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Last updated: December 1, 2025

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Page owner: @Enda Cahill

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• What is Sequence’s current valuation (and 409A, preferably)
  • $75m
  • Last HMRC valuation (409a equivalent) was £0.29828/share
• What is the total number of fully diluted shares outstanding?
  • 20,059,869
• How do I calculate the % of the company today (fully diluted) represented by the equity grant?
  • Divide your equity grant by $75m (convert to USD if grant is in GBP) to arrive at the final %.
• What other terms around equity should I be aware of? Shadow units vs RSUs, graded vesting,etc.
  • 1 year cliff, 4-year vest
  • Vesting occurs quarterly post cliff until notice is given
  • Refreshers regularly granted to top performers in the business
• Are there any outstanding convertible securities (SAFEs, convertible notes, warrants)?
  • All investments are included in the $18.5m raised to date (no outstanding SAFEs, convertible notes or warrants) and only our VCs have a 1x liquidation preference (not the angels).
  • No ‘overhang’ given only 1 funding round has been completed to date
• What is the liquidation preference stack and overhang today?
  • The liquidation preference is $13.4m today (all of this comes from our VC investors, the remaining $2m does not have a liquidation preference).
• What’s the treatment of equity grants upon employee termination?
  • All vested equity is retained by the employee upon contract termination
• Is the equity grant based on the preferred stock price or the common price?
• Equity grant value is based on the preferred option value
• How long is the post termination exercise period?
  • 10 years (UK)