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Date: Mon, 18 Feb 2019 11:24:20 +0100
References: <00e901d4b17e$2beac9b0$83c05d10$@matp.es> <CADgKzdzk4B+RibmPiYAeFT_e6kSst6R-Z-LRk7xJTOEoxmrLyg@mail.gmail.com> <014501d4b247$76445980$62cd0c80$@matp.es> <CADgKzdwL6EJ8a3Jf+iJOUPd-Gca_ytV+9i-R0xoUPWz2cvbVjQ@mail.gmail.com> <02b101d4b26b$9d7dd020$d8797060$@matp.es> <CADgKzdxrqAkDWNG+67aTzuT7khZUEot-uYx_0yb3fqRvL1H1Ng@mail.gmail.com> <02cd01d4b26e$a7b216c0$f7164440$@matp.es> <CADgKzdxKG6R1imAkxXcS1FHYFQwoiMgN9OLusp0UhgtLf8+xEg@mail.gmail.com> <00c301d4b403$e9933fb0$bcb9bf10$@matp.es> <CADgKzdwNCE7M4wUqB-WaJNizD2DBW3Z5Zf+2xbEAtMVPXO-1Wg@mail.gmail.com> <00d601d4b405$cb8bcd00$62a36700$@matp.es> <CADgKzdzE9-6+F4pWBUU4O_E-=VXEqB5YzbrT5yPYN0UhK4BCdA@mail.gmail.com> <00fa01d4b4af$a6c6a620$f453f260$@matp.es> <CADgKzdyONdynHF+zhQCoiHX3e1NLjFMMi1RHM7by24Aea48sdA@mail.gmail.com> <008001d4b6fa$2c5dc8d0$85195a70$@matp.es> <CADgKzdw0jcteB0s-g+hb86GPXhtoo7k_Bgfb86ekYvEULXV+0Q@mail.gmail.com> <042901d4b731$70b72bc0$52258340$@matp.es> <CADgKzdz=UKYOOWno2qEcD-3+0OvGPu1=rLS469d=k0hxKvFHeg@mail.gmail.com> <003c01d4be01$69be4930$3d3adb90$@matp.es> <CADgKzdxb7TBsaw2vv6aDYHt6YntYtS71La21k+YEXkg_qkoFrg@mail.gmail.com> <CADgKzdzqkqmypxFXk4+QXbSJx1951r0E8UnBjxwSWg6pW8_9MA@mail.gmail.com>
In-Reply-To: <CADgKzdzqkqmypxFXk4+QXbSJx1951r0E8UnBjxwSWg6pW8_9MA@mail.gmail.com>
Message-ID: <CADgKzdwdXj0yP12keAnyPPC2KhGkCv1eNo-rhaU+ShCr92cuFw@mail.gmail.com>
Subject: Re: the subject line
From: Paolo <xxx@gmail.com>
To: Leticia Hernandez Santos <yyy@matp.es>
Cc: Evan Floden <evan@Companyname.io>, Some Name <ppp@matp.es>, "Some name" <qqq@matp.es>, zzz@matp.es
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Hi Leticia,

<remove mail content>

Thanks,
Paolo



On Fri, Feb 15, 2019 at 2:19 PM Paolo Di Tommaso <xxx@gmail.com>
wrote:

> Hi Leticia,
>
> removed content
>
>

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<div dir=3D"ltr"><div dir=3D"ltr"><div dir=3D"ltr"><div dir=3D"ltr">Hi Leti=
cia,=C2=A0<div><br></div><div>I&#39;m attaching the documents reviewed by t=
he CRG legal dept. The main change is regarding the dilution clause=C2=A0</=
div><div>(please ignore all changes in the documents at this regard because=
 we have discussed further, as explained below).=C2=A0</div><div><br></div>=
<div>They say that CRG should stay at 11.11% independently the Stock option=
 plan and therefore they are expecting their=C2=A0</div><div>share to becom=
e (50&#39;000=C2=A0+ 2&#39;500 =3D 52&#39;500 * 11.11% =3D)=C2=A0 5&#39;833=
 from current 5&#39;555.=C2=A0</div><div><br></div><div>as per my understan=
ding of clause 14.1 of the SHA they are right:=C2=A0<br><br></div></div></d=
iv><blockquote style=3D"margin:0 0 0 40px;border:none;padding:0px"><div dir=
=3D"ltr"><div dir=3D"ltr"><div><div><i>In the event of further or subsequen=
t investment rounds following the Effective Date by means of share capital =
increases through monetary contributions and/or conversion of loans and/or =
credits after the Effective date, and the price per share in any new round =
is lower than EUR 54.00054 per share (premoney valuation of EUR 3,000,000) =
including nominal value and premium, CRG will have a protection against dil=
ution below such price, by which the rest of the shareholder shall transfer=
 pro rata to CRG, at a price per share of EUR 0.10, <b>the total number of =
shares necessary for CRG to maintain the percentage in the share capital of=
 the Company it held prior to the formalization of the corresponding invest=
ment round in the event of further or subsequent investment rounds.</b></i>=
</div></div></div></div></blockquote><div dir=3D"ltr"><div dir=3D"ltr"><div=
><br></div><div><br>Can you confirm this is the correct interpretation?=C2=
=A0</div><div><br></div><div>In this case=C2=A0 Evan and me should sell (5&=
#39;833 - 5&#39;555 =3D) 278 shares, and the shares allocation after the SO=
P=C2=A0<br></div><div>should look like the following:=C2=A0<br><br></div><d=
iv><br></div><div><table cellspacing=3D"0" cellpadding=3D"0" dir=3D"ltr" bo=
rder=3D"1" style=3D"table-layout:fixed;font-size:10pt;font-family:arial,san=
s,sans-serif;width:0px;border-collapse:collapse;border:none"><colgroup><col=
 width=3D"100"><col width=3D"100"><col width=3D"100"></colgroup><tbody><tr =
style=3D"height:21px"><td style=3D"overflow:hidden;padding:2px 3px;vertical=
-align:bottom;border:1px solid rgb(204,204,204)">CRG</td><td style=3D"overf=
low:hidden;padding:2px 3px;vertical-align:bottom;text-align:right;border:1p=
x solid rgb(204,204,204)">5,833</td><td style=3D"overflow:hidden;padding:2p=
x 3px;vertical-align:bottom;text-align:right;border:1px solid rgb(204,204,2=
04)">10.05%</td></tr><tr style=3D"height:21px"><td style=3D"overflow:hidden=
;padding:2px 3px;vertical-align:bottom;border:1px solid rgb(204,204,204)">P=
aolo</td><td style=3D"overflow:hidden;padding:2px 3px;vertical-align:bottom=
;text-align:right;border:1px solid rgb(204,204,204)">31,884</td><td style=
=3D"overflow:hidden;padding:2px 3px;vertical-align:bottom;text-align:right;=
border:1px solid rgb(204,204,204)">54.92%</td></tr><tr style=3D"height:21px=
"><td style=3D"overflow:hidden;padding:2px 3px;vertical-align:bottom;border=
:1px solid rgb(204,204,204)">Evan</td><td style=3D"overflow:hidden;padding:=
2px 3px;vertical-align:bottom;text-align:right;border:1px solid rgb(204,204=
,204)">12,283</td><td style=3D"overflow:hidden;padding:2px 3px;vertical-ali=
gn:bottom;text-align:right;border:1px solid rgb(204,204,204)">21.16%</td></=
tr><tr style=3D"height:21px"><td style=3D"overflow:hidden;padding:2px 3px;v=
ertical-align:bottom;border:1px solid rgb(204,204,204)">Arnaldo</td><td sty=
le=3D"overflow:hidden;padding:2px 3px;vertical-align:bottom;text-align:righ=
t;border:1px solid rgb(204,204,204)">2500</td><td style=3D"overflow:hidden;=
padding:2px 3px;vertical-align:bottom;text-align:right;border:1px solid rgb=
(204,204,204)">4.31%</td></tr><tr style=3D"height:21px"><td style=3D"overfl=
ow:hidden;padding:2px 3px;vertical-align:bottom;border:1px solid rgb(204,20=
4,204)">SOP</td><td style=3D"overflow:hidden;padding:2px 3px;vertical-align=
:bottom;text-align:right;border:1px solid rgb(204,204,204)">5,555</td><td s=
tyle=3D"overflow:hidden;padding:2px 3px;vertical-align:bottom;text-align:ri=
ght;border:1px solid rgb(204,204,204)">9.57%</td></tr><tr style=3D"height:2=
1px"><td style=3D"overflow:hidden;padding:2px 3px;vertical-align:bottom;bor=
der:1px solid rgb(204,204,204)"></td><td style=3D"overflow:hidden;padding:2=
px 3px;vertical-align:bottom;font-weight:bold;text-align:right;border:1px s=
olid rgb(204,204,204)">58,055</td><td style=3D"overflow:hidden;padding:2px =
3px;vertical-align:bottom;text-align:right;border:1px solid rgb(204,204,204=
)">100.00%</td></tr></tbody></table><br></div><div><br></div><div><br></div=
><div>Could you please double check these numbers?=C2=A0</div><div><br></di=
v><div><br></div><div>Thanks,</div><div>Paolo</div><div><br></div><div><br>=
</div></div></div></div><br><div class=3D"gmail_quote"><div dir=3D"ltr" cla=
ss=3D"gmail_attr">On Fri, Feb 15, 2019 at 2:19 PM Paolo &lt;<a h=
ref=3D"mailto:xxxx@gmail.com">xxx@gmail.com</a>&gt; =
wrote:<br></div><blockquote class=3D"gmail_quote" style=3D"margin:0px 0px 0=
px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div dir=
=3D"ltr"><div dir=3D"ltr"><div dir=3D"ltr"><div dir=3D"ltr">Hi Leticia,=C2=
=A0<div><br></div><div>Unfortunately the CRG have not yet confirmed the dra=
ft for the capital increase. I&#39;m expecting to have their comment early =
next week.=C2=A0</div><div><br></div><div>Mr Marziali told that has an appo=
intment with the notary=C2=A0 in Paris late next week, however I&#39;m wait=
ing that he confirms the exact day.=C2=A0</div><div><br></div><div>A couple=
 of comments on the docs:=C2=A0</div><div><ul><li>Novation: &quot;Mr. Marzi=
ali shall be entitled to receive every quarter .. etc&quot;. I would add &q=
uot;upon request&quot;.=C2=A0</li><li>Sale &amp; Purchase: The correct cont=
act for CRG is: Ms Silvia=C2=A0Tortola=C2=A0Perez <a href=3D"mailto:silvia.=
tortola@crg.eu" target=3D"_blank">silvia.tortola@crg.eu</a>, instead of Pab=
lo Cironi.=C2=A0</li></ul></div><div><br></div><div>Hope to have more news =
very soon.=C2=A0</div><div><br>Cheers,<br></div><div>Paolo</div><div><br></=
div><div><br></div></div></div></div></div><div class=3D"gmail_quote"><bloc=
kquote class=3D"gmail_quote" style=3D"margin:0px 0px 0px 0.8ex;border-left:=
1px solid rgb(204,204,204);padding-left:1ex"><div dir=3D"ltr"><div class=3D=
"gmail_quote"><div></div></div></div></blockquote></div></blockquote><div>=
=C2=A0</div></div></div>

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