The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 10 : Conservation and Development
Chapter 014A : The Entrepreneurs' Seed Capital Fund
(Cite as: 10 V.S.A. § 290)-
§ 290. Definitions
For purposes of this chapter:
(1) “Follow-on investment” means any investment in a Vermont firm following the initial investment.
(2) “Fund manager” means the investment management firm responsible for creating the fund, securing capital commitments, and implementing the fund’s investment strategy, consistent with the requirements of this section. The fund manager shall be paid a fee that reflects a percentage of the fund’s capital under management and a performance-fee share based on the fund’s economic performance, as determined by the Authority.
(3) “Seed capital” means first, nonfamily, nonfounder investment in the form of equity or convertible securities issued by a firm that had, in the 12 months preceding the date of the funding commitment, annual gross sales of less than $3,000,000.00. (Added 2009, No. 54, § 25, eff. June 1, 2009.)
