{"id":1472,"date":"2024-10-01T09:12:20","date_gmt":"2024-10-01T05:12:20","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1472"},"modified":"2024-10-11T10:06:55","modified_gmt":"2024-10-11T06:06:55","slug":"exit-diagrams","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/","title":{"rendered":"Exit Diagrams"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Venture capital funds primarily use preferred shares (redeemable, convertible, mandatorily convertible, automatically convertible, etc.) to finance startups. Based on the details of the agreement, exit diagrams are created, which show how profits\/assets are divided in the event of liquidation or the fund\u2019s exit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, the diagram below shows a simple exit diagram for convertible shares, with the profitable conversion point:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If the total value of the organization at exit is less than $5 million, the fund takes the entire amount since it invested $5 million.<\/li>\n\n\n\n<li>If the organization&#8217;s value at exit is between $5 and $15 million, the fund takes $5 million.<\/li>\n\n\n\n<li>If the company&#8217;s value exceeds $15 million, the fund prefers to convert its preferred shares into common shares, as it will take more than $5 million in this case.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"365\" data-attachment-id=\"4319\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-150\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-13.png?fit=1136%2C673&amp;ssl=1\" data-orig-size=\"1136,673\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-13.png?fit=616%2C365&amp;ssl=1\" class=\"wp-image-4319\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-13.png?resize=616%2C365&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thus, the resulting diagram from the agreement looks like this (in this case, the fund owns one-third of the stake):<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"361\" data-attachment-id=\"4325\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-151\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-14.png?fit=1132%2C663&amp;ssl=1\" data-orig-size=\"1132,663\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-14.png?fit=616%2C361&amp;ssl=1\" class=\"wp-image-4325\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-14.png?resize=616%2C361&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this section, I will discuss an example and create diagrams based on different agreement formats. At the end, I will attach an Excel model I created:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Example:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A VC fund plans to invest $5 million in a startup company that has issued 10 million shares, including stock options. In return for the $5 million investment, the issuance of 5 million new shares is being considered.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The fund is also considering other financing formats instead of common shares, for which I will create diagrams:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Common Stock (CS)<\/strong> &#8211; Common Shares.<\/li>\n\n\n\n<li><strong>Redeemable Preferred (RP)<\/strong> &#8211; Redeemable Preferred Shares.<\/li>\n\n\n\n<li><strong>Redeemable Preferred + Common Stock (RP+CS)<\/strong> &#8211; A combination of Redeemable Preferred and Common Shares.<\/li>\n\n\n\n<li><strong>Participation (PCP)<\/strong> &#8211; Preferred Convertible Shares with Participation.<\/li>\n\n\n\n<li><strong>Participating Preferred Convertible with Cap Point (PCPC)<\/strong> &#8211; Preferred Convertible Shares with a Cap Point.<\/li>\n\n\n\n<li><strong>Redeemable + Convertible (RP+CP)<\/strong> &#8211; A combination of Redeemable and Convertible shares.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Common Stock<\/strong><br \/>In this case, regardless of the company\u2019s value at the fund\u2019s exit (during an IPO, liquidation, or sale of a significant stake), the fund will hold one-third of the shares and therefore will receive one-third of the exit proceeds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"440\" data-attachment-id=\"4328\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-152\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-15.png?fit=800%2C572&amp;ssl=1\" data-orig-size=\"800,572\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-15.png?fit=616%2C440&amp;ssl=1\" class=\"wp-image-4328\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-15.png?resize=616%2C440&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Redeemable Preferred (RP)<\/strong><br \/>Redeemable means the organization has a preferred right to the invested amount\u2014essentially a zero-coupon bond, which in practice is not used separately.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"440\" data-attachment-id=\"4332\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-153\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-16.png?fit=796%2C569&amp;ssl=1\" data-orig-size=\"796,569\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-16.png?fit=616%2C440&amp;ssl=1\" class=\"wp-image-4332\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-16.png?resize=616%2C440&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>RP + CS<\/strong><br \/>The fund has the right to redeem up to $5 million, and above $5 million, it participates in the remaining value as a common shareholder.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"440\" data-attachment-id=\"4334\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-154\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-17.png?fit=796%2C568&amp;ssl=1\" data-orig-size=\"796,568\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-17.png?fit=616%2C440&amp;ssl=1\" class=\"wp-image-4334\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-17.png?resize=616%2C440&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>PCP &#8211; Preferred Convertible Shares with Participation<\/strong><br \/>This version is the same as the previous one\u2014a combination of redeemable and common shares. However, in this case, if the company&#8217;s value reaches a certain pre-defined threshold, the shares are automatically converted into common shares, and the redemption right for the initial investment disappears. In our case, the automatic conversion point is $75 million.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"440\" data-attachment-id=\"4336\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-155\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-18.png?fit=799%2C571&amp;ssl=1\" data-orig-size=\"799,571\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-18.png?fit=616%2C440&amp;ssl=1\" class=\"wp-image-4336\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-18.png?resize=616%2C440&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>PCPC &#8211; Convertible with Participation and a Cap<\/strong><br \/>In this case, the PCP condition is complicated by adding a cap component. In the previous condition, automatic conversion occurred at $75 million, but voluntary conversion could also happen earlier. However, this new condition sets a limit: in the event of voluntary conversion, if the company&#8217;s value is less than $60 million, the fund cannot take more than $20 million\u2014illustrated on the diagram as a horizontal line between the $50-60 million range.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"440\" data-attachment-id=\"4341\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-156\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-19.png?fit=796%2C569&amp;ssl=1\" data-orig-size=\"796,569\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-19.png?fit=616%2C440&amp;ssl=1\" class=\"wp-image-4341\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-19.png?resize=616%2C440&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>RP+CP &#8211; Redeemable and Convertible Shares<\/strong><br \/>In our example, the condition is that up to $4 million is redeemable, with an additional $5 million convertible and a redemption right up to $1 million, resulting in two diagrams. The intersection of these two diagrams gives us a third one:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Redeemable Diagram<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"362\" data-attachment-id=\"4349\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-159\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-22.png?fit=1137%2C668&amp;ssl=1\" data-orig-size=\"1137,668\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-22.png?fit=616%2C362&amp;ssl=1\" class=\"wp-image-4349\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-22.png?resize=616%2C362&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Convertible Diagram<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"374\" data-attachment-id=\"4352\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-160\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-23.png?fit=1134%2C689&amp;ssl=1\" data-orig-size=\"1134,689\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-23.png?fit=616%2C374&amp;ssl=1\" class=\"wp-image-4352\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-23.png?resize=616%2C374&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Total Result Diagram<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"440\" data-attachment-id=\"4348\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-158\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-21.png?fit=795%2C568&amp;ssl=1\" data-orig-size=\"795,568\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-21.png?fit=616%2C440&amp;ssl=1\" class=\"wp-image-4348\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-21.png?resize=616%2C440&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P.S.<br \/>It&#8217;s also important to consider protection from subsequent funding rounds. Suppose you&#8217;re the Series A investor and paid $10,000 for 1%. If things don&#8217;t go well and the Series B investor buys 1% for $5,000, your interests could be harmed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are protection mechanisms for such cases, which determine the conversion prices of preferred shares. You might have a fully protected contract that allows conversion at a 2:1 ratio (i.e., $10,000\/$5,000), or partial protection to restore some &#8220;fairness.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"https:\/\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/exit-diagrams.xlsx\">Exit Diagrams Excel Model (Geo)<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Source:<br \/>Venture Capital &amp; the Finance of Innovation<br \/>Andrew Metrick &amp; Ayako Yasuda<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can also find agreement models here:<br \/><a href=\"https:\/\/nvca.org\/model-legal-documents\/\">Model Legal Documents &#8211; National Venture Capital Association (NVCA)<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u10d2\u10d0\u10e1\u10d5\u10da\u10d8\u10e1 \u10d3\u10d8\u10d0\u10d2\u10e0\u10d0\u10db\u10d4\u10d1\u10d8<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d5\u10d4\u10dc\u10e9\u10e3\u10e0\u10e3\u10da\u10d8 \u10e4\u10dd\u10dc\u10d3\u10d4\u10d1\u10d8 \u10e1\u10e2\u10d0\u10e0\u10e2\u10d0\u10de\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0\u10e1\u10d0\u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d4\u10d1\u10da\u10d0\u10d3 \u10eb\u10d8\u10e0\u10d8\u10d7\u10d0\u10d3\u10d0\u10d3 \u10de\u10e0\u10d8\u10d5\u10d8\u10da\u10d4\u10d2\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d0\u10e5\u10ea\u10d8\u10d8\u10e1 \u10e4\u10dd\u10e0\u10db\u10d0\u10e2\u10e1 \u10d8\u10e7\u10d4\u10dc\u10d4\u10d1\u10d4\u10dc (\u10d2\u10d0\u10db\u10dd\u10d7\u10ee\u10dd\u10d5\u10d0\u10d3\u10d8, \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8, \u10e1\u10d0\u10d5\u10d0\u10da\u10d3\u10d4\u10d1\u10e3\u10da\u10dd\u10d3 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8, \u10d0\u10d5\u10e2\u10dd\u10db\u10d0\u10e2\u10e3\u10e0\u10d0\u10d3 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8 \u10d3\u10d0. \u10d0.\u10e8.) <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10e8\u10d4\u10d7\u10d0\u10dc\u10ee\u10db\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d4\u10e2\u10d0\u10da\u10d4\u10d1\u10d8\u10d3\u10d0\u10dc \u10d2\u10d0\u10db\u10dd\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4 \u10d3\u10d2\u10d4\u10d1\u10d0 \u10d4.\u10ec. Exit Diagram-\u10d4\u10d1\u10d8, \u10e0\u10dd\u10db\u10da\u10d4\u10d1\u10d8\u10ea \u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10dc \u10d7\u10e3 \u10e0\u10dd\u10d2\u10dd\u10e0 \u10ee\u10d3\u10d4\u10d1\u10d0 \u10db\u10dd\u10d2\u10d4\u10d1\u10d8\u10e1\/\u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10e7\u10dd\u10e4\u10d0 \u10e4\u10dd\u10dc\u10d3\u10d8\u10e1 \u10d2\u10d0\u10e1\u10d5\u10da\u10d8\u10e1 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 (IPO-\u10d6\u10d4 \u10d2\u10d0\u10e1\u10d5\u10da\u10d8\u10e1\u10d0\u10e1, \u10da\u10d8\u10d9\u10d5\u10d8\u10d3\u10d0\u10ea\u10d8\u10d8\u10e1\u10d0\u10e1 \u10d0\u10dc \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8 \u10ec\u10d8\u10da\u10d8\u10e1 \u10d2\u10d0\u10e7\u10d8\u10d3\u10d5\u10d8\u10e1\u10d0\u10e1).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1, \u10e5\u10d5\u10d4\u10db\u10dd\u10d7 \u10d3\u10d8\u10d0\u10d2\u10e0\u10d0\u10db\u10d0\u10d6\u10d4 \u10db\u10dd\u10ea\u10d4\u10db\u10e3\u10da\u10d8\u10d0 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10e4\u10dd\u10dc\u10d3\u10d8\u10e1 \u10d2\u10d0\u10e1\u10d5\u10da\u10d8\u10e1 \u10db\u10d0\u10e0\u10e2\u10d8\u10d5\u10d8 \u10d3\u10d8\u10d0\u10d2\u10e0\u10d0\u10db\u10d0 \u10d3\u10d0 \u10db\u10dd\u10db\u10d2\u10d4\u10d1\u10d8\u10d0\u10dc\u10d8 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d0\u10ea\u10d8\u10d8\u10e1 \u10ec\u10d4\u10e0\u10e2\u10d8\u10da\u10d8:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u10d7\u10e3 \u10d2\u10d0\u10e1\u10d5\u10da\u10d8\u10e1 \u10d3\u10e0\u10dd\u10e1 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10ef\u10d0\u10db\u10e3\u10e0\u10d8 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0 \u10d8\u10e5\u10dc\u10d4\u10d1\u10d0 5 \u10db\u10d8\u10da\u10d8\u10dd\u10dc\u10d6\u10d4 \u10dc\u10d0\u10d9\u10da\u10d4\u10d1\u10d8, \u10e4\u10dd\u10dc\u10d3\u10e1 \u10db\u10d8\u10d0\u10e5\u10d5\u10e1 \u10db\u10d7\u10da\u10d8\u10d0\u10dc\u10d8 \u10d7\u10d0\u10dc\u10ee\u10d0 \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10db\u10d0\u10dc 5 \u10db\u10d8\u10da\u10d8\u10dd\u10dc\u10d8\u10e1 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0 \u10db\u10dd\u10d0\u10ee\u10d3\u10d8\u10dc\u10d0;<\/li>\n\n\n\n<li>\u10d7\u10e3 \u10d2\u10d0\u10e1\u10d5\u10da\u10d8\u10e1 \u10d3\u10e0\u10dd\u10e1 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0 \u10d8\u10e5\u10dc\u10d4\u10d1\u10d0 5-\u10d3\u10d0\u10dc 15 \u10db\u10d8\u10da\u10d8\u10dd\u10dc\u10d0\u10db\u10d3\u10d4, \u10e4\u10dd\u10dc\u10d3\u10e1 \u10db\u10d8\u10d0\u10e5\u10d5\u10e1 \u10db\u10d8\u10d0\u10e5\u10d5\u10e1 5 \u10db\u10d8\u10da\u10d8\u10dd\u10dc\u10d8;<\/li>\n\n\n\n<li>\u10d7\u10e3 \u10d2\u10d0\u10e1\u10d5\u10da\u10d8\u10e1 \u10d3\u10e0\u10dd\u10e1 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0 \u10d2\u10d0\u10d3\u10d0\u10d0\u10ed\u10d0\u10e0\u10d1\u10d4\u10d1\u10e1 15 \u10db\u10d8\u10da\u10d8\u10dd\u10dc\u10e1, \u10e4\u10dd\u10dc\u10d3\u10e1 \u10e3\u10e6\u10d8\u10e0\u10e1 \u10de\u10e0\u10d8\u10d5\u10d8\u10da\u10d4\u10d2\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0 \u10e9\u10d5\u10d4\u10e3\u10da\u10d4\u10d1\u10e0\u10d8\u10d5 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10e8\u10d8, \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10d0\u10e1\u10d4\u10d7 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 5 \u10db\u10d8\u10da\u10d8\u10dd\u10dc\u10d6\u10d4 \u10db\u10d4\u10e2\u10e1 \u10d2\u10d0\u10d8\u10e2\u10d0\u10dc\u10e1.<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-13.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"365\" data-attachment-id=\"4319\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-150\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-13.png?fit=1136%2C673&amp;ssl=1\" data-orig-size=\"1136,673\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-13.png?fit=616%2C365&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-13.png?resize=616%2C365&#038;ssl=1\" alt=\"\" class=\"wp-image-4319\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d0\u10dc\u10e3 \u10e8\u10d4\u10d7\u10d0\u10dc\u10ee\u10db\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10d3\u10d4\u10d2\u10d0\u10d3 \u10db\u10d8\u10e6\u10d4\u10d1\u10e3\u10da \u10d3\u10d8\u10d0\u10d2\u10e0\u10d0\u10db\u10d0\u10e1 \u10d0\u10e1\u10d4\u10d7\u10d8 \u10e1\u10d0\u10ee\u10d4 \u10d4\u10e5\u10dc\u10d4\u10d1\u10d0 (\u10d0\u10e5 \u10e4\u10dd\u10dc\u10d3\u10d8 \u10ec\u10d8\u10da\u10d8\u10e1 \u10db\u10d4\u10e1\u10d0\u10db\u10d4\u10d3\u10d8\u10e1 \u10db\u10e4\u10da\u10dd\u10d1\u10d4\u10da\u10d8\u10d0):<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-14.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"361\" data-attachment-id=\"4325\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-151\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-14.png?fit=1132%2C663&amp;ssl=1\" data-orig-size=\"1132,663\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-14.png?fit=616%2C361&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-14.png?resize=616%2C361&#038;ssl=1\" alt=\"\" class=\"wp-image-4325\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d0\u10db \u10e9\u10d0\u10dc\u10d0\u10ec\u10d4\u10e0\u10e8\u10d8 \u10d2\u10d0\u10dc\u10d5\u10d8\u10ee\u10d8\u10da\u10d0\u10d5 \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10e1 \u10d3\u10d0 \u10e8\u10d4\u10d7\u10d0\u10dc\u10ee\u10db\u10d4\u10d1\u10d8\u10e1 \u10e0\u10d0\u10db\u10d3\u10d4\u10dc\u10d8\u10db\u10d4 \u10d2\u10d0\u10dc\u10e1\u10ee\u10d5\u10d0\u10d5\u10d4\u10d1\u10e3\u10da\u10d8 \u10e4\u10dd\u10e0\u10db\u10d0\u10e2\u10d8\u10e1 \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d0\u10d3 \u10e8\u10d4\u10d5\u10d0\u10d3\u10d2\u10d4\u10dc \u10d3\u10d8\u10d0\u10d2\u10e0\u10d0\u10db\u10d4\u10d1\u10e1. \u10d1\u10dd\u10da\u10dd\u10e1 \u10d9\u10d8 \u10db\u10d8\u10d5\u10d0\u10d1\u10d0\u10d5 \u10d4\u10e5\u10e1\u10d4\u10da\u10e8\u10d8 \u10d2\u10d0\u10d9\u10d4\u10d7\u10d4\u10d1\u10e3\u10da \u10db\u10dd\u10d3\u10d4\u10da\u10e1:<br \/><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10d8:<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">VC \u10e4\u10dd\u10dc\u10d3\u10d8 \u10d0\u10de\u10d8\u10e0\u10d4\u10d1\u10e1 5 \u10db\u10da\u10dc-\u10d8 \u10da\u10d0\u10e0\u10d8\u10e1 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10e1 \u10e1\u10e2\u10d0\u10e0\u10e2\u10d0\u10de \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d0\u10e8\u10d8, \u10e0\u10dd\u10db\u10d4\u10da\u10e1\u10d0\u10ea \u10d4\u10db\u10d8\u10e1\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d0\u10e5\u10d5\u10e1 10 \u10db\u10d8\u10da\u10d8\u10dd\u10dc\u10d8 \u10d0\u10e5\u10ea\u10d8\u10d0 \u10e1\u10d0\u10db\u10dd\u10d8\u10e2\u10d8\u10d5\u10d0\u10ea\u10d8\u10dd \u10d6\u10d4\u10d3\u10db\u10d4\u10e2\u10dd\u10d1\u10d8\u10e1 \u10e9\u10d0\u10d7\u10d5\u10da\u10d8\u10d7. 5 \u10db\u10da\u10dc $-\u10d8\u10e1 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10ea\u10d8\u10d8\u10e1 \u10e1\u10d0\u10dc\u10d0\u10ea\u10d5\u10da\u10dd\u10d3 \u10d2\u10d0\u10dc\u10d8\u10ee\u10d8\u10da\u10d4\u10d1\u10d0 5 \u10db\u10da\u10dc. \u10d0\u10ee\u10d0\u10da\u10d8 \u10d0\u10e5\u10ea\u10d8\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e8\u10d5\u10d4\u10d1\u10d0.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-12.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"154\" data-attachment-id=\"4315\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-149\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-12.png?fit=767%2C192&amp;ssl=1\" data-orig-size=\"767,192\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-12.png?fit=616%2C154&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-12.png?resize=616%2C154&#038;ssl=1\" alt=\"\" class=\"wp-image-4315\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u10e4\u10dd\u10dc\u10d3\u10d8 \u10d0\u10e1\u10d4\u10d5\u10d4 \u10d2\u10d0\u10dc\u10d8\u10ee\u10d8\u10da\u10d0\u10d5\u10e1 \u10e9\u10d5\u10d4\u10e3\u10da\u10d4\u10d1\u10e0\u10d8\u10d5\u10d8 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10dc\u10d0\u10ea\u10d5\u10da\u10d0\u10d3 \u10d3\u10d0\u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d4\u10d1\u10d8\u10e1 \u10e1\u10ee\u10d5\u10d0 \u10e4\u10dd\u10e0\u10db\u10d0\u10e2\u10d4\u10d1\u10e1\u10d0\u10ea, \u10e0\u10dd\u10db\u10da\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1\u10d0\u10ea \u10e8\u10d4\u10d5\u10d0\u10d3\u10d2\u10d4\u10dc \u10d3\u10d8\u10d0\u10d2\u10e0\u10d0\u10db\u10d4\u10d1\u10e1:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Common Stock (CS) &#8211; \u10e9\u10d5\u10d4\u10e3\u10da\u10d4\u10d1\u10e0\u10d8\u10d5\u10d8 \u10d0\u10e5\u10ea\u10d8\u10d0;<\/li>\n\n\n\n<li>Redeemable Preferred (RP) &#8211; \u10d2\u10d0\u10db\u10dd\u10d7\u10ee\u10dd\u10d5\u10d0\u10d3\u10d8 \u10de\u10e0\u10d8\u10d5\u10d8\u10da\u10d4\u10d2\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8;<\/li>\n\n\n\n<li>Redeemable Preferred + Common Stock (RP+CS) &#8211; \u10d2\u10d0\u10db\u10dd\u10d7\u10ee\u10dd\u10d5\u10d0\u10d3\u10d8 \u10de\u10e0\u10d8\u10d5\u10d8\u10da\u10d4\u10d2\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d3\u10d0 \u10e9\u10d5\u10d4\u10e3\u10da\u10d4\u10d1\u10e0\u10d8\u10d5\u10d8 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10d9\u10dd\u10db\u10d1\u10d8\u10dc\u10d0\u10ea\u10d8\u10d0;<\/li>\n\n\n\n<li>Participation (PCP) &#8211; \u10de\u10e0\u10d8\u10d5\u10d8\u10da\u10d4\u10d2\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8 \u10d0\u10e5\u10ea\u10d8\u10d0 \u10d7\u10d0\u10dc\u10d0-\u10db\u10dd\u10dc\u10d0\u10ec\u10d8\u10da\u10d4\u10dd\u10d1\u10d8\u10d7;<\/li>\n\n\n\n<li>Participating Preferred Convertible with Cap Point (PCPC) &#8211; \u10de\u10e0\u10d8\u10d5\u10d8\u10da\u10d4\u10d2\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8 \u10d7\u10d0\u10dc\u10d0\u10db\u10dd\u10dc\u10d0\u10ec\u10d8\u10da\u10d4\u10dd\u10d1\u10d8\u10d7 \u10d3\u10d0 \u10d6\u10d4\u10d3\u10d0 \u10da\u10d8\u10db\u10d8\u10e2\u10d8\u10d7;<\/li>\n\n\n\n<li>Redeemable + Convertible (RP+CP) &#8211; \u10d2\u10d0\u10db\u10dd\u10d7\u10ee\u10dd\u10d5\u10d0\u10d3\u10d8\u10e1 \u10d3\u10d0 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8\u10e1 \u10d9\u10dd\u10db\u10d1\u10d8\u10dc\u10d0\u10ea\u10d8\u10d0.<\/li>\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<h2 class=\"wp-block-heading\">Common Stock &#8211; \u10e9\u10d5\u10d4\u10e3\u10da\u10d4\u10d1\u10e0\u10d8\u10d5\u10d8 \u10d0\u10e5\u10ea\u10d8\u10d0<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d0\u10e1\u10d4\u10d7 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10d0\u10e0 \u10d0\u10e5\u10d5\u10e1 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d1\u10d0 \u10e0\u10d0 \u10d4\u10e6\u10d8\u10e0\u10d4\u10d1\u10d0 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d0 \u10e4\u10dd\u10dc\u10d3\u10d8\u10e1 \u10d2\u10d0\u10e1\u10d5\u10da\u10d8\u10e1\u10d0\u10e1 (IPO-\u10d6\u10d4 \u10d2\u10d0\u10e2\u10d0\u10dc\u10d8\u10e1\u10d0\u10e1, \u10da\u10d8\u10d9\u10d5\u10d8\u10d3\u10d0\u10ea\u10d8\u10d8\u10e1\u10d0\u10e1 \u10d0\u10dc \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8 \u10ec\u10d8\u10da\u10d8\u10e1 \u10d2\u10d0\u10e1\u10ee\u10d5\u10d8\u10e1\u10d4\u10d1\u10d8\u10e1\u10d0\u10e1), \u10d8\u10e1 \u10db\u10d4\u10e1\u10d0\u10db\u10d4\u10d3\u10d8 \u10db\u10e4\u10da\u10dd\u10d1\u10d4\u10da\u10d8 \u10d8\u10e5\u10dc\u10d4\u10d1\u10d0 \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d0\u10d3 \u10db\u10d4\u10e1\u10d0\u10db\u10d4\u10d3\u10e1 \u10db\u10d8\u10d8\u10e6\u10d4\u10d1\u10e1:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-15.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"440\" data-attachment-id=\"4328\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-152\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-15.png?fit=800%2C572&amp;ssl=1\" data-orig-size=\"800,572\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-15.png?fit=616%2C440&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-15.png?resize=616%2C440&#038;ssl=1\" alt=\"\" class=\"wp-image-4328\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Redeemable Preferred (RP) &#8211; \u10d2\u10d0\u10db\u10dd\u10d7\u10ee\u10dd\u10d5\u10d0\u10d3\u10d8<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d2\u10d0\u10db\u10dd\u10d7\u10ee\u10dd\u10d5\u10d0\u10d3\u10d8 \u10dc\u10d8\u10e8\u10dc\u10d0\u10d5\u10e1, \u10e0\u10dd\u10db \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d0\u10e1 \u10d0\u10e5\u10d5\u10e1 \u10e3\u10e4\u10da\u10d4\u10d1\u10d0 \u10e5\u10d4\u10e8\u10d8\u10d7 \u10d2\u10d0\u10db\u10dd\u10d8\u10e1\u10e7\u10d8\u10d3\u10dd\u10e1 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8 \u10ec\u10d8\u10dc\u10d0\u10e1\u10ec\u10d0\u10e0 \u10d2\u10d0\u10dc\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10e3\u10da \u10d3\u10e0\u10dd\u10e1 &#8211; \u10d4\u10e1 \u10de\u10e0\u10d8\u10dc\u10ea\u10d8\u10de\u10e8\u10d8 \u10d8\u10d2\u10d8\u10d5\u10d4 \u10e3\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d0\u10d0 \u10d3\u10d0 \u10de\u10e0\u10d0\u10e5\u10e2\u10d8\u10d9\u10d0\u10e8\u10d8 \u10ea\u10d0\u10da\u10d9\u10d4 \u10d0\u10e0 \u10d2\u10d5\u10ee\u10d5\u10d3\u10d4\u10d1\u10d0.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-16.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"440\" data-attachment-id=\"4332\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-153\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-16.png?fit=796%2C569&amp;ssl=1\" data-orig-size=\"796,569\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-16.png?fit=616%2C440&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-16.png?resize=616%2C440&#038;ssl=1\" alt=\"\" class=\"wp-image-4332\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">RP + CS <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">5 \u10db\u10da\u10dc-\u10db\u10d3\u10d4 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d0\u10e1 \u10d0\u10e5\u10d5\u10e1 \u10d2\u10d0\u10db\u10dd\u10e1\u10e7\u10d8\u10d3\u10d5\u10d8\u10e1 \u10e3\u10e4\u10da\u10d4\u10d1\u10d0, \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10ee\u10dd\u10da\u10dd 5 \u10db\u10da\u10dc-\u10d8\u10e1 \u10d6\u10d4\u10db\u10dd\u10d7 \u10dc\u10d0\u10e0\u10e9\u10d4\u10dc \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0\u10e8\u10d8 \u10e4\u10dd\u10dc\u10d3\u10d8 \u10db\u10dd\u10dc\u10d0\u10ec\u10d8\u10da\u10d4\u10dd\u10d1\u10e1 \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10e9\u10d5\u10d4\u10e3\u10da\u10d4\u10d1\u10e0\u10d8\u10d5\u10d8 \u10d0\u10e5\u10ea\u10d8\u10dd\u10dc\u10d4\u10e0\u10d8:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-17.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"440\" data-attachment-id=\"4334\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-154\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-17.png?fit=796%2C568&amp;ssl=1\" data-orig-size=\"796,568\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-17.png?fit=616%2C440&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-17.png?resize=616%2C440&#038;ssl=1\" alt=\"\" class=\"wp-image-4334\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">PCP &#8211; \u10de\u10e0\u10d8\u10d5\u10d8\u10da\u10d4\u10d2\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8 \u10d7\u10d0\u10dc\u10d0\u10db\u10dd\u10dc\u10d0\u10ec\u10d8\u10da\u10d4\u10dd\u10d1\u10d8\u10d7;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d4\u10e1 \u10d5\u10d4\u10e0\u10e1\u10d8\u10d0 \u10d8\u10d2\u10d8\u10d5\u10d4\u10d0 \u10e0\u10d0\u10ea \u10d6\u10d4\u10d3\u10d0, \u10d0\u10dc\u10e3 \u10d2\u10d0\u10db\u10dd\u10d7\u10ee\u10dd\u10d5\u10d0\u10d3\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10e9\u10d5\u10d4\u10e3\u10da\u10d4\u10d1\u10e0\u10d8\u10d5\u10d8\u10e1 \u10d9\u10dd\u10db\u10d1\u10d8\u10dc\u10d0\u10ea\u10d8\u10d0, \u10d7\u10e3\u10db\u10ea\u10d0 \u10d0\u10db \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8, \u10d7\u10e3 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0 \u10e0\u10d0\u10e6\u10d0\u10ea \u10ec\u10d8\u10dc\u10d0\u10e1\u10ec\u10d0\u10e0 \u10d6\u10e6\u10d5\u10d0\u10e0\u10e1 \u10db\u10d8\u10d0\u10e6\u10ec\u10d4\u10d5\u10e1, \u10ee\u10d3\u10d4\u10d1\u10d0 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10d0\u10d5\u10e2\u10dd\u10db\u10d0\u10e2\u10e3\u10e0\u10d8 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d0\u10ea\u10d8\u10d0 \u10e9\u10d5\u10d4\u10e3\u10da\u10d4\u10d1\u10e0\u10d8\u10d5 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10e8\u10d8, \u10d0\u10dc\u10e3 \u10eb\u10d8\u10e0\u10d8\u10d7\u10d0\u10d3 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10ea\u10d8\u10d0\u10d6\u10d4 \u10d2\u10d0\u10db\u10dd\u10d7\u10ee\u10dd\u10d5\u10d8\u10e1 \u10e3\u10e4\u10da\u10d4\u10d1\u10d0 \u10e5\u10e0\u10d4\u10d1\u10d0. \u10e9\u10d5\u10d4\u10dc \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10d0\u10d5\u10e2\u10dd\u10db\u10d0\u10e2\u10e3\u10e0\u10d8 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d0\u10ea\u10d8\u10d8\u10e1 \u10ec\u10d4\u10e0\u10e2\u10d8\u10da\u10d8 75 \u10db\u10d8\u10da\u10d8\u10dd\u10dc\u10d8\u10d0:  <br \/><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-18.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"440\" data-attachment-id=\"4336\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-155\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-18.png?fit=799%2C571&amp;ssl=1\" data-orig-size=\"799,571\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-18.png?fit=616%2C440&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-18.png?resize=616%2C440&#038;ssl=1\" alt=\"\" class=\"wp-image-4336\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"> PCPC &#8211; \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8 \u10d7\u10d0\u10dc\u10d0\u10db\u10dd\u10dc\u10d0\u10ec\u10d8\u10da\u10d4\u10dd\u10d1\u10d8\u10d7 \u10d3\u10d0 \u10d6\u10d4\u10d3\u10d0 \u10d6\u10e6\u10d5\u10d0\u10e0\u10d8\u10d7<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d0\u10db \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 PCP-\u10de\u10d8\u10e0\u10dd\u10d1\u10d0 \u10d2\u10d0\u10e0\u10d7\u10e3\u10da\u10d4\u10d1\u10e3\u10da\u10d8\u10d0 \u10d3\u10d0\u10db\u10d0\u10e2\u10d4\u10d1\u10d8\u10d7 \u10d6\u10d4\u10d3\u10d0 \u10d6\u10e6\u10d5\u10e0\u10d8\u10e1 \u10d9\u10dd\u10db\u10de\u10dd\u10dc\u10d4\u10dc\u10e2\u10d8\u10e1 \u10e8\u10d4\u10db\u10dd\u10e2\u10d0\u10dc\u10d8\u10d7. \u10ec\u10d8\u10dc\u10d0 \u10de\u10d8\u10e0\u10dd\u10d1\u10d0\u10e8\u10d8 75 \u10db\u10da\u10dc-\u10d6\u10d4 \u10ee\u10d3\u10d4\u10d1\u10dd\u10d3\u10d0 \u10d0\u10d5\u10e2\u10dd\u10db\u10d0\u10e2\u10e3\u10e0\u10d8 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d0\u10ea\u10d8\u10d0, \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10d4\u10da\u10d8\u10d0 \u10e0\u10dd\u10db \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d0\u10ea\u10d8\u10d0 \u10db\u10d0\u10dc\u10d0\u10db\u10d3\u10d4 \u10db\u10dd\u10ee\u10d3\u10d4\u10e1 \u10dc\u10d4\u10d1\u10d0\u10e7\u10dd\u10e4\u10da\u10dd\u10d1\u10d8\u10d7\u10d0\u10ea. \u10d0\u10e5 \u10d9\u10d8 \u10d0\u10ee\u10d0\u10da\u10d8 \u10de\u10d8\u10e0\u10dd\u10d1\u10d0 \u10d6\u10e6\u10e3\u10d3\u10d0\u10d5\u10e1 \u10d6\u10e6\u10d5\u10d0\u10e0\u10e1, \u10e0\u10dd\u10db \u10dc\u10d4\u10d1\u10d0\u10e7\u10dd\u10e4\u10da\u10dd\u10d1\u10d8\u10d7 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10d7\u10e3 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0 60 \u10db\u10d8\u10da\u10dd\u10dc\u10d6\u10d4 \u10dc\u10d0\u10d9\u10da\u10d4\u10d1\u10d8 \u10d8\u10e5\u10dc\u10d4\u10d1\u10d0, \u10e4\u10dd\u10dc\u10d3\u10d8 \u10d5\u10d4\u10e0 \u10d2\u10d0\u10d8\u10e2\u10d0\u10dc\u10e1 20 \u10db\u10d8\u10da\u10dd\u10dc\u10d6\u10d4 \u10db\u10d4\u10e2\u10e1 &#8211; \u10d2\u10e0\u10d0\u10e4\u10d8\u10d9\u10d6\u10d4 \u10d0\u10e0\u10d8\u10e1 \u10f0\u10dd\u10e0\u10d8\u10d6\u10dd\u10dc\u10e2\u10d0\u10da\u10e3\u10e0\u10d8 \u10ee\u10d0\u10d6\u10d8 50-\u10d3\u10d0\u10dc 60-\u10db\u10da\u10dc-\u10db\u10d3\u10d4 \u10e8\u10e3\u10d0\u10da\u10d4\u10d3\u10e8\u10d8:<br \/><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-19.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"440\" data-attachment-id=\"4341\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-156\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-19.png?fit=796%2C569&amp;ssl=1\" data-orig-size=\"796,569\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-19.png?fit=616%2C440&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-19.png?resize=616%2C440&#038;ssl=1\" alt=\"\" class=\"wp-image-4341\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">RP+CP &#8211; \u10d2\u10d0\u10db\u10dd\u10d7\u10ee\u10dd\u10d5\u10d0\u10d3\u10d8 \u10d3\u10d0 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u10e9\u10d5\u10d4\u10dc \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10e8\u10d8 \u10de\u10d8\u10e0\u10dd\u10d1\u10d0\u10d0 \u10e0\u10dd\u10db 4 \u10db\u10d8\u10da\u10d8\u10dd\u10dc $-\u10db\u10d3\u10d4 \u10d0\u10e0\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e1\u10e7\u10d8\u10d3\u10d5\u10d0\u10d3\u10d8 \u10d3\u10d0 \u10de\u10d8\u10e0\u10dd\u10d1\u10d0\u10e1 \u10d4\u10db\u10d0\u10e2\u10d4\u10d1\u10d0 5 \u10db\u10d8\u10da\u10d8\u10dd\u10dc\u10d8 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8 \u10d4\u10e0\u10d7 \u10db\u10d8\u10da\u10dd\u10dc $-\u10db\u10d3\u10d4 \u10d2\u10d0\u10db\u10dd\u10e1\u10e7\u10d8\u10d3\u10d5\u10d8\u10e1 \u10e3\u10e4\u10da\u10d4\u10d1\u10d8\u10d7, \u10d0\u10dc\u10e3 \u10db\u10d8\u10d8\u10e6\u10d4\u10d1\u10d0 \u10dd\u10e0\u10d8 \u10d3\u10d8\u10d0\u10d2\u10e0\u10d0\u10db\u10d0, \u10d3\u10d0 \u10d0\u10db \u10dd\u10e0\u10d8 \u10d3\u10d8\u10d0\u10d2\u10e0\u10d0\u10db\u10d8\u10e1 \u10d7\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d0 \u10d2\u10d5\u10d0\u10eb\u10da\u10d4\u10d5\u10e1 \u10db\u10d4\u10e1\u10d0\u10db\u10d4\u10e1:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d2\u10d0\u10db\u10dd\u10d7\u10ee\u10dd\u10d5\u10d0\u10d3\u10d8:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-22.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"362\" data-attachment-id=\"4349\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-159\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-22.png?fit=1137%2C668&amp;ssl=1\" data-orig-size=\"1137,668\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-22.png?fit=616%2C362&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-22.png?resize=616%2C362&#038;ssl=1\" alt=\"\" class=\"wp-image-4349\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-23.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"374\" data-attachment-id=\"4352\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-160\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-23.png?fit=1134%2C689&amp;ssl=1\" data-orig-size=\"1134,689\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-23.png?fit=616%2C374&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-23.png?resize=616%2C374&#038;ssl=1\" alt=\"\" class=\"wp-image-4352\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u10ef\u10d0\u10db\u10e3\u10e0\u10d8 \u10e8\u10d4\u10d3\u10d4\u10d2\u10d8:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-21.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"616\" height=\"440\" data-attachment-id=\"4348\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-158\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-21.png?fit=795%2C568&amp;ssl=1\" data-orig-size=\"795,568\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-21.png?fit=616%2C440&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-21.png?resize=616%2C440&#038;ssl=1\" alt=\"\" class=\"wp-image-4348\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><br \/>\u10de.\u10e1.<br \/>\u10d0\u10e1\u10d4\u10d5\u10d4 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8 \u10d0\u10e0\u10d8\u10e1 \u10ee\u10dd\u10da\u10db\u10d4 \u10d7\u10d0\u10d5\u10d3\u10d0\u10ea\u10d5\u10d0 \u10db\u10dd\u10db\u10d3\u10d4\u10d5\u10dc\u10dd \u10e1\u10d4\u10e0\u10d8\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0\u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10d3\u10d4\u10d2\u10d4\u10d1\u10d8\u10d3\u10d0\u10dc.<br \/><br \/>\u10d3\u10d0\u10d5\u10e3\u10e8\u10d5\u10d0\u10d7 \u10d7\u10e5\u10d5\u10d4\u10dc A \u10e1\u10d4\u10e0\u10d8\u10d8\u10e1 \u10d3\u10d0\u10db\u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d4\u10d1\u10d4\u10da\u10d8 \u10ee\u10d0\u10e0\u10d7 \u10d3\u10d0 \u10d2\u10d0\u10d3\u10d0\u10d8\u10ee\u10d0\u10d3\u10d4\u10d7 1%-\u10e8\u10d8 10 000 $. \u10e1\u10d0\u10e5\u10db\u10d4 \u10d9\u10d0\u10e0\u10d2\u10d0\u10d3 \u10d0\u10e0 \u10ec\u10d0\u10d5\u10d8\u10d3\u10d0 \u10d3\u10d0 B \u10e1\u10d4\u10e0\u10d8\u10d8\u10e1 \u10d3\u10d0\u10db\u10e4\u10d8\u10dc\u10d0\u10e1\u10d4\u10d1\u10d4\u10da\u10db\u10d0 1% &#8211; 5000$ -\u10d0\u10d3 \u10d8\u10e7\u10d8\u10d3\u10d0&#8230; \u10d0\u10db\u10d8\u10d7 \u10d7\u10e5\u10d5\u10d4\u10dc\u10d8 \u10d8\u10dc\u10e2\u10d4\u10e0\u10d4\u10e1\u10d4\u10d1\u10d8 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10d3\u10d0\u10d6\u10d8\u10d0\u10dc\u10d3\u10d4\u10e1&#8230;<br \/><br \/>\u10d0\u10e0\u10e1\u10d4\u10d1\u10dd\u10d1\u10e1 \u10d3\u10d0\u10ea\u10d5\u10d8\u10e1 \u10db\u10d4\u10e5\u10d0\u10dc\u10d8\u10d6\u10db\u10d4\u10d1\u10d8 \u10d0\u10e1\u10d4\u10d7\u10d8 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1, \u10e0\u10dd\u10db\u10da\u10d4\u10d1\u10d8\u10ea \u10de\u10e0\u10d8\u10d5\u10d8\u10da\u10d4\u10d2\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d0\u10e5\u10ea\u10d8\u10d8\u10e1 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d4\u10d1\u10e1 \u10d2\u10d0\u10dc\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10d0\u10d5\u10d4\u10dc&#8230; \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10dd\u10d0 \u10d7\u10e5\u10d5\u10d4\u10dc \u10e1\u10e0\u10e3\u10da\u10d0\u10d3 \u10d3\u10d0\u10ea\u10e3\u10da\u10d8 \u10d9\u10dd\u10dc\u10e2\u10e0\u10d0\u10e5\u10e2\u10d8 \u10d2\u10e5\u10dd\u10dc\u10d3\u10d4\u10d7 \u10d3\u10d0 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e1\u10e0\u10e2\u10d0\u10ea\u10d8\u10d0 10 000$\/5 000$ = 2\/1 &#8211; \u10d7\u10d0\u10dc\u10d0\u10e4\u10d0\u10e0\u10d3\u10dd\u10d1\u10d8\u10d7 \u10db\u10dd\u10d0\u10ee\u10d4\u10e0\u10ee\u10dd\u10d7&#8230; \u10d0\u10dc \u10e8\u10e3\u10d0\u10da\u10d4\u10d3\u10e3\u10e0\u10d8 \u10d3\u10d0\u10ea\u10d5\u10d0 \u10d2\u10e5\u10dd\u10dc\u10d3\u10d4\u10d7 \u10d3\u10d0 \u10dc\u10d0\u10ec\u10da\u10dd\u10d1\u10e0\u10d8\u10d5 \u10db\u10d0\u10d8\u10dc\u10ea \u10d0\u10e6\u10d0\u10d3\u10d2\u10d8\u10dc\u10dd\u10d7 &#8220;\u10e1\u10d0\u10db\u10d0\u10e0\u10d7\u10da\u10d8\u10d0\u10dc\u10dd\u10d1\u10d0&#8221;&#8230;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/exit-diagrams.xlsx\">Exit Diagrams Excel Model (Geo)<\/a><br \/><br \/>\u10ec\u10e7\u10d0\u10e0\u10dd:<br \/>Venture Capital &amp; the Finance of Innovation<br \/>Andrew Metrick &amp; Ayako Yasuda<br \/><br \/>\u10d0\u10e1\u10d4\u10d5\u10d4 \u10e8\u10d4\u10d7\u10d0\u10dc\u10ee\u10db\u10d4\u10d1\u10d8\u10e1 \u10db\u10dd\u10d3\u10d4\u10da\u10d4\u10d1\u10d8 \u10e8\u10d4\u10d2\u10d8\u10eb\u10da\u10d8\u10d0\u10d7 \u10dc\u10d0\u10ee\u10dd\u10d7 \u10d0\u10e5:<br \/><a href=\"https:\/\/nvca.org\/model-legal-documents\/\">Model Legal Documents &#8211; National Venture Capital Association &#8211; NVCA<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Venture capital funds primarily use preferred shares (redeemable, convertible, mandatorily convertible, automatically convertible, etc.) to finance startups. Based on the details of the agreement, exit diagrams are created, which show how profits\/assets are divided in the event of liquidation or the fund\u2019s exit. For example, the diagram below shows a simple exit diagram for convertible [&hellip;]<\/p>\n","protected":false},"author":12998525,"featured_media":1473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":true},"categories":[774675955,164077271],"tags":[8590,4269,6635,13843,8589],"class_list":{"0":"post-1472","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-venture-capital-the-finance-of-innovation-by-a-metrick-a-yasuda","8":"category-vc-valuation","9":"tag-economy","10":"tag-finance","11":"tag-investing","12":"tag-stock-market","13":"tag-stocks","15":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/1704444376166.jpeg?fit=800%2C451&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pQZ85-nK","_links":{"self":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/users\/12998525"}],"replies":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/comments?post=1472"}],"version-history":[{"count":25,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1472\/revisions"}],"predecessor-version":[{"id":4484,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1472\/revisions\/4484"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media\/1473"}],"wp:attachment":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media?parent=1472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/categories?post=1472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/tags?post=1472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}