Take It or Leave It – Working Through A Term Sheet

Last night Locke Lord and the Hartford Insurtech Hub teamed up to bring the Hartford community and the Hub’s startups a crash course on term sheet negotiation. Led by Locke Lord’s Kathleen Swan (Chicago) and moderated by Alan Levin (Hartford/New York), the group presented on, and walked through a mock negotiation of, term sheets for Convertible Promissory Notes and Series A Preferred Shares. The Hub’s Leland Holdcomb played the part of the entrepreneur, with CT Innovations’ Peter Longo playing the investor, and, of course, the Locke Lord team playing the lawyers. The event included a rundown of market terms such as co-sale rights, anti-dilution, capitalization table, preferred stock, no-shop, stock exit contingencies, valuation caps and board rights.

Additional Locke Lord team members included Christopher Martin (Houston). 

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