vc-term-sheet-waterfalllisted

# VC Startup Exit Liquidation Preference Waterfall Calculates share payout distributions for Indonesian venture capital investor tiers (Series Seed, Series A, Series B) and common shareholders (founders/employees) during M&A or exit events under Indonesian Company Law (UU No. 40/2007). ## Waterfall Distribution Mechanics 1. **Conversion Evaluation**: Evaluates whether non-participating preferred shares achieve higher returns by converting into Common Shares. 2. **Seniority Preference Waterfall**: Distributes liquidation preference payouts in order of tier seniority (e.g. Series B ➔ Series A ➔ Seed). 3. **Participating Pro-Rata Distribution**: - **Participating Preferred**: Receives preference payout **plus** pro-rata share of remaining exit proceeds. - **Cap Limits**: Enforces participation cap multiples (e.g. 2x or 3x Cap limit on total investment return). - **Non-Participating Preferred**: Does not participate in remaining proceeds after receiving preference payout unless converted. 4. **Common Shareholders Pool**: Remaining exit proceeds after all preferred obligations are distributed to founders and ESOP pools. ## Hybrid Execution Model Pass parameters to `engines/term-sheet-waterfall.js`: * `calculateExitWaterfall({ exitValuation, investorTiers, commonOwnershipPercent })` ## Worked Example Input: Exit Valuation Rp 100.000.000.000 (Rp 100B). - Series B: Rp 20B investment, 1.0x Senior preference, Participating, 15% ownership. - Series A: Rp 10B investment, 1.0