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Copyright Scality 2014
Comparing France and California
tax rate on exit
Prepared for Festival French Tech by
Copyright Scality 2014
3 Startups:
A. IPO at $800 M value, raising $96.5M in seed to Series D
B. Successful M&A at $187M, ...
Copyright Scality 2014
Start-up A – IPO at $800 M value
Start-up A : Seed to D round, IPO
Inception Year 1 Year 2 Year 3 Y...
Copyright Scality 2014
Start-up B – Successful exit at $187 M
Start-up B : Seed to C round, Successful M&A
Year 1 Year 2 Y...
Copyright Scality 2014
Series C – basic technology exit at $37.5M
Start-up C : Seed to B round, Basic M&A
Year 1 Year 2 Ye...
Copyright Scality 2014
French tax rate for Start-up A – standard regime
Gain
d'acquisition
(1)
Plus-value de
cession
Impôt...
Copyright Scality 2014
French tax rate for start-up A – favorable regime
Gain
d'acquisition
(1)
Plus-value de
cession
Impô...
Copyright Scality 2014
Net after tax proceeds
Start-up A :
Seed to D round, IPO $800 M value Proceeds
Profit before
tax FR...
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Comparing FR & CA tax rate on exit - Festival French Tech 2014

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Festival French Tech 2014

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Comparing FR & CA tax rate on exit - Festival French Tech 2014

  1. 1. Copyright Scality 2014 Comparing France and California tax rate on exit Prepared for Festival French Tech by
  2. 2. Copyright Scality 2014 3 Startups: A. IPO at $800 M value, raising $96.5M in seed to Series D B. Successful M&A at $187M, raising $41.4 in seed to Series C C. Basic technology M&A at $37.5 M, raising $16.5M in seed to Series B 4 Roles: • Founder, owns 40% at inception, and receives stock option in Series C and D • Co-founder, owns 20% at inception • Engineer, receives 0.2% stock option at seed, and then more • Business angel, invests $200 K at seed Comparing the tax rate at exit for Slide 2
  3. 3. Copyright Scality 2014 Start-up A – IPO at $800 M value Start-up A : Seed to D round, IPO Inception Year 1 Year 2 Year 3 Year 4 Year 5 (in thousand) Seed Series A Series B Series C Series D IPO Pre-money value 3,000$ 10,000$ 25,000$ 60,000$ 150,000$ 800,000$ Money raised 1,500$ 5,000$ 10,000$ 30,000$ 50,000$ New stock option 5% 5% 5% 5% 8% Value per share 100$ 3,000$ 6,341$ 10,044$ 16,362$ 25,911$ 95,363$ Shares (% of fully diluted): Proceeds CEO Entrepreneur - stock 60.0% 38.0% 24.1% 16.4% 10.4% 7.2% 57,218$ Business Angel 4.2% 2.7% 1.8% 1.1% 0.8% 6,294$ Other (cofounders, BA) 20.0% 12.7% 8.0% 5.5% 3.5% 2.4% 19,073$ Co-founder 20.0% 12.7% 8.0% 5.5% 3.5% 2.4% 19,073$ VC 27.5% 49.1% 60.4% 69.9% 71.3% 570,080$ Stock-option (% of fully diluted) CEO Entrepreneur - stock option 0.00% 0.00% 0.00% 0.98% 1.49% 11,920$ Engineer - stock option 0.19% 0.12% 0.14% 0.14% 0.19% 1,526$ Other stock-option 4.76% 8.00% 10.36% 10.52% 14.35% 114,817$ year 6 Slide 3
  4. 4. Copyright Scality 2014 Start-up B – Successful exit at $187 M Start-up B : Seed to C round, Successful M&A Year 1 Year 2 Year 3 Year 4 year 5 (in thousand) Seed Series A Series B Series C M&A Exit Exit/total raised Pre-money value 3,000$ 10,000$ 25,000$ 50,000$ 187,500$ 452% Money raised 1,500$ 5,000$ 10,000$ 25,000$ New stock option 5% 5% 5% 5% Value per share 100$ 3,000$ 6,341$ 10,044$ 13,635$ 32,389$ Shares (% of fully diluted): Proceeds CEO Entrepreneur - stock 60.0% 38.0% 24.1% 16.4% 10.4% 19,433$ Business Angel 4.2% 2.7% 1.8% 1.1% 2,138$ Other (cofounders, BA) 20.0% 12.7% 8.0% 5.5% 3.5% 6,478$ Co-founder 20.0% 12.7% 8.0% 5.5% 3.5% 6,478$ VC 27.5% 49.1% 60.4% 69.9% 131,143$ Stock-option (% of fully diluted) CEO Entrepreneur - stock option 0.00% 0.00% 0.00% 0.98% 1,846$ Engineer - stock option 0.19% 0.12% 0.14% 0.14% 259$ Other stock-option 4.76% 8.00% 10.36% 10.52% 19,725$ Slide 4
  5. 5. Copyright Scality 2014 Series C – basic technology exit at $37.5M Start-up C : Seed to B round, Basic M&A Year 1 Year 2 Year 3 year 5 Seed Series A Series B M&A Exit Exit/total raised Pre-money value 3,000$ 10,000$ 15,000$ 37,500$ 227% Money raised 1,500$ 5,000$ 10,000$ New stock option 5% 5% 5% Value per share 100$ 3,000$ 6,341$ 6,027$ 8,589$ Shares (% of fully diluted): Proeeds CEO Entrepreneur - stock 60% 38% 24% 14% 5,153$ Business Angel 0% 4% 3% 2% 567$ Other (cofounders, BA) 20% 13% 8% 5% 1,718$ Co-founder 20% 13% 8% 5% 1,718$ VC 0% 27% 49% 66% 24,737$ Stock-option (% of fully diluted) CEO Entrepreneur - stock option 0.00% 0.00% 0.00% -$ Engineer - stock option 0.19% 0.12% 0.14% 52$ Other stock-option 4.76% 8.00% 9.48% 3,556$ Slide 5
  6. 6. Copyright Scality 2014 French tax rate for Start-up A – standard regime Gain d'acquisition (1) Plus-value de cession Impôt sur le revenu (2) Contrib. Except. sur les hauts revenus (3) Prélèvements sociaux (4) Contribution salariale (5) Impôt français total Revenu net Taux d'imposition effectif Contribution patronale (6) 0 57,158 -12,861 -2,286 -8,859 0 -24,006 33,152 42% 0 9,226 0 -4,152 -369 -738 -923 -6,181 3,045 67% 202 Total -30,188 36,196 45% 202 0 19,053 -4,287 -762 -2,953 0 -8,002 11,051 42% 0 0 6,096 -1,372 -244 -945 0 -2,560 3,536 42% 0 Engineer 1,240 0 -558 -50 -99 -124 -831 409 67% 21 (1) Opération de levée-cession : absence de PV cession (2) Taux marginal d'imposition de 45% / Abattement pour durée de détention de 50% pour les PV cession / Taux de 19% pour les BSPCE (3) Taux marginal d'imposition de 4% (4) Taux de 15,5% pour les PV de cession - Taux de 8% pour les gains d'acquisition (5) Taux de 10% (6) Taux de 30% - Base de calcul égale à 25% de la valeur de l'action au jour de l'attribution (7) Attention : les titres détenus par le CEO ne bénéficient pas du régime d'exonération des PEA car sa participation est supérieure à 25% dans la société pendant la période de 5 ans du plan Régime normal (cession actions ordinaires / cession de stock-options) Shares En k$ 66,384 Shares Stock-options CEO Entrepreneur Total revenu brut Business Angel Co-founder Shares Stock-options Slide 6
  7. 7. Copyright Scality 2014 French tax rate for start-up A – favorable regime Gain d'acquisition (1) Plus-value de cession Impôt sur le revenu (2) Contrib. Except. sur les hauts revenus (3) Prélèvements sociaux (4) Contribution salariale (5) Impôt français total Revenu net Taux d'imposition effectif Contribution patronale (6) 0 57,158 -12,861 -2,286 -8,859 0 -24,006 33,152 42% 0 9,226 0 -1,753 -369 -1,430 0 -3,552 5,674 39% 0 Total -27,558 38,825 42% 0 0 19,053 0 0 -2,953 0 -2,953 16,099 16% 0 0 6,096 0 0 -945 0 -945 5,151 16% 0 Engineer 1,240 0 -236 -50 -192 0 -478 763 39% 0 Business Angel Régime aidé (cession actions via PEA / cession BSPCE) En k$ CEO Entrepreneur Shares - non PEA (7) BSPCE Shares - PEA Total revenu brut 66,384 Co-founder Shares - PEA BSPCE Slide 7
  8. 8. Copyright Scality 2014 Net after tax proceeds Start-up A : Seed to D round, IPO $800 M value Proceeds Profit before tax FR US Difference FR US Difference CEO Entrepreneur - stock 69,138$ 66,384$ 36,196$ 40,298$ 11% 38,825$ 41,755$ 8% Co-founder 19,073$ 19,053$ 11,051$ 11,984$ 8% 16,099$ 11,984$ -26% Business Angel 6,294$ 6,096$ 3,536$ 3,834$ 8% 5,151$ 3,834$ -26% Engineer - stock option 1,526$ 1,240$ 409$ 584$ 43% 763$ 780$ 2% Start-up B succesful M&A: Seed to C round, $187.5 M value Proceeds Profit before tax FR US Difference FR US Difference CEO Entrepreneur - stock 21,280$ 20,442$ 11,589$ 12,689$ 9% 11,894$ 12,858$ 8% Co-founder 6,478$ 6,458$ 3,746$ 4,062$ 8% 5,457$ 4,062$ -26% Business Angel 2,138$ 1,940$ 1,125$ 1,220$ 8% 1,639$ 1,220$ -26% Engineer - stock option 259$ 189$ 62$ 89$ 43% 116$ 119$ 2% Start-up C technology M&A: Seed to B round, $37.5 M value Proceeds Profit before tax FR US Difference FR US Difference CEO Entrepreneur - stock 5,153$ 5,093$ 2,954$ 3,204$ 8% 2,954$ 3,204$ 8% Co-founder 1,718$ 1,698$ 985$ 1,068$ 8% 1,435$ 1,068$ -26% Business Angel 567$ 369$ 214$ 232$ 8% 312$ 232$ -26% Engineer - stock option 52$ 24$ 8$ 12$ 43% 15$ 15$ 2% General regime Favorable regime Net after tax * U.S. tax rate is composed of 20% maximum Federal long-term capital gains rate, 3.8% Federal net investment income tax, 12.3% maximum California tax rate, and 1% CA Mental Health Services Tax Slide 8

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