seriesseed / equity

Series Seed Preferred Stock
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Eliminated four instances of erroneous text. #3

Closed strikeroot closed 11 years ago

strikeroot commented 11 years ago

Each mention of "the Disclosure Schedule" was preceded by the erroneous phrase "Section 2.2.3 of". Example: "The Key Holders’ Vesting Schedules set forth in Section 2.2.3 of the Disclosure Schedule specify..." But there is no such predefined section in the Disclosure Schedule. Section 2.2.3 is in fact the current paragraph of Exhibit B.

My guess is that it should simply read, "The Key Holders’ Vesting Schedules set forth in the Disclosure Schedule specify..." — and I have eliminated the erroneous phrase from four sentences in this section.

jboehmig commented 11 years ago

Thanks for submitting this pull request. The Section 2.2.3 language is actually intended to be in the docs, but it is admittedly somewhat confusing as is. The reference exists because each section of the disclosure schedule can be tied into the section it references in the Stock Investment Agreement. So Section 2.2.3 of the disclosure schedule can relate to Section 2.2.3 of the Stock Investment Agreement and so on. You're right though that this was not pointed out explicitly, so I will see what we can do to make this a little more clear or remove any confusion that results from this language.

strikeroot commented 11 years ago

Gotcha. Maybe a note in Exhibit D stating that sections should be specified as the section # they relate to in the agreement. Just as there is a note there now about "if no next page,..."

On that subject, if there is no next page, and therefore no Disclosure, does that mean there is no founder vesting schedule tied to the round and the founders are either fully vested or governed by a different vesting agreement? In other words, are all references in the Agreement to Exhibit D rendered null?

Josh

On Tue, Apr 2, 2013 at 4:32 PM, Jason Boehmig notifications@github.comwrote:

Thanks for submitting this pull request. The Section 2.2.3 language is actually intended to be in the docs, but it is admittedly somewhat confusing as is. The reference exists because each section of the disclosure schedule should tied into the section it references in the Stock Investment Agreement. So Section 2.2.3 of the disclosure schedule should relate to Section 2.2.3 of the Stock Investment Agreement and so on. You're right though that this was not pointed out anywhere, so I will see what we can do to make this a little more clear or remove any confusion that results from this language.

— Reply to this email directly or view it on GitHubhttps://github.com/seriesseed/equity/pull/3#issuecomment-15800584 .