The company may assign its acquisition right to selected members.
中文： 其他触发事件（triggering events）：持有 51% 权益的成员可以认定发生了协议所定义的触发事件，即非自愿退出（Involuntary Withdrawal），从而触发按约定终止价值购买权益的安排。公司可以将其购买权转让给选定的成员。
EN: Involuntary withdrawal includes specified bankruptcy/insolvency events, receivership, death/incapacity, divorce-related compelled transfer, and dissolution/termination of entity or trust members. Under Exhibit A(21)(g), an involuntary reorganization/liquidation-type proceeding must continue 120 days; an unconsented trustee/receiver/liquidator appointment triggers withdrawal when not vacated or stayed for 90 days, with an additional trigger after a 90-day stay expires without vacation of the appointment.
中文： 非自愿退出（involuntary withdrawal） 包括特定的破产或无力偿债事件、接管、死亡或丧失行为能力、因离婚而被迫转让权益，以及作为成员的实体或信托解散或终止。根据附件 A 第 (21)(g) 项，非自愿重整或清算类程序须持续 120 天；未经本人同意而任命的受托人、接管人或清算人，如果其任命在 90 天内未被撤销或暂缓执行，即触发退出；如果该任命被暂缓执行 90 天，暂缓期届满后仍未撤销任命，也会触发退出。
EN: Voluntary withdrawal is prohibited by the sample. An involuntary successor generally receives only an economic interest; the sample treats involuntary withdrawal as a breach.
中文： 本协议样本禁止自愿退出（voluntary withdrawal）。非自愿继受权益的人通常只能取得经济权益；本样本将非自愿退出视为违约。
EN: Call option for misconduct: nondefaulting members may buy a defaulting employed member's interest at Default Purchase Value for specified embezzlement, materially harmful conduct or criminal convictions/pleas.
中文： 不当行为触发的买入选择权（call option for misconduct）：对于协议规定的侵占资金、造成重大损害的行为，或被刑事定罪、作出特定刑事答辩等情形，未违约的成员可以按违约购买价值（Default Purchase Value） 购买违约受雇成员的权益。
EN: Investor call option: after the restaurant's first operating anniversary, XXX Investment may require any/all other members to sell at Agreed Transfer Value.
中文： 投资人的买入选择权（investor call option）：餐厅营业满一年后，XXX Investment 可以要求任何其他成员或全体其他成员按约定转让价值（Agreed Transfer Value） 出售权益。
EN: A drag-along right lets members with at least 51% require others to support a qualifying majority sale, transfer their interests and waive specified dissent/appraisal rights.
中文： 拖售权（drag-along right） 使持有至少 51% 权益的成员能够要求其他成员支持符合条件的多数权益出售、转让各自权益，并放弃协议规定的异议权或估值请求权。
EN: The purchaser must be bona fide and outside specified affiliate/family relationships; the prior holders must cease retaining more than 50% voting power. The sample also grants a proxy and signing authority to implement the sale.
中文： 购买方必须为真实、善意的买方，并且不属于协议规定的关联方或家庭关系范围；原权益持有人在交易后不得继续保有超过 50% 的表决权。本协议样本还授予代理表决权及签署权限，以便完成出售。
EN: Drag notice must arrive at least 10 days before closing; signed documents are due at least 5 days before closing. Sale must complete within 180 days after notice, or the procedures generally restart.
中文： 拖售通知必须至少在交割前 10 天送达；已签署的文件必须至少在交割前 5 天提交。出售须在通知发出后 180 天内完成，否则通常需要重新履行程序。
EN: Agreed Termination Value = prior 12-month average monthly Net Profit × 24 × interest percentage purchased.
中文： 约定终止价值（Agreed Termination Value）＝过去 12 个月的平均月净利润 × 24 × 所购买的权益比例。
EN: Agreed Transfer Value = the same monthly average × 36 × percentage purchased.
中文： 约定转让价值（Agreed Transfer Value）＝同一平均月净利润 × 36 × 所购买的权益比例。
EN: Default Purchase Value = the same monthly average × 12 × percentage purchased.
中文： 违约购买价值（Default Purchase Value）＝同一平均月净利润 × 12 × 所购买的权益比例。
EN: Illustration: monthly average $10,000, purchased interest 10% gives $24,000 / $36,000 / $12,000 respectively.
中文： 示例：若平均月净利润为 $10,000，购买的权益比例为 10%，上述三种价值分别为 $24,000／$36,000／$12,000。
EN: §6.3 provides closing within 90 days of an offer/option notice, and cash payment or, at the buyer's option, four equal annual installments, first at closing (the remaining three are annual payments thereafter).
中文： 第 6.3 条规定，应在发出要约或行使选择权的通知后 90 天内交割，购买价款可以用现金支付；买方也可以选择分四个年度等额支付，首期款在交割时支付，其余三期在之后各年度支付。
EN: Exhibit A defines a purchase-money note with 12 quarterly principal installments, quarterly interest at the closing-date Prime Rate, a pledge of the purchased interest and penalty-free prepayment.
中文： 附件 A 对购买价款本票（purchase-money note） 的定义要求：本金分 12 个季度偿还，每季度按交割日的最优惠利率（Prime Rate） 支付利息，以所购买的权益设定质押，并允许提前还款而不收取罚金。
EN: Dissolution triggers include member written consent, disposal/abandonment of substantially all assets as a going concern, 90 days without a member, or judicial dissolution.
中文： 解散（dissolution） 的触发事由包括：成员书面同意、处置或放弃企业作为持续经营主体所拥有的几乎全部资产、公司连续 90 天没有成员，或法院裁定解散。
EN: Liquidation waterfall: creditors first, including qualifying member/manager creditors; then positive capital-account balances; then the remainder by ownership percentage.
中文： 清算受偿与分配顺序（liquidation waterfall） 为：首先向债权人清偿，包括符合条件的成员债权人或管理人债权人；其次按资本账户正余额分配；最后按持有权益的比例分配剩余财产。
EN: Funds stay in company-named accounts. Members set banking authority; the manager keeps accurate books, with specified expense records for three years and reasonable member inspection during business hours.
中文： 资金应存放在以公司名义开立的账户中。成员确定银行账户的操作权限；管理人应保存准确账簿，并将规定的费用记录保存三年，允许成员在营业时间内进行合理查阅。
EN: Annual accounting and tax information are due within 75 days after tax-year end. A member may request an independent audit at company expense.
中文： 年度会计资料和税务信息应在纳税年度结束后 75 天内提供。成员可以要求进行独立审计（independent audit），费用由公司承担。
EN: The partnership representative handles specified tax audits, elections and settlements with binding effect. Related expenses belong to the company; attributed underpayments may be recovered from owners or offset against distributions.
中文： 合伙企业税务代表（partnership representative） 负责处理规定的税务审查、税务选择及和解事项，其行为具有约束力。相关费用由公司承担；归属于特定权益持有人的少缴税款，可以向其追偿，或从其应得分配中抵扣。
EN: Notices: personal delivery requires written acknowledgment; mail is deemed delivered after three business days; email after one hour.
中文： 通知（notices）：亲自送达须取得书面签收；邮寄通知在三个工作日后视为送达；电子邮件在一小时后视为送达。
EN: The agreement authorizes specific performance/injunctions, contains an entire-agreement clause, generally requires unanimous written amendment, and selects Kansas internal law.
中文： 本协议允许请求实际履行（specific performance）或禁令（injunctions），包含完整协议条款，通常要求以一致书面同意的方式修改协议，并选择适用堪萨斯州本州法律（Kansas internal law）。
EN: Severability preserves valid portions when a clause is invalid. Counterparts allow parties to sign separate copies that together form one agreement; the sample accepts electronic execution. Successors/permitted assigns clauses extend agreed rights and obligations to relevant heirs and authorized transferees, without independently authorizing a prohibited transfer. Headings are for convenience and do not control clause scope.
中文： 可分割性（severability） 是指某一条款无效时，其余有效部分仍予保留。分份签署（counterparts） 允许各方分别签署不同副本，这些副本共同组成一份协议；本样本允许电子签署。继受人及获准受让人（successors/permitted assigns） 条款，将约定的权利义务延伸至相关继承人及获准受让人，但该条款本身不会使原本被禁止的转让获得许可。标题仅为阅读方便而设置，不决定条款的适用范围。
EN: An estoppel certificate is due within 10 days of written request, confirming known effectiveness, amendments and defaults. Company counsel represents the company; members are advised to seek separate counsel.
中文： 收到书面请求后，应在 10 天内提供协议事实确认书（estoppel certificate），确认所知的协议效力、修订及违约情况。公司律师代表的是公司；协议建议成员另行聘请律师。
EN: The certificate lets another member rely on a written statement of the agreement’s status, for example before buying an interest or arranging financing. It can limit later inconsistent factual positions to the extent the law gives that acknowledgment effect.
中文： 该确认书使其他成员能够依据一份书面声明了解协议状态，例如在购买权益或安排融资之前。在法律认可该确认具有相应效力的范围内，它可以限制出具人日后提出与确认内容不一致的事实主张。
EN: Different decisions use different contractual thresholds: 71% for capital calls, 51% for ordinary member voting and drag-along, and unanimity/all-person attendance in specified settings.
中文： 不同决定适用不同的合同门槛：追加出资通知（capital calls）须获 71% 权益支持；普通成员表决和拖售须获 51% 权益支持；在特定情形下，还要求一致同意或全体人员出席。
EN: Timing conflicts: 30/20-day capital-default periods, 75/90-day distributions, specific transfer windows versus §6.3, and annual/quarterly/death installments need reconciliation.
中文： 期限冲突：追加出资违约条款中的 30 天与 20 天期限、分配条款中的 75 天与 90 天期限、具体转让期限与第 6.3 条的一般期限，以及按年、按季度和死亡情形下的分期付款安排，需要相互协调。
EN: Scope conflicts: §3.7 cash-only protection versus in-kind provisions; §6.2.1 pledge restrictions versus the glossary excluding pledges from “Transfer.”
中文： 适用范围冲突：第 3.7 条仅以现金履行相关义务的保障，与实物分配条款之间存在冲突；第 6.2.1 条对质押的限制，与术语表将质押排除在“转让”定义之外的规定也存在冲突。
EN: Incomplete drafting: Exhibit B leaves percentages and contribution details unresolved; ownership dilution, short earnings history/negative profit and some notice-based valuation dates are insufficiently specified.
中文： 起草不完整：附件 B 中的权益比例及出资细节尚未确定；关于权益稀释、经营收益记录不足或净利润为负，以及部分以通知为依据确定估值日的安排，规定不够充分。
EN: Other inconsistencies: calendar fiscal year versus manager-selected tax year; references to unused corporate roles or §3(f); §708 wording requires review against current tax law rather than assuming a generic transfer-termination rule.
中文： 其他不一致之处：以公历年度为会计年度，却由管理人选择纳税年度；引用了实际未设置的公司职务或第 3(f) 条；涉及第 708 条的表述，需要对照现行税法核查，不能直接假定存在一项普遍适用的“转让导致终止”规则。
EN: An Affiliate includes a person holding more than 50% of the Member’s voting interests, an entity in which the Member holds more than 50%, and specified entities linked through that controlling person. This definition controls affiliate transactions and exclusions from a qualifying majority sale.
中文： 关联方（Affiliate） 包括持有某成员超过 50% 表决权益的人、该成员持有超过 50% 权益的实体，以及通过该控制人形成关联关系的特定实体。该定义用于判断关联方交易，也用于判断哪些购买方不符合合格多数权益出售的条件。
EN: Capital accounts track contributions, allocated profits/losses, distributions and specified liability adjustments. A positive/negative account has a balance above/below zero. Adjusted Capital Contributions begin with total contributions and deduct the specified distributions, with debt adjustments; transferred interests carry the corresponding balances.
中文： 资本账户（capital accounts） 记录出资、分摊的利润或亏损、分配，以及特定的债务调整。账户余额高于零时为正余额，低于零时为负余额。调整后出资（Adjusted Capital Contributions） 从累计出资额出发，扣除规定的分配，并作出债务调整；转让权益时，相应余额随权益一并转移。
EN: The sample’s Nonrecourse Liability is a company liability for which no owner or related person has personal liability under the referenced tax rules. Owner Nonrecourse Liability refers to specified nonrecourse debt for which an owner or related person nevertheless bears the economic risk of loss. The distinction affects deductions and gain allocations.
中文： 本协议样本中的无追索债务（Nonrecourse Liability），是指根据所引用的税务规则，任何权益持有人或关联人均不承担个人责任的公司债务。权益持有人无追索债务（Owner Nonrecourse Liability） 则指特定的无追索债务，但权益持有人或关联人仍承担其经济损失风险。两者的区分会影响扣除额及收益的分摊。
EN: In a simple case, minimum gain reflects nonrecourse debt exceeding the property’s relevant tax/book basis. Disposing of that property solely to discharge the debt would produce that gain. It is not a promised investment return.
中文： 在简单情形下，最低收益（minimum gain） 反映的是无追索债务超过相关财产计税基础或账面基础的金额。如果处置该财产仅用于清偿这笔债务，就会产生相应收益。它并不是向投资人承诺的投资回报。
Source｜来源： 26 CFR §1.704-2(b)、(d)。
EN: Net Capital Proceeds deduct designated reserves from capital-transaction cash and include specified debt principal/interest receipts. Ownership Percentage measures the relative contractual profit/loss share. Defined Profits/Losses start from tax income/loss and adjust for items such as tax-exempt income, nondeductible expenditures, book-value gains and specially allocated items.
中文： 资本交易净所得（Net Capital Proceeds） 是在资本交易现金收入中扣除指定储备金后的金额，并包括规定的债务本金及利息收款。权益比例（Ownership Percentage） 衡量协议约定的相对利润或亏损份额。协议定义的利润／亏损（Profits/Losses） 以应税所得或税务亏损为起点，再就免税收入、不可扣除支出、按账面价值计算的收益及特殊分摊项目等进行调整。
EN: Covered Person extends beyond current Members and Managers to designated officers, affiliates and related persons in the glossary. Indemnified Loss includes covered liabilities, claims, judgments, settlements and reasonable defense costs relating to the business, subject to the agreement’s exclusions.
中文： 受保障主体（Covered Person） 除现任成员和管理人外，还包括术语表列明的高级职员、关联方及相关人员。可获赔偿保障的损失（Indemnified Loss） 包括与业务有关且属于保障范围的责任、索赔、判决、和解款项及合理抗辩费用，但须受协议中除外条款的限制。
EN: The glossary defines Prime Rate by reference to the Wall Street Journal’s announced rate at the beginning of each semiannual period. The purchase-money-note clause fixes its annual interest rate at the relevant closing-date Prime Rate, with quarterly principal and interest payments and a pledge securing repayment.
中文： 术语表将最优惠利率（Prime Rate） 定义为每个半年度开始时《华尔街日报》公布的相关利率。购买价款本票条款将其年利率固定为相关交割日的最优惠利率，要求每季度支付本金和利息，并以质押担保还款。
EN: Person includes individuals and entities such as corporations, LLCs, trusts and estates. Proposed Transferor includes a notifying Member or a deceased Member’s estate/representative; Prospective Purchaser includes proposed record and beneficial owners. The Kansas LLC Act, the Internal Revenue Code and tax Regulations refer to different sources of governing rules.
中文： 法律主体（Person） 包括自然人，以及公司、有限责任公司、信托和遗产等主体。拟转让人（Proposed Transferor） 包括发出通知的成员，或已故成员的遗产或其代表；拟购买人（Prospective Purchaser） 包括拟登记持有人及拟实际受益所有人。堪萨斯州《有限责任公司法》、《国内税收法典》及税务规章分别属于不同的适用规则来源。
Course sources｜本章原始资料： 性骚扰课件；就业法指南；NYSED 政策；UCS 政策和投诉表；LLC 协议样本。
本轮补充核对来源： FLSA 工时及正常工资率；NLRB 集体行动与覆盖范围；ADA 认定与便利；联邦赔偿上限法条。
Source｜题纲： Group Projects Updated 10142026。按 A–T 顺序整理 20 个专题、198 个主条目；原文 Duty of Care 一题未写字母，本篇依顺序标作 GP-I。题纲要求每组三人、展示 15–20 分钟，这属于课程安排。
Knowledge map｜知识框架： A–E：公共权力及监管 → F–K：交易结构、董事义务与组织形式 → L–M：合同风险与融资 → N–O：商业价值、披露与投资者权利 → P–T：加盟费用、运营和退出。
Reading scope｜阅读口径： 本篇把研究问题整理为可直接复习的中英对照陈述，并根据课程原始合同、判决、法条及官方资料补足答案。与原课程重叠的专题保留本题作答必需的框架；资料版本与数值期间写在相关条目中。法律及费用资料检索截至 2026-10-21；SpaceX 采用 IPO 时披露的历史期间，麦当劳采用课程所附 2024 年发布、2025 年修订的 FDD。逐题范围与主要纠偏见小组研究覆盖核查。
EN: A person may be elected President no more than twice, whether the terms are consecutive or separated. A person who serves or acts as President for more than two years of another person's elected term may be elected only once. Thus, succession for two years or less can be followed by two elected terms; the rule is not simply an eight-year ceiling.
中文： 同一人最多只能两次当选总统，无论任期连续还是间隔。某人在他人当选的任期中担任或代行总统超过两年，此后最多只能当选一次。因此，接任两年或更短时间之后，仍可再通过两次当选任职；该规则并非简单的八年上限。 修正案原文
EN: Washington's two-term example developed into a political convention before it became a constitutional restriction. Franklin D. Roosevelt won four elections, including the wartime elections of 1940 and 1944. The Twenty-Second Amendment, ratified on February 27, 1951, converted opposition to prolonged presidential tenure into an enforceable constitutional limit.
中文： 华盛顿任职两届的先例，先发展为政治惯例，后来才成为宪法限制。富兰克林·D. 罗斯福四次赢得选举，包括战时的 1940 年和 1944 年选举。第二十二修正案于 1951 年 2 月 27 日获批准，将反对总统长期任职的立场转化为可执行的宪法限制。 国会历史说明、国家档案馆
EN: Introduced on January 23, 2025, the proposal would allow up to three presidential elections but bar another election after two consecutive elected terms. A person serving over two years of someone else's term could be elected twice. Its design accommodates Trump's nonconsecutive terms while excluding another election for presidents with two consecutive terms. It requires state ratification within seven years after submission and remains a proposal, not the present constitutional rule.
中文： 该提案于 2025 年 1 月 23 日提出，拟允许最多三次当选总统，但禁止已经连续两届当选者再次当选。接任他人任期超过两年的人，此后可以当选两次。这一设计容纳了特朗普不连续的任期，同时排除连续两届任职总统再次当选的可能。提案要求在提交后七年内获得各州批准，目前仍是提案，而非现行宪法规则。 提案原文、提出者说明、国会进度
EN: Congress can propose an amendment with two-thirds in each chamber; alternatively, applications from two-thirds of state legislatures require Congress to call a proposing convention. Ratification requires three-fourths of the states, through legislatures or conventions as Congress specifies. With 50 states, these state thresholds are 34 and 38. Congressional voting is two-thirds of members present and voting with a quorum; 290 representatives and 67 senators are the figures if all 435 and 100 vote. The President has no approval or veto role.
中文： 国会可以经两院各自三分之二支持提出修正案；另一条路径是，当三分之二州的立法机关提出申请时，国会必须召集提出修正案的会议。批准须取得四分之三州同意，由州立法机关或州批准会议按照国会指定的方式进行。五十州的情况下，这两个州数门槛分别是 34 州和 38 州。国会表决以达到法定人数为前提，要求出席并实际投票者的三分之二支持；如果 435 名众议员和 100 名参议员全部投票，相应数字是 290 和 67。总统不具有批准或否决角色。 宪法第五条、国家档案馆修宪程序
EN: Under Section 1 of the Twenty-Fifth Amendment, the Vice President becomes President upon the President's death, resignation, or removal. House impeachment alone does not remove the President: conviction requires two-thirds of senators present. A vice-presidential vacancy is filled by presidential nomination and majority approval of both chambers. Temporary inability can instead make the Vice President Acting President.
中文： 根据第二十五修正案第一款，总统死亡、辞职或被免职时，副总统成为总统。众议院弹劾本身不会使总统免职：定罪需要出席参议员三分之二支持。副总统职位空缺，由总统提名并经两院各自多数批准后补缺。总统暂时无法履职时，则可能由副总统担任代总统。 第二十五修正案、弹劾条款
EN: A person constitutionally ineligible for the presidency is also ineligible for the vice presidency. The disputed issue is whether being barred from another presidential election by the Twenty-Second Amendment also makes someone ineligible to hold the office for purposes of the Twelfth Amendment. Electing or appointing a twice-elected former President as Vice President therefore raises an unresolved eligibility problem.
中文： 宪法上没有总统任职资格的人，也没有副总统任职资格。争议在于：第二十二修正案禁止某人再次当选总统，是否也使其在第十二修正案下没有担任总统职务的资格。因此，让已经两次当选的前总统通过选举或任命成为副总统，会引发尚未解决的资格问题。 第十二修正案、国会宪法注释中的争议说明
EN: The strongest “yes” argument distinguishes election from succession: the Twenty-Second Amendment expressly limits being elected, whereas the Twenty-Fifth Amendment transfers the office upon a vacancy. Under this interpretation, a twice-elected President remains eligible to hold office through succession. This is an argument about interpreting the amendments together, not a judicially approved third-term route.
中文： 支持该方案的最有力论证，区分了当选与继任：第二十二修正案明确限制当选次数，而第二十五修正案则在职位空缺时移交职务。按照这种解释，已经两次当选的总统仍有资格通过继任担任总统。这是关于如何结合解释修正案的论证，并非已经获得法院认可的第三任期路径。 国会宪法注释
EN: The strongest “no” argument reads the Twelfth and Twenty-Second Amendments together: a term-limited President should not become an eligible Vice President through an arrangement that defeats the term limit. The uncontested present rule is that Trump, already elected twice, cannot be elected President a third time under the existing Twenty-Second Amendment. A ratified amendment could change that rule; the succession theory remains disputed.
中文： 反对该方案的最有力论证，将第十二和第二十二修正案结合理解：受到任期限制的总统，不应借助使任期限制落空的安排，取得副总统资格。目前没有争议的规则是，特朗普已经两次当选，按照现行第二十二修正案，不能第三次当选总统。经批准的修正案可以改变这一规则；继任理论仍存在争议。 修正案文本
EN: The Fourteenth Amendment grants U.S. and state citizenship to persons born or naturalized in the United States who are subject to its jurisdiction. Birth in the United States and jurisdiction are the operative conditions; the text does not require a U.S.-citizen parent. 8 U.S.C. § 1401(a) also recognizes citizenship at birth using the same territorial-and-jurisdiction formulation.
中文： 第十四修正案规定，在美国出生或归化、且受美国管辖的人，享有美国及州公民身份。在美国出生与受其管辖是实际适用的条件；文本并未要求父母一方为美国公民。《美国法典》第 8 编第 1401(a) 条也以相同的出生地域和管辖条件，承认出生时取得的公民身份。 第十四修正案、§ 1401
EN: Jus soli connects citizenship to birth within a territory; jus sanguinis connects it to parentage. The Fourteenth Amendment, ratified in 1868, repudiated the racial exclusion underlying Dred Scott and secured citizenship independently of changing executive policy. The United States also grants some citizenship by descent under statutes, so the two methods can coexist.
中文： 出生地主义（jus soli）将公民身份与领土内出生相联系；血统主义（jus sanguinis）则将其与父母身份相联系。1868 年获批准的第十四修正案否定了 Dred Scott 案背后的种族排斥，使公民身份不随行政政策变化而改变。美国也依据制定法，授予某些人基于血缘的公民身份，因此两种方式可以并存。 宪法与历史背景、出生公民权的法定类别
EN: Wong Kim Ark was born in San Francisco to Chinese parents domiciled in the United States who were not diplomats. The Court held that he acquired citizenship at birth under the Fourteenth Amendment. The case anchors territorial birthright citizenship even when the parents cannot themselves naturalize; its specific facts concerned resident parents, while Barbara later directly addressed unlawful or temporary parental presence.
中文： 黄锦出生于旧金山，父母是定居美国、并非外交官的中国人。法院认定，他依据第十四修正案在出生时取得公民身份。即使父母自身无法归化，该案仍为基于出生地的出生公民权提供依据；其具体事实涉及定居的父母，而后来的 Barbara 案直接处理了父母非法或临时居留的情形。 黄锦案原判决
EN: The citizenship rule concerns subjection to U.S. sovereign authority. Diplomatic immunity and birth during hostile occupation illustrate narrow historical exceptions; ordinary immigration status does not create comparable immunity from U.S. law. Historical discussion of tribal allegiance must also be distinguished from present statutes granting citizenship to U.S.-born Native Americans.
中文： 公民身份规则关注是否服从美国的主权管辖。外交豁免和在敌方占领期间出生，是历史上有限例外的例子；普通移民身份不会使人同样免受美国法律约束。历史上关于部落效忠关系的讨论，也须与现行授予在美国出生的美洲原住民公民身份的法律区分。 黄锦案中的管辖与例外分析、§ 1401(b)
EN: Issued on January 20, 2025, the order directed agencies to withhold citizenship recognition where the mother was either unlawfully present or lawfully but temporarily present, and the father was neither a U.S. citizen nor a lawful permanent resident at birth. It applied only to U.S. births more than 30 days after issuance and expressly preserved other persons' documentation rights, including children of lawful permanent residents.
中文： 该命令于 2025 年 1 月 20 日发布，要求机关在母亲非法居留或虽合法但仅临时居留，且孩子出生时父亲既非美国公民、也非合法永久居民的情况下，不承认孩子的公民身份。它仅适用于发布超过 30 天后在美国出生者，并明确保留其他人员获得身份证明文件的权利，包括合法永久居民的子女。 行政命令原文，§ 2
EN: On June 30, 2026, the Supreme Court affirmed the judgment blocking the order. Six Justices supported the result; five joined Chief Justice Roberts's constitutional opinion: Sotomayor, Kagan, Barrett, and Jackson joined Roberts. Kavanaugh concurred in the judgment on statutory grounds. Thus, the constitutional holding has five votes, while the judgment has six; Jackson wrote a separate concurrence.
中文： 2026 年 6 月 30 日，最高法院维持了阻止该命令实施的判决。六名大法官支持判决结果；包括首席大法官罗伯茨在内，五名大法官支持其宪法意见：索托马约尔、卡根、巴雷特和杰克逊加入罗伯茨的意见。卡瓦诺依据制定法理由同意判决结果。因此，宪法裁判获得五票，而判决结果获得六票；杰克逊另外撰写了协同意见。 判决署名与结论，syllabus p. 5
EN: The five-Justice majority held that U.S.-born children of parents unlawfully or temporarily present fall within the Citizenship Clause. Kavanaugh instead concluded that the order conflicted with § 1401(a), while disagreeing with the majority's constitutional interpretation. An executive order cannot override an applicable statute; a statute also cannot override a constitutional guarantee recognized by the Court.
中文： 五名大法官组成的多数认定：父母非法或临时居留、但在美国出生的子女，属于公民身份条款的覆盖范围。卡瓦诺则认为，该命令与第 1401(a) 条冲突，同时不同意多数意见的宪法解释。行政命令不能推翻适用的制定法；制定法也不能推翻法院所确认的宪法保障。 多数意见及 Kavanaugh 意见
EN: The restriction argument reads jurisdiction as full political allegiance and treats parents' domicile or immigration status as relevant. The opposing argument relies on the Clause's broad wording, common-law territorial birthright citizenship, and Wong Kim Ark: being governed by U.S. law ordinarily suffices. Barbara adopted the constitutional protection; executive implementation must remain within that judicially stated constitutional boundary and the citizenship statute.
中文： 支持限制的论证将管辖理解为完全的政治效忠，并认为父母的住所或移民身份是相关因素。反对限制的论证依据条款的宽泛文字、普通法上的地域出生公民权，以及 Wong Kim Ark 案：通常，受美国法律约束就已足够。Barbara 案采纳了宪法保护立场；行政实施必须遵守法院阐明的宪法边界和公民身份法律。 双方意见与多数结论
EN: A tariff is a tax on imported goods. Article I, Section 8, Clause 1 gives Congress power to impose taxes, duties, imposts, and excises; the latter three must be geographically uniform. Congress may delegate defined tariff authority by statute. The President's foreign-affairs role does not itself create an unlimited peacetime tariff power.
中文： 关税（tariff）是对进口货物征收的税。宪法第一条第八款第一项赋予国会征收税款、关税、进口税及消费税的权力；后三类税须在地域上统一。国会可以通过制定法授予界定明确的关税权限。总统的外交事务角色本身，并不产生和平时期无限的关税权。 征税条款
EN: The International Emergency Economic Powers Act authorizes specified economic controls after a national emergency is declared concerning an unusual and extraordinary threat originating wholly or substantially abroad. The administration invoked drug trafficking and trade-related threats and argued that authority to regulate importation included tariffs: a government able to restrict or prohibit imports should also be able to impose a price-based restriction.
中文： 《国际紧急经济权力法》 规定，针对完全或主要源自国外的异常且特别的威胁，在宣布国家紧急状态后，可以实施特定经济管制。政府援引毒品贩运及与贸易有关的威胁，并主张监管进口的权限包括征收关税：既然政府可以限制或禁止进口，也应当可以施加以价格为手段的限制。 政府论证及法条背景
EN: On February 20, 2026, the Supreme Court held 6–3 that IEEPA does not authorize presidential tariffs. In context, regulating importation does not itself delegate the distinct power to tax imports. Other trade statutes expressly authorize duties and impose conditions. The decision concerns the source of legal authority, not whether tariffs are economically desirable.
中文： 2026 年 2 月 20 日，最高法院以 6 比 3 认定 IEEPA 未授权总统征收关税。结合条文语境，监管进口本身并未授予对进口征税这一独立权力。其他贸易法律明确授权征收关税，并规定相应条件。该决定涉及法律权限来源，而非关税在经济上是否可取。 最高法院判决
EN: The major questions doctrine demands clear congressional authorization for unusually consequential assertions of executive power. Roberts, Gorsuch, and Barrett relied on this reasoning in the tariff case. Sotomayor, Kagan, and Jackson supported the result through ordinary statutory interpretation without joining that reasoning. A six-Justice result therefore does not mean every rationale received six votes.
中文： 重大问题原则（major questions doctrine）要求，对影响异常重大的行政权主张，必须有明确的国会授权。罗伯茨、戈萨奇和巴雷特在关税案中依据这一理由。索托马约尔、卡根和杰克逊通过通常的制定法解释支持结果，但未加入这一论证。因此，六名大法官支持结果，并不意味着每项理由都获得六票。 判决意见划分，syllabus pp. 5–6
EN: Tariff litigation of this kind falls within the Court of International Trade (CIT) jurisdiction under 28 U.S.C. § 1581(i). The Supreme Court affirmed the Federal Circuit judgment in V.O.S., but directed dismissal of the separate district-court Learning Resources action for lack of jurisdiction. The shared opinion title does not make the two cases' procedural outcomes identical.
中文： 此类关税诉讼根据 《美国法典》第 28 编第 1581(i) 条，属于美国国际贸易法院（Court of International Trade，CIT）的管辖范围。最高法院维持了 V.O.S. 案中的联邦巡回上诉法院判决，但指示以缺乏管辖权为由，驳回另行在地区法院提起的 Learning Resources 诉讼。两案共用一个判决意见标题，并不意味着程序结果相同。 CIT 对两案程序的说明，p. 4 n. 6
EN: Section 232 of the Trade Expansion Act, 19 U.S.C. § 1862, authorizes import adjustments following a Commerce Department national-security investigation. FEA v. Algonquin (1976) upheld an import-license fee under this specific delegation. Applying that precedent, the Federal Circuit in American Institute for International Steel (February 28, 2020) rejected a constitutional delegation challenge to Trump's steel tariffs. The particular delegation, findings, and procedures distinguish Section 232 from IEEPA; each measure must still remain within its authority.
中文： 《贸易扩展法》第 232 条，即《美国法典》第 19 编第 1862 条，授权在商务部国家安全调查后调整进口。FEA v. Algonquin（1976） 案依据这一特定授权，维持了进口许可费。联邦巡回上诉法院在 2020 年 2 月 28 日的 American Institute for International Steel 案中适用这一先例，驳回了针对特朗普钢铁关税的宪法授权挑战。特定授权、调查认定和程序，使第 232 条与 IEEPA 不同；每项措施仍须处于授权范围内。 Algonquin 判决、2020 年钢铁关税案
EN: Section 301 of the Trade Act, 19 U.S.C. § 2411, expressly permits duties and other responses to qualifying foreign trade practices; the U.S. Trade Representative (USTR) must follow applicable investigation, consultation, and administrative procedures. In HMTX Industries on September 25, 2025, the Federal Circuit upheld List 3 and List 4A modifications under Section 307 after reviewing statutory and administrative-law challenges. Specific statutory authorization explains the contrast with IEEPA. The Supreme Court denied review on June 15, 2026; that denial was not a new merits judgment.
中文： 《贸易法》第 301 条，即《美国法典》第 19 编第 2411 条，明确允许对符合条件的外国贸易行为征收关税及采取其他回应；美国贸易代表办公室（U.S. Trade Representative，USTR）必须遵守适用的调查、磋商和行政程序。联邦巡回上诉法院在 2025 年 9 月 25 日的 HMTX Industries 案中，审查制定法和行政法方面的挑战后，维持了依据第 307 条对清单 3 和清单 4A 所作的修改。明确的法律授权解释了其与 IEEPA 的差别。最高法院于 2026 年 6 月 15 日拒绝受理；该拒绝并非新的实体判决。 HMTX 判决、最高法院案卷
EN: The importer of record (IOR) is the party identified for customs-entry responsibilities and is central to a duty-refund claim. Liquidation means CBP's final calculation of duty on an entry; reliquidation recalculates it. Payment of estimated duty at importation is therefore different from liquidation. Refund processing depends on each entry's status, not merely on the date goods were purchased.
中文： 登记进口商（importer of record，IOR）是被确定承担进口报关责任的一方，也是关税退款请求中的核心主体。最终核税（liquidation）指 CBP 最终计算一笔报关记录的应缴关税；重新核税（reliquidation）则是重新计算。因此，进口时支付预估关税不同于最终核税。退款处理取决于每笔报关记录的状态，而不只是货物购买日期。 CIT 对核税概念的定义，p. 2 n. 4
EN: CAPE (Consolidated Administration and Processing of Entries) is CBP's IEEPA-refund function inside ACE (Automated Commercial Environment). Phase 1 opened April 20, 2026 for eligible unliquidated entries and entries liquidated within the preceding 80 days. On June 29, coverage expanded to qualifying reconciliation-flagged entries for which no Type 09 reconciliation entry had been filed. Special entry categories still require category-specific eligibility checks.
中文： CAPE（报关记录集中管理与处理功能） 是 CBP 在 ACE（自动化商业环境系统） 内设置的 IEEPA 退款功能。第一阶段于 2026 年 4 月 20 日开放，适用于符合条件的尚未最终核税记录，以及此前 80 天内已最终核税的记录。6 月 29 日，范围扩大到符合条件、已加注汇总调整标记但尚未提交 Type 09 汇总调整申报的记录。特殊报关类别仍须按其类别进行资格检查。 CBP 上线公告、CBP 10 月 6 日声明，¶ 7
EN: On October 6, 2026, CAPE Phase 3 opened for finally liquidated entries of plaintiffs with court-ordered reliquidation; the initial group had supplied valid IOR numbers by July 30. On October 8, Freestyle World certified a class of IORs paying challenged duties from February 1, 2025 to February 19, 2026, excluding entities already suing separately. Class certification established the represented group; that order did not itself award immediate refunds.
中文： 2026 年 10 月 6 日，CAPE 第三阶段开放，处理已取得法院重新核税命令的原告所涉最终核税记录；首批原告已于 7 月 30 日前提供有效 IOR 号码。10 月 8 日，Freestyle World 案认证了一个集体，涵盖在 2025 年 2 月 1 日至 2026 年 2 月 19 日期间支付受到挑战关税的登记进口商，但排除已经另行起诉的实体。集体认证确定了被代表的群体；该命令本身并未直接判给即时退款。 CBP 声明，¶ 8、CIT 认证命令，pp. 32–33
EN: The IOR or authorized customs broker uses an active ACE account, confirms the entry numbers, IEEPA payments and eligibility, then uploads a CAPE declaration in the required CSV format—up to 9,999 entry-summary numbers per file. Both file-level and entry-level validation must pass. CBP recalculates duties and routes payment to the IOR or authorized Form 4811 designee. Valid ACH bank information is necessary for electronic payment; file acceptance alone does not mean payment has arrived.
中文： 登记进口商或获授权的报关代理使用有效 ACE 账户，确认报关编号、IEEPA 关税支付记录和资格，然后按要求的 CSV 格式上传 CAPE 申报，每个文件最多 9,999 个报关汇总编号。文件级和逐笔记录级验证都必须通过。CBP 重新计算关税，并向登记进口商或获授权的 Form 4811 指定收款方付款。电子付款需要有效的 ACH 银行账户信息；文件被接受本身并不意味着款项已经到账。 CBP 申请说明、2026 年 10 月 5 日官方申报说明
EN: The 80-day figure is a CAPE eligibility parameter; 90 days is CBP's ordinary voluntary-reliquidation window under § 1501; 180 days is the ordinary protest-filing period after liquidation or the relevant protestable decision under § 1514. They are different rules, and an IEEPA claim's appropriate route depends on its status and court orders. CBP initially estimated 60–90 days after acceptance for eligible ordinary refunds; review, special entries, debts, or missing ACH details can alter payment timing. Applicable refunds include statutory interest.
中文： 80 天是 CAPE 的一项受理资格参数；90 天是第 1501 条规定的 CBP 通常主动重新核税期限；180 天是第 1514 条规定的，在最终核税或相关可提出异议的决定后，通常提出异议的期限。这些是不同规则，IEEPA 请求适合采用哪条路径，取决于其状态和法院命令。CBP 最初估计，符合条件的普通退款可在受理后 60—90 天完成；复核、特殊报关记录、欠款或 ACH 信息缺失，均可能改变付款时间。适用的退款包括法定利息。 CBP 处理说明、异议期限、CIT 对 § 1501 的说明
EN: Operational illustration: if an Amazon entity was the IOR and paid the IEEPA duty, that entity or its broker would reconcile its entries and use the applicable refund route. If an independent marketplace seller or overseas supplier was the IOR, the customs claim belongs on that party's records. A shopper who paid a higher retail price does not thereby become an IOR or obtain a direct CBP refund claim; passing savings back depends on contracts, pricing, or other applicable rights.
中文： 业务操作示例： 如果亚马逊旗下某实体是登记进口商，且支付了 IEEPA 关税，该实体或其报关代理将核对报关记录，并使用适用的退款路径。如果独立平台卖家或海外供应商是登记进口商，则海关请求应对应于该方的报关记录。支付较高零售价的消费者，不会因此成为登记进口商或取得直接向 CBP 请求退款的权利；是否将节省的成本返还消费者，取决于合同、定价或其他适用权利。 CBP 对申请人与收款人的规定
EN: The Children's Online Privacy Protection Act (COPPA) and FTC Rule protect personal information collected online from children under 13. They cover commercial child-directed services that collect such information, including collection through third parties, and general-audience services with actual knowledge that they collect it from a child. Apps, games, connected toys, and similar services can qualify; being free to use does not create an exemption.
中文： 《儿童在线隐私保护法》（Children’s Online Privacy Protection Act，COPPA）及 FTC 规则，保护在线收集的未满 13 岁儿童的个人信息。它们覆盖收集此类信息的面向儿童的商业服务，包括通过第三方收集的情形，也覆盖实际知道自己正从儿童收集信息的面向一般受众的服务。应用、游戏、联网玩具及类似服务，都可能符合适用条件；免费使用并不构成豁免。 FTC 合规说明
EN: Child-directed status depends on content, visual design, characters, activities, advertising, and audience evidence. Services primarily directed to children must generally protect all users as children. A mixed-audience service, where children are not the primary audience, may use a neutral age screen and apply COPPA protections to under-13 users. A child-oriented design cannot be erased merely by a “13+” label.
中文： 是否面向儿童，取决于内容、视觉设计、角色、活动、广告及受众证据。主要面向儿童的服务，通常必须将所有用户都作为儿童给予保护。儿童不是主要受众的混合受众服务（mixed-audience service），可以采用中立的年龄筛选，并对未满 13 岁用户实施 COPPA 保护。仅加上“13 岁以上”标签，不能消除服务设计面向儿童的性质。 FTC 对受众分类的解释
EN: Protected information includes names, contact details, sufficiently precise geolocation, photos/video/audio containing a child's image or voice, government-issued identifiers, qualifying biometric identifiers, and persistent identifiers such as cookies or device IDs used to recognize a user over time or across services. Information can be collected through tracking or public-posting features as well as forms; a child's real name is not required for COPPA to apply.
中文： 受保护信息包括姓名、联系方式、足够精确的地理位置、包含儿童图像或声音的照片、视频或音频、政府签发的身份标识、符合条件的生物识别标识，以及用于在一段时间内或跨服务识别同一用户的 cookie、设备 ID 等持久标识符（persistent identifiers）。信息既可以通过表单收集，也可以通过追踪或公开发布功能收集；COPPA 的适用不以收集儿童真实姓名为必要条件。 FTC 信息范围说明、2025 年新增定义
EN: An operator must explain its collection, use, disclosure, retention, and parental-rights practices in an accessible privacy policy and give parents direct notice before obtaining consent. The notice must identify the relevant data practices, including third-party disclosures; a buried general policy is insufficient. Material changes can require updated notice and renewed consent.
中文： 运营者必须在便于查阅的隐私政策中，说明其收集、使用、披露、保存信息及处理家长权利的做法，并在取得同意之前直接通知家长。通知必须说明相关数据处理做法，包括向第三方披露；将一般政策放在难以发现的位置并不足够。重大变化可能要求更新通知并重新取得同意。 告知规则，§ 312.4
EN: Before covered collection, use, or disclosure, the operator generally must obtain consent through a method reasonably designed to verify that the consenting person is the parent. Examples include a signed consent form, a qualifying payment transaction, trained telephone/video verification, or approved identity-based methods. A child checking “my parent agrees” is insufficient. Less intensive “email plus” procedures are limited to qualifying internal-use situations without disclosure.
中文： 在受规则覆盖的收集、使用或披露发生前，运营者通常必须通过合理设计、能够核验同意者确为家长的方法取得同意。例如，签署同意表、符合条件的付款交易、由受训人员进行电话或视频核验，或获批准的基于身份核验的方法。儿童勾选“我的家长同意”并不足够。强度较低的 “电子邮件加附加核验”（email plus） 程序，仅限于符合条件、只作内部使用且不披露的情形。 16 C.F.R. § 312.5
EN: The revised rule generally requires separate parental consent for third-party disclosure, including targeted-advertising disclosures, unless the disclosure is integral to the service. Parents must be able to consent to collection and use without agreeing to nonessential disclosure. Monetizing children's data through behavioral advertising does not become integral merely because it finances a free service.
中文： 修订规则通常要求，对向第三方披露信息单独取得家长同意，包括为定向广告而披露，除非该披露是服务不可分割的必要部分。家长必须能够同意收集和使用，同时不必同意非必要的披露。通过行为广告将儿童数据变现，不会仅因资助免费服务，就成为服务不可分割的必要部分。 FTC 修订说明
EN: Narrow exceptions allow, for example, contact information used only to obtain parental consent, a one-time response followed by deletion, or persistent identifiers used solely for permitted internal operations without collecting other personal information. Each exception has its own limits and some retain notice duties. Internal operations do not authorize behavioral advertising, profiling, or unrelated contact with the child.
中文： 有限例外允许某些做法，例如仅为取得家长同意而使用联系信息、作一次性回复后删除信息，或不收集其他个人信息而仅将持久标识符用于获允许的内部运营。每项例外各有边界，其中一些仍保留通知义务。内部运营例外不授权行为广告、用户画像，或与儿童进行无关联系。 同意例外，§ 312.5(c)
EN: Parents must have a reasonable opportunity to review their child's information, request deletion, and stop further collection or use. Participation in a game or activity cannot be conditioned on supplying more personal information than reasonably necessary. These rights continue after initial consent; consent is not an unlimited license to collect whatever the business wants.
中文： 家长必须有合理机会查看孩子的信息、要求删除，并停止进一步收集或使用。不能以提供超出合理必要范围的个人信息，作为参加游戏或活动的条件。这些权利在首次同意后仍然存在；同意并非企业想收集什么就可以收集什么的无限许可。 家长权利，§ 312.6、最少必要收集，§ 312.7
EN: Operators need a written information-security program, a responsible person, at least annual risk assessments, reasonable safeguards, and appropriate assurances from service providers. Retention must be tied to a specific necessary purpose, with written retention/deletion policies; children's data cannot be retained indefinitely. Outsourcing storage or analytics does not eliminate the operator's compliance duties.
中文： 运营者需要书面信息安全方案、责任人、至少每年一次的风险评估、合理保护措施，以及服务提供商给出的适当保障。保存信息必须与具体必要目的相联系，并制定书面保存、删除政策；儿童数据不能无限期保存。外包存储或分析，并不会消除运营者的合规义务。 安全要求，§ 312.8、保存与删除，§ 312.10
EN: The amended Rule was published on April 22, 2025, became effective June 23, 2025, and set April 22, 2026 as the general compliance deadline. Changes include separate disclosure consent, expanded identifiers, security/retention duties, and Safe Harbor transparency. Safe Harbor programs had earlier requirements: public membership/product lists by July 21, 2025, updated every six months, and initial reports plus proposed guideline changes by October 22, 2025; reports recur annually.
中文： 修订规则于 2025 年 4 月 22 日公布，2025 年 6 月 23 日生效，并将 2026 年 4 月 22 日设为一般合规截止日。变化包括披露的单独同意、扩大标识符范围、安全与保存义务，以及安全港透明度。安全港计划另有更早的要求：须于 2025 年 7 月 21 日前公开成员和产品名单，此后每六个月更新；须于 2025 年 10 月 22 日前提交首份报告及拟议指引修改，此后每年报告。 正式规则的日期及 § 312.11
EN: FTC-approved industry programs offer an alternative compliance framework with protections at least equivalent to the Rule, mandatory independent assessments including annual member reviews, and effective enforcement mechanisms. Operators actually complying with approved guidelines receive the Rule's safe-harbor treatment. Programs must disclose certified members/products and report to the FTC; joining a program or displaying a badge alone does not establish compliance. Examples include CARU, ESRB, and PRIVO.
中文： 经 FTC 批准的行业计划提供另一种合规框架，其保护至少与规则相当，要求包括年度成员审查在内的独立评估，并具有有效执行机制。实际遵守获批指引的运营者，可以取得规则规定的安全港待遇（safe-harbor treatment）。计划须公开获认证的成员、产品并向 FTC 报告；仅加入计划或展示标识，并不足以证明合规。例子包括 CARU、ESRB 和 PRIVO。 § 312.11、FTC 获批计划名单
EN: The FTC's 2026 age-verification policy permits enforcement discretion for qualifying general- and mixed-audience operators collecting information solely to determine age without prior VPC. Conditions include purpose limitation, prompt deletion, clear notice, reasonable security and accuracy checks, protected third-party processing, and compliance with COPPA otherwise. It is not a statutory repeal or permission to reuse age-check data for advertising; primarily child-directed services remain outside this policy's scope.
中文： FTC 的 2026 年年龄验证政策允许对符合条件的面向一般受众或混合受众的运营者行使执法裁量，这些运营者在未事先取得可验证家长同意的情况下，仅为判断年龄而收集信息。条件包括目的限制、及时删除、清晰通知、合理安全措施和准确性检查、受到保护的第三方处理，以及在其他方面遵守 COPPA。该政策并非废除法律，也不允许将年龄核验数据再次用于广告；主要面向儿童的服务仍不在其范围内。 FTC 年龄验证政策原文
EN: Google and YouTube settled allegations of collecting persistent identifiers from viewers of child-directed channels without parental notice or consent for $170 million: $136 million federally and $34 million to New York. Required changes included a child-directed-content identification system, creator notification, and notice/consent before covered collection. The example shows why a platform's general-audience character does not erase obligations concerning known child-directed content.
中文： 谷歌和 YouTube 就未通知家长或取得同意、便从儿童频道观众收集持久标识符的指控达成和解，总额 1.7 亿美元：联邦部分 1.36 亿美元，纽约州部分 3,400 万美元。要求的整改包括建立面向儿童内容的识别系统、通知创作者，以及在受覆盖的信息收集前履行通知和同意义务。该例说明，平台面向一般受众的性质，并不会消除其对已知儿童内容所负的义务。 FTC 案情及救济
EN: The 2022 settlements separated a $275 million COPPA civil penalty from $245 million in consumer refunds for deceptive billing and dark patterns. Allegations included collecting under-13 data without parental consent and unfair default voice/text communications. Relief required protective communication defaults for children and teens, deletion of improperly collected data subject to specified consent/age exceptions, and a privacy program with independent assessments. Teen protections also rested on the FTC Act, not an expansion of COPPA's under-13 threshold.
中文： 2022 年的和解，将 2.75 亿美元 COPPA 民事罚款与因欺骗性收费及诱导性界面设计而应向消费者退还的 2.45 亿美元分开处理。指控包括未经家长同意收集未满 13 岁儿童数据，以及不公平的默认语音和文字通信设置。救济要求为儿童和青少年设置具有保护作用的默认通信选项，删除不当收集的数据但适用特定同意或年龄例外，并建立接受独立评估的隐私方案。对青少年的保护也依据《联邦贸易委员会法》，而非扩大 COPPA 的未满 13 岁门槛。 FTC 两项案件与救济说明
EN: Microsoft's June 2023 order imposed $20 million for Xbox children's-data practices. Remedies included obtaining required parental consent, deleting consent-seeking data within two weeks of collection if consent was not obtained, and informing publishers when shared data concerned a child. Disney's December 2025 court-approved order imposed $10 million after allegations of mislabeling child-directed YouTube videos and enabling unconsented tracking. Disney must implement a program to review and correctly designate its videos' audiences.
中文： 2023 年 6 月针对微软的命令，就 Xbox 儿童数据做法处以 2,000 万美元罚款。救济包括取得必要家长同意；如果未取得同意，在收集后两周内删除为寻求同意而收集的数据；向发行商共享的数据涉及儿童时，告知发行商这一情况。2025 年 12 月法院批准的迪士尼命令处以 1,000 万美元罚款，此前的指控包括错误标记面向儿童的 YouTube 视频，并使未经同意的追踪得以进行。迪士尼必须实施一项计划，审查并正确标记其视频受众。 微软已签署命令、迪士尼案件记录
EN: The Committee on Foreign Investment in the United States (CFIUS) is an interagency committee chaired by Treasury. Under Section 721 of the Defense Production Act, it reviews covered foreign investment and certain real-estate transactions for U.S. national-security risk. It may clear a transaction, require mitigation, or refer unresolved risk to the President for prohibition or divestiture. Its function differs from antitrust review of market competition.
中文： 美国外国投资委员会（Committee on Foreign Investment in the United States，CFIUS）是由财政部牵头的跨部门委员会。根据《国防生产法》第 721 条，它审查属于审查范围的外国投资及某些房地产交易对美国国家安全构成的风险。它可以批准交易、要求采取缓解措施，或将未解决的风险提交总统，以禁止交易或要求剥离。其职能不同于针对市场竞争的反垄断审查。 CFIUS 官方概述
EN: Jurisdiction includes foreign control of a U.S. business, certain noncontrolling investments in TID businesses—critical Technology, Infrastructure, or sensitive personal Data, and specified real estate near sensitive facilities. Noncontrolling investment can qualify when it grants material nonpublic technical information, board/observer rights, or substantive decision-making involvement. A small ownership percentage alone does not guarantee exemption; the rights and business matter.
中文： 管辖范围包括外国对美国企业的控制、对 TID 企业——涉及关键技术、基础设施或敏感个人数据的企业的某些非控制性投资，以及敏感设施附近的特定房地产。如果非控制性投资赋予获取重要非公开技术信息的权限、董事或观察员权利，或参与实质性决策的权利，就可能受到覆盖。仅持有较小比例股权并不保证豁免；具体权利和业务性质同样重要。 受审查非控股投资的定义、房地产审查案例及法律依据
EN: Filing is generally voluntary, but specified critical-technology transactions involving required export authorizations and certain foreign-government interests trigger mandatory filing, subject to regulatory exceptions. In the ordinary government-interest test, the foreign person acquires at least 25% voting interest in a TID U.S. business, while a single foreign state's government has at least 49% voting interest in that foreign person. Indirect ownership and fund structures have special rules. A mandatory declaration or qualifying full notice normally must be filed at least 30 days before completion.
中文： 申报总体上是自愿的，但涉及必要出口授权的特定关键技术交易，以及某些外国政府权益交易，会触发强制申报，另有法规规定的例外。在通常的政府权益测试中，外国主体取得 TID 美国企业至少 25% 的表决权权益，同时某一外国政府在该外国主体中拥有至少 49% 的表决权权益。间接持股和基金结构有特别规则。强制简式申报或符合条件的完整通知，通常须至少在交易完成前 30 天提交。 强制申报及例外，§ 800.401、权益定义，§ 800.244
EN: A short-form declaration generally has a 30-day assessment; CFIUS may clear it, require a full notice, or be unable to conclude action. A full notice has a 45-day review, potentially followed by a 45-day investigation, an extraordinary 15-day extension, and, if referred, 15 days for the President. The clock begins with acceptance of a complete filing, not the first informal submission. Expiry of a declaration assessment is not automatic clearance.
中文： 简式申报（declaration）通常有 30 天评估期；CFIUS 可以批准、要求完整通知，或无法完成处理。完整通知（notice）有 45 天审查期，之后可能进入 45 天调查期，在特殊情形下延长 15 天；如果移交总统，则总统有 15 天作出决定。期限从完整申报被接受时起算，而非从首次非正式提交时起算。简式申报评估期届满，并不自动意味着通过审查。 官方审查期限、不同申报方式的结果
EN: CFIUS considers the foreign actor's threat, the U.S. asset's vulnerability, and potential consequences. Mitigation means enforceable measures that resolve an identified risk, such as restricting sensitive-data access, segregating assets, appointing security personnel, or independent monitoring. The measures must be effective, verifiable, and monitorable. If adequate mitigation is unavailable, the transaction may be abandoned or referred for presidential action.
中文： CFIUS 考虑外国主体带来的威胁、美国资产的脆弱性，以及潜在后果。缓解措施（mitigation）是解决已识别风险的可执行措施，例如限制敏感数据访问、分隔资产、指定安全人员或独立监督。措施必须有效、可验证、可监督。如果无法采取充分缓解措施，交易可能被放弃，或移交总统采取行动。 风险分析实例、CFIUS 缓解措施要求
EN: CFIUS can investigate covered transactions that were never notified, including completed acquisitions. Clearance ordinarily provides transaction-specific safe harbor against another review, but material misstatements, omissions, or specified breaches can reopen the matter. Clearance therefore provides greater certainty only on the disclosed transaction and does not end continuing obligations under a national-security agreement.
中文： CFIUS 可以调查从未申报的受覆盖交易，包括已经完成的收购。通过审查通常会对该笔特定交易提供免于再次审查的安全港，但重大虚假陈述、遗漏或特定违约可能使事项重新开启。因此，通过审查只对已披露交易提供更高确定性，并不会终止国家安全协议下的持续义务。 审查终结与安全港、重新审查及执法措施
EN: Broadcom, then based in Singapore, sought Qualcomm in a hostile takeover. CFIUS's public letter identified risks to Qualcomm's R&D, U.S. leadership in 5G standard-setting, and government-related capabilities, including concern that reduced investment could benefit competing foreign firms. On March 12, 2018, President Trump prohibited the acquisition following CFIUS review. The case connects commercial financing and R&D plans with national-security consequences.
中文： 当时总部位于新加坡的博通，试图敌意收购高通。CFIUS 的公开信指出，高通研发、美国在 5G 标准制定中的领导地位，以及与政府有关的能力可能面临风险，包括担忧投资减少会使外国竞争企业获益。2018 年 3 月 12 日，特朗普总统在 CFIUS 审查后禁止了收购。该案将商业融资、研发计划与国家安全后果联系起来。 CFIUS 公开信、财政部对禁止决定的说明
EN: MineOne acquired a Wyoming property in 2022 within one mile of F.E. Warren Air Force Base, then operated cryptocurrency-mining equipment there. CFIUS identified surveillance and espionage risks from the location and specialized foreign-sourced equipment. The matter followed a public tip and a non-notified-transaction inquiry. On May 13, 2024, the President required divestiture and equipment removal because negotiated mitigation could not adequately address the risks.
中文： MineOne 于 2022 年购入怀俄明州一处房地产，距 F.E. Warren 空军基地一英里以内，随后在那里运行加密货币挖矿设备。CFIUS 认定，该位置和来自国外的专用设备带来监视与间谍风险。该事项源于公众举报，随后进入未申报交易调查。2024 年 5 月 13 日，总统要求剥离并移除设备，因为通过谈判制定的缓解措施无法充分处理这些风险。 财政部案例说明
EN: T-Mobile entered a National Security Agreement (NSA) in 2018 concerning the Sprint merger and foreign ownership. CFIUS found failures during August 2020–June 2021 to prevent unauthorized access to sensitive data and promptly report some incidents. The matter was resolved in 2024 with a $60 million penalty and enhanced compliance commitments. Mitigation agreements are continuing legal obligations, not one-time promises made to obtain clearance.
中文： T-Mobile 于 2018 年就 Sprint 合并及外国持股签订国家安全协议（National Security Agreement，NSA）。CFIUS 发现，其在 2020 年 8 月至 2021 年 6 月期间未能防止对敏感数据的未经授权访问，也未及时报告部分事件。该事项于 2024 年以 6,000 万美元罚款及加强合规的承诺解决。缓解协议是持续的法律义务，而非为获得审查通过而作出的一次性承诺。 CFIUS 官方执法记录
EN: The buyer acquires the seller’s business assets; the seller’s legal entity need not disappear. In an ordinary Delaware sale governed by DGCL §271, board approval and a majority of outstanding voting shares are required. “Substantially all” involves the scale and significance of the business transferred, rather than a universal percentage. In July 2009, New GM acquired substantially all Old GM assets and specified liabilities through a bankruptcy §363 sale.
中文： 买方取得卖方的业务资产；卖方法律实体不必消失。在 DGCL 第 271 条规管的普通特拉华州资产出售中，须经董事会批准，并获已发行有表决权股份的多数通过。“实质上全部”取决于被转让业务的规模及重要程度，而非统一的百分比。2009 年 7 月，New GM 通过破产法第 363 条下的出售程序，收购了 Old GM 实质上全部资产及指定负债。
Sources｜来源： DGCL §271、Hollinger 判决、GM 的 SEC 披露。
EN: The agreement identifies the purchased assets, assumed liabilities and exclusions. This structure suits a buyer seeking particular stores, intellectual property or a business division. The September 2017 Walgreens–Rite Aid agreement covered 1,932 stores, three distribution centers and related inventory for $4.375 billion, rather than all Rite Aid shares.
中文： 协议明确所购买的资产、承接的负债及排除项目。这种结构适合希望取得特定门店、知识产权或某个业务部门的买方。2017 年 9 月 Walgreens 与 Rite Aid 的协议，涵盖以 43.75 亿美元购买 1,932 家门店、三个配送中心及相关存货，而非收购 Rite Aid 的全部股份。 Rite Aid 原始公告
EN: The buyer purchases shares from existing shareholders under a stock purchase agreement. The target continues to own its assets and owe its debts. This is convenient where ownership is concentrated; acquiring 100% ordinarily requires every relevant holder to sell, unless a separate compulsory acquisition mechanism applies.
中文： 买方依据股权收购协议，向现有股东购买股份。目标公司继续持有其资产，并承担其债务。股权集中时，这种方式较为便利；收购 100% 股权通常要求每名相关持有人均同意出售，但适用另行规定的强制收购机制时除外。 SEC 对收购要约的说明与区别
EN: A bidder invites shareholders to tender shares on stated price and timing terms, often subject to a minimum acceptance condition. For covered U.S. public-company offers, Schedule TO discloses the offer and Schedule 14D-9 communicates the target’s response; Rule 14e-1 generally requires at least 20 business days. Tendering is a decision to sell shares, rather than a merger vote.
中文： 竞购者邀请股东按列明的价格和时间条件交售股份，通常附有最低接受数量条件。对于受规则涵盖的美国上市公司要约，Schedule TO披露要约内容，Schedule 14D-9传达目标公司的回应；Rule 14e-1 通常要求要约期限至少为 20 个工作日。交售股份是出售股份的决定，而非就合并进行表决。 SEC Tender Offers；17 CFR §240.14e-1
EN: Asset buyers can negotiate which liabilities they assume, but statutory liability and successor-liability doctrines can override contractual exclusions. Traditional exceptions include assumption, de facto merger, mere continuation and fraudulent transfer. In a stock purchase, the target retains historical liabilities, exposing the acquired equity to their economic cost.
中文： 资产买方可以协商承接哪些负债，但法定责任及继受责任规则可能优先于合同中的排除约定。传统例外包括承接义务、事实上的合并、仅为原企业的延续，以及欺诈性转让。在股权收购中，目标公司保留历史负债，使所收购股权承受这些负债的经济成本。 Delaware：Ross v. DESA 判决
EN: In a taxable asset deal, allocated purchase price generally establishes the buyer’s basis in acquired assets, potentially increasing future depreciation or amortization. A stock purchase generally gives basis in shares without resetting the target’s asset basis. A C corporation’s asset sale followed by distribution may create tax at both company and shareholder levels; a direct share sale generally taxes the selling shareholder’s gain.
中文： 在应税资产交易中，分摊后的购买价款通常构成买方所购资产的计税基础，可能增加未来可扣除的折旧或摊销。股权收购通常形成股份的计税基础，而不重置目标公司资产的计税基础。C 型公司出售资产后再分配所得，可能在公司和股东两个层面产生税负；直接出售股份，通常对出售股东的所得征税。 IRS Form 8594、IRS：Corporations
EN: Buyers often favor assets for liability selection and tax basis; sellers often favor shares for a cleaner exit and potentially lower tax. Contract transfer consents, licenses and the seller’s tax status can reverse that preference. A qualifying corporate stock buyer may make a §338 election for deemed asset treatment; a qualified stock purchase generally requires at least 80% of voting power and value within 12 months.
中文： 买方常因可以选择承接负债并取得资产计税基础，而偏好资产交易；卖方常因退出较为彻底且税负可能较低，而偏好股权交易。合同转让同意、许可证及卖方税务身份，可能使这种偏好逆转。符合条件的公司股权买方可以作出第 338 条选择，在税务上将交易视为资产交易；符合条件的股权购买通常要求在 12 个月内取得至少 80% 的投票权和价值。 IRC §338
EN: In the basic direct structure, Target merges into Buyer and Buyer survives. Assets and liabilities vest in Buyer by law. It simplifies integration but places target liabilities directly in the operating buyer. Consideration may be cash, stock or a combination; the legal label alone does not determine tax treatment.
中文： 在基本的直接合并结构中，目标公司并入买方，由买方存续。资产和负债依法归于买方。这种结构简化整合，但使目标公司的负债直接由经营业务的买方承担。对价可以是现金、股份或两者组合；仅凭法律形式的名称，不能确定税务处理。 DGCL §§251、259
EN: Buyer forms a subsidiary; Target merges into that subsidiary, which survives under Buyer. This keeps the acquired business in a separate entity and facilitates integration within that subsidiary. Target’s original legal entity disappears, so contract and license transfer provisions remain important.
中文： 买方设立一家子公司；目标公司并入该子公司，后者作为买方旗下公司存续。这使被收购业务保持在独立实体中，并方便在该子公司内整合。目标公司原有法律实体消失，因此合同和许可证的转让条款仍很重要。 DGCL §259
EN: Buyer’s merger subsidiary merges into Target; Target survives as Buyer’s subsidiary. This preserves Target’s identity and can reduce asset-by-asset transfer work. Change-of-control clauses may nevertheless require consent. Twitter’s 2022 acquisition used this structure: X Holdings II merged into Twitter, which survived under X Holdings I.
中文： 买方的合并子公司并入目标公司；目标公司作为买方子公司存续。这保留了目标公司的主体身份，并可能减少逐项转让资产的工作。不过，控制权变更条款仍可能要求取得同意。Twitter 于 2022 年被收购时采用了这一结构：X Holdings II 并入 Twitter，Twitter 作为 X Holdings I 旗下公司存续。 Twitter 合并代理说明书
EN: A common sequence is a tender offer followed by a merger to acquire remaining shares. DGCL §251(h) can remove a second shareholder vote for a listed target or one with over 2,000 record holders, if the agreement invokes it, the offer covers all relevant outstanding voting shares, subject to statutory exclusions, accepted/owned shares meet the otherwise-required approval threshold, and remaining shares receive the same consideration. This accelerates completion after successful tender acceptance.
中文： 一种常见顺序是先进行要约收购，再通过合并取得剩余股份。DGCL 第 251(h) 条可以使上市目标公司或登记股东超过 2,000 人的目标公司免于第二次股东表决，但须满足以下条件：协议援引该条；除法定排除情形外，要约涵盖全部相关已发行有表决权股份；已接受交售及已持有股份达到原本适用的批准门槛；剩余股份获得相同对价。这可以在要约成功获得接受后加快交易完成。 DGCL §§251(h)、253
EN: A multi-step structure can also combine two statutory mergers: Merger Sub I first merges into Target, and the surviving Target then merges into Merger Sub II. This permits a different final entity structure and coordinated tax planning; favorable tax treatment depends on separate legal requirements. In Salesforce’s acquisition completed on July 21, 2021, Slack first survived the reverse merger and then merged into a second Salesforce subsidiary, which survived as Slack Technologies, LLC.
中文： 多步骤结构也可以结合两次法定合并：合并子公司 I 先并入目标公司，存续的目标公司再并入合并子公司 II。这样可以实现不同的最终实体结构，并协调税务规划；有利的税务处理取决于另外的法律要求。在 Salesforce 于 2021 年 7 月 21 日完成的收购中，Slack 先在反向合并中存续，随后并入 Salesforce 的第二家子公司，后者以 Slack Technologies, LLC 的形式存续。 Slack 完成交割的 SEC 披露
EN: A parent distributes subsidiary shares to its own shareholders, creating separately held businesses. It can sharpen business focus and separate financing strategies; it is a separation, not a merger. On July 17, 2015, eBay distributed one PayPal share for each eBay share, making PayPal independently held and traded.
中文： 母公司将子公司股份分配给自己的股东，使各项业务由股东分别持有。这可以强化业务重点，并使融资策略相互独立；它属于分离，而非合并。2015 年 7 月 17 日，eBay 按每股 eBay 股份分配一股 PayPal 股份，使 PayPal 由股东独立持有并独立交易。 eBay 对已完成分拆的 SEC 披露
Structure map｜结构速记（P = Buyer 买方；T = Target 目标公司；S = Merger subsidiary 并购子公司；“→”表示合并方向或交易步骤）
Direct merger 直接合并： T → P；P survives，P存续
Forward triangular 正向三角： P owns S；T → S；P → S存续
Reverse triangular 反向三角： P owns S；S → T；P → T存续
Multi-step 多步骤： tender offer 要约收购 → back-end merger 后续合并
Double merger 双重合并： S1 → T；随后 T → S2；P持有存续的S2
Spin-off 分拆： 股东 → P → S 变为 股东分别持有 P 和 SEN: An MAE clause allocates the risk of serious deterioration between signing and closing. Depending on the contract, it can affect a standalone closing condition or qualify breaches of representations. The buyer must satisfy the negotiated definition and the relevant termination procedure; disappointment with the price is insufficient.
中文： 重大不利影响条款分配签约至交割期间发生严重恶化的风险。根据合同约定，它可以影响一项独立的交割条件，或限定违反陈述的责任门槛。买方须满足协商确定的定义及相关解除程序；仅对价格感到失望并不足够。 Akorn 特拉华州最高法院判决
EN: Delaware MAE cases typically require a threat to the target’s long-term earnings capacity rather than a short-term setback. Agreements often exclude general economic or industry conditions; a disproportionate-effect exception can restore coverage for unusually severe company-specific harm. There is no universal revenue-decline percentage or fixed number of months that automatically proves an MAE.
中文： 特拉华州的重大不利影响案件通常要求，影响威胁到目标公司的长期盈利能力，而非仅为短期挫折。协议经常排除整体经济或行业状况；不成比例影响例外可以将公司遭受的异常严重的特定损害重新纳入范围。不存在一达到就自动证明重大不利影响的统一收入降幅或固定月数。 Akorn 一审判决
EN: After signing, Akorn suffered sustained business deterioration and serious regulatory/data-integrity problems. The Delaware Supreme Court affirmed both a general MAE excusing closing and regulatory-representation breaches sufficient to support termination. It did not reach every alternative ground in the trial opinion.
中文： 签约后，Akorn 的业务持续恶化，并出现严重的监管及数据完整性问题。特拉华州最高法院既确认存在可以免除交割义务的一般性重大不利影响，也确认监管事项陈述的违反足以支持解除合同。该法院并未就一审意见中的每一项替代理由均作出裁决。 Akorn 2018终审判决
EN: Tyson relied on weaker results and accounting problems to escape its acquisition of IBP. The court treated the core downturn as temporary in a cyclical business, considered the disclosures and expected recovery, rejected the MAE defense, and ordered specific performance.
中文： Tyson 以业绩转差及会计问题为由，试图退出对 IBP 的收购。法院认为，核心业务下滑属于周期性业务中的暂时现象，并考虑了已披露信息及预期复苏，最终驳回重大不利影响抗辩，命令实际履行合同。 IBP 原判决、特拉华法院后续裁判对结论的说明
EN: Hexion failed to prove that Huntsman’s disappointing results threatened its long-term business sufficiently to constitute an MAE. The court also found knowing and intentional breaches of financing-efforts obligations. Financing difficulty and the buyer’s own high leverage did not create an MAE in the target.
中文： Hexion 未能证明 Huntsman 未达预期的业绩对其长期业务造成了足够严重的威胁，从而构成重大不利影响。法院还认定，Hexion 明知且故意违反了融资努力义务。融资困难及买方自身的高杠杆，并不会使目标公司产生重大不利影响。 Hexion 2008判决
EN: The decisive comparison is the contractual allocation of the particular risk, the target’s condition as a whole, the expected duration, and the buyer’s compliance with its own obligations. Akorn involved persistent company-specific and regulatory damage; IBP involved temporary/cyclical problems; Hexion added a buyer-caused financing failure. Missed forecasts are evidence, not a universal exit right.
中文： 比较时具有决定性的因素，是合同如何分配该项具体风险、目标公司的整体状况、预期持续时间，以及买方是否履行自身义务。Akorn 涉及持续的公司特定损害和监管损害；IBP 涉及暂时性、周期性问题；Hexion 还涉及买方自身导致的融资失败。未达业绩预测是证据，而非普遍适用的退出权。 Akorn 对既有MAE判例的比较
EN: Martin Lipton and colleagues at Wachtell Lipton developed the poison pill in 1982, amid hostile tender offers, leveraged takeovers and greenmail. Lipton circulated the proposal in September 1982; an early variation was used by El Paso against Burlington Northern’s bid that December.
中文： 1982 年，在敌意要约收购、杠杆收购及股份回购敲诈（greenmail）盛行的背景下，Martin Lipton 及 Wachtell Lipton 律所同事设计了毒丸计划。Lipton 于 1982 年 9 月传阅该方案；同年 12 月，El Paso 采用了其早期变体，以应对 Burlington Northern 的收购报价。 Lipton 本人口述
EN: A modern rights plan typically lets eligible shareholders other than a triggering acquirer buy discounted shares once a specified ownership threshold is crossed. Exercise dilutes the acquirer and raises the cost of obtaining control. The “poison” is the financial consequence for an unapproved acquisition; adoption itself does not mean the dilution has occurred. Twitter’s 2022 plan used a 15% base trigger; thresholds vary by plan.
中文： 现代股东权利计划通常允许触发收购者以外的合资格股东，在指定持股门槛被跨过后折价购买股份。行权会稀释收购者的持股，并提高取得控制权的成本。“毒性”指未经批准收购所产生的财务后果；采用计划本身不意味着稀释已经发生。Twitter 的 2022 年计划以 15% 为基本触发门槛；不同计划的门槛各异。 Twitter 权利计划披露
EN: A front-loaded two-tier offer promises a better price to early tendering holders and worse treatment later, pressuring holders to tender even if they think the offer inadequate. A pill can slow accumulation, give the board time to evaluate alternatives and induce negotiation for all shareholders.
中文： 前高后低的两层收购报价承诺给予较早交售股份的持有人更高价格，而较晚者待遇更差，从而迫使股东即使认为报价不足，仍交售股份。毒丸可以放缓增持，为董事会评估替代方案争取时间，并促使收购方为全体股东的利益进行谈判。 特拉华法院对毒丸历史及作用的说明
EN: A pill may protect bargaining power, but it can also block an attractive bid, reduce shareholder choice and insulate incumbents. The fiduciary question is whether directors are responding proportionately to a legitimate threat or using company powers primarily to preserve their own positions.
中文： 毒丸可以保护谈判能力，但也可能阻碍有吸引力的收购报价、减少股东选择，并使现任管理层免受挑战。信义义务问题在于，董事是否对正当威胁作出相称回应，还是主要利用公司权力保住自身职位。 Moran 判决
EN: The Delaware Supreme Court upheld Household’s preventive rights plan, recognizing board authority under DGCL §§141 and 157. Its triggers included acquisition of 20% or announcement of a tender offer for 30%. A specific hostile offer was not a prerequisite to adopting the plan.
中文： 特拉华州最高法院支持 Household 的预防性股东权利计划，确认董事会依据 DGCL 第 141 和 157 条有权采用该计划。触发条件包括取得 20% 股份，或宣布收购 30% 股份的要约。采用计划并不以已出现具体敌意收购要约为前提。 Moran 原判决
EN: Directors must show reasonable grounds for perceiving a threat, supported by good faith and reasonable investigation, and a response proportionate to that threat. Under later Unitrin analysis, a defense cannot be coercive or preclusive and must fall within a range of reasonable responses. A lawful adoption does not predetermine whether later refusal to redeem is lawful.
中文： 董事须证明，自己有合理依据认为存在威胁，且该判断建立在善意及合理调查之上，应对措施也须与威胁相称。按后来的 Unitrin 分析，防御措施不得具有胁迫性或排除性，并须处于合理应对措施的范围内。采用计划合法，并不预先决定后来拒绝赎回权利也合法。 Moran、Unitrin
EN: A bidder may negotiate board redemption or an exemption, condition its bid on removal of the pill, or seek board change through a proxy contest. Moran preserved continuing review of redemption decisions. After a merger contract is signed, termination rights and termination fees arise under that contract, separately from the poison pill.
中文： 竞购者可以与董事会协商赎回权利或给予豁免，将取消毒丸作为报价条件，或通过代理权争夺寻求更换董事会。Moran 案保留了对赎回决定的持续审查。合并合同签署后，解除权和解约费依该合同产生，与毒丸计划相互独立。 Moran；Twitter 2022年4月25日修改披露
EN: An on-the-shelf plan consists of prepared documents, board education and implementation arrangements that permit rapid adoption when a threat arises. It is not yet an operative rights plan and therefore creates no current trigger merely because the draft is ready. Actual adoption still requires a current board decision and fiduciary assessment.
中文： 预备毒丸方案（on-the-shelf pill）包括已备妥的文件、董事会培训及实施安排，以便威胁出现时迅速采用。它尚不是已生效的股东权利计划，因此仅因草案已经准备好，并不会产生当前可触发的机制。实际采用时，仍须由董事会作出当时的决定，并进行信义义务评估。 实务提出者对 shelf plan 的直接说明
EN: Directors must inform themselves of material information reasonably available before deciding. The business judgment rule generally presumes an informed, good-faith decision made in the company’s interests; it does not make an uninformed approval immune from review.
中文： 董事在作出决定前，须了解合理可得的重大信息。商业判断规则通常推定，董事在充分知情、善意且为公司利益的情况下作出决定；它并不使信息不足的批准行为免于审查。 Smith v. Van Gorkom
EN: Ordinary negligence is a failure to use reasonable care. In Delaware board-decision cases, a duty-of-care challenge ordinarily requires gross negligence: a serious failure in the information-gathering or deliberative process. Gross negligence does not automatically establish bad faith or disloyalty.
中文： 一般过失是未尽合理注意。在特拉华州涉及董事会决策的案件中，质疑违反注意义务通常须达到重大过失（gross negligence），即信息收集或审议过程存在严重缺陷。重大过失并不自动证明恶意或不忠实。 Cede 1993判决
EN: Trans Union had difficulty using investment tax credits and believed its share price understated its value. Directors found Pritzker’s $55-per-share offer attractive, trusted the experienced CEO, and believed the agreement allowed a market test. These reasons explain approval but did not supply the missing valuation work.
中文： Trans Union 难以利用投资税收抵免，并认为其股价低估了价值。董事认为 Pritzker 每股 55 美元的报价有吸引力，信任经验丰富的 CEO，并相信协议允许进行市场检验。这些理由解释了为何批准出售，但未弥补缺失的估值工作。 Van Gorkom 原判决
EN: Van Gorkom selected $55 largely from leveraged-buyout financing feasibility, not a sound enterprise valuation. The board approved after roughly two hours without adequately investigating that price or reading the agreement. A fairness opinion is not legally mandatory in every sale; the defect was the inadequacy of the information and deliberation as a whole.
中文： Van Gorkom 选择 55 美元，主要依据杠杆收购融资的可行性，而非可靠的企业估值。董事会在未充分调查该价格或阅读协议的情况下，经过约两小时便批准交易。法律并非要求每次出售都必须取得财务公平性意见；问题在于整体信息获取和审议不足。 Van Gorkom 原判决
EN: The $55 price was approximately 48% above the prior closing market price. A premium over a potentially depressed minority-share price does not establish fair value for selling control of the whole business. The court found a care breach despite the premium; the benchmark was market price, not an established fair-market valuation.
中文： 55 美元的价格，约比此前收盘市价高 48%。相对于可能被低估的少数股权市价存在溢价，并不能证明出售整个企业控制权的价格公平。尽管有溢价，法院仍认定违反注意义务；该溢价的比较基准是市场价格，而非已经确定的公平市场估值。 Van Gorkom 原判决
EN: Technicolor’s board approved a $23-per-share sale after an inadequately informed process. The Delaware Supreme Court held that the care breach rebutted business judgment protection; shareholders did not also have to prove monetary loss to achieve that rebuttal. Defendants then bore the burden of establishing entire fairness on remand.
中文： Technicolor 董事会在知情不足的决策过程后，批准以每股 23 美元出售。特拉华州最高法院认为，注意义务的违反足以推翻商业判断保护；股东无需再证明金钱损失，便可推翻该推定。案件发回重审后，被告须承担证明交易完全公平的责任。 Cede, 634 A.2d 345 (1993；1994再议)
EN: Entire fairness evaluates fair dealing and fair price together. On remand, the evidence showed genuine arm’s-length negotiation, bargaining that raised the price, and an entirely fair transaction despite process deficiencies. The 1995 Supreme Court decision affirmed judgment for the defendants. Unlike an automatic-liability rule, this framework allows fairness to be proved after business judgment protection is lost.
中文： 完全公平（entire fairness）将交易过程公平与价格公平结合评价。发回重审后，证据显示双方进行了真正的独立交易谈判，议价提高了价格，而且尽管程序存在缺陷，交易仍完全公平。最高法院于 1995 年维持了被告胜诉的判决。该框架不同于自动认定责任的规则：即使失去商业判断保护，仍可证明交易公平。 Cinerama, 663 A.2d 1156 (1995)
EN: The 1996 Cede decision, 684 A.2d 289, concerned statutory appraisal against the surviving corporation. It reversed and remanded the valuation decision because the valuation improperly excluded relevant business plans implemented before the merger. The fiduciary-liability case had already ended in defendants’ favor in 1995.
中文： 1996 年的 Cede 判决（684 A.2d 289），涉及针对存续公司提出的法定股份估价请求。由于估值不当排除了合并前已实施的相关业务计划，法院撤销估值裁判并发回重审。信义义务责任案件已于 1995 年以被告胜诉告终。 Cede 1996原判决
EN: Delaware added §102(b)(7) in 1986, after Van Gorkom, to permit charter-based limits on directors’ personal monetary liability for care breaches. The reform reduces exposure that could discourage board service and reasonable risk-taking. It does not abolish fiduciary duties; it requires an effective charter provision and does not cover earlier conduct.
中文： 特拉华州在 Van Gorkom 案后，于 1986 年增设第 102(b)(7) 条，允许通过章程限制董事因违反注意义务而承担的个人金钱赔偿责任。改革降低了可能妨碍担任董事及合理承担风险的责任压力。它并未取消信义义务；适用须有已生效的章程条款，且不涵盖此前行为。 特拉华法院对立法背景的说明；DGCL §102(b)(7)
EN: Since 2022, charter provisions may cover specified senior officers as well as directors. Neither can be exculpated for loyalty breaches, bad faith, intentional misconduct, knowing legal violations or improper personal benefits. Directors also retain §174 liability for unlawful dividends/repurchases. Officers cannot be exculpated in actions by the corporation or derivative actions; their eligible direct claims differ from directors’ broader coverage. Injunctive relief remains available.
中文： 自 2022 年起，章程条款除董事外，还可涵盖指定高级管理人员。两者均不能就违反忠实义务、恶意、故意不当行为、明知违法或取得不当个人利益而免责。董事对违法分红或回购仍承担第 174 条规定的责任。高管不能在公司自行提起的诉讼或派生诉讼中免责；高管可以免责的直接请求范围，与董事更广的覆盖范围不同。禁令救济仍可适用。 DGCL §102(b)(7)、2022年SB273修法说明
EN: Both a corporation and an LLC normally separate business debts from owners’ personal assets. Corporate owners are shareholders; LLC owners are members. The shield protects owners from liability merely because they own the business; the entity remains fully liable for its own obligations.
中文： 公司和 LLC 通常都将企业债务与所有者的个人资产相分离。公司的所有者称为股东；LLC 的所有者称为成员。有限责任保护使所有者不因拥有企业这一事实而承担责任；实体仍须对自身义务承担全部责任。 DGCL §102(b)(6)；Delaware LLC Act §18-303
EN: Owners remain exposed for personal guarantees, their own torts or fraud, and specific statutory liabilities. A court may pierce the entity veil where applicable law’s requirements for abuse of the entity are satisfied. Commingling or siphoning funds can be relevant evidence; business failure or sole ownership alone does not automatically impose personal liability. Under Delaware alter-ego doctrine, operating as a single economic entity must be accompanied by an overall element of injustice or unfairness.
中文： 所有者仍须对个人担保、自身侵权或欺诈，以及特定法定责任承担后果。满足适用法律关于滥用实体的要求时，法院可以揭开实体面纱。财产混同或抽走资金可能是相关证据；仅有经营失败或单一所有者，并不会自动产生个人责任。按特拉华州的替身实体规则（alter-ego doctrine），作为一个经济实体运作，还须伴有整体上的不公正或不公平因素。 DGCL §102(b)(6)；LLC Act §18-303；NetJets v. LHC 原判决
EN: A C corporation is a separate federal income taxpayer; dividends can be taxed again to shareholders. A domestic LLC defaults to partnership taxation with two or more members, and disregarded-entity treatment with one member, unless it elects otherwise. Pass-through income may be taxable to owners even without a cash distribution.
中文： C 型公司是独立的联邦所得税纳税人；股息在股东层面可能再次被征税。美国境内 LLC 如有两名或以上成员，默认按合伙企业征税；如仅有一名成员，默认在税务上不被视为独立实体，但另行作出税务选择的除外。即使未分配现金，穿透归属给所有者的所得仍可能需要纳税。 IRS Corporations；IRS LLC分类
EN: S status is a tax election, not a substitute for forming an entity. Eligibility generally requires a domestic entity, no more than 100 shareholders, one class of stock and only permitted owners; partnerships, corporations and nonresident alien shareholders are generally excluded. An eligible LLC can elect S taxation while remaining an LLC under state law.
中文： S 型身份是一项税务选择，不能替代实体设立。资格通常要求：美国境内实体、股东不超过 100 人、仅有一类股份，且所有者均属允许类别；通常不允许合伙企业、公司及非居民外国人成为股东。符合条件的 LLC 可以选择按 S 型公司征税，同时在州法下仍为 LLC。 IRS S corporations
EN: A corporation normally separates shareholder voting, board oversight and officer management through its charter and bylaws. An LLC can be member-managed or manager-managed, with economic and voting rights tailored in its operating agreement. Delaware’s default LLC management rule uses members’ profit interests, with more than 50% controlling, unless the agreement changes the rule.
中文： 公司通常通过章程和内部规章，将股东表决、董事会监督及高管管理相区分。LLC 可以由成员管理，也可以由经理管理，其经济权利及表决权可在经营协议中定制。除非协议修改规则，特拉华州 LLC 的默认管理规则按成员的利润权益计算，由持有超过 50% 利润权益的成员决定。 DGCL §141；LLC Act §18-402
EN: Corporations support familiar common/preferred share structures, employee equity and standardized investor rights. U.S. institutional venture financing commonly uses a Delaware C corporation, including for startups. LLCs also raise substantial capital, but pass-through tax reporting and investor-specific tax concerns can make them less convenient for a conventional venture round.
中文： 公司形式支持常见的普通股／优先股结构、员工股权及标准化投资者权利。美国机构创业投资融资，包括初创企业融资，通常采用特拉华州 C 型公司。LLC 也能筹集大量资本，但穿透征税申报及特定投资者的税务顾虑，可能使其在传统创业融资轮次中不够便利。 NVCA 官方融资范本；IRS LLC税务分类
EN: An owner-operated business that values flexible distributions and limited formalities may favor an LLC; a business pursuing institutional equity or a future IPO may favor a corporation. The choice also depends on state taxes, investor eligibility, transfer restrictions and administrative costs. Size alone does not determine the correct form.
中文： 重视灵活分配且希望减少形式要求的业主自营企业，可能偏好 LLC；寻求机构股权融资或未来 IPO 的企业，可能偏好公司形式。选择还取决于州税、投资者资格、转让限制及管理成本。规模本身不能决定正确形式。 SBA 企业结构说明、NY州务部门对LLC形式的说明
Fee reference date｜费用检索日期：2026-10-21。 Amounts below are U.S. dollars for ordinary domestic for-profit entities; tax amounts depend on classification, activity and the tax year. 表内金额均为美元，以一般本州营利实体为比较对象；税额须结合税务分类、实际经营及课税年度理解。
EN: Formation law governs many internal affairs, but operating in another state may require foreign qualification, a local agent and taxes there. A Delaware entity operating in California can owe both Delaware maintenance charges and California taxes. Forming where a local business operates often avoids duplicate administration; Delaware’s corporate-law framework can justify extra cost for institutional financing.
中文： 设立地法律规管许多内部事务，但在另一州经营可能需要办理外州实体经营资格登记、设置当地代理人并在当地纳税。在加州经营的特拉华州实体，可能同时承担特拉华州的维持费用及加州税款。本地企业在经营州设立，通常可以避免重复管理手续；对于机构融资，特拉华州的公司法框架可能值得承担额外成本。 SBA 注册与外州资格说明
EN: Formation fees create the entity; reports and annual taxes maintain compliance. The table separates them and excludes optional expedited service and private professional charges.
中文： 设立费使实体成立；报告和年度税款用于维持合规。下表将两者分开，并排除可选的加急服务费及私人专业服务费用。
| State and entity｜州与形式 | Formation / initial government filings｜设立及首次政府申报 | Recurring filings and minimum-tax framework｜持续申报与税费框架 |
|---|---|---|
| Delaware corporation | $109 minimum；一页普通设立证书，随股份安排及页数可能增加 | $50 annual report + franchise tax，最低 $175（授权股份法）或 $400（假定面值资本法）；通常次年 March 1／3月1日到期 |
| Delaware LLC | $110 formation certificate／设立证书 | $400 annual tax／年度税（2026税年起），次年 June 1／6月1日到期；无年度报告 |
| New York corporation | $125 certificate of incorporation／公司设立证书 | $9 biennial statement／每两年报告；一般 C 类公司另缴 franchise tax，固定最低税按纽约营收分档，普通企业为 $25–$200,000 |
| New York LLC | $200 articles + $50 publication certificate；另有报社公告费 | $9 biennial statement／每两年报告；适用 IT-204-LL 者另有年度 $25–$4,500 申报费，详见第4项 |
| California stock corporation | $100 articles + $25 initial Statement of Information／首次信息报告 | $25 annual information statement／年度信息报告；一般适用 $800 minimum franchise tax／最低特许经营税，符合条件的新设／首次登记公司首个课税年度免此最低额 |
| California LLC | $70 articles + $20 initial Statement of Information／首次信息报告 | $20 biennial information statement／每两年信息报告；一般按穿透税制的 LLC 每年 $800，达到加州来源收入门槛另有 LLC fee |
Official fee sources｜官方费用来源： DE 2026年8月收费表、DE年度税及报告、NY corporation、NY LLC、NY公告证书、CA表单与费用。
EN: Corporate tax is not a universal $175: the authorized-share method starts at $175 for up to 5,000 shares, while the assumed-par-value method has a $400 minimum and uses issued shares and gross assets. A non-exempt domestic corporation also pays the $50 report fee. An LLC instead pays $400 annually from tax year 2026, regardless of profit, without a corporate annual report. The 2026 tax is due June 1, 2027; the prior $300 amount applied to 2025 tax due June 1, 2026.
中文： 公司税额并非一律为 175 美元：授权股份法对不超过 5,000 股的公司从 175 美元起算；假定面值资本法以已发行股份和总资产计算，最低为 400 美元。非豁免的本州公司还须支付 50 美元报告费。LLC 则自 2026 纳税年度起每年缴纳 400 美元，与利润无关，且不提交公司年度报告。2026 年税款于 2027 年 6 月 1 日到期；此前的 300 美元适用于 2025 年税款，缴款日为 2026 年 6 月 1 日。 DE计算方法、LLC年度税专页、现行§18-1107、2026年修法§§23、45
EN: A general C corporation’s Article 9-A tax is generally the highest of its income-base tax, capital-base tax and receipts-based fixed minimum; the ordinary minimum starts at $25 when NY receipts do not exceed $100,000. An LLC taxed as a partnership with NY-source items generally pays $25–$4,500 under IT-204-LL, based on prior-year NY-source gross income. A disregarded LLC with NY-source income, gain, loss or deduction pays $25; an LLC taxed as a corporation follows corporation-tax rules.
中文： 普通 C 型公司在 Article 9-A 下的税额，通常取按所得税基计算的税额、按资本税基计算的税额及以收入为依据的固定最低税额三者中的最高值；纽约收入不超过 100,000 美元时，通常最低税额为 25 美元。按合伙企业征税且有纽约来源项目的 LLC，通常按上一年纽约来源总收入，依据 IT-204-LL缴纳 25—4,500 美元。税务上不视为独立实体的 LLC，如有纽约来源的收入、所得、损失或扣除项目，则缴纳 25 美元；按公司征税的 LLC 适用公司税规则。 NY Article 9-A；NY IT-204-LL
EN: An ordinary C corporation generally pays 8.84% of California taxable income, subject to an $800 minimum; newly incorporated/qualified corporations avoid that minimum in their first taxable year but still owe income-based tax. For ordinarily taxed LLCs, the first-year $800 exemption applied only to tax years beginning in 2021–2023. The separate LLC fee starts at $250,000 of qualifying California total income, not net profit: $250,000–499,999 → $900; $500,000–999,999 → $2,500; $1,000,000–4,999,999 → $6,000; $5,000,000 or more → $11,790.
中文： 普通 C 型公司通常按加州应税所得的 8.84% 纳税，并受 800 美元最低税额约束；新设立或新取得经营资格的公司，在首个纳税年度免于该最低税额，但仍须缴纳按所得计算的税款。对于按通常方式征税的 LLC，首年 800 美元豁免仅适用于 2021—2023 年开始的纳税年度。另行收取的 LLC 费用，以符合条件的加州总收入达到 250,000 美元为起点，而非以净利润计算：250,000—499,999 美元 → 900 美元；500,000—999,999 美元 → 2,500 美元；1,000,000—4,999,999 美元 → 6,000 美元；5,000,000 美元或以上 → 11,790 美元。 CA C corporations；CA LLC税费
EN: Generally, within 120 days after formation becomes effective, an LLC must complete publication once weekly for six successive weeks in two county-clerk-designated newspapers, one daily and one weekly, then file a publication certificate with affidavits and $50. Newspaper charges vary by locality. Noncompliance suspends authority to do business; later compliance can cure the suspension. A qualifying theatrical-production LLC has a statutory exception.
中文： 通常，LLC 须在设立生效后 120 日内，于县书记员指定的两家报纸——一家日报及一家周报上，连续六周每周刊登一次公告；随后提交公告证明、宣誓书及 50 美元费用。报纸收费因地区而异。未遵守要求将导致经营资格暂停；日后补正可解除暂停。符合条件的戏剧制作 LLC 享有法定例外。 NY LLC Law §206、DOS公告证书说明
EN: Choose entity and name → appoint a Delaware registered agent → prepare and sign the certificate → upload through eCorp “Document Filing and Certificate Request” → provide submitter/contact, return-delivery and payment details → retain the filed document. A corporation’s certificate identifies name, purpose, registered office/agent, authorized shares and par value, and incorporator. An LLC certificate identifies name, registered office/agent and the authorized signer. The upload service accepts prepared documents; it does not automatically calculate fees or create the certificate.
中文： 选择实体形式及名称 → 指定特拉华州注册代理人 → 准备并签署设立证书 → 通过 eCorp 的“Document Filing and Certificate Request”上传 → 填写提交人／联系人、文件返还及付款信息 → 保存已备案文件。 公司的设立证书列明名称、目的、注册办事处／代理人、授权股份及面值，以及设立人。LLC 的设立证书列明名称、注册办事处／代理人和授权签署人。上传服务接收已准备好的文件，不会自动计算费用或生成证书。 DE设立指引、DE上传服务、LLC官方表单
EN: Enter the DOS formation page and select File Online → entity type → legal name → office county → service-of-process forwarding address → organizer/incorporator and filer details → review/sign/pay → save receipt. A corporation uses the Certificate of Incorporation and adds purpose and stock structure; the standard form offers 200 no-par shares. An LLC uses Articles of Organization and designates the Secretary of State for service. Publication remains a separate later step.
中文： 进入 DOS 设立页面，依次选择或填写：File Online → 实体类型 → 法定名称 → 办事处所在县 → 诉讼文书转送地址 → 组织人／设立人及申报人信息 → 核对／签署／付款 → 保存收据。公司使用 Certificate of Incorporation，并增加公司目的及股本结构；标准表格提供 200 股无面值股份选项。LLC 使用 Articles of Organization，并指定州务卿接受诉讼文书送达。公告仍是之后另行完成的步骤。 NY corporation表单说明；NY LLC在线入口
EN: At bizfile Online, create/sign into an account, select formation and the entity type, then enter name, principal street and mailing addresses, and agent for service. A general stock corporation adds authorized shares and incorporator details; an LLC chooses one manager, multiple managers or all members and identifies its organizer. Review, sign, pay and retain acceptance. File the initial Statement of Information within 90 days; thereafter stock corporations file annually and LLCs biennially. These reports identify corporate officers/directors or LLC managers/members, addresses, business activity and specified outstanding final wage judgments.
中文： 在 bizfile Online 创建账户或登录，选择设立及实体类型，然后填写名称、主要营业地址（街道地址）及邮寄地址，以及送达代理人。普通股份公司还须填写授权股份及设立人信息；LLC 选择由一名经理、多名经理或全体成员管理，并列明组织人。核对、签署、付款并保存受理记录。须在 90 日内提交首次 Statement of Information；此后股份公司每年提交，LLC 每两年提交。这些报告列明公司高管／董事或 LLC 经理／成员、地址、业务活动，以及指定的尚未履行的最终工资判决。 CA ARTS-GS；CA LLC-1；CA SI-550信息报告；CA LLC-12信息报告
EN: A legally valid service-of-process arrangement is required, but a commercial agent’s price is a private charge, not a uniform state filing fee. Delaware requires a qualifying in-state registered agent; New York uses the Secretary of State as a statutory agent and permits an additional registered agent. Newspaper charges, counsel, name reservation, certified copies and expedited processing are separate cost items, with different mandatory or optional status.
中文： 必须具备法律上有效的诉讼文书送达安排，但商业代理人的收费是私人服务费用，并非统一的州申报费。特拉华州要求设置符合资格的州内注册代理人；纽约州以州务卿为法定代理人，并允许另行指定注册代理人。报纸收费、律师费、名称预留、认证副本及加急处理，均属独立费用项目，其强制性或可选性各不相同。 DE注册代理要求、NY公司送达代理说明
EN: Formation is followed by internal governance documents, ownership records, tax registration and applicable operating permits. A New York LLC must adopt a written operating agreement before, at, or within 90 days after filing its articles; it is not filed with DOS. NY corporations and LLCs file the $9 biennial statement every two years in their original filing month. State fees and taxes can continue while an entity exists even if it earns no profit.
中文： 设立后还须准备内部治理文件和所有权记录、办理税务登记，并取得适用的经营许可证。纽约 LLC 须在提交设立文件之前、当时或之后 90 日内采用书面经营协议；该协议不向 DOS 备案。纽约公司及 LLC 须每两年在最初申报的同一月份提交两年一次的报告，费用为 9 美元。只要实体继续存在，即使没有利润，也可能持续产生州费用及税款。 NY LLC后续义务；NY corporation后续义务
Source scope｜资料口径： This section reads Part III of Twitter’s July 2022 complaint together with the attached signed merger agreement. Contract language establishes the agreed obligations; the complaint states Twitter’s litigation position. 本节将起诉状 Part III 与附件中的已签协议对照阅读：协议用于确定双方约定，起诉状用于理解 Twitter 的诉讼主张。依据：课程 PDF 第 14–23、74–145 页；重点为协议 §§1.1、6.1、6.3–6.4、6.10–6.11、7.1–7.3、8.1、9.9。
EN: X Holdings II, the acquisition subsidiary, was to merge into Twitter. Twitter would survive as a wholly owned subsidiary of X Holdings I; eligible public shares would be converted into $54.20 cash per share, and Twitter would leave the public market. Keeping the target as the surviving entity helps preserve its legal identity, although individual contracts can still contain change-of-control restrictions. 中文： 收购子公司 X Holdings II 将并入 Twitter。Twitter 将作为 X Holdings I 的全资子公司存续；符合条件的公众持有股份将转换为每股 54.20 美元现金，Twitter 将退出公开市场。由目标公司作为存续实体，有助于保留其法律身份，但个别合同仍可能设有控制权变更限制。
EN: A representation states a fact; a covenant promises conduct; a closing condition determines whether a party must complete; a remedy specifies the response to breach. An inaccurate statement therefore does not automatically create a right to terminate: the agreement’s materiality threshold, closing conditions and termination procedure must also be applied. 中文： 陈述说明某项事实；行为义务承诺实施某种行为；交割条件决定一方是否必须完成交易；救济规定违约后的处理。因此，陈述不准确并不会自动产生解除权，还须适用协议中的重大性门槛、交割条件及解除程序。
EN: Section 7.1 requires Twitter stockholder approval, expiration or termination of the HSR waiting period and required specified antitrust/foreign-investment clearances, and no effective prohibition by a relevant governmental authority. The stockholder approval is a majority of outstanding shares entitled to vote, rather than merely a majority of votes actually cast. 中文： 第 7.1 条要求取得 Twitter 股东批准、HSR 等待期届满或被终止，以及所要求的指定反垄断／外资审查批准，且不存在相关政府机关已经生效的禁止措施。股东批准要求已发行且有权表决股份的多数通过，而非仅为实际投出票数的多数。
EN: Section 7.2 requires Twitter’s material compliance with its obligations, the specified accuracy of representations at closing, and no continuing Company MAE. Most representation inaccuracies prevent closing only if they would cause an MAE; capitalization representations in §§4.2(a)–(b) instead must be accurate in all material respects. Representations expressly tied to an earlier date are tested at that date. 中文： 第 7.2 条要求 Twitter 在重大方面履行义务、交割时陈述达到指定的准确性标准，以及不存在持续的公司重大不利影响。多数陈述的不准确，只有在会造成重大不利影响时才阻碍交割；§§4.2(a)–(b) 的股本结构陈述则须在所有重大方面准确。明确针对较早日期的陈述，以该日期的情况进行检验。
EN: Twitter’s own closing obligations also have protections in §7.3: Parent and Acquisition Sub must materially perform their obligations, and their representations must meet the specified accuracy test, with failures measured against Parent Material Adverse Effect. The seller’s conditions protect its ability to receive the agreed transaction, while §7.2 protects the buyer against specified target risks. 中文： Twitter 自身的交割义务也受 §7.3保护：母公司和收购子公司须在重大方面履行义务，其陈述须满足指定的准确性检验，未达标准的情形以母公司重大不利影响为衡量标准。卖方的交割条件保护其取得约定交易结果的能力，而 §7.2 则保护买方免受指定的目标公司风险。
EN: The contractual definition concerns a change, event, effect or circumstance that materially harms, or is reasonably expected materially to harm, Twitter and its subsidiaries’ business, financial condition or operating results taken as a whole. The definition allocates major business risk; it is not an ordinary dissatisfaction or share-price test. 中文： 合同定义涵盖已经或合理预期会对 Twitter 及其子公司的业务、财务状况或经营成果——作为一个整体——造成重大损害的变化、事件、影响或情形。该定义分配重大业务风险，并非一般的不满意程度或股价检验标准。
EN: Section 1.1 excludes the following sources of harm. The Twitter definition does not add a general “disproportionate impact” exception that would automatically bring industry-wide risks back into MAE. 中文： 第 1.1 条排除下列损害来源。Twitter 的定义未设置一般性的 “不成比例影响”例外来将行业普遍风险自动重新纳入重大不利影响。
| Exclusion｜排除类别 | Meaning｜含义 |
|---|---|
| Industry/market conditions｜行业与市场状况 | Changes generally affecting the relevant industry or market／相关行业或市场普遍受到的影响。 |
| Law and GAAP｜法律与美国公认会计准则 | Changes in rules or their interpretation／规则本身或解释的变化。 |
| Economy, politics and financial markets｜经济、政治及金融市场 | Includes interest and exchange rates／包括利率、汇率等普遍变化。 |
| Extraordinary events｜重大外部事件 | Includes natural disasters, terrorism, cyberattacks, data breaches and war／包括自然灾害、恐怖袭击、网络攻击、数据泄露及战争。 |
| Epidemics and related measures｜疫情与相关措施 | Includes COVID-19, associated restrictions and specified social disruption／包括新冠及相关措施、协议列明的社会动荡。 |
| The transaction itself｜交易本身 | Includes Musk’s identity, deal announcements, buyer communications, deal litigation and related relationship losses／包括 Musk 身份、交易宣布、买方表态、交易诉讼及由此导致的客户或员工关系损失。 |
| Agreed or buyer-directed conduct｜约定或买方同意的行为 | Includes action under the agreement, buyer consent/direction, or failure to act because required consent was withheld／包括依协议或买方同意采取行动，以及因买方未给予必要同意而未行动。 |
| Price, volume and performance indicators｜股价、成交量与业绩指标 | The indicator itself is excluded; an underlying cause may still count if it is not separately excluded／指标变化本身被排除，但其背后原因若不属于其他排除项，仍可计入。 |
| Prior specific SEC disclosures｜签约前已向 SEC 具体披露的事项 | Prior SEC-filed matters are excluded, except disclosures under “Risk Factors” or “Forward-Looking Statements”／排除签约前 SEC 文件已披露的事项，但不包括其中风险因素或前瞻性陈述栏目中的披露。 |
EN: The agreement did not condition Musk’s duty to close on obtaining financing or completing satisfactory due diligence. The buyer accepted the financing risk and the negotiated information baseline. This does not erase actual contractual representations or the expressly agreed closing conditions. 中文： 协议并未将 Musk 的交割义务设定为以取得融资或完成满意的尽调为条件。买方接受了融资风险及双方协商的信息基础。这并未取消实际作出的合同陈述，或明确约定的交割条件。
EN: Section 6.3(a) requires the parties to use reasonable best efforts to complete the transaction. Section 6.10 requires the buyer to take the specified steps to arrange the committed debt, including agreed financing flexibility, and preserves Musk’s equity commitment. Twitter must provide the agreed commercially reasonable financing cooperation; it need not create unavailable financial information through undue effort or expense. 中文： 第 6.3(a) 条要求双方尽合理最大努力完成交易。第 6.10 条要求买方采取指定措施，安排已承诺的债务融资，包括约定的融资调整空间，并保留 Musk 的股权出资承诺。Twitter 须提供约定的、商业上合理的融资配合；但无须付出过度努力或费用，制作原本不存在的财务资料。
EN: Section 6.4 grants reasonable access for a reasonable business purpose related to consummating the transaction. Access remains subject to confidentiality, legal/privacy limits and protection against significant competitive harm if the merger fails; requests must minimize disruption. The clause facilitates closing and does not create an unrestricted post-signing audit or a new diligence condition. 中文： 第 6.4 条授予为实现与完成交易相关的合理商业目的而进行合理访问的权利。访问仍须遵守保密、法律及隐私限制，并防止合并失败时产生重大竞争损害；请求须尽量减少干扰。该条款便利交割，并未赋予不受限制的签约后审计权，也未新设尽调条件。
EN: Twitter promised commercially reasonable efforts to operate in the ordinary course. The final agreement omitted a general requirement to remain “consistent with past practice,” and buyer consent where required could not be unreasonably withheld, conditioned or delayed. These terms preserved more operating flexibility than a strict past-practice covenant. 中文： Twitter 承诺尽商业上合理的努力，按正常方式经营。最终协议未包含一般性的“与过去惯例保持一致”要求；在需要买方同意时，买方不得无理拒绝、附加条件或拖延。相较于严格遵循过去惯例的义务，这些条款保留了更多经营灵活性。
EN: Under §8.1(d)(i), the buyer needs a seller breach that would cause failure of §7.2(a) or (b), plus inability to cure or failure to cure by the earlier of the termination date and 30 calendar days after written notice. The buyer cannot use this right while itself in material breach. The original outside date was October 24, 2022, with a six-month extension for specified regulatory/no-prohibition conditions; a party responsible for failure to close cannot freely invoke that date. 中文： 根据 §8.1(d)(i)，买方须证明卖方违约将导致 §7.2(a) 或 (b) 的条件不能满足，且违约无法补救，或未在合同终止日与书面通知后 30 个日历日两者中较早的日期之前补救。买方自身处于重大违约时，不得使用该权利。原最迟交割日为 2022 年 10 月 24 日；对于指定的监管／无禁止措施条件，设有六个月延期。对未能交割负有责任的一方，不能任意援引该日期。
EN: Section 8.1 separately addresses mutual written agreement, a final nonappealable legal prohibition, failed stockholder approval, qualifying changes in board recommendation, and Twitter’s specified superior-proposal exit. These are defined contractual events. A lower market value or a buyer’s general change of mind is not a standalone termination event. 中文： 第 8.1 条分别规定双方书面同意、最终且不可上诉的法律禁令、未获股东批准、达到约定标准的董事会推荐意见变更，以及 Twitter 为接受更优提议而退出的指定情形。这些都是明确界定的合同事件。市场价值下降或买方一般性的反悔，并非独立的解除事由。
EN: Specific performance seeks completion of the promised transaction. Section 9.9(b) imposes conditions on compelling equity funding/closing, including satisfied or satisfiable closing conditions, debt funded or available on funding of equity, and Twitter’s readiness to close. The $1 billion termination fee applies to specified situations; it is not a general right to buy freedom from the deal. Musk sought to terminate, Twitter sought specific performance, and the transaction closed on October 27, 2022. 中文： 实际履行旨在完成所承诺的交易。第 9.9(b) 条对强制股权出资／交割设置条件，包括交割条件已满足或能够满足、债务融资已到位或可在股权出资时取得，以及 Twitter 已做好交割准备。10 亿美元解约费适用于指定情形，并非付费即可摆脱交易的一般权利。Musk 请求解除，Twitter 请求实际履行，交易于 2022 年 10 月 27 日完成交割。 交易完成的 SEC 文件
Source scope｜资料口径： Complaint Part IV and financing exhibits, especially PDF pp.23–25, 152–154, 179 onward and 229–232. 本节区分签约时承诺、后续调整和实际提款；金额统一以 USD billion（十亿美元） 列示。
EN: The initial package combined $13 billion acquisition debt + $12.5 billion Musk margin loan + $21 billion equity = $46.5 billion of commitments. The roughly $44 billion headline transaction value is a different measure: committed facilities also address refinancing, expenses and funding flexibility, and an undrawn revolver is not cash already spent. 中文： 最初融资组合为：130 亿美元收购债务 + 125 亿美元 Musk 保证金贷款 + 210 亿美元股权出资 = 465 亿美元融资承诺。通常所称约 440 亿美元交易价值采用不同口径：承诺融资还用于再融资、费用及资金灵活安排；未提取的循环信贷并不是已经花出的现金。
EN: The $13 billion target-level debt consisted of the facilities below. Commitment providers included Morgan Stanley Senior Funding, Bank of America, Barclays, MUFG, BNP Paribas, Mizuho and Société Générale. The lenders committed their respective shares, rather than each guaranteeing the entire $13 billion. 中文： 目标公司层面的 130 亿美元债务，由下列融资额度组成。承诺提供方包括 Morgan Stanley Senior Funding、Bank of America、Barclays、MUFG、BNP Paribas、Mizuho 及 Société Générale。各贷款人承诺各自的份额，并非每家均保证提供全部 130 亿美元。
| Facility｜工具 | Commitment｜承诺额度 | Principal function｜主要用途 |
|---|---|---|
| Term loan｜定期贷款 | $6.5bn／65 亿美元 | Long-term acquisition/refinancing funding／收购及再融资的较长期资金。 |
| Revolving facility｜循环信贷 | $0.5bn／5 亿美元 | Liquidity and permitted working-capital needs／流动性及允许的营运资金用途。 |
| Secured bridge｜有担保过桥贷款 | $3bn／30 亿美元 | Backstop if secured notes are not issued at closing／有担保债券未及时发行时提供过渡资金。 |
| Unsecured bridge｜无担保过桥贷款 | $3bn／30 亿美元 | Backstop if unsecured notes are not issued at closing／无担保债券未及时发行时提供过渡资金。 |
EN: A term loan provides principal for a defined term, with interest and repayment governed by a schedule. Amounts repaid generally cannot be repeatedly redrawn under the same term facility. It suits a large purchase or refinancing whose funding need arises at a particular time. 中文： 定期贷款在确定期限内提供本金，利息和还款依约定安排执行。在同一定期贷款项下，已偿还金额通常不能反复提取。它适合资金需求在特定时点发生的大额购买或再融资。
EN: A revolver permits borrowing, repayment and reborrowing within an agreed limit and availability period, subject to its terms. It supports fluctuating working-capital needs. Commitment fees may apply to unused capacity, while interest ordinarily attaches to amounts actually borrowed. 中文： 循环信贷允许借款人在约定额度和可用期间内，依条款借款、还款后再借款。它支持波动的营运资本需求。未使用额度可能须支付承诺费，而利息通常针对实际借入金额计收。
EN: A bridge finances closing before permanent funding is available; later bonds or other financing provide the takeout. Twitter’s two bridges had initial one-year maturities and contractual conversion/extension mechanisms. Their existence supported closing even if bond placement was delayed, but exposed lenders to holding the debt and the borrower to costly financing. 中文： 过桥融资在长期融资到位前为交割提供资金，随后以债券或其他融资进行替代。Twitter 的两笔过桥融资最初均为一年期，并设有合同约定的转换／延期机制。即使债券配售延迟，它们仍支持交割，但使贷款人面临持有该债务的风险，使借款人面临高成本融资。
EN: Debt availability still depended on the financing documents’ specified conditions, including the agreed acquisition, equity contribution, relevant MAE condition, refinancing, required documentation and financial/solvency information. Successful syndication was not a funding condition. The lenders’ inability to resell debt at an attractive price therefore differs from failure of a contractual funding condition. 中文： 债务资金是否可取得，仍取决于融资文件指定的条件，包括约定收购、股权出资、相关重大不利影响条件、再融资、所要求的文件，以及财务／偿付能力资料。成功完成银团分销不是放款条件。因此，贷款人无法以有吸引力的价格转售债务，与合同放款条件未满足是不同的情形。
EN: Exhibit A requires the equity contribution, including rollover equity, to be at least 40.0% of its defined debt-plus-equity capitalization, and the defined Investors to retain at least 50.1% of voting equity after the transaction. The denominator adjusts debt for permitted closing working-capital borrowing and specified market-flex discount/upfront-fee financing; 40% is not a universal acquisition rule or simply 40% of the headline price. 中文： 附件 A 要求，股权出资（包括续投股权）至少占其界定的债务加股权资本总额的 40.0%，且协议定义的投资者在交易后须保留至少 50.1% 的有表决权股权。该分母会就获准的交割日营运资本借款，以及指定的市场条件调整机制下的折价／前端费用融资，对债务作出调整；40% 并非普遍适用的收购规则，也不简单等于通常所称交易价格的 40%。
| Delivery condition｜文件及交付条件 | Operative timing or limit｜具体时间与限制 |
|---|---|
| Financial statements｜财务报表 | The three most recent fiscal years ended at least 90 days before closing; subsequent non-Q4 quarters ended at least 45 days before closing, to the extent publicly filed. SEC 10-K/10-Q filings satisfy the specified delivery requirement.／已公开申报范围内，提供交割前结束至少 90 天的最近三个年度报表，以及结束至少 45 天的后续非第四季度报表；相应 SEC 申报可满足交付要求。 |
| Fees and expenses｜费用 | Closing fees and covered expenses are paid at initial borrowing; covered expenses generally must have been invoiced at least 3 business days before closing.／初次提款时支付到期费用；约定费用通常须至少在交割前 3 个工作日收到发票。 |
| KYC/AML｜了解客户／反洗钱资料 | Deliver required information at least 3 business days before closing, where properly requested at least 10 calendar days before closing.／对于至少在交割前 10 个日历日依法依约提出的请求，须至少提前 3 个工作日交资料。 |
| Bond placement and security｜债券安排与担保 | Engage acceptable investment banks to place notes; execute required financing, guarantee/security documents and deliver legal/solvency certificates, subject to the funding-condition provisions. Successful bond issuance is not itself required.／须聘请合格投行安排债券、签署约定贷款及担保文件并提交法律／偿付能力证明；具体担保完善义务受放款条件条款限制，并不要求债券已经成功发行。 |
EN: The $12.5bn margin facility used X Holdings III as borrower and Musk as guarantor, pledging Tesla shares worth approximately $62.5bn at 20% maximum initial LTV. Funding required agreed documents, collateral, representations and solvency conditions. Providers were the seven banking groups above plus Credit Suisse, Citi, Deutsche Bank, RBC and CIBC. LTV measures obligations relative to collateral value; the contractual calculation also adjusts for unpaid interest and cash collateral. 中文： 125 亿美元保证金贷款以 X Holdings III 为借款人，Musk 为担保人，以价值约 625 亿美元的 Tesla 股票作质押，初始最高贷款价值比为 20%。放款要求满足约定的文件、担保品、陈述及偿付能力条件。提供方为上述七家银行集团，以及 Credit Suisse、Citi、Deutsche Bank、RBC 和 CIBC。贷款价值比（LTV）衡量债务义务相对于担保品价值的比例；合同计算还就未付利息及现金担保品作出调整。
EN: After funding, LTV above 35% triggers a two-business-day cure to 25% or below, using cash collateral, repayment or permitted collateral sales; additional shares cannot be pledged after funding. The 20% initial funding limit and 35% subsequent margin-call trigger serve different functions. 中文： 放款后，LTV 超过 35% 将触发补救要求：须在两个工作日内，通过提供现金担保、还款或获准的担保品出售，将比例降至 25% 或以下；放款后不得追加质押股份。20% 的初始放款上限与 35% 的后续追加担保触发线发挥不同作用。 4 月 25 日保证金贷款承诺及附件
EN: The margin commitment fell to $6.25 billion on May 4, 2022, and was eliminated on May 24; the equity commitment rose to $33.5 billion, alongside the $13 billion debt package. Third-party co-investors could contribute within the equity arrangements, but this did not erase Musk’s contractual commitment. Falling Tesla prices also meant that raising a fixed amount by selling shares required more shares. 中文： 保证金贷款承诺于 2022 年 5 月 4 日降至 62.5 亿美元，并于 5 月 24 日取消；股权出资承诺增至 335 亿美元，另有 130 亿美元债务组合。第三方共同投资者可以在股权安排内出资，但这并未消除 Musk 的合同承诺。Tesla 股价下跌也意味着，为通过卖股筹得固定金额，需要出售更多股份。
EN: An equity commitment is a funding contract. The April 25 letter linked funding to satisfaction/waiver of §§7.1–7.2 and substantially simultaneous receipt of committed or accepted alternative debt, subject only to equity funding. Twitter had defined third-party enforcement rights. These conditions govern the financing contract; the merger itself still had no financing exit. Funding conditions, efforts obligations and §9.9 remedies therefore operate together. 中文： 股权出资承诺是一项融资合同。4 月 25 日的承诺函将出资与 §§7.1–7.2 的条件满足或被豁免，以及基本同时收到已承诺或获接受的替代债务融资相联系；该债务融资仅以股权出资到位为条件。Twitter 享有明确规定的第三方强制执行权。这些条件规管融资合同；合并本身仍不存在因融资问题而退出的权利。因此，放款条件、努力义务及 §9.9 救济须共同适用。 股权承诺书 §1、§5
Source scope｜资料口径： The case uses the IPO-period disclosures and course Class 2.5, with 2025 and Q1 2026 figures kept in their original periods. “Bull case” means an argument for business value, not a prediction that the share price must rise. 本节按 IPO 时披露的历史数据分析商业逻辑；“看多论据”是支持价值判断的理由，仍须接受事实与估值检验。来源：SEC 存档发行文件、课程 2.5。
EN: A segment separates a business line for financial analysis. In 2025, consolidated revenue was $18.674bn: Connectivity $11.387bn (61.0%), Space $4.086bn (21.9%), and AI $3.201bn (17.1%). This mix supports a connectivity-led growth argument; treating the entire group as only a rocket manufacturer misses its principal revenue source. 中文： 分部将一条业务线单独列出，以便进行财务分析。2025 年合并收入为 186.74 亿美元：连接业务 113.87 亿美元（61.0%）、航天业务 40.86 亿美元（21.9%）、AI 业务 32.01 亿美元（17.1%）。这一结构支持由连接业务主导增长的论点；若将整个集团仅视为火箭制造商，就忽略了其主要收入来源。
EN: Starlink subscriptions grew from 5.0m service lines at March 31, 2025 to 10.3m a year later; a service line is not necessarily a unique individual. Recurring subscriptions can spread network fixed costs over a larger customer base, producing operating leverage. Connectivity’s 2025 operating income was $4.423bn, approximately 38.8% of revenue. That is operating profit, not segment operating cash flow; satellite, launch and replacement investment still matters. 中文： Starlink 的订阅从 2025 年 3 月 31 日的 500 万条服务线路，增至一年后的 1,030 万条；一条服务线路不一定对应一名独立用户。经常性订阅收入可以使网络固定成本分摊到更大的客户群体，从而产生经营杠杆。连接业务 2025 年营业利润为 44.23 亿美元，约占收入的 38.8%。这属于营业利润，而非分部经营现金流；卫星、发射及替换投资仍很重要。
EN: Reusable launch hardware can spread manufacturing costs across multiple missions, while vertical integration coordinates rocket, satellite and network operations. An internal launch capability can reduce dependence on outside suppliers and accelerate constellation deployment. The cost advantage must be evaluated using refurbishment, launch success, utilization and total lifecycle cost rather than the label “reusable” alone. 中文： 可重复使用的发射硬件可以将制造成本分摊到多次任务，而纵向一体化协调火箭、卫星及网络运营。自有发射能力可以减少对外部供应商的依赖，并加快星座部署。评估成本优势须考虑翻修、发射成功率、利用率及整个生命周期成本，而非仅凭“可重复使用”这一名称。
EN: Compare the relevant products and contracts, not whole companies with different business mixes. Boeing and Lockheed Martin are the partners behind ULA, while Boeing also competes in crew transport. NASA’s 2014 CCtCap firm-fixed-price awards had maximum values of $4.2bn for Boeing and $2.6bn for SpaceX. This demonstrates competitive procurement, but contract totals alone do not establish a universal per-launch cost ranking. 中文： 应比较相关产品和合同，而非将业务结构不同的整家公司直接比较。Boeing 和 Lockheed Martin 是 ULA 背后的合作方，Boeing 还在载人运输领域竞争。NASA 于 2014 年授予的 CCtCap 固定总价合同，最高金额分别为 Boeing 42 亿美元、SpaceX 26 亿美元。这体现了竞争性采购，但仅凭合同总额，不能确定普遍适用的单次发射成本排名。 NASA 合同公告
EN: A compute-service agreement sells access to computing infrastructure rather than transferring ownership of the customer’s models. The disclosed Anthropic arrangement called for $1.25bn per month through May 2029, with lower charges during the May–June 2026 ramp-up. At the full monthly rate, the annualized amount is $15bn, a useful scale illustration rather than guaranteed annual revenue. 中文： 算力服务协议出售计算基础设施的使用权，而非转让客户模型的所有权。已披露的 Anthropic 安排规定，每月支付 12.5 亿美元，持续至 2029 年 5 月止，但在 2026 年 5—6 月的逐步扩大运营规模的阶段收费较低。按完整月费年化为 150 亿美元，这有助于说明规模，并非保证的年度收入。
EN: The disclosed Cursor arrangement exchanged compute capacity for technical collaboration and included an option to acquire Cursor at an implied $60bn equity value. Specified termination events could require $1.5bn termination plus $8.5bn deferred-services fees. An acquisition price or a payment obligation is not revenue earned from a customer. 中文： 已披露的 Cursor 安排以算力换取技术合作，并包含按隐含 600 亿美元股权价值收购 Cursor 的选择权。指定终止事件可能要求支付 15 亿美元终止费及 85 亿美元递延服务费。收购价格或付款义务，并不是从客户取得的收入。
EN: At March 31, 2026, the disclosed Bitcoin holding was 18,712 units, with fair value $1.293bn, versus $1.637bn at December 31, 2025. Fair value is a measurement-date valuation, not a promise of realizable cash or recurring operating income. A bullish crypto view may support an asset-value argument, but price volatility works in both directions. 中文： 截至 2026 年 3 月 31 日，披露的比特币持仓为 18,712 枚，公允价值 12.93 亿美元；2025 年 12 月 31 日的公允价值为 16.37 亿美元。公允价值是计量日估值，并非可实现现金或经常性营业收入的保证。看好加密资产可能支持资产价值论点，但价格波动具有双向性。
EN: Nasdaq-100 fast entry lets an otherwise eligible new listing enter earlier than ordinary seasoning. Under the 2026 methodology, full market capitalization must rank in the top 40 of existing constituents; evaluation occurs after trading day 7, announcement normally after day 10, and inclusion typically after 15 trading days, subject to eligibility and rebalance timing. This is index inclusion, not approval to conduct an IPO. 中文： Nasdaq-100 快速纳入机制使其他方面符合资格的新上市公司，可以早于通常的上市满期要求进入指数。根据 2026 年方法，其全部市值须位列现有成分股的前 40 名；在第 7 个交易日后评估，通常在第 10 个交易日后公告，并一般在 15 个交易日后纳入，具体受资格及再平衡时间安排约束。这是指数纳入，而非进行 IPO 的批准。 Nasdaq-100 方法文件
EN: Index funds may need to buy an added constituent to maintain their tracking portfolios. This can create demand around rebalancing, but expected inclusion may already be reflected in price. A complete bull case connects business growth, cash generation and valuation; index demand, technical ambition or a famous founder alone cannot establish that any purchase price is attractive. 中文： 指数基金可能需要买入新纳入的成分股，以维持其跟踪组合。这可能在再平衡前后形成需求，但预期纳入可能已经反映在价格中。完整的看多论证须联系业务增长、现金创造能力及估值；单靠指数需求、技术抱负或知名创始人，不能证明任何买入价格都有吸引力。
EN: A loss measures accounting performance; operating cash flow measures cash from operations; free cash flow commonly subtracts capital expenditure from operating cash flow. For Q1 2026, net loss was $4.276bn, operating cash inflow $1.047bn, and capex $10.107bn, giving FCF = −$9.060bn. A company can therefore report positive operating cash flow while still requiring substantial external funding. 中文： 亏损衡量会计业绩；经营现金流衡量经营活动产生的现金；自由现金流通常从经营现金流中扣除资本支出。2026 年第一季度，净亏损为 42.76 亿美元，经营现金流入为 10.47 亿美元，资本支出为 101.07 亿美元，因此 FCF = −90.60 亿美元。所以，公司即使报告正经营现金流，仍可能需要大量外部融资。
EN: Q1 2026 AI capex was $7.723bn, approximately 76.4% of total capex. Total cash-flow categories were operating +$1.047bn, investing −$16.724bn, financing +$7.125bn, and exchange-rate effects +$0.036bn, giving a $8.516bn decrease in cash including restricted cash. “About $9bn cash burn” thus needs a definition; FCF and the net cash change are different measures. 中文： 2026 年第一季度 AI 资本支出为 77.23 亿美元，约占总资本支出的 76.4%。各类现金流分别为：经营 +10.47 亿美元、投资 −167.24 亿美元、融资 +71.25 亿美元，汇率影响为 +0.36 亿美元，最终使包括受限现金在内的现金减少 85.16 亿美元。因此，“现金消耗约 90 亿美元”需要明确口径；自由现金流与现金净变动额是不同指标。
EN: Adjusted EBITDA excludes specified financing, depreciation and other items and is a non-GAAP measure. Connectivity’s positive earnings do not imply that AI or the consolidated group is profitable. High capex, hardware replacement, debt service and future funding needs remain relevant even when an adjusted earnings measure is positive. 中文： 调整后 EBITDA剔除指定的融资、折旧及其他项目，是非 GAAP 指标。连接业务盈利，并不意味着 AI 业务或合并集团盈利。即使调整后盈利指标为正，高额资本支出、硬件替换、偿债及未来融资需求仍须考虑。
EN: Class A carries one vote per share and Class B ten. IPO-period disclosure estimated Musk’s post-offering voting power at 82.4%, or 82.3% if the additional-share option was fully exercised. These are dated offering assumptions, not a timeless ownership percentage. Voting power weights share classes by votes and can greatly exceed the holder’s economic share of the company. 中文： A 类股份每股一票，B 类股份每股十票。IPO 期间的披露估计，发行后 Musk 的投票权为 82.4%；若额外股份购买选择权被全额行使，则为 82.3%。这些基于特定日期的发行假设，并非永恒不变的持股比例。投票权按各类股份的票数加权，可以大幅超过持有人在公司中的经济持股比例。 SEC 存档发行摘要
EN: The disclosed charter gives Class B holders separate power to elect 51% of authorized directors, rounded up, while any Class B share remains outstanding. It also reserves removal of Musk from the board and his CEO/chair positions to a Class B vote. His Class B majority therefore makes removal by public Class A investors especially difficult; an ordinary board-majority explanation misses these charter rights. 中文： 披露的章程规定，只要仍有任何 B 类股份发行在外，B 类持有人便单独享有选举核定董事席位 51%、向上取整的权力；撤去 Musk 的董事及 CEO／董事长职务，也保留由 B 类股份表决决定。因此，他持有的 B 类多数使公众 A 类投资者尤其难以将其撤换；仅以普通董事会多数解释，会忽略这些章程权利。
EN: A controlled company has more than 50% of the voting power for director elections held by an individual, group or another company. It may use exemptions from the majority-independent-board requirement and specified independent compensation/nominating arrangements. Independent audit-committee requirements continue to apply; controlled-company status is not a blanket exemption from securities law. 中文： 受控公司是由一人、集团或另一家公司持有董事选举超过 50% 投票权的公司。它可以利用对董事会多数成员独立性要求，以及指定的独立薪酬／提名安排的豁免。独立审计委员会要求继续适用；受控公司身份并不意味着全面豁免证券法。 Nasdaq Rule 5615(c)
EN: A corporate opportunity may belong to the company under duty rules. SpaceX’s waiver covers specified opportunities involving directors, board observers/attendees and outside affiliates, excluding SpaceX and its subsidiaries. An exception preserves opportunities received or developed expressly and solely in the specified SpaceX employee, director, observer/attendee or shareholder capacity. It can affect which business receives a new opportunity, but does not authorize all conflicted transfers of existing company assets. 中文： 根据相关义务规则，公司机会可能归属于公司。SpaceX 的放弃安排涵盖涉及董事、董事会观察员／列席人员及外部关联方的指定机会，不包括 SpaceX 及其子公司。另有例外保留了明确且仅以指定的 SpaceX 员工、董事、观察员／列席人员或股东身份获得或开发的机会。该安排可以影响新机会归于哪家企业，但并不授权一切存在利益冲突的公司现有资产转让。
EN: The legal group at the relevant date matters: the 2026 disclosures incorporate xAI and X within the enlarged group, while Tesla remains a separate company. Conflicts can arise over personnel, data, compute, financing and management attention. Dependence on Musk creates both execution benefits and succession/reputation risks; a founder’s strong influence is not equivalent to independent governance. 中文： 须考虑相关日期的法律集团结构：2026 年披露将 xAI 和 X 纳入扩大后的集团，而 Tesla 仍是独立公司。利益冲突可能涉及人员、数据、算力、融资及管理层精力。对 Musk 的依赖既带来执行优势，也带来继任和声誉风险；创始人影响力强，并不等同于独立治理。
EN: A forum clause chooses where covered disputes are heard; arbitration substitutes a private adjudicative process. The disclosed SpaceX provisions start with specified Texas courts and trigger arbitration for defined disputes after a competent court finally and nonappealably declines the required transfer, subject to the detailed charter sequence. They do not simply send every securities claim straight to arbitration; federal jurisdiction and enforceability remain contested issues. 中文： 法院选择条款选择其涵盖争议的审理地点；仲裁则以私人裁判程序替代诉讼。披露的 SpaceX 条款首先指定得克萨斯州的某些法院；在有管辖权法院最终且不可上诉地拒绝所要求的移送后，依章程规定的详细顺序，对界定的争议触发仲裁。它们并非简单地将所有证券请求直接送交仲裁；联邦管辖权和可执行性仍是有争议的问题。 SEC 对争议解决条款的审查意见
EN: A class action aggregates similar investor claims; a derivative action is brought on the company’s behalf. The disclosed waiver restricts collective procedures for covered disputes and may make small individual claims less economical. Disclosure of a waiver does not establish enforceability, and a contract cannot simply waive compliance with federal securities law. Procedural restrictions and substantive immunity are different concepts. 中文： 集体诉讼汇集类似的投资者请求；派生诉讼则代表公司提起。披露的放弃条款限制其涵盖争议的集体程序，并可能使小额个人索赔在经济上更不划算。披露放弃条款，并不能证明其可执行性；合同也不能简单地免除遵守联邦证券法的义务。程序限制与实体免责是不同概念。
EN: After the initial three-month period, either party to the disclosed Anthropic agreements can terminate on 90 days’ notice. A stated end date of May 2029 therefore does not guarantee payments through that date. Heavy dependence on one customer magnifies renewal, cancellation, capacity-redeployment and pricing risks; revenue forecasts should reflect those contingencies. 中文： 最初三个月届满后，已披露 Anthropic 协议的任一方均可提前 90 日通知终止协议。因此，写明于 2029 年 5 月到期，并不保证付款会持续到该日。高度依赖单一客户，会放大续约、取消、产能重新配置及定价风险；收入预测应反映这些可能性。
EN: Launch failures, regulatory/environmental approvals, spectrum permissions, cybersecurity, technology obsolescence and valuation all affect future cash flows or required returns. Disclosure helps investors assess these risks but does not excuse a materially false statement or concealment of a known problem. A bear case should explain how a risk changes earnings, cash needs or investor rights, rather than merely list alarming labels. 中文： 发射失败、监管／环境批准、频谱许可、网络安全、技术过时及估值，都会影响未来现金流或必要回报率。披露帮助投资者评估这些风险，但不能使重大虚假陈述或隐瞒已知问题免责。看空论证应解释风险如何改变盈利、现金需求或投资者权利，而非仅罗列令人担忧的名称。
Source scope｜资料口径： The answers use the course FDD issued May 1, 2024 and amended January 1, 2025. Its fee schedules are historical contract disclosures, not a quotation for a new 2026 franchise. 本节依据课程所附 2024 年发布、2025 年修订的 FDD；所列金额是该版披露条件。题纲的“Page 13”是印刷页 13，即 PDF 第 21 页。
EN: The initial fee buys the initial franchise grant; royalties compensate continuing use of the brand and operating system; rent pays for the premises within the overall franchise arrangement; technology charges support specified systems. Advertising expenditure promotes the business and generally goes to advertising suppliers or independent cooperatives. Fees vary by format and transaction; an optional program becomes chargeable when adopted. 中文： 初始加盟费用于取得初次授予的加盟权；特许权使用费是持续使用品牌和经营体系的对价；租金是整体加盟安排中的场地使用对价；技术费用支持指定系统。广告支出用于推广业务，通常支付给广告供应商或独立合作组织。费用因店型和交易而异；选择采用某项可选计划后，即须支付相应费用。
EN: The usual fee is $45,000 at opening. Exceptions are summarized below. Under the traditional agreement, if the restaurant is not ready for occupancy within one year after signing, the franchisee may terminate and obtain an immediate refund by written request; ordinary business disappointment does not create a refund right. 中文： 通常费用为开业时支付45,000美元。例外汇总如下。根据传统店协议，如果餐厅在签署后一年内仍未达到可入驻状态，加盟商可以终止协议，并通过书面请求立即获得退款；一般经营结果未达预期，并不产生退款权。
| Format or transaction｜店型或交易 | Fee and timing｜费用及时间 |
|---|---|
| Traditional restaurant｜传统店 | Usually $45,000 at opening／通常开业时 45,000 美元。 |
| McOpCo｜集团自营运营公司 | No initial fee／不支付初始费；这是集团内部运营主体的安排。 |
| Real estate tenure ≤10 years; mutually agreed term ≤10 years｜场地权利或双方约定期限不超过十年 | Prorated by the franchise term／按加盟期限比例计费，后者还考虑位置和经营潜力。 |
| Satellite / Walmart satellite｜卫星店／沃尔玛卫星店 | $500 / $0 at opening／开业时分别 500／0 美元；卫星店另有持续费用。 |
| STO / STR｜小城加油站型店／小城零售中心型店 | $22,500 at opening／开业时 22,500 美元。 |
| Rebuild / relocation｜重建／迁址 | Initial fee less credit for part of the prior fee; payable at the earlier of the first day of the month after the seventh anniversary of reopening or the previous term’s end.／扣除原初始费的部分抵扣额；在重新开业满七年后的次月首日与原合同到期日中较早者支付。 |
| BFL asset-purchase option｜营业设施租赁模式的资产购买选择权 | $45,000 when the purchase option is exercised／行使购买选择权时支付 45,000 美元。 |
EN: Royalties are due on the 10th of the following month, based on the prior month’s Gross Sales. From January 1, 2024, 5% applies to new restaurants, purchases from McOpCo, and purchases after McDonald’s exercises its right of first refusal and resells the restaurant. 4% continues for the specified restaurants/franchisees existing before January 1, 2024, in family transfers, new terms, franchisee-to-franchisee sales and rebuilds described in Item 6. 中文： 特许权使用费根据上月营业总额计算，于次月10日支付。自2024年1月1日起，新餐厅、从麦当劳直营店公司（McOpCo）购入的餐厅，以及麦当劳行使优先购买权后再出售的餐厅，适用5% 费率。对于2024年1月1日前已存在的指定餐厅或加盟商，第6项所述的家族转让、新期限授予、加盟商之间的出售及重建，继续适用4% 费率。
EN: Franchise Agreement §7 includes revenue from all business conducted at or from the restaurant, including orders taken there but fulfilled elsewhere and cash, credit or other payment methods. Credit sales count at their full price in the month of sale, even before collection. Qualifying refunds/exchanges remove amounts previously included; collected sales taxes actually remitted to government are excluded. Wages, ingredients, platform commissions and rent are not general deductions from this contractual base. 中文： 加盟协议第7条包括在餐厅内或通过餐厅开展的全部业务收入，包括在该店接单、由其他地点履行的订单，以及现金、赊销或其他支付方式。赊销按全额价格计入销售发生月份，即使尚未收款。符合条件的退款或换货，可剔除此前已计入的金额；已收取且实际缴付政府的销售税不计入。工资、食材、平台佣金及租金，并非这一合同计费基础的一般扣除项。
EN: The franchisee must spend at least 4% of annual Gross Sales on advertising/promotion, unless McDonald’s agrees otherwise. OPNAD/local cooperative spending counts toward that minimum; the disclosed OPNAD pledge is 2.25% of sales, while local rates vary. Participation is not contractually mandatory, but affects involvement assessment and access to programs. Grand-opening promotions are strongly recommended, including for new, rebuilt, relocated and remodeled stores; this is not a separate universally mandatory fixed-dollar fee. 中文： 除非麦当劳另行同意，加盟商每年广告及推广支出须达到年度营业总额的至少4%。全国广告基金组织（OPNAD）及地方合作组织的支出可计入这一最低要求；披露的OPNAD承诺缴款为销售额的2.25%，地方比例则不固定。合同不强制要求参与，但参与情况会影响投入程度评估及计划参与资格。对于新建、重建、迁址及翻新门店，均强烈建议开展开业推广；这并非另一项对所有门店普遍强制、金额固定的收费。
EN: For a new traditional restaurant, monthly base rent B reflects McDonald’s acquisition/development investment and, for leased sites, first-year head rent, using finance factors to provide a return. Pass-through rent P passes on later increases in head rent without a finance factor. With the fixed percentage r and monthly Gross Sales S, the base-sales breakpoint is B/r; percentage rent is r × max(S−B/r, 0). Thus these rent components total max(B, rS)+P. Base/pass-through rent is due on the 1st; percentage rent on the 10th of the following month. 中文： 对于新传统餐厅，月基础租金B反映麦当劳的购置及开发投入；场地为租入时，还包括首年上层租约租金，并运用财务系数取得回报。转付租金P将此后增加的上层租金转由加盟商承担，不加财务系数。设固定百分比为r、月营业总额为S，则基础销售额门槛为B/r；营业额租金为r × max(S−B/r, 0)。因此，这些租金项目合计为max(B, rS)+P。基础租金和转付租金于每月1日支付；营业额租金于次月10日支付。
EN example: If B=$20,000, r=10%, S=$300,000 and P=$2,000, the breakpoint is $200,000, additional percentage rent $10,000, and total rent $32,000. Royalty and advertising are separate. 中文例： B=20,000 美元、r=10%、S=300,000 美元、P=2,000 美元时，起算门槛为 200,000 美元，额外营业额租金 10,000 美元，总租金 32,000 美元；使用费和广告支出另外计算。
EN: For new traditional restaurants opened on/after January 1, 2020, the disclosed percentage follows McDonald’s total acquisition/development cost below. This is McDonald’s property-development investment, not the franchisee’s Item 7 investment. Special costs may produce different terms. A purchase from an existing franchisee generally assumes that seller’s existing rent structure, excluding personal rent relief. 中文： 对于2020年1月1日或之后开业的新传统餐厅，披露的租金百分比按下列麦当劳购置及开发总成本确定。这是麦当劳的物业开发投资，并非加盟商在第7项中的投资。特殊成本可能导致不同条款。从现有加盟商购店，通常承接卖方现有租金结构，但不包括其个人享有的租金减免。
| McDonald’s cost, USD｜总部成本，美元 | Rate｜比例 | McDonald’s cost, USD｜总部成本，美元 | Rate｜比例 |
|---|---|---|---|
| 0–1,550,000 | 10.00% | 2,310,001–2,410,000 | 12.75% |
| 1,550,001–1,610,000 | 10.25% | 2,410,001–2,510,000 | 13.00% |
| 1,610,001–1,670,000 | 10.50% | 2,510,001–2,610,000 | 13.25% |
| 1,670,001–1,770,000 | 10.75% | 2,610,001–2,710,000 | 13.50% |
| 1,770,001–1,830,000 | 11.00% | 2,710,001–2,810,000 | 13.75% |
| 1,830,001–1,890,000 | 11.25% | 2,810,001–2,910,000 | 14.00% |
| 1,890,001–1,950,000 | 11.50% | 2,910,001–3,010,000 | 14.25% |
| 1,950,001–2,010,000 | 11.75% | 3,010,001–3,110,000 | 14.50% |
| 2,010,001–2,110,000 | 12.00% | 3,110,001–3,210,000 | 14.75% |
| 2,110,001–2,210,000 | 12.25% | 3,210,001–3,310,000 | 15.00% |
| 2,210,001–2,310,000 | 12.50% | 3,310,001–3,410,000 | 15.25% |
| 3,410,001–3,510,000 | 15.50% | 3,510,001–3,610,000 | 15.75% |
EN: At $3,610,001 and above, the rate increases by 0.25 percentage point for each $100,000 step in cost. A 0.25-point change from 12% means 12.25%, not 12%×1.0025. 中文： 成本达到3,610,001美元或以上时，每增加一个100,000美元的成本档位，费率增加0.25个百分点。12%的费率增加0.25个百分点后为12.25%，而不是12%×1.0025。
EN: Eligible franchisees may co-invest to reduce base and percentage rent in 0.25-point increments. For new traditional stores, the disclosed criteria include at least 20 years of real-estate tenure, development cost over $1,770,000, rent rate over 11%, a 20-year franchise, no percentage head rent at leased sites, and election before opening. The rate cannot fall below 11%. For new stores, the price of each increment uses projected Year 1 sales and a tier factor; it is not universally $30,000. McDonald’s retains title; outside financing may run up to 10 years, without pledging the building/improvements. 中文： 符合条件的加盟商可共同出资，以每次0.25个百分点的幅度降低基础租金和营业额租金。对于新传统店，披露条件包括：房地产权利期限至少20年、开发成本超过1,770,000美元、租金费率超过11%、加盟期限为20年、租入场地的上层租约不收取营业额租金，以及在开业前作出选择。费率不得降至11%以下。新店每档减幅的价格，根据第一年预测销售额及档位系数计算，并非统一为30,000美元。麦当劳保留所有权；外部融资期限最多可达10年，但不得以建筑物或改良设施作担保。
EN: Non-Walmart satellites have case-specific base rent; Walmart restaurants generally pay 14%–15.5% of Gross Sales. Satellite annual fees are $500–$2,500, due on the opening anniversary or another fixed annual date. STO/STR restaurants have base rent plus applicable percentage/pass-through rent; at development cost up to $640,000, disclosed starting rates are 9.5% STO / 9% STR. BFL rent is negotiated case by case because the lease includes business facilities; an asset-purchase option may become available after one year. 中文： 非沃尔玛卫星店的基础租金按个案确定；沃尔玛餐厅通常支付营业总额的14%至15.5%。卫星店年费为500至2,500美元，于开业周年日或另一固定年度日期支付。小镇加油站店（STO）和小镇零售店（STR）支付基础租金，以及适用的营业额租金或转付租金；开发成本不超过640,000美元时，披露的起始费率为STO 9.5%、STR 9%。营业设施租赁店（BFL）的租金因租赁包含营业设施而逐案协商；经营一年后可能取得资产购买选择权。
EN: The franchise audit-cost trigger is actual Gross Sales exceeding reported Gross Sales by at least 2% of the reported amount; the franchisee then pays the audit cost on billing. Separately, Lease §3.03(B) shifts an independent auditor’s cost when confirmed underpaid percentage rent is more than 2% of the amount represented by the tenant. Relocation to a new site requires a $50,000 contribution at reopening; it funds the relocation arrangement and is not a general annual fee. 中文： 加盟协议的审计费用触发条件为：实际营业总额超过申报营业总额的部分，达到申报金额的至少2%；加盟商随后须在收到收费账单时支付审计费用。另根据租约第3.03(B)条，经核实少付的营业额租金超过承租人所报金额的2% 时，独立审计师费用转由承租人承担。迁至新址须在重新开业时出资50,000美元；该款用于迁址安排，并非一般年费。
EN: The table states the course FDD’s charges. “Optional” is used only where the fee table expressly says so; other charges depend on the required/adopted system. One-time license charges apply to new or existing restaurants adopting the technology. These are software/platform services, separate from hardware purchases and third-party card-processing charges. 中文： 表中列出课程FDD的收费。只有费用表明确标为可选时，才使用“可选”一词；其他收费取决于必须采用或已经采用的系统。一次性许可费适用于采用该技术的新店或现有店。这些属于软件或平台服务，与硬件购买及第三方银行卡交易处理费分开计算。
| Platform｜平台 | Disclosed charge, USD｜披露费用，美元 | What it supports｜服务及作用 |
|---|---|---|
| Sesame / POS｜收银点单系统 | 2,600 once + 1,096/year／一次 2,600＋每年 1,096 | Order-entry platform licensing, maintenance, integration/localization／收银点单软件授权、维护、系统接口和本地化适配。 |
| Global Mobile App / Digital Capabilities｜手机应用及数字功能 | 632/year／年 632 | Local adaptation of digital software／数字功能的本地适配。 |
| McDelivery Integration｜外送订单接入 | 610/year／年 610 | Transfer delivery orders into POS and maintain interfaces／将外送订单接入收银系统，维护接口。 |
| Self-Ordering Kiosk｜自助点餐机 | 1,500 once + 534/year／一次 1,500＋年 534 | Software licensing, maintenance and integration／点餐软件授权、维护与系统衔接。 |
| Kiosk Accessibility｜点餐机无障碍软件 | 150/year／年 150 | Maintain accessibility functions／维护便于残障顾客使用的功能。 |
| HHOT—Hand-Held Order Taker｜手持点单设备软件 | 500 once + 50/year; optional／一次 500＋年 50，可选 | Maintain mobile order-taking software／维护手持移动点单软件。 |
| eProduction｜电子生产管理 | 45/year／年 45 | Production software support／餐品生产管理软件支持。 |
| Back Office Integration and Enhancements｜后台整合与改进 | 755/year／年 755 | Link back-office functions to store systems／衔接门店后台管理与业务系统。 |
| Payments and Fraud Management｜支付及欺诈管理 | 700/year／年 700 | Payment/fraud software and encryption／支付、欺诈管理软件与加密服务。 |
| Employee Engagement Platforms｜员工学习及沟通平台 | 391/year／年 391 | Fred/Campus maintenance and platform integration／Fred、Campus 与员工平台维护、接口整合。 |
| PDW Reporting｜人员数据仓库报表 | 156/year; optional／年 156，可选 | Workforce-data reporting support／人员数据与报表平台支持。 |
| Deployment, OTP, Execution and Support｜技术部署、执行及支持 | 2,303/year／年 2,303 | Deployment and the listed OTP/execution support services／部署及原文所列 OTP、执行支持服务；FDD 未展开 OTP 缩写。 |
| Network Management, Access and Security｜网络、访问与安全 | 999/year／年 999 | Reliable networks, identity/access management and security／网络运行、身份权限及安全维护。 |
| Hardware, Data Movement, Management and Monitoring｜硬件及数据运行支持 | 802/year／年 802 | Hardware services and data transport/monitoring／硬件服务、数据传输、管理与监控。 |
| RFM—Restaurant File Maintenance｜门店文件维护 | 565/year／年 565 | Maintain/support restaurant-file software／门店业务文件维护软件支持。 |
| Microsoft License Subscription｜微软软件订阅 | 671/year／年 671 | Annual software license subscription／年度软件许可。 |
| Pricing Engine｜定价引擎 | 264/year; optional／年 264，可选 | Use of the base-pricing platform／使用基础定价平台。 |
| Workplace by Meta｜Meta 工作沟通平台 | 150/year; optional／年 150，可选 | Access to the platform listed in this historical FDD／该历史版本列示的协作平台使用费。 |
| Store Mail｜门店邮箱 | 73.80/year／年 73.80 | Support for the designated store-email domain／指定门店邮箱域名的账户支持。 |
EN: Listed annual technology fees are generally collected in 12 installments on the 25th each month; Store Mail is payable annually within 30 days of billing. Kiosk licensing is included in standard construction billing. Technology fees may increase on periodic review. Fees payable to McDonald’s are generally nonrefundable, subject to the initial-fee exception. Rent/royalties use automatic bank debits. Property taxes, insurance, maintenance, structural repairs and applicable common-area charges increase total occupancy cost beyond rent. 中文： 列明的年度技术费通常分为12期，于每月25日收取；Store Mail按年支付，须在出账后30天内缴清。自助点餐机许可费计入标准建设账单。技术费可能经定期审查后上调。除初始费例外外，向麦当劳支付的费用通常不予退还。租金和特许权使用费通过银行自动扣款支付。房地产税、保险、维护、结构维修及适用的公共区域收费，会使场地总成本高于租金。
EN: A Satellite is a nontraditional location such as a retail-store, airport or university outlet, sometimes with a reduced menu. STO—Small Town Oil shares a building with a convenience store and has an outside fuel station; it offers a full menu. STR—Small Town Retail anchors a small retail center in a rural community. STO/STR are not satellites and usually have 10-year terms, versus generally 20 years for traditional stores. A BFL—Business Facilities Lease includes business facilities, usually for three years. 中文： 卫星店（Satellite）设在零售店、机场或大学等非传统地点，有时提供精简菜单。小镇加油站店（STO，Small Town Oil）与便利店共用建筑，外部设有加油站，提供完整菜单。小镇零售店（STR，Small Town Retail）是乡村社区小型零售中心的主力店。STO和STR不属于卫星店，期限通常为10年，而传统店一般为20年。营业设施租赁店（BFL，Business Facilities Lease）的租赁包含营业设施，期限通常为三年。
EN: Item 7 estimates startup cash needs; it is not a maximum-cost guarantee. The ranges below use USD and include a stated three-month initial period. Totals exclude percentage rent and royalties, and voluntary co-investment is additional. Buying an operating McOpCo business may exceed the range because the transaction also prices an existing business. 中文： 第7项估算开业资金需要，并不保证成本不会超过列示上限。下列区间以美元计，包含所述三个月初始期间的资金。总额不包括营业额租金和特许权使用费，自愿共同出资也须另计。购买正在经营的麦当劳直营店业务，可能超过该区间，因为交易还须计入现有业务的价值。
| Cost｜费用 | Traditional｜传统店 | STO / STR | Satellite｜卫星店 |
|---|---|---|---|
| Initial fee｜初始费 | 45,000 | 22,500 | 0–500 |
| Base rent, 3 months｜三个月基础租金 | 0–313,000 | 0–60,000 | 0–60,000 |
| Percentage rent｜营业额租金 | 0%–28% | 0%–15% | 0%–15% |
| Signs, seating, equipment, décor｜招牌、座椅、设备、装饰 | 1,100,000–1,715,000 | 735,000–1,320,000 | 375,000–565,000 |
| Opening inventory｜开业存货 | 20,000–39,000 | 16,000–31,000 | 14,000–45,000 |
| Miscellaneous opening expenses｜其他开业费用 | 52,500–64,000 | 52,500–64,000 | 52,500–64,000 |
| Travel and living｜培训出行及生活费 | 3,000–40,000 | 3,000–40,000 | 3,000–40,000 |
| Additional funds, 3 months｜三个月追加运营资金 | 250,000–426,000 | 185,000–270,000 | 80,000–132,000 |
| Disclosed total｜披露总额 | 1,470,500–2,642,000 | 1,014,000–1,806,500 | 522,500–906,500 |
EN: Equipment/buildout varies with restaurant size, sales capacity, local installation costs, freight and sales tax. Inventory reflects menu, expected demand and replenishment needs; a small site does not always need the least inventory. Rent depends on investment, site/head-lease terms and format. Travel depends on distance and living costs. The table’s 0%–28% range covers wider disclosed arrangements; it is not the new-traditional-store rate chart. A $0 lower bound does not promise a rent-free franchise. 中文： 设备及装修施工成本随餐厅规模、销售产能、当地安装费用、运费和销售税而变化。存货取决于菜单、预期需求及补货需要；小场地不一定需要最少存货。租金取决于投资、场地或上层租约条件，以及店型。差旅费用取决于距离和生活成本。表中的0%至28% 区间涵盖更广泛的披露安排，并非新传统店费率表。零美元下限并不承诺免租加盟。
EN: Working capital bridges cash outflows before enough customer cash arrives. The three-month allowance covers items such as wages, utilities, payroll taxes, professional services, supplies, insurance and debt service. Sales, management, wages, competition, rent and season affect the amount; cold-weather openings may need more initial cash. Three months is an estimating period, not a break-even promise. 中文： 营运资金（working capital）弥补客户现金收入尚不足以覆盖现金流出时的缺口。三个月预计资金包括工资、公用事业费、工资税、专业服务、用品、保险及偿债等项目。销售、管理、工资、竞争、租金及季节影响所需金额；寒冷季节开业可能需要更多初始现金。三个月是估算期间，并非盈亏平衡承诺。
EN: The business model combines brand/system fees with control of restaurant sites. In the FDD’s 2023 U.S. disclosure, revenue from real-estate/services sales or leasing to franchisees was about $7.16 billion out of $10.57 billion, or 68%; this is not a pure-rent percentage. Separately, the parent’s 2023 global filing reports $25.4937 billion revenue, including $15.4365 billion franchise revenue; that comprises $9.8400 billion rent, $5.5309 billion royalties and $0.0656 billion initial fees. Thus rent was about 38.6% of total global revenue, not all or a majority of it. Systemwide sales include franchisees’ customer sales; those sales are not all parent revenue. Profit deducts relevant costs from revenue. 2023 Form 10-K 中文： 该商业模式将品牌及经营体系收费与对餐厅场地的控制相结合。在FDD的2023年美国披露中，向加盟商销售或出租房地产及服务所得收入，约占总收入105.7亿美元中的71.6亿美元，即68%；这并非纯租金比例。另据母公司的2023年全球申报文件，总收入为254.937亿美元，其中加盟收入154.365亿美元，包括租金98.400亿美元、特许权使用费55.309亿美元及初始费0.656亿美元。因此，租金约占全球总收入的38.6%，并非全部，也未超过一半。全体系销售额包括加盟商向顾客销售所得，这些销售额并不全部属于母公司收入。利润则由收入扣除相关成本得出。 2023 Form 10-K
EN: Required purchases represent approximately 90%–95% of total establishment purchases and 55%–65% of operating purchases. These percentages combine purchases from McDonald’s, approved suppliers and purchases meeting specifications. They are not percentages bought directly from McDonald’s. Except for stated arrangements or sales of an existing business, McDonald’s/affiliates generally do not sell franchisees food, supplies, fixtures or equipment. The FDD supplies no single direct-purchase percentage. 中文： 规定采购约占开店采购总额的90%至95% 及日常经营采购的55%至65%。这些比例合并计算向麦当劳、核准供应商采购，以及符合指定规格的采购，并非直接向麦当劳购买的比例。除列明安排或出售既有业务外，麦当劳及其关联方通常不向加盟商销售食品、用品、附属设施或设备。FDD未提供一个统一的直接采购比例。
EN: A request goes to Supply Chain Management and the relevant departments. Criteria are: consistent product compliance; confidentiality; production, delivery, service and food-safety capability; reputable ownership; financial soundness; and legal/Supplier Code compliance. Approval is discretionary: sufficient existing suppliers or efficiency/system-protection needs may justify refusal. Approval costs may fall on the franchisee/supplier; approval can be restaurant-specific. Ongoing inspection follows; disapproval is communicated promptly. The FDD promises no fixed approval deadline. 中文： 申请提交给供应链管理部门及相关部门。标准包括：持续符合产品要求、保密、生产／交付／服务及食品安全能力、所有者信誉、财务稳健，以及遵守法律和《供应商准则》。批准由其酌情决定；现有供应商充足，或效率及保护经营体系的需要，都可能成为拒绝理由。审批费用可能由加盟商或供应商承担，批准也可能仅针对特定餐厅。批准后仍持续检查；不予认可的决定会及时通知。FDD未承诺固定审批期限。
EN: The restaurant premises must be leased from McDonald’s; Sesame software licensing/maintenance charges are paid through it. POS hardware comes from approved vendors; Cashless equipment, installers and transaction processors must be designated/approved third parties. Gift Card participation is elective but brings specified suppliers and a P2W agreement. Franchisees may negotiate prices with approved suppliers. The FDD reports $38,670,103 in 2023, jointly for McDonald’s and its predecessor, from loan-guarantee fees, cashless incentives and beverage rebates; this is neither all food-purchasing revenue nor pure profit. Supplier cost recoveries can be reflected in prices. 中文： 餐厅场地必须向麦当劳租赁；Sesame软件许可及维护费也通过麦当劳支付。销售终端（POS）硬件来自核准供应商；无现金支付设备、安装商和交易处理商必须是指定或核准的第三方。礼品卡计划可自行选择参与，但参与后须采用指定供应商并签订P2W协议。加盟商可与核准供应商协商价格。FDD报告麦当劳及其前身于2023年合计取得38,670,103美元，来源为贷款保证费、无现金支付激励及饮料返利；这既不是全部食品采购收入，也不是纯利润。供应商收回的成本可能反映在价格中。
EN: Item 9 identifies 24 categories, a–x. The agreement supplies the actual duty; a table entry saying “Not Applicable” does not erase duties stated elsewhere. The explanations below describe what the franchisee must do and why the obligation matters. 中文： 第9项列出a至x共24类义务。实际义务由协议规定；表格某项标为“不适用”，并不会消除其他条款规定的义务。以下解释说明加盟商必须做什么，以及该义务为何重要。
| Item and concept｜原项及概念 | EN—duty and function | 中文—义务及实际意义 |
|---|---|---|
| a. Site selection and acquisition/lease｜选址及取得／承租场地 | McDonald’s selects and acquires/leases the site; the franchisee uses the specific premises under its Operator’s Lease. The grant does not authorize operation at any chosen address. | 总部选定并取得场地，加盟商依经营者租约使用指定地点。加盟权不意味着可以自行搬到任何地址经营。 |
| b. Pre-opening purchases/leases｜开业前购置与租赁 | Purchase and install specified fixtures, signs and equipment at the franchisee’s cost, except assets supplied under an agreed arrangement. | 按指定规格自费购置、安装装置、招牌和设备；另有总部提供资产的安排除外。必须把设备预算和安装进度纳入开业计划。 |
| c. Site development and other pre-opening work｜场地建设及其他开业准备 | Follow prescribed plans and layout; obtain consent for changes and complete the franchisee’s installation work. | 按标准图纸及布局施工；改动须获同意，并完成本方设备安装。总部建好建筑不等于门店已经可以开业。 |
| d. Initial and ongoing training｜初始及持续培训 | Complete required training and enroll relevant managers; bear travel, living and employee costs, plus applicable additional training charges. | 完成规定培训并安排相关经理参训；承担差旅、生活及员工成本，另付适用的后续培训费。 |
| e. Opening｜开业 | Install promptly after delivery and act diligently to open; sign/deliver the franchise agreement and pay any applicable initial fee before opening. | 交付后及时安装并推进开业；开业前交回签署的协议并支付适用初始费，不能未经授权先营业。 |
| f. Fees｜付款义务 | Pay initial fees, royalties, rent and required charges on their own schedules; use the required debit arrangement. | 不同费用有不同到期日，按时支付并启用指定扣款安排；不能用“尚未盈利”当然拒缴按销售额计收的费用。 |
| g. Standards, policies and manuals｜体系标准、政策及手册 | Operate under current system standards and adopt valid manual changes. The manual makes broad contract duties operational. | 按现行体系标准经营并落实手册更新。手册将合同的抽象要求细化为门店每日操作标准。 |
| h. Trademarks and proprietary information｜商标与专有信息 | Use authorized marks only for the licensed restaurant; protect manuals and trade secrets and limit disclosure to permitted purposes. | 商标用于获授权门店，经营手册和商业秘密受保密限制，不能据此另开同类店或对外转授。 |
| i. Product/service restrictions｜商品与服务范围限制 | Sell designated products using approved ingredients, packaging and preparation methods; use the site only as authorized. | 按指定产品、配料、包装及制作方法经营，不能随意增减菜单或把场地改作其他业务。 |
| j. Warranty and customer service｜品质及顾客服务要求 | Quality, service and cleanliness duties require compliant products and competent, courteous service; the Item column’s “Not Applicable” does not negate these contract clauses. | 仍须提供符合品质标准的商品和专业礼貌服务。披露索引没有另列相应 Item，不代表不承担顾客服务义务。 |
| k. Territorial development and sales quotas｜区域开发与销售配额 | The table lists no separate territorial-development or sales-quota duty. This does not create an exclusive territory or excuse other operating duties. | 表中没有单列区域开发或销售配额义务；这既不赋予独占商圈，也不免除营业、供货和品牌标准要求。 |
| l. Ongoing purchasing｜持续采购 | Maintain sufficient compliant inventory, buy from approved sources and pay supplier invoices promptly. | 保持足量合规库存，使用核准供应来源并及时付款；持续合规不能只在开业验收时满足。 |
| m. Maintenance, appearance and remodeling｜维护、外观及翻新 | Maintain and replace worn/damaged assets, preserve approved appearance and obtain written consent for alterations. Lease duties include substantial premises-repair exposure. | 维护、更换损坏磨损资产，保持指定外观，改造前取得书面同意。租约还将相当范围的场地维修成本交给加盟商。 |
| n. Insurance｜保险 | Keep required policies, approved insurer quality and additional-insured protection in force from possession onward. | 从取得场地占有开始维持规定保险、保险公司资质及附加被保险人安排，避免经营和装修期间出现保障空档。 |
| o. Advertising｜广告推广 | Meet the 4% annual Gross Sales minimum, subject to agreed exceptions, using supplied or advance-approved materials. | 按每年营业总额至少 4% 投入广告（另有约定除外），使用总部提供或事先书面批准的材料。 |
| p. Indemnification｜赔偿保障 | Reimburse/protect McDonald’s against specified operation-related third-party claims and, at its election, defend it. | 对约定范围内、因门店经营等引起的第三方请求，承担总部相关赔偿及费用；总部选择时还须承担抗辩。 |
| q. Owner participation, management and staffing｜经营者投入、管理及用工 | The designated individual must personally devote full time and best efforts, supervise operations and maintain adequate staff. | 指定经营者须亲自全职投入、尽最大努力经营并监督日常业务，配备足量员工；单纯出资不等于履约。 |
| r. Records and reports｜记录与报送 | Retain reliable sales records and submit monthly/annual information, including required FFS financial reports. | 保存可靠营业额记录，提交月度及年度资料和 FFS 财务报表，确保收费和经营评估有依据。 |
| s. Inspections and audits｜现场检查与审计 | Permit reasonable-time restaurant and financial inspections; bear audit costs if the relevant threshold is met. | 允许在合理时间检查门店及账册；满足相应少报／少付门槛时承担审计成本，拒绝检查本身也有违约风险。 |
| t. Transfer｜转让 | Obtain prior written consent, disclose the offer, allow the right-of-first-refusal process and use a qualified transferee. | 事先取得书面同意、披露报价、履行优先购买程序，并由合格受让人承接义务。 |
| u. Renewal｜续期 | There is no automatic contractual renewal right; a new term depends on a new offer and acceptance of current conditions. | 没有自动续期权；需要总部作出新期限要约并接受届时条件，不是原合同到期自然延续。 |
| v. Post-termination duties｜终止后义务 | Stop brand/system use, return confidential materials, respect asset-purchase rights and satisfy surviving payment obligations. | 停止使用品牌与体系、返还保密材料、配合约定资产购买安排，并履行终止后仍存续的付款责任。 |
| w. Noncompetition｜竞业限制 | During-term and post-term restrictions limit competing interests; the post-term clause uses 18 months and 10 miles, subject to applicable law. | 合同限制在期及期后竞业；期后约定为 18 个月、原店周边 10 英里，执行仍受适用法律限制。 |
| x. Dispute resolution｜争议解决 | Item 17 lists no general arbitration/mediation provision for the franchise agreement; governing law and relevant state overrides still matter. | 本加盟协议摘要未列统一仲裁／调解条款；争议仍受准据法、合同救济及适用州的强制规则影响。 |
EN: The franchise requires prior-month receipts by 11 a.m. CST on the first business day; prior-month operating/statistical reports by the 25th; annual profit-and-loss and balance-sheet statements within 90 days after fiscal year-end; and Gross Sales record retention for at least three years. The lease separately requires the annual Gross Sales breakdown within 30 days after calendar year-end. These are different reports, not competing versions of one deadline. 中文： 加盟协议要求：最迟于每月首个工作日美国中部标准时间上午11时报送上月营业收入；不迟于25日报送上月经营及统计报告；在财政年度结束后90天内提交年度利润表和资产负债表；并将营业总额记录保存至少三年。租约另要求在日历年度结束后30天内提交年度营业总额明细。这些是不同报告，并非同一期限的相互冲突版本。
EN: The sample franchise requires commercial general liability of $5 million per occurrence and $5 million aggregate, workers’ compensation as state law prescribes, and employers’ liability of $100,000/$500,000/$100,000, plus lease-required cover. Coverage begins no later than possession for installation/opening; policy/premium evidence is due 30 days before opening or policy expiry. The insurer must be locally licensed, generally with A.M. Best size IX or higher and rating A or A+, unless approved otherwise. Higher requirements may arise from local law or a superior landlord. 中文： 样本加盟协议要求商业综合责任险达到每次事故500万美元、累计500万美元；工伤赔偿保险按州法要求投保；雇主责任险限额为100,000／500,000／100,000美元，另加租约要求的保障。保险须最迟于为安装或开业而取得场地占有时开始；保单及保费证明须在开业或保单到期前30天提交。保险人必须在当地获得许可；除另获批准外，通常须达到A.M. Best规模等级IX或以上，评级为A或A+。当地法律或上层出租人可能提出更高要求。
EN: Indemnification shifts specified third-party liabilities and related costs to the franchisee; defense concerns handling/funding the response to the claim. The clause covers judgments, settlements, penalties and litigation expenses linked to specified premises/operations events, and allows McDonald’s to require a defense. The franchisee is designated an independent contractor, remains responsible for operating liabilities and has no general authority to bind McDonald’s as its agent. Insurance is a funding source, not automatic cancellation of contractual liability. 中文： 赔偿保障将指定的第三方责任及相关成本转由加盟商承担；抗辩义务涉及处理针对请求的应对工作或承担相应费用。该条款涵盖与指定场地或经营事件有关的判决、和解、罚款及诉讼支出，并允许麦当劳要求加盟商承担抗辩。加盟商被指定为独立承包人，继续对经营责任负责，也不享有作为麦当劳代理人使其受约束的一般权限。保险是承担责任的资金来源，并不自动消除合同责任。
EN: The sample requires operation seven days a week, throughout the year, at least 7 a.m.–11 p.m., or other hours McDonald’s prescribes; a casualty rendering the premises untenantable is an express exception. Staffing and supplies must support capacity and service. STO operators may maintain shared/internal and external areas and procure certain utilities/insurance for the fuel operator, with specified reimbursement; STR operators may bear proportionate external-area and insurance costs. 中文： 样本要求全年每周七天营业，每天至少上午7时至晚上11时，或按麦当劳规定的其他时段营业；灾损使场地无法使用，是明示例外。人员和物资配置必须支持产能及服务。小镇加油站店（STO）经营者可能负责维护共用的内部及外部区域，并为加油站经营者采购某些公用事业服务或保险，再按规定获得偿付；小镇零售店（STR）经营者可能按比例承担外部区域及保险费用。
EN: McDonald’s constructs, remodels or prepares the premises to its plans and applicable building requirements, then delivers them sufficiently complete for the franchisee to install signs, fixtures, equipment and improvements at its own expense. It uses best efforts to expedite incomplete construction; this is not a guarantee of a particular opening date or compensation for every delay. 中文： 麦当劳按照其图纸及适用建筑要求建设、翻新或准备场地，随后将其交付至足以让加盟商自费安装招牌、附属设施、设备及改良设施的程度。麦当劳尽最大努力加快未完工程；这并非保证某一开业日期，也不保证对每次延误作出赔偿。
EN: McDonald’s supplies detailed purchasing/preparation/service specifications and approved-source names, provides training, and allows pre-purchase inspection of the Operations and Training Manual. It generally does not deliver or install all equipment and inventory itself. The manual covers operating procedures, inventory, accounting, business practices, management and advertising, and may change during the term. 中文： 麦当劳提供详细的采购、制作及服务规格，以及核准采购来源名称，提供培训，并允许在购买加盟权之前查阅 《经营与培训手册》（Operations and Training Manual）。它通常不亲自交付或安装全部设备和存货。手册涵盖操作程序、存货、会计、经营方式、管理及广告，并可能在合同期内调整。
EN: McDonald’s periodically advises franchisees and consults at other reasonable times on request. It communicates relevant management, preparation and service developments through consultants, reports, seminars, emails and online resources, and makes generally available franchisee services available to the operator. Item 11 limits mandatory assistance to the disclosed commitments; it does not promise to manage daily operations or guarantee profitability. 中文： 麦当劳定期向加盟商提供建议，并应请求在其他合理时间提供咨询。它通过顾问、报告、研讨会、邮件和网络资源，传达管理、制作及服务方面的相关新进展，并向经营者提供通常向加盟商开放的服务。第11项将必须提供的支持限定在已披露承诺之内，不承诺代为管理日常经营或保证盈利。
EN: McDonald’s develops strategy/materials but does not promise to buy media for an individual restaurant. OPNAD and local cooperatives are independent member-funded entities; McOpCo contributes on the same basis and lacks controlling votes. OPNAD’s fund is independently audited annually; local audit rules vary. McDonald’s supplies certain professional services free, while other administrative costs may be charged to the fund. The fund’s paper gift-certificate program is distinct from the P2W Gift Card System. 中文： 麦当劳制定广告策略及制作素材，但不承诺为单家餐厅购买媒体投放。OPNAD和地方合作组织是由成员出资的独立实体；麦当劳直营店公司（McOpCo）按相同基础出资，且不拥有控制性投票权。OPNAD基金每年接受独立审计，地方审计规则则各不相同。麦当劳免费提供某些专业服务，其他管理成本可能由基金承担。该基金的纸质礼券计划不同于P2W礼品卡系统。
EN: New restaurants must install current Store Systems, estimated at $150,000–$250,000, covering POS, cashless payment, digital menu boards, kiosks, table locators and related equipment. Normal software enhancements are included in annual maintenance as determined by McDonald’s; major changes can require a one-time fee and hardware upgrades. POS transaction data is transmitted to McDonald’s, which has independent access without a contractual access limit. Some available features remain optional. 中文： 新餐厅必须安装现行门店系统（Store Systems），估计费用为150,000至250,000美元，涵盖销售终端、无现金支付、电子菜单牌、自助点餐机、桌位定位器及相关设备。麦当劳认定的一般软件改进包括在年度维护费内；重大变更可能要求一次性收费和硬件升级。销售终端交易数据传输给麦当劳，麦当劳拥有独立访问权，合同未设访问限制。某些可用功能仍为可选。
EN: All franchisees participate in the specified Cashless System and contract with designated processors. Gift Card participation requires P2W subscription, designated equipment and processing agreements. Both systems may require updates without contractual frequency/cost caps. McDonald’s receives specified transaction information. Franchisees also submit monthly FFS—Franchisee Financial System reports: consolidated balance sheet, general/administrative expenses, debt summary and individual-store profit-and-loss statements. 中文： 所有加盟商均须参加指定的无现金支付系统，并与指定交易处理商签约。参加礼品卡计划须订阅P2W、采用指定设备，并签订交易处理协议。两类系统都可能要求更新，而合同未设频率或成本上限。麦当劳会取得指定交易信息。加盟商还须按月提交加盟商财务系统（FFS）报告，包括合并资产负债表、一般及行政费用、债务汇总，以及各门店利润表。
EN: McDonald’s selects the site and negotiates its purchase/lease; franchisees do not select or approve sites, and the site is selected before the franchise agreement. Factors include population, traffic, shopping/school proximity, competition, utilities, acquisition costs, future demographics and network convenience. These considerations support a commercial choice, not a warranty that customer patterns remain unchanged. 中文： 麦当劳选择场地并协商购买或租赁；加盟商不负责选择或批准场地，且选址在签订加盟协议之前完成。考虑因素包括人口、交通、与购物设施及学校的距离、竞争、公用设施、购置成本、未来人口结构及门店网络便利性。这些因素支持商业选择，并非保证顾客行为模式保持不变。
EN: Normally the agreement is sent for execution about 30 days before opening, while equipment arrives. The initial fee is payable at opening and monthly fees do not accrue before opening under the disclosed normal sequence. The restaurant cannot open before the signed agreement is delivered and the applicable initial fee paid. Weather, equipment delivery/installation, labor disputes and regulation can delay opening; the one-year initial-fee refund rule addresses a different trigger. 中文： 通常在开业前约30天发送协议供签署，同时设备陆续到场。按披露的通常流程，初始费于开业时支付，月度费用在开业前不开始计收。在已签协议交付及适用初始费付清之前，餐厅不得开业。天气、设备交付或安装、劳资争议和监管都可能延迟开业；一年初始费退款规则针对的是另一项触发条件。
EN: Candidates must master crew/management functions and complete the program to McDonald’s satisfaction before signing the franchise agreement or paying McDonald’s. It commonly takes six months to two years, with duration depending on skills and time committed; completion may take longer. Existing franchisees acquiring another restaurant need not repeat the entire core curriculum. The paths cover the following skills. 中文： 候选人须掌握员工及管理职能，并在签订加盟协议或向麦当劳付款之前，达到麦当劳满意的标准并完成培养计划。通常需六个月至两年，具体取决于技能及投入时间，也可能更久。现有加盟商收购另一家餐厅，无须重复整套核心课程。各培养路径涵盖以下技能。
| Learning path｜学习路径 | Required subjects and disclosed hours｜主题与披露课时 |
|---|---|
| Restaurant operations｜门店运营 | Crew Development 83 h; Area Management 60 h; Shift Leader 59 h; Department Leader 94 h; Restaurant Leader 31.75 h.／员工岗位 83 小时、区域管理 60、值班经理 59、部门经理 94、店长 31.75。 |
| Safety and leadership courses｜食品安全与领导力课程 | ServSafe 8 classroom hours with state-dependent practical requirements; Developing the Leader in Me 24 h; Leading Great Restaurants 32 h / four days at HU.／ServSafe 8 小时课堂课，其他要求随州而异；个人领导力 24 小时；HU 卓越门店领导课程 32 小时／4 天。 |
| People and technology｜人员与技术 | Leading People 22 h; mid-management 9.25 h; People Brand Standards 3.5 h; technology 14 h.／人员领导 22 小时、中层管理 9.25、人员品牌标准 3.5、经营技术 14。 |
| Commercial and financial skills｜营销与财务技能 | Marketing 6 h; Finance/Pricing 12 h; working with a CPA 2 h; reinvestment 6.5 h.／营销 6 小时、财务定价 12、会计师协作 2、再投资 6.5。 |
| Business standards and planning｜经营标准与计划 | National Franchising Standards 26.5 h; Operations/PACE/Food Safety 28.5 h; department orientation/Making Your Mark 21.5 h; back office 13 h; benchmarking 8 h; preparing to buy 3 h; business planning 2.75 h.／全国加盟标准 26.5 小时；运营、PACE、食品安全 28.5；部门介绍与经营者入门 21.5；后台 13；对标 8；购店准备 3；经营计划 2.75。 |
EN: Self-study, coaching, practical simulations, instructor-led classes and equipment practice are combined; logged hours alone do not establish qualification. 中文： 培养方式结合自学、辅导、实践模拟、教师授课及设备操作练习；仅有记录的学习时数不足以证明已经合格。
EN: McDonald’s pays the core designated-center training overhead, instructors and materials; candidates pay their travel/living costs and employee expenses, and receive no training compensation. Other ongoing, optional or remote training can carry charges. A preliminary agreement precedes training: McDonald’s may remove a candidate and the candidate may withdraw; training does not guarantee a franchise offer. At opening, a franchise business partner helps apply/refine training. 中文： 麦当劳承担指定中心核心培训的管理费用、讲师和教材费用；候选人支付自身差旅、生活及员工相关费用，且不获得培训报酬。其他持续性、可选或远程培训可能收费。培训前须签订初步协议：麦当劳可以取消候选人资格，候选人也可退出；培训不保证获得加盟要约。开业时，加盟业务伙伴协助运用及完善培训所学。
EN: The grant authorizes one specified location, with no exclusive area, protected territory or veto over future restaurants. Other franchisees, McOpCo stores and alternative channels may compete; packaged McCafé coffee can be sold in supermarkets/e-commerce. Network expansion may strengthen brand reach but also divert customers from an existing outlet. Internal development policies are changeable and do not create contractual territorial rights. 中文： 授予的经营权仅适用于一个指定地点，不包含独占区域、受保护地域，也不包含对未来餐厅的否决权。其他加盟商、麦当劳直营店及替代渠道可能参与竞争；包装麦咖啡可通过超市或电商销售。网络扩张可能扩大品牌覆盖，也可能分流现有门店的顾客。内部发展政策可以调整，并不产生合同上的地域权利。
EN: Traditional franchises generally run 20 years, STO/STR 10 years, and BFL three years; satellite terms vary. The franchisee has no contractual right to renew or extend merely by asking before expiry or having performed well. A BFL purchase-option arrangement can conditionally extend the franchise up to 20 years from its original commencement, subject to real-estate tenure. Applicable state protections can qualify the contract’s terms. 中文： 传统加盟店期限一般为20年，小镇加油站店和小镇零售店（STO／STR）为10年，营业设施租赁店（BFL）为三年；卫星店期限各异。加盟商不会仅因在届满前提出请求或过往经营良好，就取得合同上的续期或延长期限权利。BFL的购买选择权安排，可以在满足条件且房地产权利期限允许时，将加盟期限延至自最初开始日起最多20年。适用的州法保护可能限制合同条款。
EN: Exhibit K’s policy, effective January 1, 2025, is separate from the franchise agreement and may change. Its standard 20-year example identifies application in year 16 and field-office evaluation/recommendation in year 17. Performance is assessed throughout the term against National Franchising Standards, contract compliance, values and system participation. Only the New Term Committee or its designee can offer, reconsider or refuse a new term; a field manager’s favorable view is not the offer itself. 中文： 附件K的政策于2025年1月1日生效，独立于加盟协议，且可以调整。其标准20年示例规定在第16年申请，在第17年由地区办公室评估并提出建议。整个合同期间的表现，均按全国加盟标准、合同合规、价值观及体系参与情况评估。只有新期限委员会或其指定人员可以提出新期限要约、重新考虑是否给予新期限，或拒绝给予新期限；地区经理的正面评价本身并非要约。
EN: An offer remains conditional on compliance through the current term and available property rights. It may require reinvestment, rebuilding, relocation or control of essential adjacent property; poor site viability may lead to a shorter term or closure. The operator must sign the then-current form before the new term. The policy keeps the restaurant’s royalty rate, but uses then-current initial fees and new-term rent policy. Rejection is written and final under the policy; a possible alternative permits sale to a qualified buyer, normally with stated conditions including a release. There is no guaranteed alternative offer. 中文： 要约仍以现有合同期内持续合规及具有可用物业权利为条件。它可能要求再投资、重建、迁址或控制关键相邻物业；场地经营可行性较差，可能导致期限缩短或关店。经营者须在新期限开始前签署届时现行文本。政策维持餐厅原有特许权使用费率，但采用届时的初始费及新期限租金政策。按该政策，拒绝决定以书面作出且为最终决定；一种可能的替代安排是允许出售给合格买方，通常须满足包括放弃请求权在内的规定条件。但不保证一定提供替代要约。
EN: Franchise Agreement §18 lists material breaches permitting termination; §19 says a single other breach ordinarily does not itself justify termination, although repeated breaches can. McDonald’s may still seek an injunction, damages or specific performance. Item 17 labels the franchise’s curable-default category “Not Applicable”: it does not promise a general 10-day or 30-day notice-and-cure right. Some listed triggers have their own built-in time thresholds, and state law may require protection beyond the form. 中文： 加盟协议第18条列明可导致终止的重大违约；第19条规定，单次其他违约通常本身不足以构成终止理由，但反复违约可以。麦当劳仍可请求禁令、损害赔偿或实际履行。第17项将加盟协议中的可补救违约类别标为 “不适用”，并未承诺普遍适用的10天或30天通知及补救权。有些列明触发事项本身含有时间门槛，州法也可能要求提供超出合同文本的保护。
EN: Listed triggers include payments to McDonald’s unpaid 30 days after the due date; judgments aggregating over $5,000, or a lien over $5,000, remaining unsatisfied/unbonded for over 30 days; specified insolvency/receivership events and a bankruptcy petition not dismissed within 30 days; and premature loss of the right to occupy the premises. These are contractual triggers, subject to mandatory law. Federal bankruptcy law generally restricts termination based solely on insolvency or bankruptcy status, with statutory exceptions. 11 USC §365(e) 中文： 列明的触发事项包括：向麦当劳支付的款项在到期后30天仍未支付；判决金额合计超过5,000美元，或单项留置权金额超过5,000美元，且超过30天仍未通过清偿或提供保证债券解决；指定的资不抵债或接管事件，以及在30天内未被驳回的破产申请；以及提前丧失占用场地的权利。这些是合同触发条件，须受强制性法律约束。联邦破产法通常限制仅基于资不抵债或破产状态而终止合同，但设有法定例外。 11 USC §365(e)
EN: §18 also covers the following conduct. The purpose is to protect system standards, brand value, accurate financial reporting and control over who operates the business; the clause is not limited to nonpayment. 中文： 第18条还涵盖以下行为。其目的在于保护经营体系标准、品牌价值、财务报告准确性，以及对经营主体的控制；该条款并不限于未付款。
| Trigger｜触发事项 | EN—scope | 中文—具体范围 |
|---|---|---|
| Quality, service and cleanliness｜品质、服务、清洁 | Failing to maintain a clean, wholesome restaurant compliant with system standards. | 未保持门店清洁、卫生及符合体系标准。 |
| Prohibited competing interest｜禁止的竞业权益 | Acquiring a competing interest in breach of §11(a). | 违反在期竞业限制，取得受禁止的竞争业务权益。 |
| System duplication / disclosure｜复制体系／泄密 | Copying the system for another business or unauthorized disclosure of the system/manuals. | 将经营体系复制用于其他业务，或未经许可披露体系与手册。 |
| Misuse of intellectual property｜越权使用知识产权 | Using or licensing names/marks beyond the permitted franchise scope. | 在授权门店范围之外使用或转许可名称、商标等权利。 |
| Unauthorized food or methods｜非指定食品与制作方式 | Knowingly selling unauthorized/nonconforming products, using nonconforming preparation, or failing to sell designated products. | 明知而销售未经指定或不合格食品、采用不合规制作方式，或不供应指定产品。 |
| Unauthorized transfer｜未经许可转让 | Transferring an interest contrary to §15(d). | 违反转让条件处置加盟权益。 |
| Inspection obstruction｜阻碍检查 | Denying reasonable-time access to the restaurant. | 拒绝总部在合理时间检查门店。 |
| Supplier/payment failures｜供应商付款问题 | Failing or repeatedly delaying prompt payment of undisputed supplier invoices or required remittances. | 对无争议供应商账单或合同汇款不及时付款，或反复拖延。 |
| Acquisition/ownership misrepresentation｜购店与所有权失实陈述 | Misrepresenting facts about acquisition or ownership of the franchise. | 对取得加盟权或实际所有权向总部作失实陈述。 |
| Public misconduct and crime｜损害商誉的公开行为与犯罪 | Materially adverse public conduct, excluding legitimate political activity; felony conviction/guilty/no-contest plea or another crime reasonably likely to harm the system/restaurant/goodwill. | 对品牌或门店造成重大不利影响的公开行为，合法政治活动除外；重罪定罪、认罪或不争辩答辩，或合理可能损害体系／门店／商誉的其他犯罪。 |
| Intentional under-reporting｜故意少报营业总额 | Intentionally understating Gross Sales; no general 2% safe harbor applies. | 故意少报营业总额；审计费的 2% 门槛不构成允许故意少报的“安全区”。 |
EN: The Operator’s Lease generally gives ten days after written notice to cure ordinary non-rent covenant defaults. Its separate rent, reporting, abandonment and franchise-default/termination provisions do not all receive that grace period. A franchise termination can therefore affect possession even when the business’s equipment remains valuable. “No cure” in the summary describes the form’s specified remedy structure, subject to applicable notice, franchise and bankruptcy law. 中文： 经营者租约通常给予书面通知后十天，补救一般非租金义务的违约。另行规定的租金、报送、弃置，以及加盟违约或终止事项，并非全部享有这段宽限期。因此，即使业务设备仍有价值，加盟终止也可能影响场地占有。摘要中的“无补救期”描述的是合同文本所设的特定救济结构，仍须受适用的通知规则、特许经营法及破产法约束。
EN: After termination for breach, the franchisee may not remove specified assets without consent for 30 days, and McDonald’s has a 30-day purchase option at fair market value, with no payment for intangible assets. On expiry/condemnation, removal is barred during the preceding 60 days, and McDonald’s gives purchase notice at least 30 days before termination. This is an asset-exit mechanism, separate from a right of first refusal over a voluntary sale. 中文： 因违约终止后，加盟商在30天内未经同意不得移走指定资产；麦当劳享有30天的购买选择权，可按公平市场价值购买，且不支付无形资产价款。期限届满或征收时，终止前60天内禁止移走资产，麦当劳须在终止前至少30天发出购买通知。这是资产退出机制，与自愿出售时的优先购买权不同。
EN: On termination/expiry, return manuals and confidential materials immediately, stop system/mark use, and avoid confusingly similar marks. Confidentiality continues. The form restricts similar restaurant interests, including landlord interests, for 18 months within ten miles after termination or sale; ownership of less than 2% of exchange-listed shares is excepted. Enforceability depends on applicable law, and state riders may limit the restriction. 中文： 终止或届满时，须立即返还手册及保密资料，停止使用经营体系和商标，并避免使用容易造成混淆的类似标识。保密义务继续存在。合同文本限制在终止或出售后18个月内、十英里范围内持有类似餐饮业务权益，包括出租人权益；持有交易所上市股份不足2% 的情形除外。可执行性取决于适用法律，州附约可能限制该项约束。
EN: The form does not set one universal fixed-dollar “termination penalty.” Exit can still leave unpaid rent/royalties, interest, reasonable court-allowed enforcement fees and other damages. Lease §7.04 can require remaining rent/charges less net reletting income, or an alternative present-value measure of remaining contractual charges minus remaining rental value. It labels this compensation for loss of bargain, not a penalty; legal enforceability remains distinct from the label. Percentage-rent estimation has its own floor tied to the greatest amount paid in a year. These alternative calculations do not authorize duplicative recovery. 中文： 合同文本未设一个普遍适用、金额固定的“终止罚金”。退出后仍可能欠付租金、特许权使用费、利息、法院准许的合理执行费用及其他损害赔偿。租约第7.04条可要求支付剩余租金及费用，减去再次出租的净收入；或者采用另一计算方式，即剩余合同费用与剩余租赁价值之差的现值。条款将其称为对失去合同利益的补偿，而非罚金；法律上能否执行仍须与该名称分开判断。营业额租金估算另有下限，与某一年度已支付的最高金额挂钩。这些替代计算方式不允许重复受偿。
EN: Before a proposed voluntary transfer, the seller gives written notice at least 20 days before its effective date, naming the buyer and all offer terms. McDonald’s has ten days after receipt to elect purchase on the same terms. If that sale fails, the right applies again to later offers. This protects control of the franchise network while letting an outside offer establish price; it does not allow an arbitrary below-market purchase. Approval of a third-party transfer also requires a qualified buyer, assumption of duties and no uncured breach; the seller ordinarily remains personally liable for the remaining term unless released. The death/incapacity management option after 12 months and the termination asset option are separate rights. 中文： 拟自愿转让前，卖方须在拟生效日前至少20天发出书面通知，列明买方及全部报价条件。麦当劳可在收到通知后十天内选择按相同条件购买。若该项出售未完成，这项权利再次适用于后续报价。该机制通过外部报价确定价格，同时保护对加盟网络的控制，并不允许任意低于市场价格购买。批准向第三方转让，还须有合格买方、承接义务且不存在未补救违约；除非获得免责，卖方通常在剩余期限内继续承担个人责任。死亡或失能情况下12个月后的管理选择权，以及终止后的资产购买选择权，是另外两项权利。
Primary-source locations｜主要原始依据： Course FDD Items 1, 5–9, 11–12 and 17; traditional Franchise Agreement §§1–13, 15, 17–20, 23–28; Operator’s Lease §§2–3, 7; Exhibit K New Term Policy. 课程 FDD 正文印刷页 1、10–30、32–35（PDF 9、18–38、40–43），传统协议 PDF 74–88，经营者租约 PDF 136–150，续期政策 PDF 192–193。上文的租金计算例为依条款公式所作示例，不是资料中的具体门店报价。
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