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Conquering the Term
Sheet
Everything You Need to Know About Deal Terms
Part 2
David Stark
Partner, OurCrowd
@starkupnation
Zack Miller
Partner, OurCrowd
@newrulesinvest
OurCrowd
Leading equity
crowdfunding platform
with 8000+ investors
from over 100 countries
Quick Review
Lesson 1 - Equity
Valuation
Liquidation preferences
ESOP
Key takeaway
Need to look at the
WHOLE
term sheet to see the full
picture
Mailbox: Liquidation preferences
preferred shares automatically
convert to common in a
qualified IPO
Q: What happens to
liquidation preferences in
the event of an IPO?
Mailbox: Investment amount
Warrants are the rights to invest
X amount at $Y for a period of Z
months.
Q: Can you explain how warrants work?
Real life example: Currently funding
company on OurCrowd.com with
15% warrant coverage at current
price (for 2 years)
Today’s agenda
Pre-emptives
Anti-dilution provisions
Board of Directors
Information Rights
Veto Rights
Right of first refusal
Drag along rights
Registration rights
Pre-emptive (Pro-rata)
Rights
Pro-rata right is the right
to invest in later rounds in
order to maintain your
ownership
–Fred Wilson, Union Square Ventures
“I think pro-rata is the single most important
term anyone can negotiate for in a venture
capital investment.” (Source)
Because returns in early stage
investing come from a small portion of
your portfolio and therefore, you want to
own as much as you can in the winners
Let’s illustrate
Ownership % in the company * new investment amount =
pro-rata right
Invest $100k at $10M post, you own 1%
Say the company raises $5M at $20M premoney
They are selling 20% of the company and you would be diluted to 0.8%
(without pro-rata)
Formula
Example
If you want to maintain 1% holding, then you
would invest 1% of the $5M (or, $50k)
Implications for upround,
downround scenarios
Individual angels rarely get “the most important
right” (prorata) —>
institutional investors (like OurCrowd and VCs) do
Current''
Ownership'
Total'New'
Investment'
Post'Money'
Ownership'
1%'1%' ?'
100%'of'the'
company'
25%'being'sold'to'
new'investor'
25%'
.75%'
.25%'
1%'
25%$99%$ 74%$
Current''
Ownership'
Total'New'
Investment'
Post'Money'
Ownership'
1%'1%' ?'
100%'of'the'
company'
25%'being'sold'to'
new'investor'
25%'
.75%'
.25%'
1%'
25%$99%$ 74%$
Current''
Ownership'
Total'New'
Investment'
Post'Money'
Ownership'
1%'1%' 1%'
100%'of'the'
company'
25%'being'sold'to'
new'investor'
25%'
.75%'
.25%'
1%'
25%$99%$ 74%$
Anti-dilution provision
protection from dilution resulting from later issues of stock at
lower price than investor originally paid
Definition
Weighted Average
Full Ratchet Broad-based Narrow-based
if company issues
shares at a lower
price, earlier price is
effectively reduced
to price of new
shares
NCP = OCP * ((CSO + CSP) / (CSO + CSAP))
NCP = new conversion price
OCP = old conversion price
CSO = common stock outstanding
CSP = common stock purchasable with consideration received by
company (i.e. “what the buyer should have bought if it hadn’t been a ‘down
round’ issuance”)
CSAP = common stock actually purchased in subsequent issuance (i.e.,
“what the buyer actually bought”)
CSO = ALL shares of stock
outstanding, including
options, ESOP, convertible
securities
CSO = Only the number of
shares of the series of
Preferred that is being
adjusted
Anti-Dilution Provision
Without Anti-Dilution
Investor A invests $2M at $8M pre (20% ownership)
Investor B invests $5M at $7.5M pre (40% ownership)
Full Ratchet
Investor A invests $2M at $8M pre (20% ownership)
Investor B invests $5M at $7.5M pre (40% ownership)
Broad-Based Weighted
Investor A invests $2M at $8M pre (20% ownership)
Investor B invests $5M at $7.5M pre (40% ownership)
Narrow-Based weighted
Investor A invests $2M at $8M pre (20% ownership)
Investor B invests $5M at $7.5M pre (40% ownership)
Anti-dilution Cheat Sheet
Investor A invests $2M at $8M pre (20% ownership)
Investor B invests $5M at $7.5M pre (40% ownership)
Vesting
Key here is to ensure management’s commitment
What’s
a cliff?
Typical
Schedule
?
Board representation
• Liquidation preference
• Right to participate pro-rata in future rounds
• Right to a board seat
–Fred Wilson, Union Square Ventures
The 3 terms you must have in a venture investment
(other than price):
Typical Board
Composition
Investors, Founders,
Industry Expert
What does a BOD do?
• corporate governance
• approving annual budgets
• accounting to the stakeholders for the organization's
performance
• selecting, appointing, supporting and reviewing the
performance of the chief executive;
• ensuring the availability of adequate financial resources
• setting the salaries and compensation of company
management
director
vs.
observer
Information rights
Starting point: Entrepreneurs want happy investors and owe
them communication. How much, though?
Veto rights
Protective and Control
Right of first refusal / Co-sale
If common holders want to sell stock, investors
have a right of first refusal on purchasing the stock
or they have the right to participate in the
proposed sale
Bring along/
Drag along
Majority shareholders
can force minority to sell
Registration rights
• an investor’s right to force a
company to list shares
publicly so investor can sell
them
• demand registration,
piggyback rights, S-3
Next step?
Join us next week for Lesson 3
Other common investment structures:
Convertible Notes
SAFEs
OurCrowd.com
Check out our real-life
term sheets by
accrediting on our
website

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