A fictitious VC firm, EBV, is considering a series A investment in a start$-$up company named Newco. The terms specify that EBV invests $$5$ million into Newco for $5M$ shares, which currently has $10M$ shares allotted to employees and founders. There are five structures that define the wealth to VCs $($$VC in vertical axis$)$ against the exit value of portfolio firm $($ $$W$ in horizontal axis$).$ Draw exit diagram for the following security structure.

Structure I: $5M$ shares of common.

Structure II: RP $($ $$5$ M APP$).$

Structure III: RP $+5M$ shares of common.

Structure IV: PCP with participation as$-$if $5$M shares of common, QPO at $$5$ per share.

Structure V: PCPC with participation as$-$if $5$M shares of common, with liquidation reliurn capped at four times OPP, QPO at $$5$ per share. If exit value $W=$$$120,$ what is the value of each structure?

$I=32$;$II=5$;III$=35\mathrm{.}3$;$IV=32$;$V=32$

$I=40$;$II=5$;III$=43\mathrm{.}3$;$IV=40$;$V=40$

$I=32$;$II=5$;III$=35\mathrm{.}3$;$IV=32$;$V=32$

$I=32$;$II=5$;III$=35\mathrm{.}3$;$IV=32$;$V=32$