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Trends in Legal Terms in Venture Financings in Israel - First Half 2014

Background —We have analyzed the terms of venture financings for Israeli and Israeli-related technology
companies that reported raising money during H1 2014. Our survey does not include financing rounds of less
than US $500,000. The tables below also show, for purposes of comparison, the results of our previously released

Financing Round —The financings closed in H1 2014 and in the periods covered by our previous surveys may
be broken down by types of round, or series, as follows:

Price Change —The financings closed in H12014 and in the periods covered by our previous surveys may be
broken down by the directions of the change in price as compared to each company’s respective previous round,
as follows:


The percentages of financing transactions that were down-rounds, broken down by series, were as follows:

Liquidation Preference
— Senior liquidation preferences were used in the following percentages of financings:


The percentages of financing transactions with senior liquidation preference, broken down by series, were as follows:

Multiple-Based Liquidation Preferences
— The percentage of financing transactions with senior liquidation preferences that included multiple preferences was as follows:


Of the financings in which there were senior liquidation preferences based on multiples, the range of the multiples may be broken down as follows:

Participation in Liquidation — The percentage of transactions, out of the total number of financing transactions, which included participation rights in liquidation were as follows:


Out of those financing transactions the terms of which provided for participation, the percentages of those in which no cap was placed on the investors' right to participation were as follows:


Cumulative Dividends and/or Accrued Interest as Part of the Liquidation Preference
— Cumulative dividends and/or accrued interest constituted part of the liquidation preferences in the following percentages of financings:


Anti-dilution Provisions
—The use of anti-dilution provisions in the financings which took place in H1 2014 and
in the periods covered by our previous surveys may be broken down as follows:


Pay-to-Play Provisions
—The use of pay-to-play provisions in the financings which took place in H1 2014 and in
the periods covered by our previous surveys may be broken down as follows:

— The percentage of transactions in 2013 and the periods covered by our previous surveys, out of the total number of financings in each respective period, in which the terms provided for mandatory redemption or redemption at the option of the venture capitalist was as follows:

Corporate Reorganizations
— The percentage of post-Series A financing transactions in 2013 and the periods covered by our previous surveys, out of the total number of financings in each respective period, which involved the conversion of senior securities into more junior securities was as follows:

For additional information about this report please contact Lior Aviram — or Limor Peled —, at Shibolet & Co., 972-3-7778333; or Barry Kramer at 650-335-7278; or Michael Patrick at 650-335-7273; at Fenwick & West. To be placed on an email list for future editions of this survey please go to or to


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