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Term Glossary
Legal Lingo for Startups and Funds
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4 Years with a 1-Year Cliff
409A Valuation
83(b) Election
A
Accelerated Vesting
Accelerator
Accredited Investor
Acqui-hire
Acquisition
Advisory Board
Alpha
Alternative Minimum Tax (AMT)
Amended and Restated Certificate of Incorporation
Angel Investor
Annual Recurring Revenue (ARR)
Anti-Dilution
Appraisal Rights
At-Will Employment
Authorized Shares
B
Balance Sheet
Blended Preferences
Board Minutes
Board Observer
Board of Directors
Book Value
Book Value Method
Bootstrapping
Bridge Financing
Broad-Based Weighted Average
Broker-Dealer
Burn Rate
Business Judgment Rule
Buy-Out
C
C Corporation
CAN-SPAM Act
Cap Table
Capital Gains
Capital Interest
Carried Interest
Cash Flow
Cash-on-Cash Return
Cashless Exercise
CCPA
CIIAA
Class Voting
Classes of Stock
Clawback
Cliff
Co-Sale Rights
Common Stock
Conditions Precedent to Financing
Control Terms
Conversion Rights
Convertible Note
Cumulative Voting
D
Data Room
Dilution
Disclosure Schedules
Discount
Discounted Cash Flow
Dividend
Double-Trigger Acceleration
Down Round
Drag Along Rights
Due Diligence
Duty of Care
Duty of Loyalty
E
Early Exercise
EBITDA
Employment Taxes
Equity
Equity Compensation
Equity Crowdfunding
Equity Incentive Plan
Escrow
Exclusive License
Exercise Price
Exercise Window
Exit
F
Fair Market Value
FAST
Fiduciary Duty
Field of Use
FINRA
Flat Round
Form 2553
Form D
Full Ratchet Anti-Dilution
Fully-Diluted Capitalization
Fund of Funds
Fundraising
G
GAAP
GDPR
General Partner
General Solicitation
Golden Parachute Payment
H
High Resolution Financing
Holdback
Howey Test
Hurdle Rate
I
Incentive Stock Options (ISOs)
Indemnification
Independent Directors
Information Rights
Inside Basis
Inside Directors
Integration
Internal Rate of Return (IRR)
Investment Contract
Investor Questionnaire
Investors' Rights Agreement
IP Assignment
IPO
Irrevocable Proxy
J
Junior Debt
K
Key Performance Indicator (KPI)
L
Lead Investor
Letter of Intent (LOI)
Leverage
License
Limited Liability Company (LLC)
Limited Partnership Agreement
Liquidation Preference
Liquidity Event
Lock-up Period
Long-Term Capital Gains
M
Major Investor
Management Fee
Management Rights Letter
Maturity Date
Monthly Recurring Revenue (MRR)
Most Favored Nations Clause
N
NDA
Net Operating Loss (NOL)
No-Action Letter
No-Shop Clause
Non-Compete
Non-Participating Preferred Stock
Non-Qualified Stock Options (NSOs)
Non-Solicitation
Nonrecourse Debt
O
Offer Letter
Option Budget
Option Pool
Ordinary Income Tax
Organizational Board Consent
Outside Basis
Outstanding Shares
Overhang
P
Par Value
Pari Passu
Participating Preferred Stock
Pass-Through Taxation
Passive Loss Rule
Pay-to-Play
Penny Warrant
Perpetual License
Phantom Equity
PIIA
Pitch Deck
Portfolio Company
Post-Money Valuation
Pre-Money Valuation
Preferred Stock
Price Per Share
Priced Round
Prime Rate
Pro Rata
Profits Interest
Promissory Note
Protective Provisions
Q
Qualified Financing
Qualified Small Business Stock (QSBS)
Quorum
R
Recourse Debt
Redemption Rights
Registered Agent
Registration Rights
Regulation A
Regulation CF
Regulation D
Regulation S
Representations and Warranties
Restricted Security
Restricted Stock Award
Restricted Stock Purchase Agreement
Revocable License
Right of First Refusal (ROFR)
Right of First Refusal and Co-Sale Agreement
Rule 144
Rule 504
Rule 506(b)
Rule 506(c)
Rule 701
Runway
S
S Corporation
SAFE
Secondary Sale
Section 1202
Section 25102(f) Notice Filing
Section 25102(o) Notice Filing
Section 351 Exchange
Section 368 Corporate Reorganizations
Section 409A
Secured Revolving Note
Securities Act of 1933
Securities and Exchange Commission (SEC)
Securities Exchange Act of 1934
Security
Series FF Stock
Shadow Preferred Stock
Short-Term Capital Gains
Side Letter
Single-Trigger Acceleration
Soft Circle
Source Code
Stacked Preferences
Staggered Valuation Caps
Stealth Mode Startup
Stock Appreciation Rights (SARs)
Stock Options
Strike Price
T
Tag Along Rights
TAM
TCPA
Term Sheet
Transactional Exemption
Treasury Stock
U
Unicorn
Unrelated Business Taxable Income (UBTI)
Unvested Equity
V
Valuation
Valuation Cap
Variable Expenses
Venture Capital Firm
Venture Funds
Vesting
Vice Clause
W
Warrant
Waterfall
Y
Y Combinator
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