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I really don't see multiple valuations as a new thing. This already occurs quite a bit via doling out advisor shares to value-add investors.
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Ted, not sure the best way to contact you, so I'll leave a comment here. I just closed an angel round (that I led on the angel side) using the series seed docs in pretty much verbatim form. Super helpful, thx. Upon review, we noticed a few minor things you might want to take a second look at it. --On the COI, 1.3.2 you reference a non-existent Merger Agreement. We changed to "agreement or plan of merger or consolidation for such transaction" --On 2.3(b) I like your language but "of Common Stock or Preferred Stock (or any series thereof);" However, it does not match with the term sheet language "; (ii) change the authorized number of shares of Preferred Stock; (iii) authorize any new class of series of Preferred Stock having rights senior to or on parity with Preferred Stock; (iv) ". Can you reconcile? --Is there a reason you left out boiler plate stockholder and director consents? Those would have been useful. --Finally, on the term sheet I'd consider adding (optional) binding Exclusivity and Confidentially clauses, which we did. Thx again, Gabriel,
Toggle Commented Apr 23, 2010 on About the Series Seed Documents at
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Apr 23, 2010
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Apr 23, 2010