EBV is considering a $6M Series A investment in Newco. The founders and employees of Newco have claims on 10M shares of common (including the stock pool). Now, however, in addition to the CP structure (6M share of CP), EBV is considering six alternative structures for their investment.

Structure I: The original structure considered in Exercise 8.2: 6M shares of CP.

Structure II: 6M shares of common. Structure III: RP + 6M shares of common. Structure IV: PCP with participation as-if 6M shares of common.

Structure V: PCPC with participation as-if 6M shares of common, with liquidation return capped at 5 times OPP.

Structure VI: RP ($4M APP) + 5M shares of CP ($2M APP).

Structures IV and V have mandatory conversion upon a QPO, where a QPO is any offering of at least $5 per common share and $15M of proceeds. For the purpose of solving this problem, assume that any exit above $5 per share will qualify as a QPO (i.e., acquisitions for at least $5 per common share would also be considered to be QPOs).

Draw an exit diagram for each structure.