On the Road to Recap:
abovethecrowd.com
APRIL 20, 2016
Anything that hints of a down round brings questions about the success metrics that have already been “booked.” Examples of dirty terms include guaranteed IPO returns, ratchets, PIK Dividends, series-based M&A vetoes, and superior preferences or liquidity rights. The typical Silicon Valley term sheet does not include such terms.
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