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Ionic Security Inc Ionic Security Inc. FKA: Social Fortress; Ionic Security enables the use of cloud services by protecting sensitive data anywhere it travels and wherever it resides, whether on the corporate network, in the cloud or on mobile devices. • Address: 1170 Peachtree Street NE, Suite 400, Atlanta, GA, 30309 • Geographic Region: Southeast • Industry: Software • SIC Codes: 7372 - Prepackaged Software (reproduction of software) • NAICS Codes: 511210 - Software Publishers • Legal Counsel: Arnall Golden Gregory LLP • Company Website: www.ionicsecurity.com Key Management Investors • VerSteeg, Jon - CFO • Amazon.com, Inc. • Ball, Robert - Chief Revenue Officer, General Counsel • BLH Venture Partners LLC • Pugh, Steve - Deputy CTO • Brookline Venture Partners • Amin, Rohan - Director • Goldman Sachs & Co • Scopellite, Steven - Director • Google Ventures (GV) • Schlein, Ted - Director • Google, Inc. (Alphabet) • Noonan, Thomas - Director • Icon Ventures • Mawhinney, Tom - Director • Imlay Investments • Gordon, Michael - Director • Individuals • Mandina, Kevin - Director • JAFCO Co., Ltd. • Ghetti, Adam - Founder, Director, CTO • JAFCO Ventures • Hinkle, Eric - President, CEO, Director • JPMorgan Chase & Co. • Swope, Darrell - VP, Engineering • Kleiner Perkins Caufield & Byers LLC • LeBlanc, Bill - VP, Integrations and Enablement (KPCB) • Allen, Sean - VP, Marketing • Meritech Capital Partners • Silva, Ken - VP, Operations and Infrastructure • Suntrust Bank • Ward, Joseph - VP, Product Management • TBA • Halpert, Ben - VP, Risk and Corporate Security • Tech Operators LLC • TechOperators LLC • TenEleven Ventures • Third Kind Venture Capital • Undisclosed Firm • Webb Investment Network • ff Venture Capital [email protected] www.primeunicornindex.com (646) 429-0949 Investment Data Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 06/19/2020 $0.44 - - - Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 01/18/2019 $38.97 $624,627,918 27,497,267 $22.72 Preferred Price Per Share: $22.72 Participating Preferred Cap: - Round: Series E or Greater Anti-Dilution: Weighted Average Direction: Flat Round Redemption: No Liquidation Preference: Senior Cumulative Dividends: Yes Liquidation Multiple: >1 - 2x Dividend Rate: 12 Stock Type: Conventional Convertible Reorganization: No Capped Participation: No Pay to Play: No Pay to Play Penalties: - Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 03/26/2018 $30.00 $578,830,805 25,481,194 $22.72 Preferred Price Per Share: $22.72 Participating Preferred Cap: - Round: Series D Anti-Dilution: Weighted Average Direction: Up Round Redemption: No Liquidation Preference: Pari Passu Cumulative Dividends: Yes Liquidation Multiple: 0 - 1x Dividend Rate: 8 Stock Type: Conventional Convertible Reorganization: No Capped Participation: No Pay to Play: No Pay to Play Penalties: - Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 12/21/2015 $40.00 $528,213,143 23,252,911 $22.72 Preferred Price Per Share: $22.72 Participating Preferred Cap: Round: Series D Anti-Dilution: Weighted Average Direction: Up Round Redemption: No Liquidation Preference: Pari Passu Cumulative Dividends: Yes Liquidation Multiple: 0 - 1x Dividend Rate: 8 Stock Type: Conventional Convertible Reorganization: No Capped Participation: No Pay to Play: No Pay to Play Penalties: [email protected] www.primeunicornindex.com (646) 429-0949 Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 09/11/2015 $0.40 $312,974,906 21,181,301 $14.78 Preferred Price Per Share: $14.78 Participating Preferred Cap: Round: Series C Anti-Dilution: Weighted Average Direction: Up Round Redemption: No Liquidation Preference: Pari Passu Cumulative Dividends: Yes Liquidation Multiple: 0 - 1x Dividend Rate: 8 Stock Type: Conventional Convertible Reorganization: No Capped Participation: No Pay to Play: No Pay to Play Penalties: Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 12/10/2014 $40.18 $312,504,299 21,149,451 $14.78 Preferred Price Per Share: $14.78 Participating Preferred Cap: Round: Series C Anti-Dilution: Weighted Average Direction: Up Round Redemption: No Liquidation Preference: Pari Passu Cumulative Dividends: Yes Liquidation Multiple: 0 - 1x Dividend Rate: 8 Stock Type: Conventional Convertible Reorganization: No Capped Participation: No Pay to Play: No Pay to Play Penalties: Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 02/05/2014 $25.59 $82,676,706 17,950,174 $4.61 Preferred Price Per Share: $4.61 Participating Preferred Cap: Round: Series B Anti-Dilution: Weighted Average Direction: Up Round Redemption: No Liquidation Preference: Pari Passu Cumulative Dividends: Yes Liquidation Multiple: 0 - 1x Dividend Rate: 8 Stock Type: Conventional Convertible Reorganization: No Capped Participation: No Pay to Play: No Pay to Play Penalties: Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 04/19/2013 $9.41 $22,908,459 11,414,280 $2.01 Preferred Price Per Share: $2.01 Participating Preferred Cap: Round: Series A Anti-Dilution: Weighted Average [email protected] www.primeunicornindex.com (646) 429-0949 Direction: Up Round Redemption: No Liquidation Preference: Pari Passu Cumulative Dividends: Yes Liquidation Multiple: 0 - 1x Dividend Rate: 8 Stock Type: Conventional Convertible Reorganization: No Capped Participation: No Pay to Play: No Pay to Play Penalties: Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 02/24/2012 $2.04 $7,218,032 5,899,495 $1.22 Preferred Price Per Share: $1.22 Participating Preferred Cap: Round: Series A Anti-Dilution: Weighted Average Direction: Not Applicable Redemption: Yes Liquidation Preference: Not Applicable Cumulative Dividends: Yes Liquidation Multiple: 0 - 1x Dividend Rate: 8 Stock Type: Conventional Convertible Reorganization: No Capped Participation: No Pay to Play: No Pay to Play Penalties: [email protected] www.primeunicornindex.com (646) 429-0949 Price Per Share With Valuation Valuation Preferred PPS Common PPS 625 Million $22.72 562 Million $20.44 500 Million $18.17 437 Million $15.90 375 Million $13.63 312 Million $11.36 PPS 250 Million $9.09 Valuation 187 Million $6.81 125 Million $4.54 62.5 Million $2.27 0 $0.00 02/24/2012 11/30/2012 09/06/2013 06/13/2014 03/20/2015 12/25/2015 09/30/2016 07/07/2017 04/13/2018 01/18/2019 [email protected] www.primeunicornindex.com (646) 429-0949 Valuation Preferred PPS Date Valuation Date PPS 02/24/2012 $7,218,032.00 02/24/2012 $1.22 04/19/2013 $22,908,459.00 04/19/2013 $2.01 02/05/2014 $82,676,706.00 02/05/2014 $4.61 12/10/2014 $312,504,299.00 12/10/2014 $14.78 09/11/2015 $312,974,906.00 09/11/2015 $14.78 12/21/2015 $528,213,143.00 03/26/2018 $22.72 03/26/2018 $578,830,805.00 01/18/2019 $22.72 01/18/2019 $624,627,918.00 [email protected] www.primeunicornindex.com (646) 429-0949 Prime Unicorn Index Prime Unicorn Index Preferred PPS 838 $22.72 754 $20.44 670 $18.17 587 $15.90 503 $13.63 419 $11.36 Index Values Index 335 $9.09 251 $6.81 Share Price Per Preferred 168 $4.54 84 $2.27 0 $0.00 Feb 2012 Feb Mar 2013 Apr 2014 2015 May 2016 May 2017 Jun 2018 Jul 2019 Aug 2020 Aug Sep 2021 [email protected] www.primeunicornindex.com (646) 429-0949 What Do The Deal Terms Mean? Preferred Stock: A class of capital stock that may pay dividends at a specified rate and that has priority over common stock in the payment of dividends and the liquidation of assets. Many venture capital funds use preferred stock as their investment vehicle. This preferred stock is convertible into common stock. Dividends: The payments designated by the Board of Directors to be distributed among the shares outstanding. The type of share determines the amount. On preferred shares, it is generally a fixed amount. With common shares, the dividend can be omitted if the Directors decide to invest the money in a capital expenditure or if the business is slumping. If the dividend is paid, the amount varies depending on the amount of cash on hand. There are several types of dividends: Cumulative—Missed dividend payments that continue to accrue. Non-cumulative—Missed dividend payments that do not accrue. Liquidation Preference/Multiple: The amount per share that a holder of a given series of Preferred Stock will receive prior to distribution of amounts to holders of other series of Preferred Stock or Common Stock. This is usually designated as a multiple of the Issue Price, for example 2X or 3X, and there may be multiple layers of Liquidation Preferences as different groups of investors buy shares in different series. For example, holders of Series B Preferred Stock may be entitled to receive 3X their Issue Price, and then if any money is left, holders of Series A Preferred Stock may be entitled to receive 2X their Issue Price and then holders of Common Stock receive whatever is left. The trigger for the payment of the Liquidation Preference is typically a sale or liquidation of the company, such as a merger or sale of assets. Conventional Convertible Preferred Stock: A type of preferred stock that can also be referred to as Non-Participating Preferred Stock. This preferred stock typically receives a liquidation preference prior to the common stock, and does not participate on an as if converted basis with common stock in any remaining proceeds of a defined liquidation event. Upon such a liquidation event, holders of Conventional Convertible Preferred Stock must choose whether to receive their liquidation preference or convert their shares to Common Stock in order to participate in the pro rata distribution of assets. Participating Preferred Stock: A preferred stock entitles the owner to receive a predetermined sum of cash (usually the original investment plus accrued dividends), and also allows its holders to participate on an as-if-converted-basis with the common stock holders in any remaining proceeds of a defined liquidation event.
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