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F317 Cap Table + Waterfall
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Founder Vesting Schedule 20,000,000 Founder Pool Created, distributed at follows: Mike – 40% / 8,000,000 Sara – 30%/ 6,000,000 Beth – 30% / 6,000,000 4 Year Vesting Schedule
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Founder Vesting Schedule Name%2014201520162017 Mike40%2,000,000 Sara30%1,500,000 Beth30%1,500,000
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Cap Table – Founders / 2014 Series BSeries AAngelFoundersOptionsTotalOwnership PP (1.5x) CP (4x) CP (1x) $20,000,000$5,000,000$675,000 $.038 Mike---2,000,000- 10.000% Sara---1,500,000- 7.500% Beth---1,500,000- 7.500% Angel Investors------0.000% Cowboy Ventures------0.000% Kleiner Perkins------0.000% Reagan, COO------0.000% Julie, CFO------0.000% Founders’ Pool - Not Issued---15,000,000- 75.000% Option Pool - Not Issued-----00.000% Total00020,000,0000 100.000%
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2015 Investment$675,000 Pre-Money$2,300,000 Post-Money$2,975,000 Ownership %0.226890756 Angel Deal Founders – Earns back another 25% of Equity
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2015 Create a new Pool for the Angel Investors 20,000,000 ----------------- 20,000,000 = 5,869,565 (1-.22689)
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Cap Table – 2015 Series BSeries AAngelFoundersOptionsTotalOwnership Structure PP (1.5x) CP (4x) CP (1x) Investment $20,000,000$5,000,000$675,000 Price Per Share$.12$.038 Mike ---4,000,000- 15.462% Sara ---3,000,000- 11.597% Beth ---3,000,000- 11.597% Angel Investors --5,869,565-- 22.689% Cowboy Ventures -----00.000% Kleiner Perkins -----00.000% Reagan, COO -----00.000% Julie, CFO -----00.000% Founders’ Pool - Not Issued ---10,000,000- 38.655% Option Pool - Not Issued -----00.000% Total005,869,56520,000,000025,869,565100.000%
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2016 Investment$5,000,000 Pre-Money$13,000,000 Post-Money$18,000,000 Ownership %0.2778 Cowboy Investment Founders – Earn back another 25% of Equity Employees – New 10% Equity Pool
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2016 Cowboy Investment:.2778 Employee Options:.10 Total New Equity:.3778 Cowboy will receive 73.53% of New Pool Employee will receive 26.47% of New Pool
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2016 25,869,565 ----------------- 25,869,565 = 15,708,006 (1-.3778) 15,708,006 *.7353 =11,550,249 15,708,006 *.2647 = 4,157,757
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Cap Table – 2016 Series BSeries AAngelFoundersOptionsTotalOwnership Structure PP (1.5x) CP (4x) CP (1x) Investment$20,000,000$5,000,000$675,000 Price Per Share$.43$.12$.038$.43 Mike ---4,000,000- 9.621% Sara ---3,000,000- 7.215% Beth ---3,000,000- 7.215% Angel Investors --5,869,565-- 14.117% Cowboy Ventures -11,550,249--- 27.780% Kleiner Perkins -----00.000% Reagan, COO -----00.000% Julie, CFO -----00.000% Founders’ Pool - Not Issued ---10,000,000- 24.051% Option Pool - Not Issued ----4,157,757 10.000% Total 011,550,2495,869,56520,000,0004,157,75741,577,571100.000%
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2017 Founders – Mike & Sara earn back last 25% of Equity…..Beth does not Reagan – Earns 5% Employee Options (no new pool…allocated out of Employee Options) 41,577,571 *.05 = 2,078,878 Shares 50% in First Year (1,039,439)
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Cap Table – 2017 Series BSeries AAngelFoundersOptionsTotalOwnership Structure PP (1.5x) CP (4x) CP (1x) Investment$20,000,000$5,000,000$675,000 Price Per Share$.43$.12$.038$.43 Mike ---8,000,000- 14.431% Sara ---6,000,000- 10.823% Beth ---4,500,000- 10.823% Angel Investors --5,869,565-- 14.117% Cowboy Ventures -11,550,249--- 27.780% Kleiner Perkins -----00.000% Reagan, COO ----1,039,439 2.500% Julie, CFO -----00.000% Founders’ Pool - Not Issued ---5,000,000-1,500,0003.608% Option Pool - Not Issued ----3,118,318 7.500% Total 011,550,2495,869,56520,000,0004,157,75741,577,571100.000%
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2018 Kleiner – Invests $20MM Julie – Receives 3% Employee Options / 2 yr Vest Reagan – Earns last 50% of vested stock options
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2018 Investment$20,000,000 Pre-Money$55,000,000 Post-Money$75,000,000 Ownership %0.2667 Kleiner Investment
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2018 41,577,571 ----------------- 41,577,571 = 15,119,117 (1-.2666667) Kleiner Investment
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Cap Table – 2018 Series BSeries AAngelFoundersOptionsTotalOwnership Structure PP (1.5x) CP (4x) CP (1x) Investment$20,000,000$5,000,000$675,000 Price Per Share$1.32$.43$.12$.038$.43 Mike ---8,000,000- 14.110% Sara ---6,000,000- 10.583% Beth ---4,500,000- 7.937% Angel Investors --5,869,565-- 10.353% Cowboy Ventures -11,550,249--- 20.372% Kleiner Perkins 15,119,117---- 26.667% Reagan, COO ----2,078,878 3.667% Julie, CFO ------- ------- Founders’ Pool - Not Issued ---1,500,000- 2.646% Option Pool - Not Issued ----1,228,429 2.167% Total 15,119,11711,550,2495,869,56520,000,0004,157,75756,696,688100.000%
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2018 Julie – Earns 3% Employee Options / 2 yr Vest (no new pool…just allocated out of Employee Options) 56,969,688 *.03 = 1,700,900 Shares
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Cap Table – 2018 Series BSeries AAngelFoundersOptionsTotalOwnership Structure PP (1.5x) CP (4x) CP (1x) Investment$20,000,000$5,000,000$675,000 Price Per Share$1.32$.43$.12$.038$.43 Mike ---8,000,000- 14.110% Sara ---6,000,000- 10.583% Beth ---4,500,000- 7.937% Angel Investors --5,869,565-- 10.353% Cowboy Ventures -11,550,249--- 20.372% Kleiner Perkins 15,119,117---- 26.667% Reagan, COO ----2,078,878 3.667% Julie, CFO ----850,450 1.500% ------- Founders’ Pool - Not Issued ---1,500,000- 2.646% Option Pool - Not Issued ----1,228,429 2.167% Total 15,119,11711,550,2495,869,56520,000,0004,157,75756,696,688100.000%
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2020 Julie is fully vested Company agrees to sell to Amazon for $40MM
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Cap Table – 2018 Series BSeries AAngelFoundersOptionsTotalOwnership Structure PP (1.5x) CP (4x) CP (1x) Investment$20,000,000$5,000,000$675,000 Price Per Share$1.32$.43$.12$.038$.43 Mike ---8,000,000- 14.110% Sara ---6,000,000- 10.583% Beth ---4,500,000- 7.937% Angel Investors --5,869,565-- 10.353% Cowboy Ventures -11,550,249--- 20.372% Kleiner Perkins 15,119,117---- 26.667% Reagan, COO ----2,078,878 3.667% Julie, CFO ----1,700,900 3.000% ------- Founders’ Pool - Not Issued ---1,500,000- 2.646% Option Pool - Not Issued ----377,979 0.667% Total 15,119,11711,550,2495,869,56520,000,0004,157,75756,696,688100.000%
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Waterfall / $40MM Buyout Return Preferences $36,000,000.00 DefiniteKleiner $20,000,000.001.5 $30,000,000.00 DefiniteCowboy $5,000,000.004 $6,000,000.00 PotentialAngels $1,500,000.000 $- Accured Dividends $4,000,000.00 Kleiner10% $20,000,000.002 $4,000,000.00 Cowboy12% $5,000,000.000 $- Angels9% $1,500,000.000 $-
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Waterfall / $80MM Buyout Return Preferences $50,000,000 DefiniteKleiner $20,000,0001.5 $30,000,000 DefiniteCowboy $5,000,0004 $20,000,000 NoAngels $675,0001$0
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Waterfall / $80MM Buyout Accrued Dividends $6,703,750 Kleiner10% $20,000,0002 $4,000,000 Cowboy12% $5,000,0004 $2,400,000 Angels9% $675,0005 $303,750
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Waterfall / $80MM Buyout Common Payout Proceeds$23,296,250.00 Shares Part of Pool42,418,010 PPS$0.549 Strike $-Mike8,000,000$4,393,652.59 $-Sara6,000,000$3,295,239.44 $-Beth4,500,000$2,471,429.58 $0.12Angel Investors5,869,565$3,223,603.80 $0.43Cowboy Ventures0$0.00 $1.32Kleiner Perkins15,119,117$8,303,518.38 $0.43Reagan, COO2,078,878$1,141,733.46 $0.43Julie, CFO850,450$467,072.73
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