Published on August 18, 2009
-1 :=----. dflffilll'" = -.2.i v El Investment - Process The Legal Element Transforming Indunry2008-201 lrish 0
.--..-' e,llffillJ'" EGORIES INVEST OF MENT EI Only Investments No CompanyValuation StandardEl Agreement MatchingFundingRequirement Co-lnvestments Valuationset by ProfessionalInvestor - Generally Co-lnvestors Agreementused El seek similarterms - Co-lnvestorsfulfil MatchingFundingRequirement Transforming lrish Industry2008-2010
ENTERPRISE IRELAND LY INVESTMENTS IN - CumulativeConvertible Preference Redeemable Shares "ccRP" - Cumulative Dividendsaccumulate year on year at rate of 8o/o (reducedto 3o/o validationof expenditure) on - Convertible Capableof conversioninto a class of ordinaryshare - Redeemable Re-purchase the companyout of distributable by reservesor the proceedsof a fresh issue after 5 years - PreferencePriorityRightsin relation dividends, to repayment or capitaland redemption - NonVoting No right to vote at meetingsof the Company Transforming Industry lrish 2008-201 0
ENTERPRISE IRELAND AND E SUBSCRIPTION HAREHOLDERSAGREEMENT for for - Provides subscription shares the price and number and classof shares be issued to Governs relationship the between parties the goingforward The following the coretermsin the El Share are Subscription Shareholders reement and Ag lrish Transformin.J l.rdustry2008-201 0
ENTERPRISE IRELAND RMATIONRIGHTS AnnualAuditedand Quarterly Management Accounts Infoon Sales,Exports and Employment Any info required validate to expenditure i.e. Subscription Moniesusedto implement BusinessPlan. Onceexpenditure beenvalidated couponwill be has the reduced from 8% to 3oh Reasonable AccessRights validate to expenditure Tra nsfolminglrishlndustry 2008-2010
ENTERPRISE IRELAND SACTIONS - Contains Restricted 13 Transactions mainly covering: EligibleActivity Furtherissueof Shares Changes M&A's to ChargeoverAssetsincludinglP ChangeRightsattaching Shares lrish Industry2008-2010 Transformino
--1"---" ENTERPRISE IRELAND ION BREACH Rightof El to seek8% coupon early and redemption the event in thata company breach anyof 3 specificRestricted Transactions - Cease carryon EligbleActivity to - lssuefurtherShares ChangeMemorandum Articles & 21 dayCurePeriod a lowcompany rectify to to breach Tr.rnsforminq lrish IncJustrv 2008-201 0
ENTERPRISE IRELAND REHOLDERDISPOS " El's Consent Rightoverthe transfer of sharesby the Shareholders - Justification investing teamas wellas - in company - InformEl at an earlystageof any potential consent matters allowtimeto review to documentation. teamare committed El to meeting clients'deadlines. Transformino Industrv lrish 2008-2010
ENTERPRISE IRELAND RANTIES - Statement Factat the timeof completion the of of investment - Statements out in Agreement relate set and mainly title to andcapacity the shares, ongoing to any litigation, Business Planhonestly diligently and prepared etc. Any exceptions thesestatements be highlighted to can in a Disclosure Letter whichwillthenbe submitted Elto alongside Warranties together the and theywillrepresent the trueposition the company the dateof completion of at - Warrantors Company individuals withmanyVC - not as Agreements therefore personally not liable. Transforminq irish Industrv2008-2010
ENTERPRISE IRELAND VERSION - Convertible the occurrence a fundinground on of by financial tradeinvestor at leastmatches or that the sizeof El's investment - Convertible the NewShares into beingissuedat that round - Convertible discount the priceof the New at to Sharesthat increases from 15o/o year 1 to after 55%in year5 ' SecondConversion Option 4 years11 months at ,,,jn[q"9;d[n9ry.,$hUares discount Fair at a 55% to Value
ENTERPRISE IRELAND PLETIONPROCESS ' 8 weektarget turnaround time - DraftShareholders Agreement issuedto company advisers and - Negotiationslargely - non-negotiable, limited amendments madeto provide company for specific issues - Pre-Completion Requirements and met Completion Documentation furnished ' Cheque and Executed Agreement released to r*'GOf,HpOilV"o 2oo8-zo1 o
COMP ENTERPRISE IRELAND Share Subscriptionand Shareholders Agreement executed by all partiesthereto Articles of Association- Gonstitutionof the Company,amendedto providefor the rights attaching to the CCRP's Tax ClearanceGertificate Share CapitalCertificate Solicitors Gertificate Share Gertificate Gonfirmationof MatchingFundingand any other conditionsimposedby the Investment Committee. l!'ishlnclustrv Transforminq 2008-201 0
e/fl[IlTiJ'" - Valuation set by professionalInvestor - Generally Go-lnvestors Agreement used El seek similar terms Co-lnvestors fulfil MatchingFundingRequirement Transforming trishIn6ig511y 200g-2010
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