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<title>{{ BRAND_NAME }} — Term sheet | {{ DOC_MONTH_YEAR }}</title>
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</style>
</head>
<body>

<!-- Screen-only fixed topbar — stays at the viewport top through the whole scroll. -->
<div class="fixed-topbar">
  <div class="fixed-topbar-inner">
    <span class="brand">
      <img class="mark" src="{{ BRAND_ICON }}" alt="{{ BRAND_NAME }}"> {{ BRAND_NAME }}
    </span>
    <span class="meta">Term sheet &middot; {{ DOC_MONTH_YEAR }} &middot; Non-binding</span>
    <a class="pdf-btn" href="{{ TERM_SHEET_PDF }}" download aria-label="Download PDF">
      <svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" aria-hidden="true">
        <path d="M8 2v8M4 7l4 4 4-4M3 13h10" stroke="currentColor" stroke-width="1.6" stroke-linecap="round" stroke-linejoin="round"/>
      </svg>
      <span class="label">Download PDF</span>
    </a>
  </div>
</div>

<!-- ─────────────── PAGE 1 ─────────────── -->
<section class="page">

  <div class="topbar">
    <span class="brand"><img class="mark" src="{{ BRAND_ICON }}" alt="{{ BRAND_NAME }}"> {{ BRAND_NAME }}</span>
    <span class="meta">Term sheet &middot; {{ DOC_MONTH_YEAR }} &middot; Non-binding</span>
    <a class="pdf-btn" href="{{ TERM_SHEET_PDF }}" download aria-label="Download PDF">
      <svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" aria-hidden="true">
        <path d="M8 2v8M4 7l4 4 4-4M3 13h10" stroke="currentColor" stroke-width="1.6" stroke-linecap="round" stroke-linejoin="round"/>
      </svg>
      <span class="label">Download PDF</span>
    </a>
  </div>

  <h1 class="doc-title">{{ COMPANY_LEGAL_NAME }} &mdash; <em>seed financing term sheet.</em></h1>
  <p class="doc-subtitle">Indicative principal terms for the proposed seed investment in {{ COMPANY_LEGAL_NAME }}, a UK limited company to be incorporated in connection with this financing. Issued to named recipients only.</p>

  <div class="preamble">
    <p>This term sheet summarises the proposed principal terms of the financing described below. <strong>It is non-binding</strong> except for the confidentiality and exclusivity provisions, and is subject to satisfactory completion of due diligence and execution of definitive long-form documentation.</p>
    <p>This document is being shared with prospective investors who satisfy the relevant UK self-certification criteria. Confirmation of investor status is required prior to subscription.</p>
  </div>

  <table class="terms">
    <tr><th>Issuer</th><td><strong>{{ COMPANY_LEGAL_NAME }}</strong> (the &ldquo;Company&rdquo;), a private limited company to be incorporated in England &amp; Wales prior to closing.</td></tr>
    <tr><th>Founders</th><td>Joel Smalley, Adam Mackay, Alex Pelosi-Buchanan, Jamie Fisher, Roger Black, Steve Backley (collectively, the &ldquo;Founders&rdquo;).</td></tr>
    <tr><th>Investors</th><td>One or more accredited or self-certified investors (the &ldquo;Investors&rdquo;), each subscribing in this round.</td></tr>
    <tr><th>Round size</th><td><span class="figure">{{ ROUND_SIZE }}</span> aggregate, single tranche, single closing.</td></tr>
    <tr><th>Minimum cheque</th><td>{{ MIN_CHEQUE }} per Investor. The Company reserves the right to waive at its discretion. <strong>No maximum cheque.</strong></td></tr>
    <tr><th>Minimum aggregate</th><td>{{ MIN_AGGREGATE }}. The Company will not proceed with closing below this aggregate threshold.</td></tr>
    <tr><th>Target first close</th><td><span class="figure">{{ ROUND_CLOSE_DATE }}</span>. Indicative target; the Company aims to hold an initial close around this date and may close earlier once the {{ ROUND_SIZE }} target is reached. Subscriptions are accepted on a rolling basis between this date and the long-stop date below.</td></tr>
    <tr><th>Long-stop date</th><td><span class="figure">{{ LONG_STOP_DATE }}</span>. Subscriptions may continue to be accepted until this date at the Company&rsquo;s discretion (further closings on the same terms). After the long-stop date, the round will be deemed closed unless extended by mutual agreement.</td></tr>
    <tr><th>Funds expected</th><td>Cleared into the Company&rsquo;s solicitor&rsquo;s client account within 4 business days of each Investor&rsquo;s subscription.</td></tr>
  </table>

  <div class="page-num">Page 1 / 8</div>

</section>

<div class="page-break"></div>

<!-- ─────────────── PAGE 2 — Share economics ─────────────── -->
<section class="page">

  <div class="topbar">
    <span class="brand"><img class="mark" src="{{ BRAND_ICON }}" alt="{{ BRAND_NAME }}"> {{ BRAND_NAME }}</span>
    <span class="meta">Term sheet &middot; {{ DOC_MONTH_YEAR }} &middot; Non-binding</span>
    <a class="pdf-btn" href="{{ TERM_SHEET_PDF }}" download aria-label="Download PDF">
      <svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" aria-hidden="true">
        <path d="M8 2v8M4 7l4 4 4-4M3 13h10" stroke="currentColor" stroke-width="1.6" stroke-linecap="round" stroke-linejoin="round"/>
      </svg>
      <span class="label">Download PDF</span>
    </a>
  </div>

  <div class="section-rule">
    <h2>Share economics &amp; use of proceeds.</h2>
  </div>

  <table class="terms">
    <tr><th>Instrument</th><td>Ordinary shares of {{ NOMINAL_VALUE }} nominal value (the &ldquo;Round Shares&rdquo;), ranking <em>pari passu</em> with the Founders&rsquo; ordinary shares. No preference share class, no liquidation preference, no anti-dilution.</td></tr>
    <tr><th>Pre-money valuation</th><td><span class="figure">£1,400,000</span></td></tr>
    <tr><th>Post-money valuation</th><td><span class="figure">{{ POST_MONEY_CAP }}</span></td></tr>
    <tr><th>New investor stake</th><td>{{ NEW_INVESTOR_PCT }} of fully-diluted post-money equity.</td></tr>
    <tr><th>Founders&rsquo; retained stake</th><td>{{ FOUNDERS_PCT }} post-money, distributed per the cap table overleaf.</td></tr>
    <tr><th>Issue price</th><td><span class="figure">{{ ISSUE_PRICE }}</span> per Round Share ({{ NOMINAL_VALUE }} nominal + {{ SHARE_PREMIUM }} share premium).</td></tr>
    <tr><th>Number of Round Shares</th><td>{{ ROUND_SHARES }}</td></tr>
    <tr><th>Use of proceeds</th><td>40% product &amp; engineering; 30% business development &amp; go-to-market; 15% infrastructure &amp; operations; 15% working capital, legal &amp; compliance (including SEIS/EIS advance assurance).</td></tr>
  </table>

  <div class="page-num">Page 2 / 8</div>

</section>

<div class="page-break"></div>

<!-- ─────────────── PAGE 2 ─────────────── -->
<section class="page">

  <div class="topbar">
    <span class="brand"><img class="mark" src="{{ BRAND_ICON }}" alt="{{ BRAND_NAME }}"> {{ BRAND_NAME }}</span>
    <span class="meta">Term sheet &middot; {{ DOC_MONTH_YEAR }} &middot; Non-binding</span>
    <a class="pdf-btn" href="{{ TERM_SHEET_PDF }}" download aria-label="Download PDF">
      <svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" aria-hidden="true">
        <path d="M8 2v8M4 7l4 4 4-4M3 13h10" stroke="currentColor" stroke-width="1.6" stroke-linecap="round" stroke-linejoin="round"/>
      </svg>
      <span class="label">Download PDF</span>
    </a>
  </div>

  <div class="section-rule">
    <h2>Cap table on closing.</h2>
    <span class="nav">Fully diluted &middot; post-money</span>
  </div>

  <div class="captable">
    <table>
      <thead>
        <tr><th class="l">Holder</th><th>Role</th><th>Shares</th><th>%</th></tr>
      </thead>
      <tbody>
        <tr><td class="l">Joel Smalley</td><td>Product, CTO</td><td>155,938</td><td>24.95%</td></tr>
        <tr><td class="l">Adam Mackay</td><td>BD, CEO</td><td>155,938</td><td>24.95%</td></tr>
        <tr><td class="l">Alex Pelosi-Buchanan</td><td>Distribution</td><td>100,000</td><td>16.00%</td></tr>
        <tr><td class="l">Jamie Fisher</td><td>Pilot &middot; Muvin</td><td>44,375</td><td>7.10%</td></tr>
        <tr><td class="l">Roger Black</td><td>Distribution</td><td>21,875</td><td>3.50%</td></tr>
        <tr><td class="l">Steve Backley</td><td>Distribution</td><td>21,875</td><td>3.50%</td></tr>
        <tr><td class="l">Founders subtotal</td><td>&mdash;</td><td>{{ FOUNDER_SHARES }}</td><td>{{ FOUNDERS_PCT }}</td></tr>
        <tr class="new"><td class="l">New investors (this round)</td><td>Round Shares</td><td>{{ ROUND_SHARES }}</td><td>{{ NEW_INVESTOR_PCT }}</td></tr>
        <tr class="total"><td class="l">Total post-closing</td><td>&mdash;</td><td>{{ TOTAL_SHARES_POST }}</td><td>100.00%</td></tr>
      </tbody>
    </table>
  </div>

  <div class="page-num">Page 3 / 8</div>

</section>

<div class="page-break"></div>

<!-- ─────────────── PAGE 4 — Governance ─────────────── -->
<section class="page">

  <div class="topbar">
    <span class="brand"><img class="mark" src="{{ BRAND_ICON }}" alt="{{ BRAND_NAME }}"> {{ BRAND_NAME }}</span>
    <span class="meta">Term sheet &middot; {{ DOC_MONTH_YEAR }} &middot; Non-binding</span>
    <a class="pdf-btn" href="{{ TERM_SHEET_PDF }}" download aria-label="Download PDF">
      <svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" aria-hidden="true">
        <path d="M8 2v8M4 7l4 4 4-4M3 13h10" stroke="currentColor" stroke-width="1.6" stroke-linecap="round" stroke-linejoin="round"/>
      </svg>
      <span class="label">Download PDF</span>
    </a>
  </div>

  <div class="section-rule">
    <h2>Governance &amp; shareholder protections.</h2>
    <span class="nav">Light-touch &middot; UK seed</span>
  </div>

  <table class="terms">
    <tr><th>Board composition</th><td>Two executive directors at closing: <strong>Adam Mackay</strong> and <strong>Jamie Fisher</strong>. Investors (acting collectively, or any single investor holding ≥10% of the Company) may nominate one <strong>non-executive director (NED)</strong> to the board, subject to founder approval not unreasonably withheld. Investors holding ≥5% may otherwise appoint a non-voting observer.</td></tr>
    <tr><th>Information rights</th><td>Quarterly management accounts and an annual operating plan supplied to each Investor holding ≥5%.</td></tr>
    <tr><th>Pre-emption</th><td>Pro-rata pre-emption rights on future equity issuances, customary carve-outs (employee share scheme, M&amp;A consideration).</td></tr>
    <tr><th>Drag-along / Tag-along</th><td>Customary drag-along triggered by holders of ≥75% of the shares; tag-along on any sale by Founders of &gt;5% of their shares.</td></tr>
    <tr><th>Share transfers</th><td>Founders&rsquo; shares subject to customary good-leaver / bad-leaver provisions, to be specified in long-form documentation.</td></tr>
    <tr><th>SEIS/EIS</th><td>Pursuing SEIS and/or EIS advance assurance from HMRC is a <em>post-funding</em> obligation of the Company; it is <strong>not</strong> a closing contingency and is <strong>not</strong> assured prior to distribution of this document. No DD on eligibility has been undertaken; the Company makes no representation or warranty as to qualifying status. SEIS/EIS forms no part of the consideration.</td></tr>
    <tr><th>Confidentiality</th><td>Recipients shall keep this term sheet and all related information confidential. <em>Binding.</em></td></tr>
    <tr><th>Exclusivity</th><td>The Company shall not solicit competing offers from the date of execution until closing on {{ ROUND_CLOSE_DATE }}. <em>Binding.</em></td></tr>
  </table>

  <div class="page-num">Page 4 / 8</div>

</section>

<div class="page-break"></div>

<!-- ─────────────── PAGE 5 — Closing terms ─────────────── -->
<section class="page">

  <div class="topbar">
    <span class="brand"><img class="mark" src="{{ BRAND_ICON }}" alt="{{ BRAND_NAME }}"> {{ BRAND_NAME }}</span>
    <span class="meta">Term sheet &middot; {{ DOC_MONTH_YEAR }} &middot; Non-binding</span>
    <a class="pdf-btn" href="{{ TERM_SHEET_PDF }}" download aria-label="Download PDF">
      <svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" aria-hidden="true">
        <path d="M8 2v8M4 7l4 4 4-4M3 13h10" stroke="currentColor" stroke-width="1.6" stroke-linecap="round" stroke-linejoin="round"/>
      </svg>
      <span class="label">Download PDF</span>
    </a>
  </div>

  <div class="section-rule">
    <h2>Closing terms.</h2>
    <span class="nav">IP, conditions, governing law</span>
  </div>

  <table class="terms">
    <tr><th>Governing law</th><td>English law. Exclusive jurisdiction of the courts of England &amp; Wales.</td></tr>
    <tr><th>Expenses</th><td>Each party bears its own legal and advisory costs.</td></tr>
    <tr><th>Founder IP assignment</th><td>At incorporation, Joel Smalley (and, where applicable, his trading vehicle Rubytech) will assign to the Company all intellectual property in the {{ BRAND_NAME }} platform built to date &mdash; outright, with no licence-back and no royalty. The Company will own the platform at day one, free of any encumbrance.</td></tr>
    <tr><th>Conditions to closing</th><td>(i) Incorporation of the Company; (ii) execution of the Founder IP assignment described above; (iii) completion of investor due diligence to its reasonable satisfaction; (iv) execution of a shareholders&rsquo; agreement and adoption of bespoke articles; (v) receipt of cleared funds.</td></tr>
    <tr><th>Long-form documentation</th><td>Subscription &amp; shareholders&rsquo; agreement and bespoke articles of association to be drafted by the Company&rsquo;s solicitors and circulated within 3 days of mutual signature of this term sheet.</td></tr>
  </table>

  <div class="page-num">Page 5 / 8</div>

</section>

<div class="page-break"></div>

<!-- ─────────────── PAGE 6 — Signatures ─────────────── -->
<section class="page">

  <div class="topbar">
    <span class="brand"><img class="mark" src="{{ BRAND_ICON }}" alt="{{ BRAND_NAME }}"> {{ BRAND_NAME }}</span>
    <span class="meta">Term sheet &middot; {{ DOC_MONTH_YEAR }} &middot; Non-binding</span>
    <a class="pdf-btn" href="{{ TERM_SHEET_PDF }}" download aria-label="Download PDF">
      <svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" aria-hidden="true">
        <path d="M8 2v8M4 7l4 4 4-4M3 13h10" stroke="currentColor" stroke-width="1.6" stroke-linecap="round" stroke-linejoin="round"/>
      </svg>
      <span class="label">Download PDF</span>
    </a>
  </div>

  <div class="section-rule">
    <h2>Signatures.</h2>
    <span class="nav">Execution &middot; Investor self-certification follows</span>
  </div>

  <div class="signatures">
    <div class="sigblock">
      <div class="label">For the Company</div>
      <div class="line"></div>
      <div class="name"><strong>Adam Mackay</strong><br><em>Director-designate, {{ COMPANY_LEGAL_NAME }}</em></div>
      <div class="line" style="margin-top: 16px;"></div>
      <div class="name"><strong>Jamie Fisher</strong><br><em>Director-designate, {{ COMPANY_LEGAL_NAME }}</em></div>
    </div>
    <div class="sigblock">
      <div class="label">For the Investor</div>
      <div class="kv"><span class="k">Name</span><div class="line"></div></div>
      <div class="kv"><span class="k">Entity (if applicable)</span><div class="line"></div></div>
      <div class="kv"><span class="k">Commitment &pound;</span><div class="line"></div></div>
      <div class="kv"><span class="k">Signature</span><div class="line tall"></div></div>
      <div class="kv"><span class="k">Date</span><div class="line"></div></div>
    </div>
  </div>

  <p class="note-strip">The Investor must additionally complete one of the two FCA self-certification statements on the
    pages that follow before subscription monies are accepted. The exemption that the Company relies upon to make this
    financial promotion is the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO),
    article 48 (Certified High Net Worth Individuals) or article 50A (Self-certified Sophisticated Investors).</p>

  <div class="page-num">Page 6 / 8</div>

</section>

<div class="page-break"></div>

<!-- ─────────────── PAGE 7 — Certified High Net Worth Individual ─────────────── -->
<section class="page cert-page">

  <div class="topbar">
    <span class="brand"><img class="mark" src="{{ BRAND_ICON }}" alt="{{ BRAND_NAME }}"> {{ BRAND_NAME }}</span>
    <span class="meta">Investor self-certification &middot; FPO article 48</span>
    <a class="pdf-btn" href="{{ TERM_SHEET_PDF }}" download aria-label="Download PDF">
      <svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" aria-hidden="true">
        <path d="M8 2v8M4 7l4 4 4-4M3 13h10" stroke="currentColor" stroke-width="1.6" stroke-linecap="round" stroke-linejoin="round"/>
      </svg>
      <span class="label">Download PDF</span>
    </a>
  </div>

  <h1>Statement for Certified High Net Worth Individual</h1>
  <div class="cert-sub">Prescribed under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, article 48.</div>

  <p class="intro">I make this statement so that I can receive promotional communications which are exempt from the
    financial-promotion restriction in the Financial Services and Markets Act 2000. The exemption relates to certified
    high net worth individuals. I declare that I qualify as such because <strong>at least one</strong> of the following
    applies to me:</p>

  <div class="crit-head">I qualify because (tick at least one):</div>
  <ul class="criteria">
    <li><span class="box"></span><span>I had, during the financial year immediately preceding the date below, an annual
        income to the value of <strong>{{ MIN_AGGREGATE }} or more</strong>. ("Annual income" excludes monies withdrawn from
        pension savings, pension lump sums, state pensions, redundancy / termination payments, or proceeds from a
        residence sale.)</span></li>
    <li><span class="box"></span><span>I held, throughout the financial year immediately preceding the date below, net
        assets to the value of <strong>£250,000 or more</strong>. ("Net assets" excludes my primary residence and any
        loan secured on it, rights under qualifying contracts of insurance, and pension benefits.)</span></li>
  </ul>

  <div class="declaration">
    I accept that I can lose my property and other assets from making investment decisions based on financial
    promotions. I am aware that it is open to me to seek advice from an authorised person who specialises in advising
    on investments of the kind referred to. I confirm I have read the risk warning relating to the relevant
    investment.
  </div>

  <div class="sigrow">
    <div class="sigblock">
      <div class="kv"><span class="k">Signed</span><div class="line tall"></div></div>
      <div class="kv"><span class="k">Full name</span><div class="line"></div></div>
    </div>
    <div class="sigblock">
      <div class="kv"><span class="k">Date</span><div class="line"></div></div>
      <div class="kv"><span class="k">Address</span><div class="line tall"></div></div>
    </div>
  </div>

  <div class="page-num">Page 7 / 8</div>

</section>

<div class="page-break"></div>

<!-- ─────────────── PAGE 4 — Self-certified Sophisticated Investor ─────────────── -->
<section class="page cert-page">

  <div class="topbar">
    <span class="brand"><img class="mark" src="{{ BRAND_ICON }}" alt="{{ BRAND_NAME }}"> {{ BRAND_NAME }}</span>
    <span class="meta">Investor self-certification &middot; FPO article 50A</span>
    <a class="pdf-btn" href="{{ TERM_SHEET_PDF }}" download aria-label="Download PDF">
      <svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" aria-hidden="true">
        <path d="M8 2v8M4 7l4 4 4-4M3 13h10" stroke="currentColor" stroke-width="1.6" stroke-linecap="round" stroke-linejoin="round"/>
      </svg>
      <span class="label">Download PDF</span>
    </a>
  </div>

  <h1>Statement for Self-certified Sophisticated Investor</h1>
  <div class="cert-sub">Prescribed under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, article 50A.</div>

  <p class="intro">I declare that I am a self-certified sophisticated investor for the purposes of the Financial
    Services and Markets Act 2000 (Financial Promotion) Order 2005. I understand that this means: (i) I can receive
    financial promotions that may not have been approved by a person authorised by the Financial Conduct Authority;
    (ii) the content of such financial promotions may not conform to rules issued by the Financial Conduct Authority;
    (iii) by signing this statement I may lose significant rights; (iv) I am aware that it is open to me to seek
    advice from someone who specialises in advising on this kind of investment.</p>

  <div class="crit-head">I qualify because (tick at least one):</div>
  <ul class="criteria">
    <li><span class="box"></span><span>I am, or have been within the last two years, a member of a network or syndicate
        of business angels.</span></li>
    <li><span class="box"></span><span>I have made more than one investment in an unlisted company in the two years
        prior to the date below.</span></li>
    <li><span class="box"></span><span>I am working, or have worked in the last two years, in a professional capacity
        in the provision of finance to small and medium-sized enterprises, or in the provision of private equity.</span></li>
    <li><span class="box"></span><span>I am currently, or have been in the last two years, a director of a company with
        an annual turnover of at least <strong>£1 million</strong>.</span></li>
  </ul>

  <div class="declaration">
    I accept that the investments to which the promotions will relate may expose me to a significant risk of losing all
    of the property invested. I am aware that it is open to me to seek advice from an authorised person who
    specialises in advising on this kind of investment.
  </div>

  <div class="sigrow">
    <div class="sigblock">
      <div class="kv"><span class="k">Signed</span><div class="line tall"></div></div>
      <div class="kv"><span class="k">Full name</span><div class="line"></div></div>
    </div>
    <div class="sigblock">
      <div class="kv"><span class="k">Date</span><div class="line"></div></div>
      <div class="kv"><span class="k">Address</span><div class="line tall"></div></div>
    </div>
  </div>

  <div class="page-num">Page 8 / 8</div>

</section>

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