1. How are venture capital/private equity funds structured? How are VC/PE funds compensated? Why may Khosla Ventures be motivated to push for Square to seek an exit? 2. What characteristics do the firms in case Exhibit 2 have in common? Do you agree with Marc Andreesens thoughts regarding unicorn valuation levels? 3. What would the capitalization table look like after the Series E issuance? What is the post-money valuation? 4. What returns would each class of investors realize if Square exited through an IPO rather than through a sale at valuations of $3 billion, $6 billion, or $9 billion? How would the returns change if the series E securities did not have the IPO ratchet? 5. Do you recommend investing in the Series E preferred round? Explain.

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