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e Fund makes its first investment and thereby qualifies as a "venture capital operating company" under applicable Department of Labor regulations. No Limited Partner will be required to contribute any capital following the fifth anniversary of the date the first capital contribution is due except to the
artner Interests THIS CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM (THE "MEMORANDUM") HAS BEEN PREPARED SOLELY FOR USE BY THE PROSPECTIVE INVESTORS OF VALAR GLOBAL FUND III LP (THE "FUND" OR THE "PARTNERSHIP") AND SHALL BE MAINTAINED IN STRICT CONFIDENCE. EACH RECIPIENT HEREOF ACKNOWLEDGES AND AGREES
ransfer of an interest in the Partnership prohibited by the events described in paragraphs 9.5(a) through 9.5(h). 9.4 Transfer by Limited Partner. No Limited Partner shall sell, assign, pledge, mortgage, or otherwise dispose of or transfer its interest in the Partnership, directly or indirectly, without t
D LIMITED PARTNERSHIP AGREEMENT (the "Agreement") is made and entered into as of June 24December , 20167 (the "Initial Closing Date"), by and among VALAR VENTURES GP 4141V LLC, a Delaware limited liability company (the "General Partner"), and each investor who is identified as a limited partner on EX
e Fund makes its first investment and thereby qualifies as a "venture capital operating company" under applicable Department of Labor regulations. No Limited Partner will be required to contribute any capital following the fifth anniversary of the date of the first investment in a portfolio company excep
rivate Placement Memorandum Valar Ventures LLC 915 Broadway, Suite 1101 New York, New York 10010 Copy # Issued to: 148264373 vl EFTA00810400 VALAR Private Placement Memorandum Confidential Private Placement Memorandum VALAR GLOBAL FUND IV LP $150,000,000 Limited Partner Interests THIS CONF
ransfer of an interest in the Partnership prohibited by the events described in paragraphs 9.5(a) through 9.5(h). 9.4 Transfer by Limited Partner. No Limited Partner shall sell, assign, pledge, mortgage, or otherwise dispose of or transfer its interest in the Partnership, directly or indirectly, without t
T This LIMITED PARTNERSHIP AGREEMENT (the "Agreement") of VALAR GLOBAL FUND III LP (the "Partnership") is made and entered into as of by and among VALAR VENTURES GP HI LLC, a Delaware limited liability company (the "General Partner"), and each investor who is identified as a limited partner on EXHIB
Entities connected to both No Limited and VALAR

Peter Thiel
PERSON
Prince Andrew
PERSONVV Global LP
ORGANIZATION
United States
LOCATIONThiel Capital LLC
ORGANIZATION
Woody Allen
PERSONAllen & Company
ORGANIZATIONAndrew McCormack
PERSONBreather
PERSONa Special Purpose Investment Fund
ORGANIZATIONEach Parallel Fund
ORGANIZATION
Samantha Power
PERSONthe Securities and Exchange Commission
ORGANIZATIONthe Management Fee Percentage
ORGANIZATION
Max Levchin
PERSONLimited Partner's Capital Commitment
ORGANIZATION
Toronto
LOCATIONValar Global Principals Fund III LP
ORGANIZATION
New Zealand
LOCATIONValar Ventures LLC
ORGANIZATION