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WebTracker Summary Financial Plan ($000

)
Last Q 2014
Total Revenue

$0

COGS

$0

Gross Margin
Gross Margin % — Total 

$0

2015

2016

2018

2019

$2,436

$5,557

$14,000

$31,000

$1,583

$3,056

$6,300

$12,400

$0

$853
35%

$2,501
45%

$7,700
55%

$18,600
60%

$350

$1,400

$4,498

$6,100

$10,124

$16,328

Income/(Loss) from Operations 

($350)

($1,400)

($3,645)

($3,599)

($2,424)

$2,272

Cash Flow from Operations  

($350)

($1,700)

($4,400)

($4,500)

($2,600)

$1,818

$2,150

$450

$7,750

$3,250

$650

$2,468

Total Operating Expenses 

Ending Cash

$0

2017

Assumptions 
$2.5 million Series A closes Sept 30, 2014  
$12 million Series B round closes Jan 1, 2016 

2020
$64,000
$22,400
$41,600
65%
$26,754
$14,846
$11,877
$14,344

Exhibit 3: Cap Tables for Regent and Bantam Offers
Regent Cap Table (shown on an “as-converted” basis)
Pre-Investment
Shares
$
3,900,000
450,000

Founders
Existing / Allocated Options
Existing / Unallocated options
New / Unallocated Options
Series A Investors
Total

%
87%
10%

Post-Investment
Shares
$
3,900,000
450,000

%
53.30%
6.20%
1.50%
18.50%
20.50%

111,000

2%
0%
0%

111,000
1,350,000
1,500,000

4,461,000

100%

7,311,000

3,000,000

100.00%

1,350,000

Bantam Cap Table (shown on an “as-converted” basis)
Pre-Investment
Shares
$
3,900,000
450,000

Founders
Existing / Allocated Options
Existing / Unallocated options
New / Unallocated Options
Series A Investors
Total

111,000
-          
-          
4,461,000

%
87%
10%
2%

Post-Investment
Shares
$
3,900,000
450,000
111,000

0%

850,000

0%
100%

1,100,000
6,411,000

%
60.80%
7.00%
1.70%
13.30%

2,500,000

17.20%
100.00%

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Range 1. 23% 35% Source: Adapted from WillmerHale 2014 Venture Capital Report http://www. Because the sale of the company is generally deemed to be a “liquidation. but also to receive a pro-rata share (assuming conversionof the of the preferred stock into common stock) of any remaining proceeds available for distribution to holders of common stock. A "multiple liquidation preference" is a provision that provides that the holders of preferred stock are entitled to receive more than 1x their money back before the proceeds of the liquidation or sale are distributed to holders of the common stock. Investors that do not purchase their full pro-rata share in a future down round lose certain rights . Range 2 to 10X 53% 30% Percentage of above deals where there is a cap on the participation Range on Cap 35% 25% 2 to 5 X 2 to 3 X Deals with Accruing dividends. “Participating preferred” stock entitles the holder not only to receive its stated liquidation preference.com/uploadedFiles/WilmerHale_Shar .wilmerhale. 53% 41% “Pay-to-play” provisions provide an incentive to investors to invest in future down rounds of financing. "Accruing dividends” are generally payable upon liquidation or redemption of the preferred stock.2 to 3X 3% 0 Deals with Particpating Preferred Stock.typoiaclly their shares of preferred stock are converted into common stock.Exhibit 3: Prevalence of Selected VC Deal Terms in Series A Financings Percentage of Such Deals 2008 2009 Series A deals with a multiple liquidation preference.” the accrued dividend effectively increases the liquidation preference for the preferred stock.

pdf page 18. Accessed June .e of Such Deals 2010 2011 2012 4% 7% 0 33% 24% 15% 18% 45% 43% 2 to 3 X 2 to 3 X 2 to 10X 23% 18% 29% 20% 19% 7% adedFiles/WilmerHale_Shared_Content/Files/Editorial/Publication/2013-wilmerhale-vc-report.

cessed June .

000 Promote 7.800.000 Bantam Cap Table Summary Comparison Post-money Regent .000 Existing / Unallocated options 111.000 Existing / Allocated Options 450.022.461.622.Basic 14.000 6.000 Split of 700.0% .863.900.000 1.000 7.000 87% 10% 2% 0% 0% 100% Post Investment Shares 3.000 850.636 7.570.000 111.311.350.000 options founders stock existing allocated total 3.7% 10.3% 100.000 Pre-Investment Shares Founders 3.000 450.455 Regent with performance opti 16.000 450.000 Bantam 14.500.000 450.000 111.Regent Cap Table Pre-Investment Shares Founders 3.900.411.900.000 Existing / Unallocated options 111.000 89.461.000 4.000 New / Unallocated Options Series A Investors Total 4.000 Existing / Allocated Options 450.000 New / Unallocated Options Series A Investors Total 4.900.350.900.000 87% 10% 2% 0% 0% 100% Post Investment Shares 3.100.800.000 1.000 8.000 1.

0% Pre 11.1% 20.000 Post 14.800.st Investment 3.2% 100.7% 13.000.5% 20.863.000 53.0% 1.500.5% 18.0% st Investment Total options Totl unalloc options 26.570.3% 6.586 72.622.0% 15.455 Promote 8.5% 100.622.636 Post 14.414 60.00 Total options Totl unalloc options 22.27 .455 $ per share 2.000 700000 627.3% 17.070.000 $ per share 2.000 Promote 7.2% 1.0% Pre 12.8% 7.0% 2.

500.461.000 100% Post Investment Shares $ 3.000 .000 3.050.900.000 2.000.011.Regent Cap Table .000 1.000 87% Existing / Allocated Options 450.REVISED PROPOSAL Pre-Investment Shares % Founders 3.000 2% New / Unallocated Options 0% Series A Investors 0% Total 4.000 111.000 450.000 8.000 10% Existing / Unallocated options 111.900.

800.4% 25.00 .000 Post $ 16.0% Total options Totl unalloc options 32.000 2.022.7% 5.7% 100.6% 1.022.6% 18.6% 27.0% Pre $ 13.% 48.000 Promote $ per share 7.

00 1500000.Regent Cap Table .00 .00 2246910.Series B Pre-Investment Shares Founders Existing / Allocated Options Existing / Unallocated options New / Unallocated Options Series A Investors Series B Investors Total Pre-money Amount invested Regent Series B rest 3900000.00 10000000.00 111000.00 8011000.00 450000.00 12000000.00 450000.00 111000.00 4461000.00 2050000.50 Post Investment Shares 87% 10% 2% 0% 0% 0% 100% 3900000.50 9753089.

0% 48.6173% 1.3856% 25.0000% ### 700000 extra oprtions .ent Shares Total options Totl unalloc options 32.00 0.6831% 5.7243% 12000000.5898% 3000000.6% 27.00 18.

8 2.7 21.3 3.8 2.1 16.5094369053 27.9 7.1 12.1 0.8 6.1 13.0 6.6515364218 31.7 1.1 9.9357354547 0.8 2.0 5.6 12.2 5.8 4.6 14.1 14.0 0.7 23.882077679 20.1662767119 28.5 Liq.12 - 4 years then exit Exit value Investors (ExitValue-Invest)Founders 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 1 2 2.1 4.9115582592 15.3 6.8 2.2 13.2 4.8 2.1 11.1957572922 24.1 10.6 3.8525970987 25.2 7.3968179691 18.0 7.4 8.2252378724 19.9652160349 34.1 17.2 14.8 7.8 2.4 7.2 12.319 Graphs presented below Formulas presented on cells .9 2.2 2.8 2.8 5.2 3.1073155514 38.7 20.2 6.8 2.5389174856 22.2 10.0241771954 24.909 Break points for the first 2.7399781625 16.6 4.8231165185 30.5 5.3673373889 23.4 3.681017002 26.8 2.1 0 0 0.7 7.9946966152 29.5 4.8 2.8 3.4504757448 37.083138356 14.6 19.8 2.6 6.2 8.5 7.6 3.5683980658 17.2 1.2 3.2 22.2788956481 38.7104975823 21.7936359382 35.9 8.9 3.2 9.6 18.8 2.3 5.4 5.1 15.8 2.12 16.7 22.6 17.6 10.2 11.6220558415 36.preference 1.6 15.9 4.1 3.3378568086 28.0536577757 19.2 7.6 13.2 6.8 2.2 20.0 0.8 16.1 18.3083762284 33.6 16.6 11.1 5.7 6.6 9.2 23.0 8.4799563251 32.0 5.1367961316 33.5 6.2 6.2 21.7 2.318.Bantam 1.3 4.2 19.3 1.7 5.

48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 8.2146311028 77.2 29.8 17.7293713929 74.9 15.8 8.8 41.3325534238 57.8714709094 78.8 33.2 30.5 16.7 11.3 15.8 12.9 45.7 26.8 44.1 10.8 16.2 13.1314927468 62.8 40.8 14.8 42.9 9.4746529403 61.3 11.7588519732 69.3 40.1 16.4 12.6 9.9 48.8 11.4 49.2494150679 43.0430510061 77.764155358 40.7 31.4 15.2 27.9 47.8 38.1020121666 67.3 32.2735922633 67.4 13.1609733271 57.3862111995 76.7 25.7051941975 50.9 46.3 9.3 35.5 11.3 34.3 37.7 12.5925752613 41.1 14.5 10.3 44.0483543909 48.7 28.9062548744 44.4209951646 42.4 8.3 42.7 29.0 13.3 10.6 14.0778349711 43.2 25.9599126501 63.7 30.3 16.8 43.9 13.7 27.6 13.8472937139 54.0 16.9304320699 68.646233037 60.3 41.2 12.6757136172 55.4 46.7883325534 64.3030728436 62.1 9.3 36.7 13.0 39.3 43.2 8.6 8.3 33.6 15.6 16.8 36.5041335205 56.4 48.3 38.3567306192 81.7 32.0188738106 53.0135704258 24.4156917798 71.8 35.3 39.5872718765 70.0 12.4 47.7346747777 45.5 12.8767742942 49.4 45.5336141008 51.8 39.9893932304 58.2 28.8 34.0 11.0 10.8 10.8178131337 59.2 31.8 37.1904539073 53.2 26.528310716 80.9 14.2199344876 48.9009514896 73.2 11.3915145843 47.563094681 46.1 15.44517236 66.1851505225 82.244111683 72.5577912962 75.6167524567 65.2 24.4 9.0725315863 72.9 49.9 .3620340041 52.2 14.6998908127 79.6 10.4 14.

0 22.8125097489 88.6 20.6704102324 84.9 20.635626267 118.7535485884 98.120885977 120.43456559 124.1 71.1 73.6114490719 94.0 62.3 23.0 60.523007331 109.6 19.8 22.380907815 105.2 25.5 61.5 64.5 66.2977694587 91.351427234 110.5 62.9 55.836686944 112.5 58.4 56.4 25.5 24.4 24.4 50.327250039 86.9 53.4103883949 100.0 66.866167525 107.3 21.5 70.464046171 119.6 .6 72.1 74.8 24.100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 17.9251286851 97.5819684917 99.4693495555 90.4398689752 95.4 54.6 22.0 63.5 67.978786461 116.4 19.1 21.9546092653 92.067228202 101.694587428 108.6 71.9 21.7 19.895648105 102.665106848 113.9 56.5 23.6 21.179847138 111.1 22.0 23.4 55.8419903291 83.209327718 106.2 23.2 20.4988301357 85.0 67.262985494 50.150366557 115.5 65.1 72.9 19.9840898456 87.126189362 91.2 19.7830291686 93.0967087818 96.1 75.9 25.493526751 114.0 58.1 25.0 59.9 51.4 52.4 53.6 74.0 64.777725784 122.724068008 103.552487911 104.5 22.5 18.2 17.5 68.949305881 121.7 17.8 18.7 18.292466074 120.6 25.4 51.6409296522 89.9 57.3 22.2682888785 96.4 20.2 18.037747621 106.7 82.5 63.5 17.5 69.9 52.0 61.238808298 101.4 18.6 75.0 19.321946654 115.7 24.4 21.7 23.0 68.0 18.0 70.6 73.008267041 111.2 24.8 23.1 20.8 20.1556699423 86.0 24.606145687 123.0 69.3 17.5 59.807206364 117.9 54.5 60.0 65.

Bantam Case 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Investors Founders Regent revised Investors Founders .

4 1.4663438654 37 10.0 17.preference 3.8 3.0 0.0 11.9283873615 25 8.1 5.040 Break points for the second 3.9 9.2 7.4 5.9 23.1 23.0 0.7 5.3 12.4 6.9 15.3 20.5 21.3 1.9025359048 30 9.0560032827 39 11.2 13.4404924087 42 11.6 11.4 3.4162823143 8 4.9 12.826622897 6 4.1594091096 19 7.3 12.9 1.8 34.3645794009 18 6.7 26.414640952 47 12.0818547394 34 10.6715141568 36 10.7 18.0 0.32 19.8 7.6 10.2 4.7 2.8 11.6 33.5 13.5 17.8 30.7 22.1335576529 24 8.3 4.6 3.1 16.6973656135 31 9.5 25.595601149 12 5.030151826 44 12.1 8.0059417316 10 5.8 7.6214526057 7 4.4 28.7490685269 21 7.2870250308 33 9.0 31.5 6.8766844481 35 10.nted on cells Regent 1.9 15.8 18.3 24.301.2353221174 43 12.2 10.9542388182 20 7.5180467788 27 8.2 0.2611735741 38 10.7232170702 26 8.6 14.6198112433 46 12.6 6.4 0.0 0.0317931883 5 4.4921953221 32 9.8007714403 11 5.32 - same strategy as Bantam (4 anos) Exit value Investors (ExitValue-Invest) 1 1 0 2 2 0 3 3 0 4 4.6 8.8 4.1 2.5 8.4 32.3 9.1 19.7749199836 16 6.2094706606 Founders 0.6456627 41 11.7 16.0 11.3387279442 23 7.9800902749 15 6.6 17.4 14.0 0.0 7.8 10.3 16.3128764875 28 8.9 19.0 4.5438982355 22 7.3904308576 13 5.1 27.0 3.96 Graphs presented below Formulas presented on cells .6 2.7 13.2 8.1077061961 29 9.1852605663 14 6.3 15.6 29.5697496922 17 6.1 15.4 17.8508329914 40 11.7 14.4 9.8249815347 45 12.211112023 9 5.96 Preference 1.0 14.0 6.2 Liq.5 11.2 31.9 27.

48
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51
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99

13.0
13.2
13.4
13.6
13.8
14.0
14.2
14.4
14.6
14.8
15.0
15.3
15.5
15.7
15.9
16.1
16.3
16.5
16.7
16.9
17.1
17.3
17.5
17.7
17.9
18.1
18.3
18.5
18.7
18.9
19.2
19.4
19.6
19.8
20.0
20.2
20.4
20.6
20.8
21.0
21.2
21.4
21.6
21.8
22.0
22.2
22.4
22.6
22.8
23.0
23.3
23.5

35.0043003693
35.799130078
36.5939597866
37.3887894953
38.1836192039
38.9784489126
39.7732786213
40.5681083299
41.3629380386
42.1577677472
42.9525974559
43.7474271645
44.5422568732
45.3370865819
46.1319162905
46.9267459992
47.7215757078
48.5164054165
49.3112351252
50.1060648338
50.9008945425
51.6957242511
52.4905539598
53.2853836684
54.0802133771
54.8750430858
55.6698727944
56.4647025031
57.2595322117
58.0543619204
58.8491916291
59.6440213377
60.4388510464
61.233680755
62.0285104637
62.8233401723
63.618169881
64.4129995897
65.2078292983
66.002659007
66.7974887156
67.5923184243
68.387148133
69.1819778416
69.9768075503
70.7716372589
71.5664669676
72.3612966762
73.1561263849
73.9509560936
74.7457858022
75.5406155109

18.7
19.1
19.5
19.9
20.4
20.8
21.2
21.6
22.1
22.5
22.9
23.3
23.8
24.2
24.6
25.0
25.5
25.9
26.3
26.7
27.2
27.6
28.0
28.4
28.8
29.3
29.7
30.1
30.5
31.0
31.4
31.8
32.2
32.7
33.1
33.5
33.9
34.4
34.8
35.2
35.6
36.1
36.5
36.9
37.3
37.8
38.2
38.6
39.0
39.4
39.9
40.3

100
101
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149
150

23.7
23.9
24.1
24.3
24.5
24.7
24.9
25.1
25.3
25.5
25.7
25.9
26.1
26.3
26.5
26.7
26.9
27.2
27.4
27.6
27.8
28.0
28.2
28.4
28.6
28.8
29.0
29.2
29.4
29.6
29.8
30.0
30.2
30.4
30.6
30.8
31.1
31.3
31.5
31.7
31.9
32.1
32.3
32.5
32.7
32.9
33.1
33.3
33.5
33.7
33.9

76.3354452195
77.1302749282
77.9251046368
78.7199343455
79.5147640542
80.3095937628
81.1044234715
81.8992531801
82.6940828888
83.4889125975
84.2837423061
85.0785720148
85.8734017234
86.6682314321
87.4630611407
88.2578908494
89.0527205581
89.8475502667
90.6423799754
91.437209684
92.2320393927
93.0268691014
93.82169881
94.6165285187
95.4113582273
96.206187936
97.0010176446
97.7958473533
98.590677062
99.3855067706
100.1803364793
100.9751661879
101.7699958966
102.5648256053
103.3596553139
104.1544850226
104.9493147312
105.7441444399
106.5389741485
107.3338038572
108.1286335659
108.9234632745
109.7182929832
110.5131226918
111.3079524005
112.1027821092
112.8976118178
113.6924415265
114.4872712351
115.2821009438
116.0769306524

40.7
41.1
41.6
42.0
42.4
42.8
43.3
43.7
44.1
44.5
45.0
45.4
45.8
46.2
46.7
47.1
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57.3
57.7
58.1
58.5
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59.4
59.8
60.2
60.6
61.1
61.5
61.9

Regent Case

22 23 24 25 26 27 28 29 30
Investors

Founders

nts for the second

Regent revised - 1,32
Exit value Investors
1
1
2
2
3
3
4
4.0
5
4.2
6
4.3
7
4.5
8
4.7
9
4.9
10
5.1
11
5.3
12
5.5
13
5.7
14
5.8
15
6.0
16
6.2
17
6.4
18
6.6
19
6.8
20
7.0
21
7.2
22
7.3
23
7.5
24
7.7
25
7.9
26
8.1
27
8.3
28
8.5
29
8.6
30
8.8
31
9.0
32
9.2
33
9.4
34
9.6
35
9.8
36
10.0
37
10.1
38
10.3
39
10.5
40
10.7
41
10.9
42
11.1
43
11.3
44
11.5
45
11.6
46
11.8
47
12.0

(ExitValue-Invest)
0
0
0
0.0325102983
0.8452677568
1.6580252153
2.4707826738
3.2835401323
4.0962975908
4.9090550493
5.7218125078
6.5345699663
7.3473274248
8.1600848833
8.9728423418
9.7855998003
10.5983572588
11.4111147173
12.2238721758
13.0366296343
13.8493870927
14.6621445512
15.4749020097
16.2876594682
17.1004169267
17.9131743852
18.7259318437
19.5386893022
20.3514467607
21.1642042192
21.9769616777
22.7897191362
23.6024765947
24.4152340532
25.2279915117
26.0407489702
26.8535064287
27.6662638872
28.4790213456
29.2917788041
30.1045362626
30.9172937211
31.7300511796
32.5428086381
33.3555660966
34.1683235551
34.9810810136

Founders
0.0
0.0
0.0
0.0
0.4
0.8
1.2
1.6
2.0
2.4
2.8
3.2
3.6
4.0
4.4
4.8
5.2
5.6
6.0
6.3
6.7
7.1
7.5
7.9
8.3
8.7
9.1
9.5
9.9
10.3
10.7
11.1
11.5
11.9
12.3
12.7
13.1
13.5
13.9
14.3
14.7
15.1
15.4
15.8
16.2
16.6
17.0

4275920609 64.8 20.9 31.0 13.5510473099 59.2958981401 43.0 15.3 17.2444688553 17.4 18.7424091874 71.7 30.8658644364 66.4 34.8 16.4 19.0 21.6 21.2 15.3 25.1168942704 69.4 21.423472725 51.0 36.2 21.2321108476 39.2 20.8576257646 40.8 18.9893196854 61.8020771439 62.5 14.4 23.921413057 44.9934390213 74.8061964798 75.5 24.4 15.9 27.4 36.6 12.2362301835 52.2 35.6189539383 76.6 14.3 13.4 17.8 35.300017476 56.3 19.8 22.6 20.546927974 46.5 16.8 18.3638047684 60.5 32.8617451005 53.4872600175 55.0531069779 65.1 16.1 13.9 29.674502559 54.5 26.6786218949 67.7 32.8 35.3 33.7 13.9 17.4831406816 42.2 12.2403495194 65.5551666459 72.3 20.2 22.8 15.3 16.9 33.8 37.7 19.0 19.8 13.172442891 47.1 30.5 13.1 32.6148346024 63.0 23.3 31.2 37.9 19.4193533891 38.5 28.6 15.9296517289 70.6065959306 37.4 17.1 26.6 36.6 19.6107152665 50.3041368119 69.3 27.0 34.4317113968 77.8 21.4913793534 68.0 16.5 30.1806815629 73.797957808 49.1765622269 60.1086555986 43.0 18.7 26.3596854325 47.2 24.9 14.6 .5 19.4 21.9 25.7938384721 36.8 24.3 14.6 34.6 18.7382898515 58.6 23.0448683061 39.6703832231 41.1127749345 56.4 12.7341705155 45.1 28.7 28.3679241044 73.0 21.6 21.6 17.048987642 52.4 20.2 18.925532393 57.1 20.48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 12.1 14.8 18.1 19.2 18.7 16.1 17.9 20.3 29.9852003495 48.

1848008988 86.3 44.0016776932 100.2568268631 117.7 47.3720434403 86.0572263138 78.4 30.1 29.7547671951 110.1930395706 113.6230732742 89.7 28.3123754837 95.7 30.6313119461 115.6 55.1889202347 100.1 23.0 38.4 29.9975583573 87.2 52.2 56.0057970291 113.6 26.0 55.2 24.6 29.7 22.7 49.6 53.3 23.1292522781 108.9 26.3761627762 99.7 25.4 53.8 .100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 21.8 30.9 44.6950992385 38.6868605667 93.1 45.6827412308 80.5 49.5 43.4 42.2 26.6 40.5 45.9 50.0 27.8144351517 101.2527075272 104.2 41.8103158158 88.9 31.5592859818 85.4 26.3 50.8782224441 105.1 47.6909799026 106.5 28.5037373611 107.8 24.0 30.9420097366 109.0 42.0695843216 117.7506478592 97.1 31.7 51.2485881912 91.6271926102 102.3 28.1 51.1251329422 95.6 30.2 27.4 40.0 57.2 29.3802821121 112.4996180252 94.8 24.6 57.6 42.8699837723 79.8 39.6 23.4358307327 90.0 40.5634053177 98.1 25.9 25.8 56.1 49.8 54.5 25.9 28.0 24.8185544876 114.6 24.7 43.2 39.9 23.5 51.9 46.7465285233 84.8 27.4 24.4 38.5 47.0 53.3082561478 82.3 48.1 28.9 48.4399500687 103.1210136063 82.4954986893 81.0654649856 104.8823417801 118.1 43.9 29.1 22.3 22.0613456497 91.8 52.3 78.4 27.4 23.6 27.9 22.9337710648 83.4 57.3164948196 108.9378904007 96.7 45.4440694046 116.4 55.3 25.2 30.2 54.5675246536 111.3 46.7 27.8 41.8741031082 92.1 26.5 22.

Case Founders .

149.96 Graphs presented below Formulas presented on cells .96 Preference 1.040 Break points for the third 3.preference 3.Liq.32 21.

.

.

.

Main Assumption : All remain constant 10 M option 45 M Option .

10 M Option 45 M Option .

Bantam Cap Table Series A round Founders Existing / Allocated Opti Existing / Unallocated op New / Unallocated Optio Series A Investors Total Series B round .941.6123 C (new shares) 7693200 Free shares 226337.8826285787 CP1 (conversion price before new investment 2.039 6.000.1605 9941038.559819061 Series B round Pre-money valuation $ 45.000.058.weighted average Pre-money valuation Amount Invested Bantam pro-rata investment Series B investment $ 10000000 12000000 2058961.000 Amount Invested 12.03122 New Price per Share 1.9941 .709.000 1.411.8395 CP2 (new conversion price) 1.600 0.000 Bantam pro-rata investment Series B investment Shares outstanding before new investment New shares 2.27 A (shares outstanding before new investment 6411000 B (new investment/CP1) 5286343.961 9.

weighted average Pre-money valuation Amount Invested Regent pro-rata investment Series B investment CP2 (new conversion price) CP1 (conversion price before new investment A (shares outstanding before new investment B (new investment/CP1) C (new shares) Free shares New Price per Share Series B round Pre-money valuation Amount Invested Bantam pro-rata investment Series B investment Shares outstanding before new investment New shares $ 10.66 2.9941038839 .000 8.311.957 7.000 1.537.537.000 2.000.37 $ 45.00 7.000.462.508 1.000.311.000.000 2.957 1.462.600 0.949.000 12.043 9.043 9.000.000 12.200 312.Regent Cap Table Series A round Founders Existing / Allocated Opti Existing / Unallocated op New / Unallocated Options Series A Investors Total Series B round .000 6.773.

000 111.83294% Existing / Allocated Options 450000.00 7.00 450000.00 850000.00 100.000 Post Investment 87.00 1.00 1.000 850.100.000 4.0% 3.0% 0.5% 0.000 2.00 60.15801% 6411000.900.000 1.00 850000.00 1100000.461.000 Pre-Investment Shares 3900000.ap Table Pre-Investment Shares 3.0% 100.25846% 17.00 60.411.4% 10.00000% Shares 3900000.15801% 6411000.000 6.00000% Founders Existing / Allocated Options Existing / Unallocated option New / Unallocated Options Series A Investors Series B Investors Total Founders .000 111.1% 2.000 450.00 1100000.01919% 111000.73140% 13.25846% 17.000 450.00 100.01919% Existing / Unallocated option New / Unallocated Options Series A Investors Series B Investors Total 111000.73140% 13.900.500.83294% 7.

900.000.350.000 100.5% 7.000 1.0000% 0.311.000 Existing / Allocated Options 450.000 450.0000% Post Investment Shares 3900000.000 100.0000% 100.00 450000.3% 6.311.00 450000.500.000 New / Unallocated Options 1.4243% 10.00 7311000.2% 1.500.00 Pre-Investment Shares Founders 3.00 1350000.2% 1.00 ated Options 4461000.00 111000.0% .000 20.000 18.0874% 2.5% 20.000 Series A Investors Series B Investors Total 3.5% 18.000 53.000 Existing / Unallocated option 111.5% 1.00 1500000.900.00 111000.000 111.5% 7.00 87.3% 6.000 53.4882% 0.ap Table Pre-Investment Shares 3900000.350.5% New / Unallocated Options Series A Investors Series B Investors Total 1.0% Shares Founders Existing / Allocated Options Existing / Unallocated option 3.

60.7060% 0.961 9.67 8120600.000 Shares 3900000.0% 1.8341% 0.0000% 2.8% 7.00 11.3% 17.039 12.0260% 450000.4729% 100.00 5.4664% 44.0000% 18.000.7% 13.16 9941038.4404% 100.2% 100.2146% 3.058.0312248 6373200 14330537.0000% 2058961.0000% 17.1580% 17.0% Post Investment Shares 3900000 450000 27.941.84 12000000.00 48.1401% 961000 0 2646337.031225 6.5415% 961000.00 .00 0.33 1416266.00 1393333.

2% 1.5% 100.0% Shares 3.5% 16.600 42.5% 15.000 3.537.000 450.5% 20.549.5% 100.260.7% 8.708 23.973.462.000 0.1% 5.9% 0.900.900.000 22.957 12.461.000 1.043 9.600 9.8% 2.000.508 6.612.537.000 1.000 1.000.200 16.0% Post Investment Shares 3.7% 100.900.0% 20.000 1.3% 6.0% 2.000 450.5% 18.0% .957 12.396.8% 2.043 9.0% 42.53.462.461.