完全棘轮条款，指的是投资人过去投入的资金所换取的股份全部按新的最低价格重新计算。The term “full ratchet” refers to a contractual provision designed to protect the interests of early investors. Specifically, it is an anti-dilution provision that, for any shares of common stock sold by a company after the issuing of an option (or convertible security), applies the lowest sale price as being the adjusted option price or conversion ratio for existing shareholders.

具体而言，完全棘轮条款就是说如果公司后续发行的股份价格低于A轮投资人当时适用的转换价格，那么A轮的投资人的实际转化价格也要降低到新的发行价格。这种方式仅仅考虑低价发行股份时的价格，而不考虑发行股份的规模。在完全棘轮条款下，哪怕公司以低于A系列优先股的转换价格只发行了一股股份，所有的A系列优先股的转化价格也都要调整跟新的发行价一致。

完全棘轮条款亦为反稀释条款，通过进行上述规定，保护初期的投资者，确保他们的持股比例不会因未来的融资而降低。

以下为此条款的相关双语示例：

Full Ratchet. Until the consummation of an IPO, in the event the Company shall at any time after the Closing Date and prior to the second anniversary of the Closing Date issue any New Securities (as such term is defined in Section 10(e) of the Company’s Articles, without consideration or for a consideration per share less than the Company Conversion Price, then the Company Conversion Price shall be reduced, concurrently with such issue, to the consideration per share received by the Company for such issue or deemed issue of the additional Company Shares; provided that if such issuance or deemed issuance was without consideration, then the Company shall be deemed to have received an amount equal to the par value of the Company Shares.

完全棘轮。 首次公开募股完成之前，若公司在交割日期之后和交割日期后满两年之前的任何时间发行任何新证券（该等期限的定义见公司章程第10(e)条） ，且不收取对价或每股对价低于公司换股价的，应在发行时将公司换股价降低为公司因发行或视为发行额外公司股份而收到的每股对价 ；如果该发行或视为发行不存在对价，则公司应被视为已收到与公司股票面值相等的金额。