How much is terminal value and how was it derived? What are the required returns for each investor's specific round of financing?

How do they compare to each other and why are they different? What is the process used to determine an investor's present value relative to their round of financing?

Why did the owners desire to hold back 15% for employee incentive stock plans?

As a prospective investor is this a welcome provision? Why or why not? I

n general terms, explain how the percentage of ownership, retention, percentage of ownership with retention and number of shares issued to each investor are obtained?