Consider the following four CP investors:

(1) Series A: $5M APP (and 2X liquidation preference) or converts to 5M shares;

(2) Series B: $10M APP or converts to 8M shares;

(3) Series C: $10M APP or converts to 5M shares;

(4) Series D: $5M APP or converts to 10M shares.

In addition to these investors, the founders hold 10M shares of common.

(a) Find the conversion order for these investors.

(b) Find the conversion conditions for these investors.

(c) Draw and read the exit diagrams following the Series D investment.

(d) Assume that total valuation is $50M. Compute the LP valuation for each series.