ABCDEFGHIJKLMNOPQRSTUVWXYZ
1
Example Cap Table for Convertible Note, Seed Round, and Series A Rounds
2
3
Note Round
4
Note Cap$3,000,000
5
Note Interest0%
6
Discount20%
7
Seed Equity Round
8
Equity Closing Date1/1/2018Series A Round
9
Equity Round Total Dollar Size
$3,500,000
(does not include prior cash raised by the Note)
$8,000,000
10
Option Pool Expansion Prior to Closing
 350,000
resulting in post-money pool
20% 100,000
resulting in post-money
17%
11
Equity Pre-Money Valuation with Pool
$7,500,000 $25,000,000
12
Equity Purchase Price$4.05 $8.01
13
 (a) Calculate discount$3.24
14
(b) Calculate cap per pre-closing share
$1.62
15
Note Conversion Price (lesser a or b)
$1.62
16
17
Year 1 Note RoundYear 2 Note Conversion and Seed Equity RoundYear 3 Series A Round
18
Cap Table with NotePre-Closing Cap TablePost-Closing Cap TablePost-Closing Cap Table
19
Note1/1/2018SeedTotalPost-MoneySeries ATotalPost-Money
20
Cash ReceivedDateNote + InterestSharesFD %Equity PurchaseSharesSharesFD %ValuationEquity PurchaseSharesSharesFD %Valuation
21
22
Note Investors
Cash invested in the Note
fresh cash invested in Seed round:
23
 Note Investor 1$25,000 1/1/2017$25,000 15,416 1%$10,000 2,467 17,883 1% $ 72,499 $45,829 5,723 23,606 1% $ 189,046
24
 Note Investor 2$75,000 2/1/2017$75,000 46,250 2%$20,000 4,933 51,183 2% $ 207,499 $131,168 16,379 67,562 2% $ 541,070
25
 Note Investor 3$400,000 3/1/2017$400,000 246,666 11%$50,000 12,333 258,999 9% $ 1,049,996 $663,746 82,880 341,879 8% $ 2,737,951
26
$500,000 $500,000 308,332 14%$80,000 19,733 328,065 11% $ 1,329,993 $840,744 104,981 433,046 11% $ 3,468,068
27
28
Seed Equity Investors
29
 Seed Investor 1$1,140,000 281,200 281,200 9% $ 1,140,000 $720,641 89,984 371,184 9% $ 2,972,644
30
 Seed Investor 2$1,140,000 281,200 281,200 9% $ 1,140,000 $720,641 89,984 371,184 9% $ 2,972,644
31
 Seed Investor 3$1,140,000 281,200 281,200 9% $ 1,140,000 $720,641 89,984 371,184 9% $ 2,972,644
32
$3,420,000 843,600 843,600 28% $ 3,420,000 $2,161,923 269,952 1,113,552 27% $ 8,917,933
33
34
New Series A Investors
$4,997,333 624,000 624,000 15% $ 4,997,333
35
36
Total Preferred 308,332 14%$3,500,000 863,333 1,171,665 39% $ 4,749,993 $8,000,000 998,933 2,170,598 53% $ 17,383,334
37
38
Founders
39
 Founder 1 500,000 500,000 23% 500,000 17% $ 2,027,027 500,000 12% $ 4,004,273
40
 Founder 2 500,000 500,000 23% 500,000 17% $ 2,027,027 500,000 12% $ 4,004,273
41
 Founder 3 125,000 125,000 6% 125,000 4% $ 506,757 125,000 3% $ 1,001,068
42
 Founder 4 125,000 125,000 6% 125,000 4% $ 506,757 125,000 3% $ 1,001,068
43
 1,250,000 58% 1,250,000 41% $ 5,067,568 1,250,000 30% $ 10,010,683
44
Option Pool
45
 Allocated 50,000 50,000 2% 50,000 2% $ 202,703 50,000 1% $ 400,427
46
 Unallocated 200,000 550,000 25% 550,000 18% $ 2,229,730 650,000 16% $ 5,205,555
47
 600,000 28% 600,000 20% 2,432,432 700,000 17% $ 5,605,983
48
49
Total Shares 1,500,000 2,158,332 100% 3,021,665 100% $ 12,249,993 4,120,598 100% $ 33,000,000
50
51
52
Vesting Comments
53
- Describe start date and vesting terms for each founder; confirm whether 83(b) election was filed for each owner of founder shares
54
- Describe vesting policy for options (e.g. 4 year quarterly vest with one year cliff)
55
- List each person who has been awarded options and how many; include any advisors
56
57
Other Notes
58
- Describe any additional debts owed by the company
59
- Describe any other agreements that could require issuance of shares, e.g. university license; someone who has a right to buy stock
2024 © Pillar VC
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
100