SAMPLE CAP TABLE FORECAST

(Thousands)

This spreadsheet is a simple tool I customize to examine the equity dynamics of a potential startupReplace the placeholder investment percentages (which set valuation) based on current market conyour situation. Hard-coded inputs are in blue. Hope it is useful! -- Giff Constable

Founding

HolderShares%NOTESFounder 130030.00%Zero out % if yo Founder 230030.00%Founder 330030.00%Founder 410010.00%Total Shares1,000.0100.0%

Interim Expansion (if any)

HolderShares%Founder 130029.27%Founder 230029.27%Founder 330029.27%Founder 41009.76%New Teammate00.00%New Teammate00.00%Advisor252.44%Total Shares1,025.0100.0%

Seed Round

$5010.0%Left input is amPreMoney Valuation$450Post$500HolderShares%

Seed Investor 11410.0%

Founder 130026.3%Founder 230026.3%Founder 330026.3%Founder 41008.8%New Teammate00.0%New Teammate00.0%Advisor252.2%Employee Options Pool Starter 00.0%Total Shares1,139100.0%

Angel Round

$50020.0%Left input is amPreMoney Valuation$2,000

Post$2,500HolderShares%

Angel Investor(s)32220.0%

Seed Investor1147.1%Founder 130018.6%Founder 230018.6%Founder 330018.6%Founder 41006.2%New Teammate00.0%New Teammate00.0%Advisor251.6%Employee Options Pool Starter00.0%Employee Option Pool 11509.3%Total Options Pool:Total Shares1,611100.0%

A Round

$2,50025.0%Left input is amPreMoney Valuation$7,500Post$10,000HolderShares%

A Investor 61025.0%

Angel Investor(s)32213.2%In this scenario,Seed Investor1144.7%Founder 130012.3%Founder 230012.3%Founder 330012.3%Founder 41004.1%New Teammate00.0%New Teammate00.0%Advisor251.0%Employee Options Pool Starter00.0%Employee Option Pool 11506.1%Employee Option Pool 22209.0%Total Options Pool:Total Shares2,441100.0%

B Round

$4,00020.0%Left input is amPreMoney Valuation$16,000Post$20,000HolderShares%

B Round62320.0%

B Investor 45514.6%A Investor re-up1685.4%In this scenario,A Investor61019.6%Angel Investor(s)32210.3%Seed Investor1143.7%Founder 13009.6%

Founder 23009.6%Founder 33009.6%Founder 41003.2%New Teammate00.0%New Teammate00.0%Advisor250.8%Employee Options Pool Starter00.0%Employee Option Pool 11504.8%Employee Option Pool 22207.1%Employee Option Pool 3501.6%Total Options Pool:Total Shares3,114100.0%

Exit

Exit$50,000Value per Share ($)$16.05HolderOwnershipReturnInvestmentMultipleB Investor14.6%$7,299$4,0001.8xA Investor25.0%$12,500$2,5005.0xAngel Investor(s)10.3%$5,173$50010.3xSeed Investor3.7%$1,828$5036.6xFounder 19.6%$4,816Founder 29.6%$4,816Founder 39.6%$4,816Founder 43.2%$1,605New Teammate0.0%$0New Teammate0.0%$0Advisor0.8%$401Employee Options Pool13.5%$6,743Total100%$50,000$7,050

Example Data Table

Multiple of Return for A Round I

Total ExitA Investor Ownership Stake at Time of 5.0x15%20%25%30%$10,0000.6x0.8x1.0x1.2x$30,0001.8x2.4x3.0x3.6x$50,0003.0x4.0x5.0x6.0x$70,0004.2x5.6x7.0x8.4x$90,0005.4x7.2x9.0x10.8x$110,0006.6x8.8x11.0x13.2x$130,0007.8x10.4x13.0x15.6x$150,0009.0x12.0x15.0x18.0x$170,00010.2x13.6x17.0x20.4x$190,00011.4x15.2x19.0x22.8x