Driving Business Advantage

FOLEY HOAG LLP Driving Business Advantage Series B and later ■ Series B and later will usually piggy back off of the Series A terms -Realize you will have to live with the Series A, generally terms can only get worse, not better - Further dilution and control issues ■ Growth equity - Could be similar terms or could be opportunity to recap and cash out prior investors (and some portion of founder equity) ■ IPO - The big homerun, but liquidity for the founders is still not necessarily immediate © 2014 Foley Hoag LLP. All Rights Reserved.

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