Legal Matters

Page Summary: Legal matters around company incorporation, term sheet, and financing.

Incorporation paperwork

See📄Step 3: File incorporation paperwork

Term sheet

For OCV company’s Seed round:

1. Options pool expectation: see

2. Board seat: see Board Composition

3. Terms not to be in conflict with OCV’s safe side letter

Preferred financing round

OCV expects the following rights in our companies Seed Preferred financing round:

1. Major Investor status - impacts information, pro-rata, inspection, right of first refusal, and co-sale rights

2. Qualified Key Holder status - first common director seat and drag-along trigger are tied to the vote of a majority of Qualified Key Holders

3. Drag-along triggers are not typically exercised in practice and generally not a point of contention

4. The ability to vote for common director board seats is an important right for OCV given our ownership stake (especially common shares) in OCV companies