Cap Table_Model Sheet

8/3/2019 Cap Table_Model Sheet

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Capitalization Table

You can customize this template by filling in a simple form, without editing a spreadsheet.This is a small and simplified working sample of the capitalization table template.

ModelSheet provides you with customized templates in three ways.

1. Order a customized version of this template.

Click "+" for more information.

Precise customizations vary from template to template. Examples:

A customizable template is a flexible model that you can adapt to your situation by filling in a simple form, without editinga spreadsheet or its formulas. For example, you can specify time range and time grain; number and names of items in adimension (such as your products and product families); and include or exclude major features. The resulting spreadsheetmatches your needs better than any standard template.

Get a customized version of this template on our website.

You can specify custom features by filling out a simple form. (Click on "+" for more information.)

Specify the starting time, time range, time grain and rollup time grains (such as annual sums).

Specify the items in a dimension and levels of hierarchy (such as product families and products).

Include or exclude entire sub-models in the template. These features address the most serious problem with conventional spreadsheet templates: You can

customize a template in many ways without having to interpret and edit numerous cell formulas.

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Edit input data in clearly marked input cells.

Edit the model start date of a template, so your template is not out of date when the start date changes.

Edit names of dimension items in once place (such as products, departments, expense accounts).

M d lSh t E l t l t i t d t d (Cli k " " f i f ti )
http://templates.modelsheetsoft.com/modelsheettemplates/capitalization-table-templates.aspx?s=captable.xlshttp://templates.modelsheetsoft.com/modelsheettemplates/capitalization-table-templates.aspx?s=captable.xls


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M d lSh t E l t l t i t d t d (Cli k " " f i f ti )


This Excel workbook was generated using ModelSheet, a revolutionary new spreadsheet technology. ModelSheet allowsyou to develop business models using readable formulas, while avoiding the details of cell addresses and hard-to-changesheet layouts. The end result is a conventional Excel workbook just like this one. We built ModelSheet because we believethat spreadsheets are a great way of communicating results but we think it's just too hard to use them to develop reliable,maintainable, expressive and collaborative models.

You'll get a glimpse of ModelSheet's advantages when you take a look at the "Formulas" tab and realize how fewseparate, readable formulas are needed to produce all of the other worksheets. In addition to formulas, ModelSheetknows about the "dimensions" in your model (e.g., products, locations, departments) as well as the time series that you'reusing (e.g., 5 years in quarters.) ModelSheet raises the level of thinking and acting from individual cells to naturalmodeling concepts. It enhances model reliabilty, auditability and maintainability; it enables you to build models that betterreflect your intentions; it allows easier collaboration between modelers, developers, and report users; and it improvesproductivity, especially when making changes to a model.

The ModelSheet authoring environment raises the level of thinking and acting from individual cells to natural modeling

concepts like variables dimensions time series and accounting types It enhances model reliabilty auditability and


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Common stock

Options have an exercise price, a selling price, and exercise conditions.

Major Computed Results

The model computes:

the number of share units of each type purchased at each transaction round.

the number of fully diluted common share units before and after each conversion event.

the payout at liquidation to each type of security, accounting for liquidation preferences of senior securities.

Investment Rounds

Warrants have an exercise price, a selling price, and exercise conditions. See Technical Notes belowfor default exercise rules.

ModelSheet can easily change the number of series for each types of security. (Such changes would present a major

challenge if authoring were performed using conventional spreadsheets).

the value and share units of each type of security owned before and after each transaction round.

the valuation of each type of security before and after each transaction round, and the value ofthe enterprise before and after each transaction round.


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Investment and Return on Investment

The model reports three measures of return on investment for each series of each type of security.

Return multiples: the multiple of investment that is paid out

Internal rate of return for the cash flow from each type of security

The key results are collected on worksheets 'Investment', 'Shares', 'Valuation', and 'Payout'.

Technical Notes

Valuation and Security Prices

The following principles determine valuation and securities prices

You can edit this phase structure of a round in customized templates. You can edit the phase structure using ModelSheetAuthoring. This is a fairly complex process, but it is much easier to do with ModelSheet Authoring than with conventionalspreadsheets.

Present value of the cash flow for each series of each type of security. The discount rates can differ acrossseries and types of securities to reflect different risk profiles.

1. The value of the firm at the start of each investment round is an exogenous input that reflects the expectedfuture cash flows of the firm.

2 I h f i t t d th f th l f ll fi t f iti l th l f


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You can edit inputs in cells shaded darker blue on the worksheets 'Inputs' and 'Scenario Inputs.'

The number of investment rounds and their names and dates.

The valuation of the enterprise at the start of each investment round.

The amount invested in new common shares, preferred shares, and convertible notes in each round.

The number of new warrants and options purchased in each investment round.

The number of shares for convertible notes is not determined until conversion.

The exercise price and purchase price of each type of option at each transaction event.

This Excel workbook was generated by ModelSheet on February 19, 2010, except for this worksheet of comments.

Copyright 2009, 2010 ModelSheet Software, LLC

ModelSheet and the ModelSheet logo are registered trademarks of ModelSheet Software, LLC.

Parameters that determine unit purchase prices, conversion timing, and conversion prices for preferredstock, warrants and options.

You can also override the model's assumption for conversion and exercise of securities by entering new conversionpercentages in the dark blue cells in variable 'Converting %' on worksheet 'Conversion'.


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ABC Corp.

Investment Scenario 1, Valuation Scenario 1

Input Data

Shaded cells are input cells. You can enter data in them.

Excel formulas in shaded cells are starting suggestions. You can overwrite them.

Company Name ABC Corp.

Event Data

Seed Round A Exit

Event Date 8/1/2010 7/1/2011 6/1/2012

Firm Value

Convertible Notes

Seed Round A Exit Total

New Investment

Series B $0 $0 $0 $0

Series A $0 $0 $0 $0

Subtotal $0 $0 $0 $0

Note Conversion Discount % Liq Multiple


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Series A 4.0%

Conversion Criteria

Conversion Trigger Date Conversion Trigger Value %

Series B 4/1/2011 Series B 50%

Series A 4/1/2011 Series A 50%

Convert Trigger Invest Conversion Liq Premium %

Series B $1,000,000 Series B 0.20

Series A $1,000,000 Series A 0.20

Rates of Return

Discount Rate (Yr) IRR Initial Guess (Yr)

Series B 30% Series B 50.0%

Series A 30% Series A 50.0%

Subtotal Subtotal 50.0%

Stock

Preferred Shares


Price Premium %

Series A 10.0% 10.0% 10.0%

New Investment


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Conversion Trigger Date Conversion Trigger Value %

Series A 4/1/2011 Series A 50%

Convert Trigger Invest Conversion Liq Premium %

Series A $1,500,000 Series A -0.20

Rates of Return

Discount Rate (Yr) Discount Rate (Yr)

Series A 30% Series A 30%

Subtotal Subtotal

Common Shares

Options

New Unit Price %

Series B 100%

Series A 100%


Price New Unit

Series B $1.00 $26.40 $72.20 $33.20

Series A $1.00 $26.40 $72.20 $33.20

Subtotal $1.00 $26.40 $72.20 $33.20

New Units


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Series A $0.00 Series A 4/1/2011

Convert Trigger Invest Conversion Trigger Value %

Series B $1,500,000 Series B 50%

Series A $1,500,000 Series A 50%

You can edit exercise prices for individual series even though the cells are not shaded.

Rates of Return

Discount Rate (Yr) IRR Initial Guess (Yr)

Series B 30% Series B 50.0%

Series A 30% Series A 50.0%

Subtotal Subtotal 50.0%


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ABC Corp.


Investment

Return on Investment

Investment by Origin

Net Investment


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ABC Corp.


Shares

Seed Round A Exit

Event Date 8/1/2010 7/1/2011 6/1/2012

Common Shares by Origin

Seed Round A Exit

Common Shares by Origin

Conv Note

Series B 0.0 0.0 0.0

Series A 0.0 0.0 0.0

Preferred

Series A 0.0 0.0 0.0

Common 100,000.0 100,000.0 100,000.0

Warrant 0.0 0.0 0.0

Option

Series B 0.0 0.0 0.0 Series A 0.0 0.0 0.0

Net Units of Securities at End of Round


Net Units

Conv Note


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Common 100,000.0 100,000.0 100,000.0 300,000.0

Warrant 0.0 0.0 0.0 0.0

Option

Series B 0.0 0.0 0.0 0.0

Series A 0.0 0.0 0.0 0.0

Subtotal 0.0 0.0 0.0 0.0

Total 100,000.0 100,000.0 100,000.0 300,000.0

Net Units During Rounds

Seed Round A Exit TotalNet Units

Start

Conv Note

Series B 0.0 0.0 0.0 0.0

Series A 0.0 0.0 0.0 0.0

Subtotal 0.0 0.0 0.0 0.0

Preferred

Series A 0.0 0.0 0.0 0.0Subtotal 0.0 0.0 0.0 0.0

Common 0.0 100,000.0 100,000.0 200,000.0

Warrant 0.0 0.0 0.0 0.0

Option

Series B 0.0 0.0 0.0 0.0

Series A 0.0 0.0 0.0 0.0

Subtotal 0.0 0.0 0.0 0.0

Total 0.0 100,000.0 100,000.0 200,000.0


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Subtotal 0.0 0.0 0.0 0.0

Common 100,000.0 0.0 0.0 100,000.0

Warrant 0.0 0.0 0.0 0.0

Option

Series B 0.0 0.0 0.0 0.0

Series A 0.0 0.0 0.0 0.0

Subtotal 0.0 0.0 0.0 0.0

Total 100,000.0 0.0 0.0 100,000.0

Post Sales

Conv Note

Series B 0.0 0.0 0.0 0.0

Series A 0.0 0.0 0.0 0.0

Subtotal 0.0 0.0 0.0 0.0

Preferred

Series A 0.0 0.0 0.0 0.0

Subtotal 0.0 0.0 0.0 0.0

Common 100,000.0 100,000.0 100,000.0 300,000.0

Warrant 0.0 0.0 0.0 0.0

Option

Series B 0.0 0.0 0.0 0.0Series A 0.0 0.0 0.0 0.0

Subtotal 0.0 0.0 0.0 0.0

Total 100,000.0 100,000.0 100,000.0 300,000.0

Convert

Conv Note

Series B 0.0 0.0 0.0 0.0

Series A 0.0 0.0 0.0 0.0

Subtotal 0.0 0.0 0.0 0.0


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Series A 0.0 0.0 0.0 0.0

Subtotal 0.0 0.0 0.0 0.0

Total 0.0 0.0 0.0 0.0

End

Conv Note

Series B 0.0 0.0 0.0 0.0

Series A 0.0 0.0 0.0 0.0

Subtotal 0.0 0.0 0.0 0.0

Preferred

Series A 0.0 0.0 0.0 0.0

Subtotal 0.0 0.0 0.0 0.0

Common 100,000.0 100,000.0 100,000.0 300,000.0

Warrant 0.0 0.0 0.0 0.0

Option

Series B 0.0 0.0 0.0 0.0

Series A 0.0 0.0 0.0 0.0

Subtotal 0.0 0.0 0.0 0.0

Total 100,000.0 100,000.0 100,000.0 300,000.0


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ABC Corp.


Conversion to Common Shares

Seed Round A Exit

Event Date 8/1/2010 7/1/2011 6/1/2012

Units Converted to Common Stock

Net Units

Conv Note

Series B 0.0 0.0 0.0 0.0

Series A 0.0 0.0 0.0 0.0

Subtotal 0.0 0.0 0.0 0.0

Preferred

Series A 0.0 0.0 0.0 0.0

Subtotal 0.0 0.0 0.0 0.0

Common 0.0 0.0 0.0 0.0

Warrant 0.0 0.0 0.0 0.0

Option

Series B 0.0 0.0 0.0 0.0Series A 0.0 0.0 0.0 0.0

Subtotal 0.0 0.0 0.0 0.0

Total 0.0 0.0 0.0 0.0

% Converting

Conv Note

Series B 0.00% 0.00% 0.00%

Series A 0.00% 0.00% 0.00%


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Series A 0.00% 0.00% 0.00%

Note: You can override the model's default conversion decisions by entering numerical values.

Default Conversion Decisions


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ABC Corp.


Preferred Shares

Seed Round A Exit

Event Date 8/1/2010 7/1/2011 6/1/2012

Prices - New Securities


Price New Unit

Conv Note

Series B $0.00 $0.00 $0.00 $0.00

Series A $0.00 $0.00 $0.00 $0.00

Subtotal $0.00 $0.00 $0.00 $0.00

Preferred

Series A $1.10 $29.04 $79.42 $36.52

Subtotal $1.10 $29.04 $79.42 $36.52

Common $1.00 $26.40 $72.20 $33.20

Warrant $1.00 $26.40 $72.20 $33.20Option

Series B $1.00 $26.40 $72.20 $33.20

Series A $1.00 $26.40 $72.20 $33.20

Subtotal $1.00 $26.40 $72.20 $33.20

Total $0.82 $21.65 $59.20 $27.22

Conversion and Exercise Prices


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Subtotal $7.70 $18.48 $50.54 $50.54

Preferred Stock

Conversion Price

Series A $11.00 $26.40 $72.20 $72.20

Subtotal $11.00 $26.40 $72.20 $72.20

Warrants

Conversion Price $11.00 $26.40 $72.20 $72.20

Options

Conversion PriceSeries B $11.00 $26.40 $72.20 $72.20

Series A $11.00 $26.40 $72.20 $72.20

Subtotal $11.00 $26.40 $72.20 $72.20


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ABC Corp.


Option Summary

Seed Round A Exit

Event Date 8/1/2010 7/1/2011 6/1/2012

Warrants


Exercise Amt

Start $0 $0 $0 $0

New Sales $0 $0 $0 $0

Post Sales $0 $0 $0 $0

Convert $0 $0 $0 $0

End $0 $0 $0 $0

Units 'in the Money' 0.0 0.0 0.0 0.0

Options


Exercise Amt

Start

Series B $0 $0 $0 $0

Series A $0 $0 $0 $0



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Series A $0 $0 $0 $0


Convert

Series B $0 $0 $0 $0

Series A $0 $0 $0 $0


End

Series B $0 $0 $0 $0

Series A $0 $0 $0 $0


Units 'in the Money'Series B 0.0 0.0 0.0 0.0

Series A 0.0 0.0 0.0 0.0

Subtotal 0.0 0.0 0.0 0.0


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ABC Corp.


Valuation

Seed Round A Exit

Event Date 8/1/2010 7/1/2011 6/1/2012

Start of Round

Firm Value $1,000,000 $2,640,000 $7,220,000

New Investment

New Investment $100,000 $0 $0 $100,000

Exercise of Warrants

Investment by Origin $0 $0 $0 $0

Exercise of Options

Investment by Origin $0 $0 $0 $0

End of Round

Firm Value $1,100,000 $2,640,000 $7,220,000


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ABC Corp.


Payout

Seed Round A Exit Total Seed Round A

Payout Pool Liquidation Preference

Conv Note Conv Note

Series B $1,100,000 $2,640,000 $7,220,000 Series B $0 $0

Series A $1,100,000 $2,640,000 $7,220,000 Series A $0 $0

Subtotal Subtotal $0 $0

Preferred Preferred

Series A $1,100,000 $2,640,000 $7,220,000 Series A $0 $0


Common $1,100,000 $2,640,000 $7,220,000 Common $0 $0

Warrant $0 $0 $0 Warrant $0 $0

Option Option

Series B $0 $0 $0 Series B $0 $0

Series A $0 $0 $0 Series A $0 $0


Total Total $0 $0

Payout Details


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Seed Round A Exit Total Seed Round A Exit Total

Payout %

Conv Note

$0 $0 $0 Series B 0.00% 0.00% 0.00%

$0 $0 $0 Series A 0.00% 0.00% 0.00%

$0 $0 $0 Subtotal 0.00% 0.00% 0.00%

Preferred$0 $0 $0 Series A 0.00% 0.00% 0.00%

$0 $0 $0 Subtotal 0.00% 0.00% 0.00%

$1,100,000 $2,640,000 $7,220,000 Common 100.00% 100.00% 100.00%

$0 $0 $0 Warrant 0.00% 0.00% 0.00%

Option

$0 $0 $0 Series B 0.00% 0.00% 0.00%

$0 $0 $0 Series A 0.00% 0.00% 0.00%

$0 $0 $0 Subtotal 0.00% 0.00% 0.00%

$1,100,000 $2,640,000 $7,220,000 Total 100.00% 100.00% 100.00%


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ABC Corp.


Variable Display As Dimension Index

Company_Name Company Name

Conversion_Decisions_Default Default Conversion Decisions Rounds, Securities

Conversion_Decisions_Detail Conversion Decisions Detail Rounds, Securities.Warrant, Convert_Conditions.Trigger_Price

Rounds, Securities.Conv_Note, Convert_Conditions.Liquidation

Rounds, Securities.Preferred, Convert_Conditions.LiquidationRounds, Securities.Preferred, Convert_Conditions.Trigger_Value_p

Rounds, Securities.Option, Convert_Conditions.Trigger_Price

Rounds, Securities.Conv_Note, Convert_Conditions.Trigger_Value_

Rounds, Securities, Convert_Conditions.Trigger_Invest

Rounds, Securities, Convert_Conditions.Trigger_Date

Rounds, Securities.Common, Convert_Conditions

Rounds, Securities, Convert_Conditions

Convert_Liq_Premium_pct Conversion Liq Premium %

Convert_Trigger_Date Conversion Trigger Date

Convert_Trigger_Invest_Amt Convert Trigger Invest

Convert_Trigger_Value_pct Conversion Trigger Value %


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Rounds, Securities

Dividend_by_Origin Dividend by Origin Rounds, Securities.Common

Rounds, Securities

Dividend_Common Dividend Common

Dividend_pct_Yr Dividend % (Yr)

Event_Date Event Date Rounds

Event_Date_Sc0 Event Date Rounds

Firm_Value Firm Value Rounds, Phases.Post_Sales

Rounds, Phases.Convert

Rounds, Phases.End

Rounds, Phases.Start

Rounds, Phases.New_Sales

Firm_Value_Start Firm Value Start Rounds

Firm_Value_Start_Sc0 Firm Value Rounds

Invest_by_Origin_exDiv Invest by Origin ex-Dividend Rounds, Phases.Start, Securities

Rounds, Phases.End, Securities

Rounds, Phases.New_Sales, Securities

Rounds, Phases.Convert, Securities

Rounds, Phases.Post_Sales, Securities


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Rounds, Phases.Start, Securities

Investment_Net Net Investment Rounds, Phases.End, Securities.Common

Rounds, Phases.New_Sales, Securities.Warrant

Rounds, Phases.New_Sales, Securities.Option

Rounds, Phases.Start, Securities



Rounds, Phases.New_Sales, Securities


Investment_New New Investment Rounds, Securities

Investment_New_Sc0 New Investment Rounds, Securities

IRR_Cash_Flow Cash Flow Securities, Rounds

IRR_Initial_Guess_Yr IRR Initial Guess (Yr)

IRR_XIRR_Yr IRR (Yr) Securities

Liq_Multiple Liq Multiple

Liq_Preference_End Liquidation Preference Rounds, Securities

Liq_Preference_New Liq Preference New Rounds, Securities


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OptionWar_Exercise_Price Exercise Price

OptionWar_in_Money Units 'in the Money' Rounds, Securities.Warrant

Rounds, Securities.Option

Payout_by_Origin Payout by Origin Rounds, Securities.Common

Rounds, Securities

Payout_by_Origin_Last Payout by Origin Securities

Payout_by_Origin_pct Payout by Origin % Securities, Rounds

Payout_by_Origin_pct_LastRnd Payout by Origin % Securities

Payout_End Payout Rounds, Securities.Common

Rounds, Securities.Warrant


Rounds, Securities.Conv_Note

Rounds, Securities.Preferred

Rounds, Securities

Payout_End_pct Payout % Securities, Rounds

Payout_Pool_End Payout Pool Rounds, Securities


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Rounds, Securities.Warrant



Rounds, Securities.Conv_Note

Price_Unit_New Price New Unit Rounds, Securities.Warrant


Rounds, Securities

Price_Unit_New_pct New Unit Price %

Price_Unit_Start Share Price Rounds, Securities.CommonRounds, Securities.Warrant



Rounds, Securities

Return_Multiple Return Multiple Securities

Scenarios_Invest_Dim Investment Scenarios Scenarios_Invest

Scenarios_Value_Dim Scenarios_Value_Dim Scenarios_Value

Shares_Common_by_Origin Common Shares by Origin Rounds, Securities.Common

Rounds, Securities

Split_Factor_Start Split Factor


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Units_New New Units Sold Securities, Rounds

Units_New_Sc0 New Units


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Formula / Data

abs(product(ranged("Convert_Conditions", Conversion_Decisions_Detail)))

if(OptionWar_Exercise_Price(1+Convert_Liq_Premium_pct)*(prevde

if((prevde(0, "Rounds", Investment_Net["Phases.End"])+Dividend+Investment_New)/(1+Price_Premium_pct)>(1+Convert_Liq_Premium_pct)*prevde(0, "Rif(Convert_Trigger_Value_pct*Firm_Value["Phases.Post_Sales"]>Investment_by_Origin["Securities.Conv_Note", "Phases.Post_Sales"], 1, 0)

if(OptionWar_Exercise_PriceInvestment_by_Origin["Securities.Conv_Note", "Phases.Post_Sales"], 1, 0)

if(Investment_by_Origin["Securities.Common", "Phases.Post_Sales"]+Investment_by_Origin["Securities.Preferred", "Phases.Post_Sales"]+Investment_by_

var(if(Event_Date>=Convert_Trigger_Date, 1, 0))

0

ifm(and(isleafd("Securities"), isleafd("Rounds")), abs(product(ranged("Convert_Conditions"))), " ")


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Dividend_pct_Yr*prevde(0, "Rounds", Lastd("Phases", Investment_Net))*var(datediff(Event_Date, prevde(firstd("Rounds", Event_Date), "Rounds", Event_

Dividend_Common*prevde(0, "Rounds", Shares_Common_by_Origin/Lastd("Phases", Units_Net["Securities.Common"]))

Dividend_pct_Yr*prevde(0, "Rounds", Lastd("Phases", Investment_Net))*var(Event_Date-prevde(firstd("Rounds", Event_Date), "Rounds", Event_Date))/36

Event_Date_Sc0

date(2010, 11*dimitemnum("Rounds")-3, 1)

Firstd("Phases", Firm_Value)+Firm_Value["Phases.New_Sales"]

OptionWar_Exercise_Amt["Phases.Convert"]

Firm_Value["Phases.Post_Sales"]+Firm_Value["Phases.Convert"]

Firm_Value_Start

Investment_Net

Firm_Value_Start_Sc0

var(round(1000000*dimitemnum("Rounds")^(0.6+0.4*dimitemnum("Rounds")), -4))

prevde(0, "Rounds", Lastd("Phases", Invest_by_Origin_exDiv))

Invest_by_Origin_exDiv["Phases.Post_Sales"]+Invest_by_Origin_exDiv["Phases.Convert"]

Investment_by_Origin

Investment_by_Origin

Firstd("Phases", Invest_by_Origin_exDiv)+Invest_by_Origin_exDiv["Phases.New_Sales"]


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Firstd("Phases", Investment_by_Origin)+Investment_by_Origin["Phases.New_Sales"]

prevde(0, "Rounds", Lastd("Phases", Investment_by_Origin))+Dividend

Investment_Net["Phases.Post_Sales"]+Investment_Net["Securities", "Phases.Convert"]+OptionWar_Exercise_Amt["Securities", "Phases.Convert"]

Units_Net["Phases.New_Sales"]*Price_Unit_New

Units_Net["Phases.New_Sales"]*Price_Unit_New

prevde(0, "Rounds", Lastd("Phases", Investment_Net))+Dividend

Investment_Net["Phases.Post_Sales"]-Investment_Net["Phases.Convert"]

Firstd("Phases", Investment_Net)+Investment_Net["Phases.New_Sales"]

Investment_New

Converting_pct*Investment_Net["Phases.Post_Sales"]

Investment_New_Sc0

var(ifm(and(diminfo("Securities", 0)="Common", dimitemnum("Rounds")=1), 100000, 0))

Investment_by_Origin["Phases.New_Sales"]+Investment_by_Origin["Phases.Convert"]+var(ifm(dimitemnum("Rounds", 0)=1, 0*0, 0))-if(iserror(nextd("Rou

ifm(isleafd("Rounds"), sum(rangedru("Securities", IRR_Cash_Flow)), "")

XIRR(ranged("Rounds", IRR_Cash_Flow), ranged("Rounds", Event_Date), IRR_Initial_Guess_Yr)

max(0, prevde(0, "Rounds", Liq_Preference_End)+(Dividend+Investment_Net["Phases.New_Sales"]-Investment_Net["Phases.Convert"])*Liq_Multiple)

max(0, (Dividend+Investment_Net["Phases.New_Sales"])*Liq_Multiple)


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Converting_pct*OptionWar_Exercise_Amt["Phases.Post_Sales"]

if(Price_Unit_Conv["Securities.Common"]


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max(0, Price_Unit_Conv["Securities.Common"]-OptionWar_Exercise_Price)

max(0, Price_Unit_Conv["Securities.Common"])

max(0, Price_Unit_Conv["Securities.Common"]-OptionWar_Exercise_Price)

max(0, Price_Unit_Conv["Securities.Common"]*(1-ConvNote_Discount_pct))

max(0, Price_Unit_New_pct*(var(Price_Unit_New["Securities.Common"])-OptionWar_Exercise_Price))

max(0, Price_Unit_New_pct*(var(Price_Unit_New["Securities.Common"])-OptionWar_Exercise_Price))

Price_Unit_Start

if(dimitemnum("Rounds")=1, Price_Common_Init, (Firstd("Phases", Firm_Value)-Firstd("Phases", Investment_by_Origin["Securities.Conv_Note"])-Firstd("Phasemax(0, var(Price_Unit_Start["Securities.Common"])-OptionWar_Exercise_Price)

max(0, var(Price_Unit_Start["Securities.Common"])-OptionWar_Exercise_Price)

Price_Unit_Start["Securities.Common"]*(1+Price_Premium_pct)

ifm(isleafd("Rounds"), if(sum(rangedru("Securities", Units_New))=0, 0, sumproduct(rangedru("Securities", Price_Unit_Start), rangedru("Securities", Units_

If(Lastd("Rounds", Lastd("Phases", Invest_by_Origin_exDiv))+0*0=0, 0, (Lastd("Rounds", Payout_by_Origin)+sum(ranged("Rounds", Dividend)))/(Lastd("

dimitemnum("Scenarios_Invest")

dimitemnum("Scenarios_Value")

prevde(0, "Rounds", Shares_Common_by_Origin)*Split_Factor_Start+Units_Net["Phases.New_Sales"]

prevde(0, "Rounds", Shares_Common_by_Origin)*Split_Factor_Start+Units_Net["Phases.Convert"]

ifm(isleafd("Rounds"), sum(rangedru("Securities", Shares_Common_by_Origin)), lastd("Rounds", Shares_Common_by_Origin))


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Converting_pct*Units_Net["Phases.Post_Sales"]

Units_Net["Phases.Post_Sales"]-Units_Net["Phases.Convert"]

Firstd("Phases", Units_Net)+Units_Net["Phases.New_Sales"]

var(index(ranged("Scenarios_Invest", Units_New_Sc0), 1))


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ABC Corp.

Investment Scenario 1, Valuation Scenario 1Variable Display Label

Company_Name Company Name

Conversion_Decisions_Default Default Conversion Decisions

Conversion_Decisions_Detail Conversion Decisions Detail

Convert_Liq_Premium_pct Conversion Liq Premium %


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Convert_Trigger_Invest_Amt Convert Trigger Invest

Convert_Trigger_Value_pct Conversion Trigger Value %

Converting_pct % Converting

ConvNote_Discount_pct Note Conversion Discount %

Discount_Rate_Yr Discount Rate (Yr)

Dividend Dividend

Dividend_by_Origin Dividend by Origin

Dividend_Common Dividend Common

Dividend_pct_Yr Dividend % (Yr)

Event_Date Event Date

Event_Date_Sc0 Event Date


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Invest_by_Origin_exDiv Invest by Origin ex-Dividend

Invest_by_Origin_exDiv_LastRnd Invest by Origin ex-Dividend

Investment_by_Origin Investment by Origin

Investment_Net Net Investment

Investment_New New Investment


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IRR_Cash_Flow Cash Flow

IRR_Initial_Guess_Yr IRR Initial Guess (Yr)

IRR_XIRR_Yr IRR (Yr)

Liq_Multiple Liq Multiple

Liq_Preference_End Liquidation Preference

Liq_Preference_New Liq Preference New

Net_Present_Value_XNPV Net Present Value

OptionWar_Exercise_Amt Exercise Amt

OptionWar_Exercise_Price Exercise Price

OptionWar_in_Money Units 'in the Money'

Payout_by_Origin Payout by Origin

Payout by Origin Last Payout by Origin


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Payout_by_Origin_pct_LastRnd Payout by Origin %

Payout_End Payout

Payout_End_pct Payout %

Payout_Pool_End Payout Pool

Price_Common_Init Initial Common Price

Price_Premium_pct Price Premium %

Price_Unit_Conv Conversion Price

Price_Unit_New Price New Unit

Price_Unit_New_pct New Unit Price %


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Scenarios_Value_Dim Scenarios_Value_Dim

Shares_Common_by_Origin Common Shares by Origin

Split_Factor_Start Split FactorUnits_Net Net Units

Units_New New Units Sold

Units_New_Sc0 New Units

Dimension (item) Display Item As Total As Level As

Convert_Conditions Convert Conditions Total Convert_Conditions


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Trigger_Value_pct Trigger Value %

Liquidation Liquidation

Trigger_Price Trigger Price

Phases Phases Total Phase

Start Start Phase

New_Sales New Sales

Post_Sales Post Sales

Convert Convert

End End

Rounds Rounds Total Rounds

Seed Seed Rounds

Round_A Round A

Exit Exit

Securities Securities Total Security


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Conv_Note Conv Note Subtotal Security

Series_B Series B Security 2

Series_A Series A

Preferred Preferred Subtotal Series_A Series A

Common Common

Warrant Warrant

Option Option Subtotal

Series_B Series B

Series_A Series A


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Annualized discount rates used in computation of present values of investor cash flows

Dividend paid on common stock, paid at the beginning of each investment round

Date of each investment round, determined by investment scenario selected

Date of each investment round

Minimum amount of equity capital that the company must raise before securities can beconverted or exercised to obtain common stock. An amount greater than the capitalization ofthe company indicates that the security cannot be converted (or exercised).

Maximum fraction of the value of a firm that can be in senior securities in order that a seriesof convertible securities converts. (Other conversion criteria involve dates and minimumequity funding raised by the company.)

Percent of outstanding convertible notes and preferred stock converting; and percent ofoutstanding warrants and options exercising in each investment round.

The model starts with default decisions for what securities to exercise or convert and when.These default decisions are computed in the variable 'Conversion Decisions Default'.

You can override the default conversion decisions by entering new values.

The discount percent on prevailing common share price that accrue to holders of each seriesof convertible security at the time of conversion or exercise. This discount is a reward forinvesting early when the risk was presumed higher.

Dividend in kind for convertible notes (before conversion), preferred stock (beforeconversion), and common stock, paid at start of each investment round

Dividend in kind for convertible notes (before conversion), preferred stock (beforeconversion), and common stock, paid at start of each investment round. The dividends aresegmented by the original type and series of security whose purchase earned the dividend(not by the current type and series of security that earned the dividend).

Dividend rate for preferred stock, and interest rate paid on convertible notes beforeconversion


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Gross investment including value of converted securities, and excluding preferred dividendsand interest payments on notes, segmented by type of securi ty, by investment round

Gross investment including value of converted securities, and excluding preferred dividendsand interest payments on notes, segmented by type of securi ty, by investment round

Gross investment, segmented by type and series of security, investment round, and phase.Converted notes and preferred shares and exercised warrants and options remain in theirrespective security types and series.

The phase are:* Start = investment in securities at the beginning of the round* New Sales = new investment in securities in the round* Post Sales = gross investment in securities after sale of new securities* Convert = added investment in exercise $ amounts for exercised warrants and options* End = investments at the end of the round (which still include amounts converted).

Net investment at each phase of each investment round, segmented by type of security.Converted notes and preferred shares and exercised warrants and options are subtractedand added to common stock. Exercise $ amounts for warrants and options are added to NetInvestment for common stock.

The phase are:* Start = outstanding investment in securities at the beginning of the round* New Sales = new investment in securities in the round* Post Sales = gross investment in securities after sale of new securities* Convert = investment value of securities being converted (notes) or exercised (warrants andoptions)* End = investments at the end of the round (with converted and exercised securties recordedas common stock)

New investments due to sale of new convertible notes, preferred and common shares, byinvestment round New warrants and options are tracked in variable Shares New because


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Cash flows used to compute present values and internal rates of return for each series andtype of security. Includes founders non-cash contributions in the first round and payouts in thelast round.

Initial guess at internal rate of return of the cash flow for holders of each series and type ofsecurity, to start the iterative solution for the IRR

Internal rate of return of cash flow to holders of each series and type of security. Includes newinvestments, exercise payments (for warrants and options) and final payout at the end of thelast investment round.

The multiple of new investment that is added to liquidation preference for each class ofsecurity, in each investment round

The amount of liquidiation preference that is due to each class of security (before anything ispaid to holders of junior securities, in the event of liquidiation), at the last phase (End) of eachround

The amount of new liquidiation preference that is due to each class of security (beforeanything is paid to holders of junior securities, in the event of liquidiation), at the last phase(End) of each round

Net present value of cash flows to each series of each type of security. Each series and typeof security can have its own discount rate to reflect different risks.

The amount of exercise payments due upon exercise of outstanding warrants and options.For Phase Convert, the amount of exercise payments made to exercise warrants and optionsin each round.

Exercise price for each class of stock option. Upon exercise of a warrant or option, the holderpays the exercise price to the company in cash, which amount is added to Investment byOrigin for the warrant or option, and added to Net Investment for common stock.

Number of unexercised warrants and options that are in the money in phase End, for eachinvestment round. Used in variable Payout in denominators of formulas.

Funds paid out that are imputed (if paid) to original investments in each type of security, atthe end of each investment round. Warrants and options are exercised if they are in themoney. The common payout pool covers common shares, including exercised warrants andoptions.

Funds paid out that are imputed (if paid) to original investments in each type of security at


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Factor by which common shares are split before the start of each investment round

Comment

Number of common shares that originated from conversion or exercise of each type ofsecurity or sale of common shares, recorded at the end of each investment round

The number of units of each type of security outstanding or transacted at each phase in eachinvestment round. For convertible notes, share numbers are shown as zero. Warrants andoptions can be exercised for common shares on one-for-one basis. "Net" means net ofconversions and exercises.

The transaction phases within each funding round are:* Start = outstanding securities at the beginning of the round* New Sales = sales of new securities in the round* Post Sales = outstanding securities after sale of new securities* Convert = securities being converted (notes) or exercised (warrants and options)* End = outstanding securities after conversions are executed, which is the end of the round

Splits occur between rounds, and are included in Start totals.

Numbers of new warrants and options sold, by investment round. Sales of new convertiblenotes, preferred stock and common stock are input as new investment, from which newshares are computed.

Numbers of new warrants and options sold, by investment round, for investment scenario 1.

Sales of new convertible notes, preferred stock and common stock are input as newinvestment, from which new shares are computed.

The default conversion decision for each security is positive (negative) if all these built-inconditions are satisfied (not satisfied).1) The date of the current round has reached the trigger date2) The sum of investments in common, preferred and notes exceeds the trigger investmentthreshhold3) For notes and preferred: the value of the company exceeds a safety criterion (investment


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A list of the funding rounds

The transaction phases within each funding round. The phases are:* Start = outstanding securities at the beginning of the round* New Sales = sales of new securities in the round* Post Sales = outstanding securities after sale of new securities* Convert = securities being converted (notes) or exercised (warrants and options)* End = outstanding securities after conversions are executed, which is the end of the round

Dividends are paid and splits occur between rounds, and are included in Start totals.

The types of securities and the series within each type.* A convertible note is a loan that is convertible to common stock subject to certainrestrictions of time and circumstances.* Preferred stock is equity that has preference rights over common stock in payouts from thecompany, usually accrues a dividend in each time period, may be convertible to commonstock under some circumstances, and may have preferential voting rights.* A warrant is an option that is issued by and guaranteed by the company (whereas options


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Cap Table_Model Sheet

Documents

Transcript of Cap Table_Model Sheet