Thelander-PitchBook 2016

P R I VATE C OM P ANY
COMP ENS ATI ON S URVEY
SUMMARY R E P O R T
J. Thelander Consulting
165 Marlin
Mill Valley, CA 94941
jt@jthelander.com
jthelander.com
+1 415.383.7006

Legal Notice: The Thelander 2016 Private Company Compensation Report is

provided to its subscribers on a paid-only or participation-only basis, and is solely
for the use of those subscribers and not for sharing or distribution.
Copyright 2016, J. Thelander Consulting All Rights Reserved

TABLE OF CONTENTS
Purchase Information
List of Positions in Full Report
Compensation Report
Background of Companies
Partial List of Participants
PitchBook Private Company Trends
J.Thelander Consulting Company Info

PURCHASE INFORMATION

Thelander 2016 Private Company

Compensation Subscriptions
Subscription Levels:

Unlimited online access to private company

compensation reports for 150+ positions
Unlimited custom reports by industry
Thelander private company job descriptions
Non-investor board compensation
Unlimited custom reports by financing, location
and revenue
Thelander Change of Control &
Severance Report
Thelander M&A Financing
Private Company Report
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Private
Company
Gold:
$2,500

Private
Company
Platinum:
$4,750

Venture
Firm
Gold:
$4,000

Venture
Firm
Platinum:
$6,000

LIST OF POSITIONS IN FULL REPORT

Job Titles by Position:

CEO
CBO
CFO
COO
Chief Commercial Officer
Chief Digital Officer
Chief Marketing Officer
Chief Medical Officer
Chief Product Officer
Chief Scientific Officer
Chief Security Officer
Chief Technology Officer
General Counsel
VP Business Development
VP Client Services
VP Clinical Development
VP Drug Discovery &
Development
VP Engineering
VP Client Services
VP Finance
VP Human Resources
VP Intellectual Property
VP IoT
VP Manufacturing
VP Marketing
VP Medical Affairs

VP Operations
VP Product
VP Quality
VP R&D VP Regulatory
VP Sales
VP Sales - Regional
VP Sales - Global/International
VP Sales - National
VP Technology
Controller
Director Business Development
Director Clinical Trials
Director Engineering
Director Finance
Director Human Resources
Director Manufacturing
Director Marketing
Director of Quality Control
Director of Software/IT
Director Operations
Director Product
Director Regulatory
Director R&D
Director Sales
Director Sales - National
Director Sales - Regional

Director Technology
Director UX
Accountant - Sr
Accountant - Staff
Assay Development Manager
Assembler
Assistant - Administrative
Assistant - Executive
Biostatistician
Business Development
Manager
Buyer/Planner
Chemist
Chemist Quality Control
Clinical Field Specialist
Clinical Project Manager
Clinical Research Associate
Clinical Research Coordinator
Clinical Research Manager
CNC Machinist
Compliance Officer
Computer Operators/
Data Entry
Customer Service Manager
Customer Service
Representative

Job Titles by Position:

Designer
Designer Interaction/UX
Designer Product
Designer Visual
Document Control Clerk
Document Control Specialist
Drafter
Engineer
Engineer - Database
Engineer - Electrical/
Electronics
Engineer - Facilities
Engineer - Junior
Engineer - Manufacturing
Engineer - Mechanical
Engineer - Network
Engineer - Quality
Engineer - Reliability
Engineer - Research and
Development
Engineer - Senior
Engineer - Software
Engineer - Systems Design
Engineer - Test

Engineering Manager
Engineering Specialist
Engineering Technician
Event/Trade Show
Coordinator
Event/Trade Show Manager
Field Service Manager
Field Service Technician
Financial Analyst
General Office Clerk
HR Manager
In-Process Inspector
Inventory Control Coordinator
IoT Architect
IT Manager
Laboratory Technician
Machinist
Manufacturing Laborer
Manufacturing Technician
Marcom Manager
Marketing Analyst
Marketing Assistant
Marketing Communications
Coordinator
Marketing Manager Senior

Marketing Manager
Marketing Manager - Group
Product
Marketing Manager - Product
Marketing Specialist
Master Scheduler
Office Management
Operations Manager
Pricing and Contracts
Manager
Process Development
Manager
Programmer/Analyst
Project Manager
Quality Control Manager
Quality Technician
Receiving Inspector
Receptionists and
Information Clerk
Regulatory Affairs Manager
Regulatory Affairs Specialist
Reimbursement Manager
Reimbursement Specialists
Relationship Management
Specialist

Job Titles by Position:

Research and Development

Technician
Research Assistant
Research Scientist
Research Technician
Sales Account Manager
Sales Account Senior
Manager
Sales Administration
Analyst

Sales Manager
Sales Manager - National
Sales Manager - Regional
Sales Rep - Outside
Sales Rep - Inside
Sales Support
Sales Training Manager
Shipping and Receiving Clerk
Systems Administrator

Systems Programmer
Technical Support
Technical Trainer
Technical Writer
Test Technician
Training and Education
Coordinator
UX Manager
UX Researcher

COMPENSATION REPORT

Thelander 2016 Private Company Compensation Report - Full Report Excerpt

CEO
All Reported Data
No. of Co's
Reporting

Average

Minimum

25th %ile

Median

75th %ile

Maximum

2016 Base $

901

$279,407

$95,000

$205,800

$280,000

$350,000

$600,000

2015 Bonus $

403

$100,471

$9,500

$50,200

$90,661

$130,000

$350,000

2015 Bonus % of Base $

403

31.80%

2.56%

20.00%

28.74%

40.00%

120.00%

2015 Total Cash Compensation

901

$324,346

$95,000

$220,000

$317,100

$407,000

$850,000

2016 Projected Bonus $

478

$114,562

$10,000

$65,313

$100,000

$150,000

$520,000

2016 Projected Bonus % of Base $

478

37.14%

4.59%

25.00%

34.96%

49.97%

133.33%

% of Fully Diluted Shares

- Non-Founder

339

5.1893%

0.3700%

3.9100%

5.0000%

6.0000%

27.5000%

% of Fully Diluted Shares

- Founder

399

14.8887%

0.1200%

5.0000%

10.0000%

20.7250%

62.0000%

% of Fully Diluted Shares

- Founder for Current Job

116

3.9369%

0.2000%

1.8283%

3.0000%

5.0000%

20.0000%

CEO

J. Thelander Consulting, Copyright 2016

Thelander 2016 Private Company Compensation Report - Full Report Excerpt

CEO
Cleantech
No. of Co's
Reporting

Average

Minimum

25th %ile

Median

75th %ile

Maximum

2016 Base $

53

$290,962

$120,000

$240,000

$291,500

$350,000

$600,000

2015 Bonus $

23

$107,740

$25,000

$57,500

$86,939

$136,000

$260,850

2015 Bonus % of Base $

23

33.51%

7.61%

24.22%

30.00%

42.84%

70.50%

2015 Total Cash Compensation

53

$337,717

$120,000

$250,000

$310,000

$420,000

$640,000

2016 Projected Bonus $

31

$120,367

$25,000

$77,500

$100,000

$141,350

$400,000

2016 Projected Bonus % of Base $

31

38.08%

16.30%

29.29%

35.71%

47.50%

66.67%

% of Fully Diluted Shares

- Non-Founder

28

4.6530%

0.3700%

3.3750%

4.6250%

5.5025%

15.0000%

% of Fully Diluted Shares

- Founder

19

12.9108%

1.0000%

3.8500%

7.0600%

15.2000%

62.0000%

% of Fully Diluted Shares

- Founder for Current Job

6.1867%

1.0000%

2.2850%

5.2000%

6.7500%

19.0370%

CEO

J. Thelander Consulting, Copyright 2016

Thelander 2016 Private Company Compensation Report - Full Report Excerpt

CFO
Biotech
No. of Co's
Reporting

Average

Minimum

25th %ile

Median

75th %ile

Maximum

2016 Base $

75

$251,616

$120,000

$224,700

$256,979

$287,500

$448,000

2015 Bonus $

48

$63,472

$5,000

$39,068

$53,750

$70,750

$241,000

2015 Bonus % of Base $

48

23.35%

3.33%

15.90%

21.31%

28.58%

83.10%

2015 Total Cash Compensation

75

$292,238

$120,000

$237,438

$285,000

$339,980

$631,000

2016 Projected Bonus $

51

$68,071

$12,000

$54,500

$66,000

$78,075

$186,000

2016 Projected Bonus % of Base $

51

25.79%

8.33%

21.01%

25.00%

30.00%

41.52%

% of Fully Diluted Shares

- Non-Founder

42

1.0283%

0.2000%

0.7675%

1.0000%

1.1675%

2.1000%

% of Fully Diluted Shares

- Founder

14

1.3794%

0.0600%

1.0000%

1.3000%

1.8700%

4.0000%

% of Fully Diluted Shares

- Founder for Current Job

1.2896%

0.5160%

1.0000%

1.1900%

1.6000%

2.0000%

CFO

J. Thelander Consulting, Copyright 2016

Thelander 2016 Private Company Compensation Report - Full Report Excerpt

Chief Technology Officer
Tech
No. of Co's
Reporting

Average

Minimum

25th %ile

Median

75th %ile

Maximum

2016 Base $

210

$193,185

$90,000

$157,000

$199,500

$225,000

$315,000

2015 Bonus $

78

$48,444

$5,000

$20,000

$40,000

$67,294

$225,000

2015 Bonus % of Base $

78

22.63%

2.00%

10.34%

19.78%

30.00%

97.83%

2015 Total Cash Compensation

210

$211,179

$90,000

$166,250

$200,000

$250,000

$455,000

2016 Projected Bonus $

90

$59,125

$5,000

$36,000

$50,000

$78,750

$200,000

2016 Projected Bonus % of Base $

90

28.56%

2.50%

17.89%

27.59%

36.02%

80.00%

% of Fully Diluted Shares

- Non-Founder

73

1.7133%

0.1000%

0.9000%

1.3400%

2.0000%

8.7000%

% of Fully Diluted Shares

- Founder

93

9.6378%

0.2200%

3.8000%

8.0000%

13.0000%

48.0000%

% of Fully Diluted Shares

- Founder for Current Job

12

1.4800%

0.2000%

0.4500%

1.0000%

1.5500%

6.0000%

Chief Technology Officer

J. Thelander Consulting, Copyright 2016

Thelander 2016 Private Company Compensation Report - Full Report Excerpt

COO
Medical Devices
No. of Co's
Reporting

Average

Minimum

25th %ile

Median

75th %ile

Maximum

2016 Base $

49

$250,156

$140,000

$220,000

$254,500

$290,000

$360,000

2015 Bonus $

21

$43,671

$15,270

$30,000

$45,000

$50,000

$100,000

2015 Bonus % of Base $

21

17.77%

6.00%

9.26%

15.75%

20.97%

40.00%

2015 Total Cash Compensation

49

$268,872

$140,000

$225,000

$270,000

$300,000

$410,000

2016 Projected Bonus $

29

$64,439

$12,000

$44,440

$50,000

$100,000

$137,500

2016 Projected Bonus % of Base $

29

25.09%

5.33%

16.67%

20.45%

34.48%

45.83%

% of Fully Diluted Shares

- Non-Founder

28

1.6510%

0.3700%

1.0000%

1.0887%

1.8500%

8.0000%

% of Fully Diluted Shares

- Founder

17

7.8112%

0.6300%

4.4600%

6.0000%

9.0000%

30.0000%

% of Fully Diluted Shares

- Founder for Current Job

2.3167%

1.4000%

1.6250%

2.0000%

2.0000%

5.0000%

COO

J. Thelander Consulting, Copyright 2016

BACKGROUND OF COMPANIES

Primary Location of Companies - International

n = 980

92.1%

0.7%

2.0%

3.6%

Asia

Canada

Europe

0.3%

0.3%

India

Israel

0.6%
Latin America United States

Primary Location of Companies United States

n = 903

Southeast
4%

Southern CA
12%

Southwest
6%

Northeast
12%

Mid West
9%

Mid Atlantic
4%
Northeast
4%

Pacific Northwest
9%

Northern CA
40%

Industry
n = 913

Cleantech, 7%

Biotech, 29%

Tech, 43%

Medical Device, 21%

Total Financing Raised to Date

n = 975

21%
17%

16%

16%
11%

Under $5
Million

$5-$14.9
Million

$15-$29.9
Million

$30-$49.9
Million

$50-$69.9
Million

9%

9%

$70-$89.9
Million

$90 Million +

Most Recent Series of Funding

n = 973

24%
22%
17%

16%
11%
9%

Seed

Series A

Series B

Series C

Series D

Series E or
later

Post-Money Valuation
n = 968

22%
19%
15%

10%
8%
6%

$5-$9.9
Million

$10-$19.9
Million

$20-$29.9
Million

$30-$39.9
Million

$40-$49.9
Million

8%
5%

$50-$59.9
Million

6%

$60-$69.9
Million

$70-$89.9
Million

$90 Million
plus

DEMOGRAPHICS

Chief Executive Demographics

92%

88%

86%

8%
CEO

83%

21%

17%

14%

Chief Business
Officer

79%

12%

Chief Financial
Officer

Male

Chief Operations
Officer

Female

Chief Commercial
Officer

Chief Executive Demographics

95%

91%
84%

83%
77%

74%

26%

23%
17%

16%
9%
Chief Marketing
Officer

Chief Medical
Officer

Chief Product
Officer

Male

Chief Scientific
Officer

Female

5%
Chief Strategy
Officer

Chief Technology
Officer

Male CEO Ethnicity

Hispanic, 3%

Asian, 12%
American Indian,
2%
Black or African
American, 1%

White, 82%

Female CEO Ethnicity

Asian, 10%
Hispanic, 2%
Black or African
American, 2%

White, 86%

PARTIAL LIST OF PARTICIPANTS

2016 Thelander Private Company Compensation Survey

Partial List of Investment and Sponsor Firms
5am Ventures
Aberdare
Abingworth Bioventures
Alloy
Allsop-Louie
Amex Ventures
Amgen Ventures
Arch Ventures
Ascension Health Ventures
Astia
ATV capital
Avalon Ventures
Baxter Healthcare
Bay City Capital
BMV Direct II LP
Cambia Health
Canaan Partners
Clarus
Column Group
Comcast Ventures
DBL
DCM
Docomo Capital
Domain Ventures
DSM Venturing BV

Element Partners
Essex Woodlands Health Ventures
Fidelity Biosciences
Flagship Ventures
Foresight Capital
Foundry Group
Frazier Healthcare
GE Corporate Ventures
Google Ventures
Hearst Health Venture Firm
HLM Venture Partners
Intel Capital
Kaiser Permanente
Latteral Venture Partners
Lightstone Ventures
Lilly Ventures
Longitude Capital
Medtech Women
Merck
MDV
Mobius Venture Capital
Monsanto Ventures
Morgenthaler Ventures
NEA Ventures
New Leaf Ventures

Novartis Ventures
Novo Ventures
NRG Energy
Onset Ventures
Orbimed
Pfizer Ventures
PitchBook
PTV Sciences
Quaker BioVentures
Roche Ventures
Samsung Ventures
Sanderling
Sequoia Capital
SingTel Innov8 Ventures
SKT Ventures
Skyline
Sofinnova
SROne
SV Angel
Takeda Ventures
Telstra
TELUS Ventures
TPG Biotech
Versant Ventures
WSGR

2016 Thelander Private Company Compensation Survey

Partial List of Participant Companies (A)

10X Genomics
38 Advisors
38 Zeros
3v Biosciences
3VR Security Inc.
71 Pounds Inc.
A La Mode Inc.
Ablexis
Abravo
Acacia Pharma
Ace Metrix
Acelera Partners
AcelRx Pharmaceuticals Inc
Achievers
Acrow Bridge
AcuFocus Inc.
Acumen
Acylin Therapeutics
AdAgility
Adaptive Computing
Adara Media
Addapp Inc.
Adherial Inc.

Adpay
Aduro Biotech
Advanced Cardiac Therapeutics
Advanced ICU Care
Advanced Microgrid Solutions
Advion BioSciences
Aegea Medical Inc.
Aeglea BioTherapeutics
Aerendir Mobile Inc.
Aerospike
Aethlon Medical
Afferent Pharma
Agathos
Aggregate Shopping Corp.
Agios
Agrible Inc.
AirPR
Airtime Media
Aist Group
Ajax Vascular
Albiero
Algolia
Alianza

Alkami Technology
Allakos Inc.
Allconnect Inc.
Allergen Research Corporation
Alliance Global Services
AlloCure Inc.
Alpha Bay Corporation
Alphabet Energy
AlterG Inc.
Altitude Co.
Alvine Pharmaceuticals Inc.
AmbrxInc.
Analogix Semiconductor
Analyte Health
Anaphore
AnaptysBio
Anchor Therapuetics
AnDapt
Annexon Biosciences
Anoto
Anulex Technologies Inc.
Aperio
Apervita Inc.

2016 Thelander Private Company Compensation Survey

Partial List of Participant Companies (A-B)

Aplos Software
ApniCure
Apollo Endosurgery
Apollo Incubator
App Annie
Apperian Inc
Appirio
Apple Tree Partners
Applied Microstructures
Applied Silver
Apptentive
Apptimize
Apropose Inc.
APT Therapeutics
Aptus Health
Aqueduct Critical Care Inc.
AqueSys Inc.
Aquion Energy
Arava Power Company
Archcom Technology Inc.
ArcticSand
ArKal Medical
ArmaGen Technolgies
Arrayent
Artielle

Arvinas
Ascendify
Ascending Technologies GmbH
Ascenta Therapeutics
Aspen Avionics
ASPN Solutions
Asteres Inc.
Asuragen Inc
AternityInc.
Atheer
AtheroMed
AtHoc Inc.
Atlas Prep
Attachments.me
Atterocor
Attune
Audentes Therapeutics
Audience Science
Audyssey
Auris Medical
Auspex Pharmaceuticals Inc.
Autolist
Autonomic Technologies Inc.
Auxogyn Inc.

Avatrends Inc.
Avegant Corp.
Aviir Inc.
Awake Corporation
Axial Exchange
Axikin Pharmaceuticals Inc.
Axonics Modulation Technologies Inc.
Axonify Inc.
Axur
Azaya Therapeutics Inc.
B2U Editora SA
Bacula Systems
Baird
Bandpage
BAROnova Inc.
Beddit
Bell Bio
Bellicum Pharmaceuticals Inc.
Benvenue Medical Inc.
Beta Renewables
Bexion Pharmaceuticals
Big Door
Big Switch Networks
Bikanta

2016 Thelander Private Company Compensation Survey

Partial List of Participant Companies (B-C)

Binpress Inc.
Bio2Medical
BioCardia
Bioceptive Inc.
BioClin Therapeutics Inc.
BioCryst
Biodesy Inc.
BioLumic
BioMagnetic Solutions
BioMotiv
Bioventrix Inc.
Bioventus
Birst Inc.
BiSN Oil Tools
Bitglass
Black Duck Software
BlackArch Partners
BlackLine
Blazent Inc.
Blend Therapeutics
blispay inc.
Bloom Energy Corporation
Blue Box Group
Bluegrass Vascular Technologies

Blurb Inc.
Body Labs
Boku Inc.
Bonsai AI Inc.
Boo-box Aplicativos
Botanical Laboratories Inc.
Boxc
Bracket Computing
BrandProject
Breathe Technologies Inc.
BreatheAmerica
Bright Lifecare
BrightEdge
Brightleaf Corp
BrightSource Energy
Broadly
Broncus Technologies Inc.
Bruin Biometrics
Bulldog Solutions
ByteLight
CafeX Communications Inc.
CAG
Cairn Biosciences
Cala Health

Caldera Medical
Calibrium
Calithera Biosciences Inc.
Cambium Networks
Cambridge Endoscopic Devices
Canadian Innovation Centre
Cancer InCITe
Candesant Biomedical
Canonical
Canopy Tax Inc.
Canvas Solutions Inc.
Captora
Cardeas Pharma Corp
CardiAQ Valve Technologies
Cardinal Health
CardioDx
Cardiokinetix
Cardionomic Inc.
Cardioxyl Pharmaceuticals
Cardiva Medical Inc.
CareCloud
Caribou Biosciences
Carnival Mobile
Carticept Medical Inc.

2016 Thelander Private Company Compensation Survey

Partial List of Participant Companies (C)

Cartiva Inc.
Casenet
Castle Biosciences Inc.
Catalina Labs Inc.
Catalyst DevWorks
Cater2.me
CB Technologies Inc.
CedexisInc.
CellAegis Devicies Inc.
Celula Inc.
Cenzic Inc.
Cerephex Corp.
Cereve
Cerval Neurotech
Ceterix Orthopaedics Inc.
Champion Technology Company Inc.
Channel Medsystems
Chartwell Financial
Checkmate Pharmaceuticals Inc.
Cheddar Up
Chipsbank Technologies
CHO Plus Inc.
Chromatin
Chrono Therapeutics

Chrontel Inc.
Cianna Medical Inc.
Cirro
Citigroup
CivicHealth
Civitas Therapeutics
Clarity Medical Systems
Cleandrone
CleanSlateUV
Clear Ballot Group Inc.
ClearFlow Inc.
Cleave Biosciences
Clever
Click Diagnostics
Click Security Inc.
ClipCard Inc.
Cloud Break Advisors
Cloud Physics Inc.
Cloudian Holdings Inc.
CloudPassage
Clovis Oncology Inc.
Cm l
Code42
Coherex Medical

Collegium Pharmaceuticals
Comentis
CoMetrics
Commerce Sync
Company.com
Conatus Pharmaceuticals Inc.
Concentric Power
Conenza Inc.
Connective Magic Inc.
ConsanoMed Inc.
Constellation Pharma
Consulting CFO
Contego Medical
ConteXtream
Contour Energy
Control4
Conventus Orthopaedics Inc.
CoolPlanet
Corinnova
Corium International
Corvus Pharmaceuticals
Coskata
Cotera Inc.
Coupa

2016 Thelander Private Company Compensation Survey

Partial List of Participant Companies (C-E)
CoverMyMeds
Craftsy
Cristcot
Crowdstar Inc.
Crystal Genetics Inc.
Cube Hydro Partners
Cue Ball
Curalate Inc.
CurbsideMD Live
CVRx
Cyber adAPT
CydanCo
Cylene Pharmaceuticals
Cylex
Cyphort
CytomX Therapeutics
Cytopherx
CytoVale
Danal Inc.
DashBid Media Inc.
Datanyze
Datical
DC Devices Inc.
DCI

Decisiv Inc.
Deep 6
Deep Forest Media
Delphinus Medical Technologies
Denim.LA Inc.
Dermira
DICOM Grid
DigiSight Technologies Inc.
Digital Specialty Chemicals Limited
Direct Flow Medical
Dispatch
divvyDOSE
Dockwa
Domo
DotProduct
DoubleDutch Inc.
Doxo Inc.
Drais Pharmaceuticals
Drawbridge Health Inc.
Drippler
DriveScale Inc.
Druva
DST
DSterling Associates
Duo Security Inc.

Dwellabe
Dynatherm Medical Inc.
EarLens Corporation
Ebullient
Echelon Creative Inc.
Echogen Power Systems
Ecologic Brands Inc.
EdeniQ Inc.
Edimer Pharma
Edupath
EduSourced Inc.
eFFECTOR Therapeutics Inc.
EGeen International Corporation
Elance
Elastra
Elcelyx Therapeutics Inc.
Element Science Inc.
Elements Behavioral Health
Elevance Renewable Sciences
Embr labs
Emefcy
Emission Monitoring Service Inc.
Emotient
eMotorWerks

2016 Thelander Private Company Compensation Survey

Partial List of Participant Companies (E-F)

Encore Dermatology Inc.

Endochoice
EndoGastric Solutions
Endologix Inc.
Energy Foundry
enGene
Engine Yard Inc.
Enigma
Enlibrium Inc.
Enovix
Ensemble Therapeutics Inc.
Entangled Media Corp.
Entellus Medical
EpiEP Inc.
Epirus BioPharma
Epstein Becker Green
E-scape Bio
Essential Biomedical
Euclid
Evelo Biosciences Inc.
Everly Well Inc.
Evernote Corporation
EverQuote
Evidation Health
eVolution Networks

Evolve Biosystems
EVP
Exagen Diagnostics Inc.
Exela PharmSci Inc.
Exer More than Urgent Care
Expereo
Expo Communications
Extrahop Networks
Eye Tech Care
Eyefluence
F&P Pharmaceuticals
FabFitFun Inc.
FallLine Securities
FamilyLink
Fastcase
Ferric Inc.
Fibocom Wireless Inc.
Fiddlehead Technology Inc.
FIGS
Finao
Finsphere
First Aid Beverages Inc.
Five Star Technologies Inc.
Five9 Inc.
Flatiron Health

Flexe Inc.
FLG Partners
Flite
FloDesign Wind Turbine
FlowPlay
Focus Search Partners
Follica Inc.
Folloze
Foro Energy Inc.
Forsight Vision5 Inc.
ForteBio,Inc.
Fortemedia
Fortumo
Foundation Medicine
Foxit Software Inc.
FP Complete
Fractal Systems
Fractyl Laboratories Inc.
Framed Data
Frequency Therapeutics
Fresca Medical
FSAStore.com
Fugue Inc.
Full Circle
Funny or Die Inc.

2016 Thelander Private Company Compensation Survey

Partial List of Participant Companies (I-L)
Impinj Inc.
Impossible Foods
Inari Medical Inc.
IncellDx
Inception Sciences
Inceptus Medical
Incline Therapeutics
Indata Technologies
Indigo
Indix
IndoTraq
Infacare Pharmaceutical Corp
Infraredx
Infusion Software
Inkling Systems
Inpria
Inrix
InsomniSolv Inc.
InSpa Corporation
inStream Media Inc.
Intacct Corporation
Intact Medical Corporation
Intact Vascular Inc.
Intarcia Therapeutics Inc.
InteKrin Therapeutics Inc.

Intel-GE Care Innovations

Intervisual Corp.
Intigua
Intradiem
Intrinsic Therapeutics
Intuity Medical Inc.
Invictus Medical
Invuity
iobeam
Iora Health
Iota Security Inc.
Iovation Inc.
IP Commerce
iRhythm Technologies Inc.
Irrimax
ISB Accelerator Corporation
ISI Technology
Jay Associates
JH Partners
Jibo Inc.
Jiff Inc.
Jobvite
Jordan Valley Semiconductors
Jounce Therapeutics
Joyent

JRG Health Sector Analysis

JTA
Juventas
Kalobios
Kalon Biotherapeutics
Kaltura
KalVista
KaMMCO
Karus Therapeutics
Kateeva
KCAP
Kekanto
Kenandy Inc.
Kimbia Inc.
Kinestral Technologies Inc
Kite
Kotura
KPMGCI
Kurion
kWantera Inc.
KynderMed
Labcyte Inc.
Lancope
Lanzatech
Late Ltd.

2016 Thelander Private Company Compensation Survey

Partial List of Participant Companies (L-M)

Lazard
Lemonade Factory Inc.
Lentigen Corporation
Leonardo Biosciences
LeTote
Lewa Mobile
LibreTel Inc.
LifeWave Inc.
Lineagen
Liquidia Technologies
Lisnr
Litbit Co.
Live Ops
LiveQoS
Lombard Medical Inc.
LongWater Opportunities
LST Energy
Lucid Holdings Inc.
Lumiata Inc.
Luvocracy
Lycera
Lynxcare Collaberative Care
Maana

MacroGenics
Macrolide Pharmceuticals
Macromolecular Inc.
Madera BioSciences
MaestroConference
Magnolia Medical Technologies
Mainstream Data Inc.
Mainstream Investments
MakeTime
Malibu IQ
MapR Technologies
MariaDB Corporation Ab
Marinus Pharmaceuticals
MarketBridge
Massif
Matchbin
Matrixx Software Inc.
Matroid Inc.
mc10
MD Revolution Inc.
MDRejuvena Inc.
MeasureOne
MedAware
Medicalis

MedioSystems
Medseek
MedSource
Medtronic
MedVantx Inc.
Memeo
Mercatus Inc.
Meridian Capital Group
Mersana Therapeutics Inc.
Metal Networks
Metamarkets
Metaswitch Networks
Metavention Inc.
Metricstream
Miartech
Micell Technologies
Microdermis
Microfabrica Inc.
MID Surgical
Midori USA Inc.
MiMecore Therapeutics
MiMedia Inc.
Minerva Surgical Inc.
Mira

2016 Thelander Private Company Compensation Survey

Partial List of Participant Companies (M-N)

Miramar Labs Inc.

Mirics Semiconductor
Mirina Corporation
Mirna Therapeutics
MIT
Mixbook
MobileIron Inc.
Mobiplug
Mocana
Moksha8
Molecular Assemblies
Molecular Partners
Monte Nido
Mosaic Biosciences
Mosaic Health Solutions
Movable Ink
Moveable Feast Mobile Media Inc.
Moximed Inc.
Mpex Pharmaceuticals Inc.
MuleSoft Inc.
MURAL
Mural.ly
MyLively
Myoscience Inc.
N12 Technologies Inc.

N8 Medical
Nalu Medical Inc.
Nanostring
Natera
Naurex
Navera
Navita
Neon Labs Inc.
Neos Therapeutics
NeoTract
NetVision
Neuralieve Inc.
NeurAxon Inc.
Neuronetics Inc.
NeurOptics
Neurotech Pharmaceuticals Inc.
Nevro
New Bridge Pharmaceuticals
New Rubber Technologies
NewCo
News Republic
NewsGator Technologies Inc.
Nexant Inc.
Nexmatix

Nexmo
Next Big Sound
Nextbit Systems Inc.
Nextdoor.com
Nextremity Solutions Inc.
Nginx Software Inc.
Ninebot Inc.
NinePoint Medical
nLight Photonics
Nodality Inc.
Nomi Corporation
Nominum
Nora Therapeutics
NoRedInk
Novae Corp.
NovaScan
Novasom
Novinda Corp.
Novira
Novomer
Novostent
NowRx
Nuelle
NuGEN Technologies
Numeracy Inc.

2016 Thelander Private Company Compensation Survey

Partial List of Participant Companies (N-P)

NuScale Power
nVision
NxtGen Technology
NxThera Inc.
NYMGO S.A
Oasys Water
OB Medical
Oblong Industries Inc.
ObsEva SA
ODG
Odyssey Logistics & Technology
Odyssey Thera
Ogin
Okairos AG
Okta
Olset
Omada
Omniscience Technologies
OncoHealth Corp.
OncoMed Pharmaceuticals Inc.
One Billion Cooks Inc.
One Spot
Onefinestay
OnShift
On-X Life Technologies Inc.

Open Monoclonal Technology Inc.

Opower
Oppenheimer
OptiScan Biomedical Corp.
Optomec
OpxBio
OraMetrix Inc.
Oraya Therapeutics
Orbus Therapeutics Inc.
Origin Bancorp Inc.
Orion Labs Inc.
Orphazyme ApS
Orteq
Ortho Kinematics
OrthogenRx Inc.
OrthoTrophix Inc.
Osel Inc
Ossia Inc.
Ourdata
Outcomes Inc.
Overture Networks
OVGuide
Packet Design
PagPop Mobile Payments
Panasas

Panmira Pharmaceuticals
PanopticaPharma
Pantheon Systems Inc.
Parallels
Paratek Microwave Inc.
PatientKeeper Inc.
PatientSafe Solutions
Pavlov Media
PaxVax
Pbworks
Pelagic Group
Peloton Technology
Pelvalon
Pemco Mutual Insurance Company
Penguin Computing
Penta News Corporation
Perceptimed
Perfect Company
Performance Lab
Performance Marketing Brands
Personalis Inc.
Perspecsys
Pervasis Therapeutics
PharmAkea

2016 Thelander Private Company Compensation Survey

Partial List of Participant Companies (P-R)

PhaseBio Pharmaceuticals Inc.

PhaseRx
Phreesia
Physcient Inc.
Phytelligence
Pingmd Inc.
Pivot Bio
Pivot3 Inc.
Pixeon Medical Systems
PlantResponse Biotech
Plessey Semiconductors
Pluribus Networks
Pogo Plug
PokitDok
Policybazaar.com
Portaero
Portal Instruments
Portrait Displays Inc.
Positsciene
PowerGenix
PowerVision
Pratice Fusion
Preceptis Medical
PreCision Dermatology Inc.

Precision Nanosystems Inc.

PrecisionHawk
Precyse Solutions
Predixion Software.com
Prelert Inc.
PrEP Biopharm
Prescient Surgical
Presidio Pharmaceuticals Inc.
Prevtec Microbia
Primaeva Medical Inc.
PrimeraDx
Primus Power
Principia
Prism Skylabs
Pristine
Private Access Inc.
Privitar
Procept BioRobotics
Profi.ru
ProGlove
Progressly
Project Frog
Prolifiq Software
Prosper Marketplace Inc.
Proteus Digital Health

Psaydon Pharmaceuticals Inc.

PsiKick
Pulmatrix
Pulmonx
Pulsar Vascular
Punchbowl Inc.
Punchtab
Pursuit Vascular Inc.
Push Wellness Solutions Inc.
Puzzazz
Pyze
Qliance
Qotient
QSpex Technologies Inc.
Qualisystems
Quantified Communications
Quantum Biosciences
Quantum Health
QuantumScape Corporation
Qumu Inc.
Qumulo Inc.
Quorum Consulting
R2 Semiconductor Inc.
Radius

2016 Thelander Private Company Compensation Survey

Partial List of Participant Companies (R-S)

RAF Technology Inc.

RainDance Technologies Inc.
Rancard
Rapid Micro Biosystems
Ravel Law Inc.
RBM Technologies
RE360
Reachable Inc.
Real Image Media Technologies
Reata Pharmaceuticals
RedBrick Health
Reel Solar
Refocus Group
Reich & Tang
Relievant Medsystems Inc.
Rempex Pharma
Rennovia
Reno Sub Systems Canada Inc.
Resolve Bio
Respicardia Inc.
Restoration Robotics
Retail Solutions Inc.
Rethink Robotics Inc.
Return Path
Rev.com

Revance
ReVENT Medicsl
Reverb
ReVision Optics
RF Code Inc.
Rhiza
Rho Renewables Inc.
Rhythm
Richardson Oliver Law Group
Richter Law Offices
Ride
Rimidi
Rimini Street
Ripple Labs
Rithmio
Rive Technology Inc.
Rivet & Cuff Inc.
Riviera Partners
Robin Technologies
Root3 Technologies
Rotation Medical
Roundtable Analytics Inc.
Rover.com
RoxMedical Inc.

RTS
Ruby Ribbon Inc
RuiYi Inc.
RxAnte
Salveo Specialty Pharmacy
Sample6 Inc.
Sand 9 Inc.
SanJet Technology Corp.
Sano
Savioke Inc.
Say Media
SBA Materials Inc.
ScalingData
Schoology
ScienceLogic
Scientific Revenue
Scioderm
Scynexis
Sebacia
Second Genome
SecureKey
Seek Thermal Inc.
Segetis Inc.
Seismos

2016 Thelander Private Company Compensation Survey

Partial List of Participant Companies (S)

Semnur Pharmaceuticals
Semprus
Sensity Systems Inc.
Sentient Energy Inc.
SentreHeart Inc.
sequenceBio
Sequent Medical Inc.
Seredigm Corporation
Set Point Medical
SFJ Pharmaceuticals
Shanghai Ailiao Information
Technology
Shape Medical Systems
Shape Memory Therapeutics Inc.
Shelf
Shields Meneley Partners
Si-Bone Inc.
Sifteo
Silicon Valley Biosystems
Silicor Materials
Silk Road Medical Inc.
Siluria Technologies Inc.
Silver Spring Holdings Inc.
Silvergate Pharmaceuticals

Singulex
SinuSys Corporation
SIPX
Siris Medical
SkinSpirit Skincare Clinic & Spa
Skintelligence
SkyCross
Skyhigh Networks
Skyland Analytics Inc.
Skylight Healthcare Systems Inc.
Skyscanner
Skytap Inc.
Slack Technologies Inc.
Slipchip Corporation
Smart Scheduling
SmartDrive Systems Inc.
Socrata Inc.
Soft Robotics Inc.
Sojern Inc.
Solace Therapeutics Inc.
Solar Junction Corporation
Solar Universe Inc.
Solarflare Communications Inc.
Solaria

Solexel
Solidify Security Inc.
Sonatype
Sonendo Inc.
Sonex Health
Soonr Inc
Sotera Wireless Inc.
Spare5 Inc.
Spinal Motion Inc.
Spine Wave Inc.
SpineAlign Medical
Spinifex
Spiracur Inc.
Splice Machine
Spring
Sprout Social
SS8 Networks
Stanford
Startup Compass Inc.
Stealth Mode
Stealth Co.
Steel Ventures
Stemgent
StoreFront

2016 Thelander Private Company Compensation Survey

Partial List of Participant Companies (S-T)

Strava Inc.
StreamSets Inc.
Studio 9+
SugarCRM
Sundrop Fuels Inc.
Sutro Biopharma Inc.
SutroVax Inc.
SVC
SweetLabs Inc.
Swift Navigation
Switch.co
Switchfly
Swrve New Media Inc.
Syapse
Symbiotic Health Inc.
Symphogen
Synergeyes Inc.
T2 Biosystems
Taifatech Inc.
Tamr
Target Data
Target2sell
Taris Biomedical
Tarsa Therapeutics Inc.

TCR2 Inc.
TecTotal
Teladoc Inc.
Telescent
Telstra
Tempero Pharmaceuticals
Tendril Networks
Tervela Inc.
Tethis
Tetraphase Pharmaceuticals
Texas Central Partners
The Motley Fool Holdings Inc.
The Orange Chef Co.
The RealReal Inc.
The Riverside Company
The Virtual Reality Company
Themis Solutions Inc.
Theraclone Sciences Inc.
Theranova
TherOx Inc.
Thesan Pharmaceuticals Inc.
ThetaRay
Think Finance
ThinkHR Corporation
Thinking Phone Networks Inc.

Thrasos Innovation
ThreatStream
TicketFly
Tigercat Pharma Inc.
TimeSight Systems Inc.
TinderBox
Tomophase Corporation
Tondu Corporation
Top Flight Technologies Inc.
Topera Inc.
Topica Pharma
Torax Medical Inc.
Touchstone Health
Tracon
Tragara Pharmaceuticals Inc.
Transactis
Transcend Medical Inc.
Transifex
TransMedics Inc.
Trapeze
TriAct Therapeutics Inc.
Tribalco
Trigence Semiconductor
Trilliant Networks Inc.

2016 Thelander Private Company Compensation Survey

Partial List of Participant Companies (T-V)

Trinity Partners
Trivascular Inc.
Trovita Health Science
truaxis
TRUSTe
Tryton Medical
TTTech Computertechnik AG
Tubular Labs
Tuition.io
Tula Technology Inc.
TVA Medical Inc.
Twelve
Twist Bioscience
UIEvolution Inc.
Unchained Labs
Undecidable Labs
Unify Square Inc.
United Orthopedic Group Inc.
United Wind Inc.
UniversityNow
Untangle Inc.
Updox
Uptake Medical Corp.
Uptown Network

Urban Airship
Urban TIll
UrbanSitter Inc.
URC Ventures Inc.
Utility Associates Inc.
Utrip Inc.
Valence Health
Valeritas, Inc.
Vantage Oncology Inc.
Vapore
Vapotherm Inc.
Vascular Dynamics
Vasona Networks Inc.
VaxInnate
VehiTrust
Velocity Pharmaceutical Development
Velocloud Networks Inc.
VentiRx Pharmaceuticals
Venus Concept
Veracity Security Intelligence
VeraLight
Veriflex Inc.
Veriflow Systems
Veritone Enterprise
Veritone Inc.

Veritone Media
Vertos Medical
ViaCyte Inc.
Videon Central Inc.
View Inc.
Vindicia
Viridity
Virobay
ViroXis Corporation
Virspec
Visible Measures Corp.
VisionCare Ophthalmic Technologies
VisionOSS
VitalCred Meios de Pagamento SA
VitaPath Genetics Inc.
Vivaldi Biosciences
Viveve
Vixs System
Vizant
Voltage Security Inc
V-Sync Co.
Vutara
VUV Analytics
VytronUS Inc.

2016 Thelander Private Company Compensation Survey

Partial List of Participant Companies (W-Z)

Walkabout Collaborative
Waste to Energy
WatershipBlue
WebLink International
WebPT Inc.
Webscale Systems
Weird Science Lab
Wellaprtner Inc.
Wenzel Spine Inc.
Wheelhouse.io
WhiteSky
WhoKnows
WideOrbit
Wild Things
Wildcat Discovery Technologies Inc.
Wildflower Health
WildTangent Inc.
Wilsonart International
Wine.com
Winflex
WiTricity Corporation
Words U

Working Machines Corporation

Wynd Technologies Inc.
Xagenic
Xambala
Xicato
Xirrus Inc.
Xolve
Yottio Inc.
Yummly Inc.
Yuzu Labs
Zafgen
Zamplus
Zapproved
ZeaChem Inc.
Zenflow
Zephyrus Biosciences
ZeroCater
Zeta Design + Build
Zilift
ZirMed, Inc.
Zumobi
Zyga Technology

PITCHBOOK
PRIVATE COMPANY TRENDS

2015 Private Company

Trends

Test drive PitchBook

demo@pitchbook.com

THE PITCHBOOK PLATFORM

The financial information technology trusted by leading investors,

companies and advisors

21,860
LPs

696,194
Portfolio
Companies

94,438

Commitments

491,333

Transactions

150,137

33,460
Funds

Performance
Data Lines

124,748

25,463

1,097,011

GPs/Investors

Valuations

Advisory Firms

514,170

People

2015 sees VC activity drop off, large deals

still draw lots of capital
U.S. VC deal flow

$25

3,000
2,630

2,593
$20
2,114
1,774

$15

1,664
1,618

1,344

2,483

2,272

2,317

2,234

2,549 2,547

2,359

2,500

2,300
2,106 2,000

1,928 1,918

1,638

1,500

1,370

$10
1,036

1,155

1,000

$5

500

$0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2009

2010

Capital invested ($B)

*Through 12/31/2015

2011

2012

Deal count

2013

Angel/Seed

2014

Early VC

2015

Later VC

Valuations continue to climb at all stages

Median pre-money valuation ($M) by stage & year
Early stage

Late stage

$45

$41
$33

$35

$26

$25

$21
$19

$20

$18

$19

$21

$136

$120

$21

$12.2
$8.2
$7.0 $7.2 $7.0 $6.4 $6.5 $7.3

$5

$2.7

$1.5

$3.4

$2.7 $3.2

$14.3

$9.4

$5.3
$3.9 $4.0 $4.7 $4.8

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Seed
*Through 12/31/2015

Series A

$99

$100

$15

$0

$160
$140

$30

$10

$179

$180

$40

$20

$200

Series B

$80

$73

$79

$84

$78
$66
$52

$60
$40
$20

$92

$38

$46

$42
$30

$72

$40

$50

$50

$56

$60

$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Series C

Series D+

PitchBook VC valuations
U.S. VC valuation count by year

*Through 12/31/2015

Seed valuations have risen across industries

Median seed stage pre-money valuation ($M) by sector

$7.0

$6.0

Increased activity at
the seed stage, with
more activity from
seed funds, and
accelerators, has
driven seed valuations
up across sectors.
Seed stage is the new
series A.

$5.0

$4.0

$3.0

$2.0

$1.0

$0.0
2010
All

2011
Software

*Through 12/31/2015

2012

2013

Commercial Services

2014

2015

Healthcare (non-pharma)

Late stage valuations by

geography
Seattle

$59.9

$166.2

NYC

$75.4

Denver/Boulder
Chicago

$59.7
$88.0

Boston

$170.7

Bay Area
Austin

$130.0

LA

$62.2

Late stage valuations in

the Bay Area rose by
36%, from 2014 levels.
Seattle many fewer
high-valued late stage
deals, with the median
dropping from $130
million, to under $60
million.
Welltok drove the late
stage valuation jump in
the Denver/Boulder
region, pushing the
median up by 29%.

J. THELANDER CONSULTING
COMPANY INFORMATION

Jody K. Thelander
J.Thelander Consulting is headed by Jody K. Thelander, a compensation executive with more than twenty years of
professional experience. Jody has a keen understanding of business through a diversified background in
compensation, sales and customer service. The Thelander Surveys and Reports have become a well-respected
and highly desired tool for compensation decision-makers in the private business sector.
Jody speaks publicly on executive compensation, investment firm and corporate venture compensation topics,
including events hosted by BayBio, BioHouston, Global Corporate Venturing, IBF, National Venture Capital
Association, JPMorgan, Private Equity International and Stanford.

Jody earned a Bachelor of Science degree in Consumer Studies at the University of Vermont and a Masters
Degree in Human Resources at Marymount University. Her career began in the fashion retailing industry with
British Vogue, Ralph Lauren Womenswear, Bonwit Teller and Garfinkels in London, New York and Washington,
DC. Jody also spent ten years in human resources with TRW Space and Defense both in Washington DC, and San
Francisco, before starting her own firm.
Jody serves as a sustaining member of the Auxiliary Board for the San Francisco Ballet and the Modern Art Council
of the San Francisco Museum of Modern Art. She is the past chair of the Silicon Valley Leadership Committee for
the American Diabetes Association.

Elyse Hurtado
Elyse provides expertise in the collection, inspection and cleaning of data for the Thelander Surveys. Her
proficiency in data analysis, visualization and statistical interpretation is a key component supporting decisionmaking for Thelander Consulting. Elyse received her Bachelor of Science degree in Psychology at Emory
University. She continued her academic studies at the University of Miami, earning both a masters
and doctoral degrees there. During her doctoral training she specialized in epidemiology and statistics and also
worked in collaboration with the Centers for Disease Control and Prevention. In addition to her work
for Thelander Consulting, Elyse teaches at the University of Miami.

Colin Turek
Colin Turek heads client relations and business development. He has more than 10 years of
experience with private companies in both San Francisco and New York. Colin expertise is in organizational
operations, strategic growth, and human resource management. He has spent much of his career in private
healthcare administration, serving most recently as the VP of Operations and Client Relations for a Bay Area
based startup. In addition to his work at J. Thelander Consulting, Colin directs institutional advancement and
development for YMA Fashion Scholarship Fund, a national non-profit dedicated to the fashion arts. He has
been named Top 40 Under 40 by the North Bay Business Journal, volunteers at Maitri AIDS Hospice, and is a
current member of the New York City Ballet Young Patrons Circle. Colin earned a Bachelor of Arts in Social
Justice at the University of Massachusetts, Amherst, and is currently obtaining his Masters of Business
Administration degree at the State University of New York.

J. Thelander Consulting Services

We customize data and offer trend analysis for your specific needs.
We offer consulting services tailored to your specific needs. We are readily available to consult and personally
meet with you, your executive team and board of directors.
The intelligence gathered in our compensation surveys can be sliced by position, industry, funding level,
financing, revenue or a combination of factors for your customized analysis and reports. Our services include,
but are not limited to:
Executive/Investment Professional Compensation: conduct a competitive analysis for
salary, bonus and other incentives using comparators within peer groups. We work with
both the executives, investment professionals, HR and/or the compensation committee to
present strategic and near-term compensation issues.
Equity/Carried Interest Programs: conduct a market analysis for senior executives, and
design a program with the competitive mix between cash and equity or carried interest.
Employee Compensation: design salary ranges and grade level descriptors with
matching equity and/or carried interest percentages below the executive level.

Thelander Reports and Surveys

Private Company Compensation Report includes current compensation data on base pay, bonus and equity
compensation for positions within biotech, cleantech, healthcare services, medical device and tech companies,
including:
Executives, directors, managers, non-investor board members
More than 70 staff positions
In-depth clinical, engineering, research and admin areas
Private Company Merger & Acquisition Report includes information on carve-out plans, milestone
incentives, bonus programs, liquidation preferences and anti-dilution clauses.
Private Company Change of Control, Severance & 409A Report includes information on change of control
agreements, severance programs, single/double trigger acceleration.
Private Company Year End Salary & Option Refresh Report includes information on salary increases,
bonuses and refresh programs.

Thelander Reports and Surveys

The Thelander Compensation Reports provide an in-depth analysis based on our comprehensive
databases. We use our extensive industry experience and information to provide you with results that
you can use to make credible strategic decisions. We do NOT leave that analysis based on raw data
for you to do - we do it for you.
Thelander- CVI CVC Compensation Report includes information on corporate venture firms, covering base
pay, bonus and carried interest for positions including:
CVC unit leader senior investment professionals, CFO, investment/program manager, and
analyst/associate.
Thelander-Pitchbook Investment Firm Compensation Report includes information on buyout, hedge-fund,
private equity and venture capital firms and covers salary, carried interest, capital structures and succession
planning for positions including:
Investment professionals, operating partners, finance and operations.

J. Thelander Consulting
165 Marlin
Mill Valley, CA 94941
jt@jthelander.com
jthelander.com
+1 415.383.7006

Legal Notice: The Thelander 2016 Private Company Compensation Report is

provided to its subscribers on a paid-only or participation-only basis, and is solely
for the use of those subscribers and not for sharing or distribution.
Copyright 2016, J. Thelander Consulting All Rights Reserved