# EDGAR Filing Document

**Accession Number:** 0001579878
**File Stem:** 0001628280-25-035381
**Filing Date:** 2025-7
**Character Count:** 1507937
**Document Hash:** ab7855a8e56e39e824c0e656a82afcf6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-035381.hdr.sgml**: 20250721

**ACCESSION NUMBER**: 0001628280-25-035381

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 63

**FILED AS OF DATE**: 20250721

**DATE AS OF CHANGE**: 20250721

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Figma, Inc.
- **CENTRAL INDEX KEY:** 0001579878
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 462843087
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288451
- **FILM NUMBER:** 251135629

**BUSINESS ADDRESS:**
- **STREET 1:** 760 MARKET ST.
- **STREET 2:** FLOOR 5
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94102
- **BUSINESS PHONE:** 415-890-5404

**MAIL ADDRESS:**
- **STREET 1:** 760 MARKET ST.
- **STREET 2:** FLOOR 5
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94102

**As filed with the U.S. Securities and Exchange Commissionon July 21, 2025**

**Registration No. 333-288451**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**AMENDMENT NO. 1 TO**

**FORM S-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**FIGMA, INC.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **7372** | **46-2843087** |
| **(State or other jurisdiction of**<br>**incorporation or organization)**<br>| **(Primary Standard Industrial**<br>**Classification Code Number)**<br>| **(I.R.S. Employer**<br>**Identification Number)**<br>|

---

**760 Market Street, Floor 10**

**San Francisco, California 94102**

**(415) 890-5404**

**(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)**

**Dylan Field**

**Chair of the Board of Directors, Chief Executive Officer, and President**

**760 Market Street, Floor 10**

**San Francisco, California 94102**

**(415) 890-5404**

**(Name, address, including zip code, and telephone number, including area code, of agent for service)**

---

| | | |
|:---|:---|:---|
| **Michael T. Esquivel**<br>**Ran D. Ben-Tzur**<br>**Jennifer J. Hitchcock**<br>**Aman D. Singh**<br>**Chance L. Goldberg**<br>**Fenwick & West LLP**<br>**Silicon Valley Center**<br>**801 California Street**<br>**Mountain View, California 94041**<br>**(650) 988-8500**<br>| **Brendan Mulligan**<br>**Amanda Westendorf**<br>**Brendan Brown**<br>**Figma, Inc.**<br>**760 Market Street, Floor 10**<br>**San Francisco, California 94102**<br>**(415) 890-5404**<br>| **Richard A. Kline**<br>**Richard Kim**<br>**Latham & Watkins LLP**<br>**140 Scott Drive**<br>**Menlo Park, California 94025**<br>**(650) 328-4600**<br>|

---

**Approximate date of commencement of proposed sale to the public:**

**As soon as practicable after the effective date of this registration statement.**

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as

amended, or ("Securities Act"), check the following box: ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities

Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration

statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration

statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging

growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the

Securities Exchange Act of 1934, as amended.

---

| | |
|:---|:---|
| Large accelerated filer ☐ | Accelerated filer ☐ |
| Non-accelerated filer ☒ | Smaller reporting company ☐ |
|  | Emerging growth company ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised

financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment** 

**which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until the registration statement** 

**shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

![image.jpg](image.jpg)

Class A Common Stock Figma, Inc.

This is the initial public offering of shares of Class A common stock of Figma, Inc. We are offering12,472,657shares of our Class A common stock

and the selling stockholders identified in this prospectus are offering 24,464,423 shares of our Class A common stock in this offering.

Prior to this offering, there has been no public market for our Class A common stock. We expect that the initial public offering price per share of our

Class A common stock will be between $25.00 and $28.00 per share.

We have applied to list our Class A common stock on the New York Stock Exchange ("NYSE") under the symbol "FIG."

Following this offering, we will have three series of authorized common stock, Class A common stock, Class B common stock, and Class C common

stock. The rights of the holders of our Class A common stock, Class B common stock, and Class C common stock are identical, except with respect

to voting and conversion rights. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is

entitled to 15 votes per share and is convertible into one share of our Class A common stock. Each share of Class C common stock has no voting

rights, except as otherwise required by law, and, subject to satisfaction of certain conditions as described herein, is convertible into one share of our

Class A common stock. Immediately following the completion of this offering, Dylan Field, our Chair of our Board of Directors, Chief Executive Officer,

and President, will hold or have the ability to control approximately73.6% of the voting power of our outstanding capital stock, including 25.0%of the

voting power pursuant to an irrevocable proxy granted by Evan Wallace, our other co-founder, and the Wu-Wallace Family Trust, an affiliate of Mr.

Wallace, to Mr. Field (the "Wallace Proxy"). As a result, following this offering, Mr. Field will have the ability to control the outcome of matters

submitted to our stockholders for approval, including the election of our directors and the approval of any change of control transaction.

We are an "emerging growth company" as defined under the federal securities laws. As such, in this prospectus we have taken advantage of certain

reduced disclosure obligations that apply to emerging growth companies regarding our financial statements and executive compensation

arrangements.

Investing in our Class A common stock involves risks. See the section titled "<u>[Risk Factors](#i8dccdb6f4d824d4aba81e7c665eaa62d_19)</u>" beginning on page <u>[41](#i8dccdb6f4d824d4aba81e7c665eaa62d_19)</u> to read about factors you should

consider before buying shares of our Class A common stock.

Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the

accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.

---

| | | |
|:---|:---|:---|
|  | Per Share | Total |
| Initial public offering price............................................................................................................................................................. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Underwriting discounts and commissions<sup>(1)</sup>............................................................................................................................ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Proceeds, before expenses, to us.............................................................................................................................................. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Proceeds, before expenses, to selling stockholders................................................................................................................ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

__________________

*(1)See the section titled "Underwriters (Conflicts of Interest)" for a description of the compensation payable to the underwriters.*

The underwriters have the option for a period of 30 days from the date of this prospectus to purchase up to an additional5,540,561shares of our

Class A common stock from certain of the selling stockholders to cover over-allotments, if any, at the initial public offering price less underwriting

discounts and commissions. We will not receive any proceeds from the sale of shares of Class A common stock by any of the selling stockholders,

including upon the sale of shares of our Class A common stock by certain of the selling stockholders if the underwriters exercise their over-allotment

option to purchase additional shares.

*The underwriters expect to deliver the shares of our Class A common stock to purchasers on or about&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025.*

---

| | | | |
|:---|:---|:---|:---|
| **MORGAN STANLEY** | **GOLDMAN SACHS & CO. LLC** | **ALLEN & COMPANY LLC** | **J.P. MORGAN** |

---

---

| | | |
|:---|:---|:---|
| **BOFA SECURITIES** | **WELLS FARGO SECURITIES** | **RBC CAPITAL MARKETS** |
| **WILLIAM BLAIR**  |  | **WOLFE \| NOMURA ALLIANCE** |

---

*Prospectus dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025*

**The information in this preliminary prospectus is not complete and may be changed. We and the selling stockholders may not sell these securities until the** 

**registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities** 

**and we and the selling stockholders are not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**SUBJECT TO COMPLETION, DATED JULY 21, 2025**

**PRELIMINARY PROSPECTUS**

![introductorypages1ga.jpg](introductorypages1ga.jpg)

![introductorypages2ha.jpg](introductorypages2ha.jpg)

![introductorypages3ga.jpg](introductorypages3ga.jpg)

![introductorypages4e.jpg](introductorypages4e.jpg)

![introductorypages5e.jpg](introductorypages5e.jpg)

i

## **Table of Contents**

---

| | |
|:---|:---|
| <u>[FOUNDER LETTER](#i8dccdb6f4d824d4aba81e7c665eaa62d_1573)</u>............................................. | ii |
| <u>[PROSPECTUS SUMMARY](#i8dccdb6f4d824d4aba81e7c665eaa62d_10)</u>................................ | <u>[1](#i8dccdb6f4d824d4aba81e7c665eaa62d_10)</u> |
| <u>[RISK FACTORS](#i8dccdb6f4d824d4aba81e7c665eaa62d_19)</u>................................................... | <u>[41](#i8dccdb6f4d824d4aba81e7c665eaa62d_19)</u> |
| <u>[SPECIAL NOTE REGARDING FORWARD-](#i8dccdb6f4d824d4aba81e7c665eaa62d_22)</u><br><u>[LOOKING STATEMENTS](#i8dccdb6f4d824d4aba81e7c665eaa62d_22)</u>...............................<br>| <u>[98](#i8dccdb6f4d824d4aba81e7c665eaa62d_22)</u> |
| <u>[INDUSTRY AND MARKET DATA](#i8dccdb6f4d824d4aba81e7c665eaa62d_25)</u>..................... | <u>[100](#i8dccdb6f4d824d4aba81e7c665eaa62d_25)</u> |
| <u>[USE OF PROCEEDS](#i8dccdb6f4d824d4aba81e7c665eaa62d_28)</u>.......................................... | <u>[101](#i8dccdb6f4d824d4aba81e7c665eaa62d_28)</u> |
| <u>[DIVIDEND POLICY](#i8dccdb6f4d824d4aba81e7c665eaa62d_31)</u>.............................................. | <u>[103](#i8dccdb6f4d824d4aba81e7c665eaa62d_31)</u> |
| <u>[CAPITALIZATION](#i8dccdb6f4d824d4aba81e7c665eaa62d_34)</u>................................................ | <u>[104](#i8dccdb6f4d824d4aba81e7c665eaa62d_34)</u> |
| <u>[DILUTION](#i8dccdb6f4d824d4aba81e7c665eaa62d_37)</u>.............................................................. | <u>[108](#i8dccdb6f4d824d4aba81e7c665eaa62d_37)</u> |
| <u>[MANAGEMENT'S DISCUSSION AND](#i8dccdb6f4d824d4aba81e7c665eaa62d_40)</u><br><u>[ANALYSIS OF FINANCIAL CONDITION](#i8dccdb6f4d824d4aba81e7c665eaa62d_40)</u><br><u>[AND RESULTS OF OPERATIONS](#i8dccdb6f4d824d4aba81e7c665eaa62d_40)</u>...............<br>| <u>[113](#i8dccdb6f4d824d4aba81e7c665eaa62d_40)</u> |
| <u>[BUSINESS](#i8dccdb6f4d824d4aba81e7c665eaa62d_136)</u>............................................................. | <u>[154](#i8dccdb6f4d824d4aba81e7c665eaa62d_136)</u> |
| <u>[MANAGEMENT](#i8dccdb6f4d824d4aba81e7c665eaa62d_139)</u>.................................................... | <u>[189](#i8dccdb6f4d824d4aba81e7c665eaa62d_139)</u> |
| <u>[EXECUTIVE COMPENSATION](#i8dccdb6f4d824d4aba81e7c665eaa62d_142)</u>......................... | <u>[202](#i8dccdb6f4d824d4aba81e7c665eaa62d_142)</u> |

---

---

| | |
|:---|:---|
| <u>[CERTAIN RELATIONSHIPS AND RELATED](#i8dccdb6f4d824d4aba81e7c665eaa62d_145)</u><br><u>[PARTY TRANSACTIONS](#i8dccdb6f4d824d4aba81e7c665eaa62d_145)</u>...............................<br>| <u>[223](#i8dccdb6f4d824d4aba81e7c665eaa62d_145)</u> |
| <u>[PRINCIPAL AND SELLING](#i8dccdb6f4d824d4aba81e7c665eaa62d_148)</u><br><u>[STOCKHOLDERS](#i8dccdb6f4d824d4aba81e7c665eaa62d_148)</u>............................................<br>| <u>[228](#i8dccdb6f4d824d4aba81e7c665eaa62d_148)</u> |
| <u>[DESCRIPTION OF CAPITAL STOCK](#i8dccdb6f4d824d4aba81e7c665eaa62d_151)</u>.............. | <u>[233](#i8dccdb6f4d824d4aba81e7c665eaa62d_151)</u> |
| <u>[SHARES ELIGIBLE FOR FUTURE SALE](#i8dccdb6f4d824d4aba81e7c665eaa62d_154)</u>....... | <u>[244](#i8dccdb6f4d824d4aba81e7c665eaa62d_154)</u> |
| <u>[MATERIAL U.S. FEDERAL INCOME TAX](#i8dccdb6f4d824d4aba81e7c665eaa62d_157)</u><br><u>[CONSEQUENCES FOR NON-U.S.](#i8dccdb6f4d824d4aba81e7c665eaa62d_157)</u><br><u>[HOLDERS OF OUR CLASS A COMMON](#i8dccdb6f4d824d4aba81e7c665eaa62d_157)</u><br><u>[STOCK](#i8dccdb6f4d824d4aba81e7c665eaa62d_157)</u>...............................................................<br>| <u>[253](#i8dccdb6f4d824d4aba81e7c665eaa62d_157)</u> |
| <u>[UNDERWRITERS (CONFLICTS OF](#i8dccdb6f4d824d4aba81e7c665eaa62d_160)</u><br><u>[INTEREST)](#i8dccdb6f4d824d4aba81e7c665eaa62d_160)</u>........................................................<br>| <u>[259](#i8dccdb6f4d824d4aba81e7c665eaa62d_160)</u> |
| <u>[LEGAL MATTERS](#i8dccdb6f4d824d4aba81e7c665eaa62d_163)</u>................................................ | <u>[277](#i8dccdb6f4d824d4aba81e7c665eaa62d_163)</u> |
| <u>[EXPERTS](#i8dccdb6f4d824d4aba81e7c665eaa62d_166)</u>.............................................................. | <u>[278](#i8dccdb6f4d824d4aba81e7c665eaa62d_166)</u> |
| <u>[WHERE YOU CAN FIND ADDITIONAL](#i8dccdb6f4d824d4aba81e7c665eaa62d_169)</u><br><u>[INFORMATION](#i8dccdb6f4d824d4aba81e7c665eaa62d_169)</u>.................................................<br>| <u>[278](#i8dccdb6f4d824d4aba81e7c665eaa62d_169)</u> |
| <u>[INDEX TO CONSOLIDATED FINANCIAL](#i8dccdb6f4d824d4aba81e7c665eaa62d_175)</u><br><u>[STATEMENTS](#i8dccdb6f4d824d4aba81e7c665eaa62d_175)</u>..................................................<br>| <u>[F-1](#i8dccdb6f4d824d4aba81e7c665eaa62d_175)</u> |

---

**Through and including&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025 (the 25th day after the date of this prospectus), all dealers** 

**effecting transactions in these securities, whether or not participating in this offering, may be** 

**required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus** 

**when acting as an underwriter and with respect to an unsold allotment or subscription.**

Neither we, the selling stockholders, nor the underwriters have authorized anyone to provide any

information or to make any representations other than those contained in this prospectus or in any free

writing prospectuses filed with the Securities and Exchange Commission (the "SEC"). Neither we, the

selling stockholders, nor any of the underwriters take any responsibility for, and can provide no assurance

as to the reliability of, any other information that others may give you. This prospectus is an offer to sell

only the shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do

so. We and the selling stockholders are offering to sell, and seeking offers to buy, the shares of Class A

common stock offered hereby only in jurisdictions where offers and sales are permitted. The information

contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of

delivery of this prospectus or of any sale of the shares of our Class A common stock. Our business,

operating results, financial condition, and future prospects may have changed since that date.

For investors outside the United States: Neither we, the selling stockholders, nor any of the underwriters

have taken any action that would permit this offering or possession or distribution of this prospectus in

any jurisdiction where action for that purpose is required, other than in the United States. You are

required to inform yourselves about and to observe any restrictions relating to this offering and the

distribution of this prospectus.

Unless otherwise indicated, the terms "Figma," the "company," "we," "us," and "our" refer to Figma, Inc.

and our subsidiaries.

![a006-foundersxletterx1.jpg](a006-foundersxletterx1.jpg)

![foundersletter2d.jpg](foundersletter2d.jpg)

![propsectussummarycover1c.jpg](propsectussummarycover1c.jpg)

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp; We define monthly active users as the number of unique users that access at least one of our products during a given month. A

Paid Customer typically includes multiple unique users. When reporting monthly active users during a quarter or other period of

time, we report the number of monthly active users during the month with the highest number of active users during such

period.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

Prospectus Summary

Overview

*Figma is where teams come together to turn ideas into the world's best digital products and* 

*experiences.* 

Every day, billions of people around the world use apps, websites, and other digital experiences that are

made in Figma. They're looking up directions on Google Maps; requesting rides with Uber; checking in for

flights on JetBlue; streaming shows on Netflix; learning languages with Duolingo; asking questions of

Claude; connecting on LinkedIn; buying goods on Mercado Libre; or booking stays and experiences with

Airbnb.

Behind each of these products is a cross-functional team responsible for bringing them to life. In Figma,

designers work alongside developers, product managers ("PMs"), researchers, marketers, writers, and

other non-designers who, in the three months ended March 31, 2025, made up two-thirds of our more

than 13 million monthly active users.<sup>1</sup>Together, these teams share and explore ideas, align on a vision,

visualize concepts, and translate them into coded products — all on a single, connected, AI-powered

platform that collaborators around the world can access with a URL.

Our focus on the entire lifecycle of software creation reflects our ability to rapidly bring new products onto

Figma's browser-based platform and our belief that design spans far beyond a single step or role. We

take this expansive view because design is more than how something looks, or even feels; design is also

how something works — and in today's increasingly digital-first world, what sets brands and companies

apart.

As AI makes software much easier to create, and as organizations across industries and geographies

continue to invest heavily in digital transformation, better-designed digital products and experiences have

become even more critical to a company's success.That's why 95% of the Fortune 500 and 78% of the

Forbes Global 2000 used Figma in March 2025. These companies understand deeply that great design is

what attracts and wins user loyalty, especially in a world where a business' interactions with its customers

are increasingly digital.

![a007-numbers.jpg](a007-numbers.jpg)

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp; See the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" for information

regarding (i) certain one-time events that impacted our operating results for the years ended December 31, 2023 and 2024,

including the $1.0 billion termination fee we received in 2023 in connection with the Abandoned Merger with Adobe (as defined

below) and $889.3 million of stock-based compensation expense, net of amounts capitalized, we recognized in 2024 in

connection with the May 2024 RSU Release and the 2024 Stock Option Grants (each as defined below), (ii) our use of non-

GAAP operating margin and a reconciliation of operating margin to non-GAAP operating margin, and (iii) our definition of Net

Dollar Retention Rate.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

Figma has been fortunate to play a part in, and benefit from, the growing global movement to elevate

design and the craft of building software. Millions of people use Figma every week, often for hours a day,

and as more users have come to our platform, our business has grown.

• Our revenue was $749.0 million for the year ended December 31, 2024, representing 48% year-

over-year growth as compared to the year ended December 31, 2023, and our revenue was

$228.2 million for the three months ended March 31, 2025, representing 46% year-over-year

growth as compared to the three months ended March 31, 2024. Our four-year compounded

annual revenue growth rate as of December 31, 2024 was 53%.

• For the year ended December 31, 2024 and for the three months ended March 31, 2025, we

delivered an operating margin of (117)% and 17%, respectively, and a non-GAAP operating

margin of 17% and 18%, respectively. Our 2024 operating margin was impacted by our May 2024

RSU Release and 2024 Stock Option Grant (each as defined below), one-time events.

• We had a Net Dollar Retention Rate (as defined below) of 134% and132% as of December 31,

2024 and as of March 31, 2025, respectively.

• For the years ended December 31, 2023 and 2024, we had net income of $737.8 million and net

loss of $732.1 million, respectively, and for the three months ended March 31, 2024 and 2025, we

had net income of $13.5 million and $44.9 million, respectively. In addition to our May 2024 RSU

Release and 2024 Stock Options Grant, we also received a $1.0 billion termination fee in 2023 in

connection with the Abandoned Merger with Adobe (as defined below).<sup>2</sup>

![a008-numbers.jpg](a008-numbers.jpg)

While Figma began as a browser-based tool for designing user interfaces, our platform has expanded to

help teams go from idea to product all in one place. We are quickly becoming the system of record for

design and product development at a time when software is growing exponentially. We believe our pace

of innovation, the breadth and flexibility of our platform, the strength of our team, the community

relationships we have built, and the enduring power of design position us well for future growth.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

From design silos to a new software standard

Dylan Field and Evan Wallace started Figma in 2012, after they met as students at Brown University.

Back then, design looked very different than it does today. Designers worked by themselves in silos

across multiple tools and products. Even if they wanted to design together or with others, technological

constraints and the fragmented nature of the product development toolchain made collaboration a pain.

The most elegant solution to share work? Huge, manually annotated files sent around as email

attachments with indecipherable names like "Draft_Final_V2_FINAL_v13."

![a009-softwarexstandards.jpg](a009-softwarexstandards.jpg)

As part of a generation that found community in multiplayer, virtual worlds and grew up on Google Docs,

Dylan and Evan saw an opportunity to bring design to the browser, and in doing so, make it more open

and collaborative. After experimenting with a powerful technology called WebGL, which harnesses the

power of a computer's Graphics Processing Unit ("GPU") to render high-performance graphics in the

browser, and spending three years building, testing, and iterating with users, they launched Figma. It was

the first design tool that combined the accessibility of the web with the functionality and performance of a

native desktop app.

Not everyone was as excited as Dylan and Evan were about this new way of working. Despite the product

benefits of a more open design process — seamless version control, real-time collaboration in the file,

and the ability to access designs from any browser or computer anywhere in the world — designers

raised concerns that more transparency and collaborators in the mix would lead to tighter deadlines, more

micro management, and an implicit loss of control over their craft. One person even said that if Figma was

the future of design, they were changing careers.

But as more designers and their teams started using Figma, they began to understand the benefits of

designing together in the browser. It was more fun working collaboratively in the same file; it was also

faster and more efficient to work in a single product that brought storage, asset creation, prototyping, and

other parts of the design toolchain into one place. The ability to easily share work with a URL led people

to bring collaborators into their files earlier, placing more emphasis on co-creation and less on the "big

reveal." It also led Figma to spread quickly within companies and design communities globally, while

giving teams something they'd never had before: a single source of truth to access the most up-to-date

designs.

Today, the openness and accessibility that Figma helped pioneer is no longer a novelty; it's the

expectation, a way of working that has spread across teams, tools, countries, and industries — and

transformed the way products are designed and built.

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From design tool to product development

platform

As Figma's open and collaborative way of working pulled more people into the design process, we

expanded to serve the many roles and steps involved in going from an idea to a product in users' hands.

The early investments we made in our browser-based platform have enabled us to rapidly introduce and

monetize new products.

![a010-figmaxplatform.jpg](a010-figmaxplatform.jpg)

• In 2021, we expanded our platform to serve earlier phases of the product development lifecycle

with the launch of FigJam, an online whiteboard for teams to brainstorm and ideate together.

FigJam grew organically out of the unexpected ways our community was using our first product

Figma Design to meet, connect, and brainstorm product ideas. We tailored FigJam to fit this use

case, creating a more welcoming and lightweight space for designers and their collaborators to

meet and brainstorm what to build together — using the core principles and primitives of Figma.

• In 2023, we released Dev Mode, a dedicated space in Figma that helps teams more efficiently

translate design concepts into coded products. While Figma Design is built for more free-form

design exploration, Dev Mode is tailored to the very specific and structured needs of developers,

who, during the three months ended March 31, 2025, made up approximately 30% of our monthly

active users. Dev Mode organizes information and surfaces data like design specifications and

measurements in ways that are both useful and intuitive for developers. Building on years of

updates in Figma Design to bridge the gap between design and code, Dev Mode is designed to

improve cross-team communication and maximize efficiency at this crucial step in the product

development process.

• In 2024, we launched Figma Slides, a product for designers and their collaborators to drive

alignment through better-designed and more collaborative presentations. Figma Slides was born

from an organic use case in which our users were creating millions of slide presentations in

Figma Design. Seeing that pattern, a team of our employees drew up Figma Slides during our

annual "Maker Week" hackathon. Figma Slides marries the visual fidelity of Figma Design with

the playful interactivity of FigJam, making it easier for designers and non-designers to create

powerful presentations in the same space.

• In 2025, we doubled our product portfolio with the launch of four new products: Figma Sites,

Figma Make, Figma Buzz, and Figma Draw. Figma Sites is a product that lets you design a

website and directly publish it to the web, with a custom URL. Figma Make is an AI-powered

product that turns a prompt into a fully functional prototype. Figma Buzz is a product for easily

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creating social media assets, display ads, and other marketing materials at scale that are

consistent with your brand or visual identity. And Figma Draw provides a dedicated space for finer

vector editing required when drawing detailed iconography and product illustrations.

With the additions of these seven products over the last four years, Figma offers an increasingly end-to-

end platform for teams to go from idea to shipped product. Over time, we've seen teams adopt our

platform for more parts of their product development journey, as evidenced by the fact that76% of Figma

customers were using at least two of our products during the three months ended March 31, 2025.

![a011-numbers.jpg](a011-numbers.jpg)

AI has the power to accelerate the process of going from idea to product even further by helping users of

all skill levels explore and iterate on ideas more quickly, while automating rote, repetitive tasks. Over the

last few years, we've launched AI features that help users generate editable user interfaces with a simple

prompt and rename layers in a design file or instantly summarize sticky notes from team meetings with a

single click.

Figma Make is the most recent launch that shows the potential of AI to accelerate product development,

as it helps users rapidly explore concepts by turning a conversational prompt — optionally augmented

with an existing Figma design — into a working prototype within minutes. This and other Figma AI

features currently rely on off-the-shelf foundational models, though we expect developments of our own

models to accelerate over time as we continue to make significant investments in AI.

Our community has also contributed to the expansion of Figma's platform in ways that increasingly

position us at the center of design and product development workflows. They have created over 250,000

Community resources, including more than 10,000 plugins and widgets that allow users to customize their

workspaces and speed up their workflows using Figma's publicly-accessible application programming

interfaces ("APIs"). With the help of our users and trusted partners, we have built a powerful, extensible

ecosystem that keeps evolving to meet the diverse needs of a growing global community and contributes

to our growth.

Through close community ties and a relentless focus on innovation and meeting user needs, Figma has

grown to serve more people and parts of the process of helping teams turn ideas into shipped products

and experiences.

The opportunity ahead

In the 13 years since Figma's founding, the amount of software in the world has exploded, and according

to a Gartner<sup>®</sup>forecast, worldwide software spending is expected to exceed $1.2 trillion in 2025.

Meanwhile, generative AI has made digital products more ubiquitous and much easier to build, with

International Data Corporation ("IDC") estimating there will be more than 1 billion new apps in the world

<sup>(3)</sup> Per IDC, "apps are defined here as logical applications which include solutions that are entirely made up of brand-new software

but also solutions that leverage existing installed applications as providers of data, decision-making logic, and other services."

<sup>(4)</sup> &nbsp;&nbsp;&nbsp;&nbsp; To estimate our market opportunity, we took IDC primary research-informed models of the global workforce population

engaged in software design and then applied our internal pricing data to determine our total addressable market.

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by 2028.<sup>3</sup> As a platform that's quickly becoming a system of record for design and product development,

Figma is well positioned to benefit from this growth.

![a014-numbers.jpg](a014-numbers.jpg)

We believe that, in today's world, design and a company's brand matter more than ever. The explosion of

software means that companies must increasingly vie for customer attention, and it is the well-crafted,

thoughtfully-designed brands, products, and user experiences that will stand out from the rest. In addition,

companies are still in the early phases of incorporating AI into their products. We expect to see so much

innovation in the years to come around the design of new interfaces and interaction paradigms that are

truly AI-native. Like the shifts to mobile and the cloud, we believe broader usage and adoption of new

technologies will be fueled by great design.

We estimate that our total addressable market is $33 billion today across the "global workforce engaged

in software design," as identified by IDC. We calculate our total addressable market based on internal

Figma data and the IDC Executive Spotlight sponsored by Figma, "Global Workforce Engaged in

Software Design Expands to 144 Million by 2029." We commissioned this IDC Executive Spotlight, which

sizes the global number of participants involved in the product development process.<sup>4</sup>

Figma's founding vision was to eliminate the gap between imagination and reality. Thirteen years later,

the shift from a physical economy to a digital economy, huge advances in AI, and our own evolution from

design tool to design and product development platform have combined to make this aspiration feel even

more within reach today than it was when we started. This vision inspires us to think bigger about the role

Figma can play in extending the power of design to more people, so that whoever you are, whatever you

want to design, you'll be able to make it in Figma.

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Deep Dive: The product development

process in Figma

While our community has pushed Figma in all kinds of unexpected ways, our primary focus is to help

teams turn ideas into software. We started out as a relatively small part of this larger job to be done, but

Figma was always meant to be more than a tool for designing user interfaces.

![a015-figmaxplatform.jpg](a015-figmaxplatform.jpg)

We are a platform for design and product development. And while the workflow of creating software and

other digital products and experiences can take many paths and forms, the process has traditionally

involved the following key phases:

1.**Ideate and Align.** The team comes together to brainstorm different solutions to user problems

and align on a path forward.

2.**Visualize.** Designers, PMs, and others bring life to these ideas by visualizing them at different

levels of fidelity, which starts to give a sense of how the overall experience comes together.

3.**Build.** These ideas and visualizations are turned into code (most often by a developer) and made

production-ready.

4.**Ship.** The product is launched, so it can end up in users' hands, and marketed, so more users

adopt it; this kicks off a continuous loop of learning, refinement, and improvement.

These phases have continued to shift as roles have blurred and advances in AI allow more people to

participate in the process of creating digital products and experiences. We see this in our own research,

which found that, as of May 2025, more than half of non-designers reported spending substantial time on

<sup>(5)</sup> &nbsp;&nbsp;&nbsp;&nbsp; Data from a Figma survey of approximately 1,200 professionals working in digital product and marketing in the United States

conducted from March through May 2025.

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design-related work like visual exploration or mapping user flows.<sup>5</sup> Over time, we've launched and

successfully monetized new products that bring more parts of the overall design and product development

process onto our platform.

Ideate and align with FigJam and Figma Slides

![a016-figjamxfigmaxslides.jpg](a016-figjamxfigmaxslides.jpg)

In the early phases of product development, teams come together to brainstorm ideas and eventually

align on potential paths forward. FigJam and Figma Slides are products we have built to facilitate these

activities.

FigJam is our product tailored for ideation, brainstorming, and rapid communication of ideas. Designed for

users of all skill levels, FigJam makes everything from personal projects to solo ideation to team meetings

more engaging and fun. This is made possible by facilitation features like timers and voting, but also fun

features that give participants more ways to express themselves, like ephemeral emoji reactions, a photo

booth that lets you take a quick selfie, or the ability to give high-fives. We also offer rich diagramming

capabilities to make it easy to convey more abstract ideas through user journeys or technical diagrams for

engineering. In FigJam, users can also use AI to generate templates for group brainstorms and

summarize meeting notes in seconds.

Figma Slides helps teams collaboratively make compelling, engaging presentations that drive and

maintain alignment. What makes this product especially effective for product teams is the way it marries

Figma's powerful design features — such as the ability to embed prototypes, create high-fidelity

animations, or make detailed edits to mock-ups directly in a slide — with strong real-time collaboration

capabilities like seamless multiplayer editing and audience voting.

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Often, these products are used side-by-side — what starts in a brainstorm in FigJam can lead to a pitch

deck in Figma Slides. We aim to make the transition between these products easy with features like AI

that can turn FigJam stickies into a Figma Slides presentation.

Visualize with Figma Design and Figma Draw

![a017-figmaxdesign.jpg](a017-figmaxdesign.jpg)

As ideas become more concrete and teams align on a path forward, they move toward visualizing these

ideas at a higher fidelity. Often, they draw mock-ups to explore directions more deeply, or build realistic

prototypes to validate designs. Figma Design is where all of this happens.

Designers at this stage want the freedom to rapidly explore concepts and express their ideas fully without

being constrained by the tools they're using. This is why Figma Design offers a wide range of features

that make it possible to visualize ideas with high fidelity, including typography features or vector editing

capabilities that add texture and dimension to designs. In some cases, designers want to make more

detailed, finer edits to key assets in their design, like icons and product illustrations. For these users,

we've created Figma Draw, which is a dedicated space for vector editing within Figma Design.

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![openerfigmadraw.jpg](openerfigmadraw.jpg)

To facilitate rapid exploration and iteration at this stage, these tools have a strong focus on ergonomics

and efficiency. Our AI features are examples of this. By automating tedious, repetitive tasks like removing

backgrounds from images or renaming layers in the design, or filling the mock-ups with realistic content to

more closely resemble the final product that ends up in users' hands (rather than *lorem ipsum*, for

example). First Draft is an AI feature that allows users to go from blank canvas to editable user interfaces

with a simple prompt.

As designs begin to solidify, designers also seek to add more structure to the design that better maps to

the constraints and requirements of a production environment. Figma Design offers a rich set of "design

systems" features in service of this: capabilities that allow teams to define flexible, reusable building

blocks that make it easy for anyone to assemble a design without ever starting from scratch. We've found

that teams are motivated to invest deeply in design systems, as their primary benefit is creating efficiency

and consistency at scale. Teams save time by no longer needing to constantly worry about pixel-level

details, and design systems help remove translation errors between designers and developers by sharing

the same building blocks and language across design and code.

More often than not, though, a static visualization of an idea isn't enough to validate a direction. That's

why users take advantage of Figma's rich prototyping capabilities, which let users string together different

screens into a dynamic, interactive flow. These prototypes are often circulated within an organization to

socialize an idea or put in front of customers in user testing to validate a particular concept in a more

realistic way.

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Build with Dev Mode

![a018-devxmode.jpg](a018-devxmode.jpg)

Once the designs are ready, it's time to translate them into code. Dev Mode is our dedicated space for

developers where this translation occurs, built to streamline the back and forth between design and

engineering and reduce the miscommunication that often happens during this step.

In Dev Mode, developers can inspect the designs to see key details most relevant to them, like special

annotations left by designers, documentation about the components used, or what's changed since they

last saw the design.

Importantly, developers can choose to view these designs in the format they understand most: code. Dev

Mode generates platform-specific, ready-to-use code from the designs that developers can directly copy;

teams can also connect their design systems to their codebase via Code Connect which helps ensure the

code snippets developers see are correct, familiar, and production-ready.

Recently, we've also added our own Model Context Protocol ("MCP") server to Dev Mode, which allows

developers to connect an agent in their code editor directly to designs in Figma. Developers can ask the

agent to inspect the design and use this context to convert it into working code in their codebase.

A traditional design-to-development handoff process often involves a spec or document that can quickly

get outdated as teams continue to iterate on designs. One of Dev Mode's key value propositions is

allowing designers, developers, and even agents to work in the very same file while giving each a

different view of the work tailored to their respective needs. This helps maintain a single source of truth

that literally keeps everyone on the same page.

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Ship with Figma Sites, promote in Figma Buzz

![a019-figmaxsites.jpg](a019-figmaxsites.jpg)

The last step of any product development process is shipping the code that's been written to production,

to get your product launched. Figma Sites represents our first offering that ships a design directly to

production, by allowing you to publish a design as a working website, with a URL of your choice, that

anyone in the world can access.

Figma Sites includes features that help make designs production-ready for the web, like breakpoints that

make websites responsive across different window sizes and devices. It also supports the ability to

augment designs with code (via a feature called code layers) to help make more powerful, dynamic

experiences, like adding special motion effects or an interactive form, that would otherwise have been

impossible to build with just a design tool. Figma Sites also includes a CMS that makes it easy for anyone

to make changes to the content on a website, like a blog post or the price of an item being sold on the

site, without worrying about breaking the underlying code or design.

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![a021-figmaxbuzz.jpg](a021-figmaxbuzz.jpg)

Once a product has been shipped to production, the last step is to actually promote it, to ensure existing

and prospective users are aware of the value of what's launched. This is where Figma Buzz comes in —

a tool that makes it easy to create on-brand marketing collateral, like social media assets, digital ads, and

more.

Similar to Figma Slides and FigJam, Figma Buzz is designed for users of any skill level. Figma Buzz

makes it easy to take a template and edit its contents, or create assets in bulk from templates (e.g., for

multiple locales or different social media platforms). The product simplifies the collaboration between a

brand designer and a marketer. Designers are able to access the more sophisticated tools necessary to

set up a beautiful template, while marketers can make edits to the simpler view of the content without

worrying about "messing up" the design. In addition to these template capabilities, Figma Buzz has a slew

of other features that marketers may need, like AI features to edit text and images, or easy ways to

generate hundreds of assets from data in a spreadsheet.

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Ideate, visualize, build, and ship — all at once, with Figma Make

![a020-figmaxmake.jpg](a020-figmaxmake.jpg)

We believe AI is fundamentally transforming the product development process by making it possible for

anyone to quickly turn an idea into a functional prototype, or in some cases, a working product. Figma

Make is our product for this new paradigm.

Instead of going from idea to wireframe to mock-up to prototype iteratively, Figma Make lets users go

directly from prompt to working prototype, at which point they can immediately validate an idea and

choose to iterate on it, or discard it altogether. Like Figma Sites, what's created in Figma Make —

whether it is a dynamic prototype or web app — can be published to a URL for anyone to use.

While it's possible for AI to get to working software with a simple prompt, we believe that the most

important differentiator is craft — ensuring that the product looks, feels, and works "just right." We've

designed Figma Make to offer fast and powerful ways to iterate and refine its output. Users are free to

use the best way to improve the design of their product, whether via further prompting, editing code

directly, or visual manipulation. They are also able to easily reference their designs in Figma Design (via

copy-paste or importing) to ensure the output feels consistent and familiar, taking heavy inspiration from

existing styles and patterns.

With Figma Make, we believe even more people will be able to create functional, dynamic prototypes and

software, as it lowers the floor to let absolutely anyone transform their idea into something that works. At

the same time, it raises the ceiling of what's possible by giving people access to capabilities that weren't

possible in their current tools, whether that's allowing designers to tap into the power and expressiveness

of code, or allowing developers to enjoy the freedom and speed of visual manipulation.

The benefits of combining rapid prototyping with a highly performant and sophisticated design tool give

users the best of both worlds: the ability to move quickly while having access to the tools needed to refine

the design.

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An integrated design and product development platform

These products come together to serve more parts of the software development lifecycle and truly push

something from an idea all the way to a final product. With these products, Figma has become a design

and product development platform that houses everything from the initial brainstorm to the pitch deck to

the design spec to the final implementation.

Underlying each of our products is the same DNA that makes them uniquely Figma. Each of these

products is built from the ground up with multiplayer in mind — built for the browser with the power of

WebGL to allow our users to engage in real-time collaboration and seamless sharing as team members

work simultaneously in the same document. Each of these products is supercharged with AI capabilities

— ranging from automating rote tasks (like summarizing brainstorms, wiring up prototypes, enhancing

images, or filling mock content) to unlocking new superpowers (like dreaming up brand new designs from

a singular prompt). Each of these products allows for seamless interoperability — making it possible to

allow content to move fluidly between products and modes, or for different personas to have views of the

same content that are tailored to their needs and roles. And all of them are built with extensibility in mind

— allowing our users to leverage our APIs and plugin architecture to customize their experience to their

specific needs, like connecting designs to their own tools, databases, and codebases.

As we've built out these new tools, we've simultaneously invested in our platform infrastructure, giving us

the ability to incubate, test, and launch new products more easily. While our primary focus will remain on

product teams building software, we believe we have the ingredients needed to explore adjacencies over

time.

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Our Community

We exist to serve anyone designing and building products and digital experiences. Customers of all sizes,

spanning industries and geographies, bring their work to life in Figma.

We have focused on creating deep ties with our users and customers since day one. In Figma's early

days, this meant our founders making house-calls to customers' offices to troubleshoot a product issue; or

traveling to Nigeria to visit a growing group of Figma users. Our deep community focus has helped fuel

the creation of more than 200 Friends of Figma chapters across the world — from Lagos to Los Angeles

— that organized over 650 events in 2024. Together, they share and collaborate on work, either in person

or virtually on Figma's Community resources platform. Many spend hours a day in our products as part of

their day jobs and side hustles. Some even get Figma tattoos.

![a00_our-community.jpg](a00_our-community.jpg)

We engage with our community through in-person and virtual touchpoints. Config — our annual

conference that started in 2020 — brings thousands of designers, developers, and product teams to San

Francisco to meet, learn, and get inspired. Our always-on programming, like product livestreams,

community meetups, and our leadership collective events, engage a broad range of customers from

students to executive leaders. And our lively product forums, social channels, and hundreds of Friends of

Figma chapters around the world create active dialogue around our products and provide a peer network

for support.

We know how unique it is for a software company to have such a strong and passionate community

championing its products. This vast, growing, and global community has a deep shared identity as

designers and product builders. Their voices are essential to our own product development process,

pushing the bounds of our existing products and inspiring us to make new ones.

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We believe building for and with our users drives revenue and long-term loyalty. The close ties we have

developed with our community since day one have opened lines of communication ingrained in how we

work, helping us respond quickly to customer feedback and innovate for customer needs.

Our Culture

The Figma team (we call ourselves Figmates) is a group of builders, makers, and tinkerers with deep

connections to our users and a passion for building and shipping. We are able to attract incredible talent

because we have the opportunity to shape how teams around the world design and build products.

We feed this maker spirit in many ways including an annual company-wide Maker Week — a full week we

set aside for Figmates to pitch, develop, and execute on new ideas or projects with one another. The only

requirement is that the ideas benefit Figma in some way. A number of products, features, and projects

were born during Maker Week such as Figma Slides, multi-edit, several FigJam features, and our

extensibility API. As these examples show, great ideas can come from anywhere, and any Figmate can

drive impact, regardless of their level or tenure. We find this way of working makes our culture unique and

helps us attract and retain employees with builder DNA.

![a00_our-culture.jpg](a00_our-culture.jpg)

We drive Figma's culture by embedding our five cultural values into how we work day to day. These

values serve as an operating system for decision-making and organizational behavior. We chose them to

be in tension with one another and their relative importance varies at different times. Taken together, they

paint a clear picture of what we value and why.

1.**Build Community:** We're multiplayer people, and we love the weird, wonderful magic that

happens when humans connect. We bring people together so they can bring new ideas to life.

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2.**Love Your Craft:** We build for builders, and try to make complex things feel simple. In our

products and process, we invest in the details few people see, but everyone feels.

3.**Run With It:** When you see something that needs doing, do it. When you have a great idea, run

with it. Tackle big, scary, exciting challenges like Figma's future depends on it. Because it does.

4.**Grow As You Go:** Everyone's a work-in-progress, and we're here to help each other grow. So

along with ❤ and , we share the direct feedback we all need to become great at what we do.

![prosum3b.jpg](prosum3b.jpg)

5.**Play:** Playing is learning. We embrace spontaneous, unstructured exploration — because that's

where we find our best ideas.

Lastly, in line with our Grow As You Go value, listening to feedback across every touchpoint with users

and customers is deeply embedded in our culture and how we work.

Our Business Model

Our subscription model is designed to meet the diverse and evolving needs of our growing community

and customer base. Access to Figma is sold as an annual or monthly subscription, per seat. Everyone

from independent freelancers to entire product teams at Fortune 500 companies design and build

products and digital experiences in Figma. We offer different seats and plans tailored to the specific

security, product, and administrative needs of different users, organizations, and industries.

To meet our users where they are, we offer a variety of ways to try, use, and purchase Figma.

• We have an automated and highly efficient self-service option, available through Figma.com. To

support our self-serve offering, our marketing team utilizes organic and paid channels to drive

awareness and usage of all of our products.

• We have a direct sales process through which we partner with customers to set up new accounts,

upgrade customers across plans, and expand existing accounts.

Plans

Our plans range from a more limited free offering to more advanced plans built in partnership with our

customers that meet the specific needs of the larger organizations using our platform.

• Our **Starter plan** is free and is designed for working on personal projects. It provides an easy

way for new users to try our design and collaboration tools.

• Our **Professional plan** is designed for individuals and small teams. It provides access to

unlimited files and projects, as well as design libraries for a single team.

• Our **Organization plan** is designed for businesses with multiple teams. The functionality on this

plan allows everyone to collaborate in one Figma workspace while keeping everything safe and

secure with centralized admin and security features.

• Our **Enterprise plan** is designed for businesses managing multiple products or brands. This plan

provides custom team workspaces, automated design system management, and enterprise-level

controls and compliance.

<sup>(6)</sup> &nbsp;&nbsp;&nbsp;&nbsp; The Content seat was announced in May 2025 and is not yet available. Figma Sites CMS is currently in beta and seat access

may change once it becomes generally available.

<sup>(7)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Figma Make, Figma Buzz, and Figma Sites are currently in beta. Seat access with respect to these products may change once

they become generally available.

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Seats

Rather than a one-size-fits all approach, we offer different seats tailored to specific user needs and

workflows. At the same time, we also see roles continuing to blur as the product-development process

keeps evolving.

• The **Viewer seat** allows users to view files and leave comments for free.

• The **Collab seat** gives access to FigJam and Figma Slides.

• The **Content seat** gives access to Figma Buzz, Figma Sites CMS, FigJam, and Figma Slides.<sup>6</sup>

• The **Dev seat** gives access to Dev Mode, in addition to Figma Buzz, Figma Sites CMS, FigJam,

and Figma Slides.

• The **Full seat** gives access to all of Figma Design, Figma Draw, Figma Make, Dev Mode, Figma

Buzz, Figma Sites, FigJam, and Figma Slides.<sup>7</sup>

![a012-seats.jpg](a012-seats.jpg)

Over time, we expect to introduce products and services that may be billed differently than on a per seat

basis, such as an add-on or pricing with limits on feature usage. We believe these additional options can

provide users with flexibility in how they use and pay for products and features. We also expect that this

type of billing may be less predictable than subscription-based revenue.

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![pricing.jpg](pricing.jpg)

Our Go-To-Market Motion

The combination of Figma's reputation as a product design leader, the product virality inherent to Figma's

collaborative and browser-based platform, and our integrated marketing efforts have successfully driven

awareness and adoption. Over time, many of our users grow with us into larger, managed accounts that

often include more seats and more products for users within their organizations. During each of the year

ended December 31, 2024 and the three months ended March 31, 2025, approximately 70% of new

Organization and Enterprise plan customers included at least one user who was previously a member of

a Professional plan.

The value Figma's products have created for our community has helped us earn their trust and support.

It's not uncommon for Figma users, particularly those who are active members of our community, to

champion the collaborative, design-led way of working that Figma offers to their teams.

While our product-led, bottoms-up adoption contributes to our growth, our direct sales motion helps us

serve larger customers. Our global sales and marketing teams work hand-in-hand with Figma's

expanding network of customer champions to scale our products within organizations and increase

adoption across plans. In addition to word-of-mouth, our marketing efforts include a variety of digital and

in-person channels that bring new users to our platform. We support new users in the discovery phase by

sharing content across channels like livestreams, YouTube, social media, in-product, and by email. These

resources help new users explore and understand the capabilities of our products.

Our integrated sales motion is collaborative by design, bringing both customer champions and Figmates

with deep product expertise into the conversation. Our sales team works closely with solutions

consultants, who understand how Figma's products map to specific customer needs, and designer and

developer advocates with deep technical understanding of our products and close ties to the communities

we serve. While approximately 70% of our revenue for each of the year ended December 31, 2024 and

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the three months ended March 31, 2025, came from customers on Organization and Enterprise plans, we

continue to build features and products designed to create value for all of our customers.

We believe exceptional customer support is core to a great product experience. This is why we have built

a global support function that provides customer assistance in multiple languages for all paid users. We

encourage all Figmates, including our executive team, to speak with customers and understand their

feedback, whether it's in person or online. You'll often see leaders across the company dive into and work

to actively resolve customer issues raised in support forums or on social platforms. Our customer support

associates also use the latest in AI to solve customer needs quickly and efficiently.

Figma's partner ecosystem, which includes product integrations and distribution partnerships, drives

further retention and adoption of our platform. Through collaborations with companies like Microsoft,

Atlassian, Zoom, Notion, and Linear, and integrations with tools like GitHub, Visual Studio Code, and

Storybook, users are connected to Figma from within their existing workflows. These partnerships

generate awareness and cultivate lasting engagement. Certified service partners around the globe also

provide training, enablement, and specific project support for customers. Additionally, Apple, Google

Material Design, and other organizations make their design resources available natively through Figma's

user interfaces to facilitate users designing and developing for their respective platforms.

From the beginning, Figma's Professional plan has been free for educators and students through our

Figma for Education program. This includes higher education institutions, bootcamps, and workshops. We

also make Figma's Organization plan available for free for K-12 students and educators to help develop

the next generation of product builders.

![a024-goxtoxmarket.jpg](a024-goxtoxmarket.jpg)

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Growth Strategy

We have focused on building a company for the long-term since day one. We will keep investing in our

platform across our key growth levers.

• Maintaining our rapid and proven pace of product innovation.

• Converting new and existing users into Paid Customers.

• Growing within current customers.

• Extending our platform.

• Expanding our international footprint.

• Making strategic acquisitions and investments.

Recent Operating Results (Preliminary and

Unaudited)

We are in the process of finalizing our operating results as of and for the three months ended June 30,

2025. We have presented below certain preliminary operating results representing our estimates for the

three months ended June 30, 2025. These preliminary estimates are based on currently available

information and do not present all information necessary for an understanding of our operating results as

of and for the three months ended June 30, 2025. This information has been prepared by and is the

responsibility of our management. Our independent registered public accounting firm has not audited,

reviewed, or performed any procedures with respect to the preliminary operating results included below

and does not express an opinion or any other form of assurance with respect thereto. We will complete

the preparation of our interim consolidated financial statements as of and for the three months ended

June 30, 2025 following the completion of this offering. Although we are currently unaware of any items

that would require us to make adjustments to the information set forth below, it is possible that we or our

independent registered public accounting firm may identify such items as we complete our interim

consolidated financial statements and any resulting changes could be material. Accordingly, undue

reliance should not be placed on these preliminary estimates. There can be no assurance that the range

of our preliminary estimates of revenue, income (loss) from operations, operating margin, non-GAAP

operating income, and non-GAAP operating margin for the three months ended June 30, 2025 are

indicative of what our results will be for the three months ended June 30, 2025 or for any future period.

These preliminary estimates should be read together with the sections titled "Risk Factors" and "Special

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Note Regarding Forward-Looking Statements," and our consolidated financial statements and related

notes included elsewhere in this prospectus.

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months** <br>**Ended June 30,** <br>**2024**<br>| **Three Months Ended June 30,** <br>**2025** | **Three Months Ended June 30,** <br>**2025** |
|  | **Actual** | **Low** <br>**(estimated)**<br>| **High** <br>**(estimated)**<br>|
|  | **(In thousands, except for percentages)** | **(In thousands, except for percentages)** | **(In thousands, except for percentages)** |
| Revenue........................................................................................ | $177198 | $247000 | $250000 |
| Income (loss) from operations................................................... | $(894287) | $(500) | $2500 |
| Operating margin......................................................................... | (505)% | —% | 1% |
| Non-GAAP operating income<sup>(1)</sup>................................................. | $4880 | $9000 | $12000 |
| Non-GAAP operating margin<sup>(1)</sup>.................................................. | 3% | 4% | 5% |

---

__________________

<sup>(1)</sup> We define non-GAAP operating income and non-GAAP operating margin as income (loss) from operations, excluding stock-

based compensation expense, amortization of stock-based compensation expense included in capitalized internal use software

development costs, and amortization of acquired intangibles from acquisitions. Additionally, we exclude certain non-recurring

charges, including transaction costs and other related expenses associated with the Abandoned Merger with Adobe, employer

payroll taxes related to the May 2024 RSU Release and 2024 Tender Offer, and 2024 Tender Offer transaction costs.Non-

GAAP operating margin represents non-GAAP operating income as a percentage of revenue. For additional information about

our non-GAAP financial measures, see "Management's Discussion and Analysis of Financial Condition and Results of

Operations—Non-GAAP Financial Measures."

We estimate our total revenue to increase by 39% to 41% for the three months ended June 30, 2025

compared to the three months ended June 30, 2024 due to expansion within our existing Paid Customers

and the addition of new Paid Customers.

We estimate our income (loss) from operations will improve to a range of approximately $(0.5) million to

$2.5 million for the three months ended June 30, 2025, compared to $(894.3) million for the three months

ended June 30, 2024, primarily as a result of the reduction of stock-based compensation expense year-

over-year attributable to the May 2024 RSU Release.

We estimate our non-GAAP operating income to increase by 84% to 146% for the three months ended

June 30, 2025 compared to the three months ended June 30, 2024, primarily as a result of revenue

growth and improved operational efficiency.

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The following table reflects the reconciliation of income (loss) from operations to non-GAAP operating

income and non-GAAP operating margin for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months** <br>**Ended June 30**<br>| **Three Months Ended June 30,**<br>**2025** | **Three Months Ended June 30,**<br>**2025** |
|  | **2024** | **Low** <br>**(estimated)**<br>| **High** <br>**(estimated)**<br>|
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| **Income (loss) from operations**............................................. | $(894287) | $(500) | $2500 |
| Plus: Stock-based compensation expense<sup>(1)</sup>....................... | 858390 | 7400 | 7400 |
| Plus: Amortization of stock-based compensation <br>included in capitalized internal use software <br>development costs...............................................................<br>| 9 | 200 | 200 |
| Plus: Transaction costs and other related expenses <br>associated with the Abandoned Merger with Adobe<sup>(2)</sup>...<br>| 4401 |  |  |
| Plus: Employer payroll taxes related to the May 2024 <br>RSU Release and 2024 Tender Offer...............................<br>| 24983 |  |  |
| Plus: Amortization of acquired intangibles from <br>acquisitions............................................................................<br>|  | 1900 | 1900 |
| Plus: 2024 Tender Offer transaction costs<sup>(3)</sup>....................... | 11384 |  |  |
| **Non-GAAP operating income**................................................ | $4880 | $9000 | $12000 |
| **Operating margin**..................................................................... | (505)% | —% | 1% |
| **Non-GAAP operating margin**................................................ | 3% | 4% | 5% |

---

__________________

<sup>(1)</sup> Stock-based compensation expense during the three months ended June 30, 2024 is related to the May 2024 RSU Release.

See the section titled"Management's Discussion and Analysis of Financial Condition and Results of Operations—factors

Impacting Our 2023 and 2024 Operating Results—May 2024 Restricted Stock Unit Release and 2024 Stock Option Grants" for

more information. Stock-based compensation expense during the three months ended June 30, 2025 is related to RSU and

RSA awards granted during the three months ended June 30, 2025 that contain only service-based vesting conditions.

<sup>(2)</sup> Transaction costs and other related expenses associated with the Abandoned Merger with Adobe include legal, accounting,

professional services fees, local business taxes and non-recurring compensation expenses related to the transaction.

<sup>(3)</sup> 2024 Tender Offer transaction costs includes legal and professional services fees.

Risk Factors Summary

Our business is subject to numerous risks and uncertainties of which you should be aware before making

a decision to invest in our Class A common stock. These risks are more fully described in the section

titled "Risk Factors" immediately following this prospectus summary. These risks, among others, include

the following:

• We have experienced rapid growth which may not be indicative of our future growth, and if we do

not effectively manage our future growth, our business, operating results, financial condition, and

future prospects may be adversely affected. Our rapid growth also makes it difficult to evaluate

future prospects.

• Our operating results may fluctuate significantly, which could make our future results difficult to

predict and could cause our operating results to fall below expectations.

• We have a limited operating history at our current scale, which makes it difficult to evaluate our

current business and future prospects and increases the risks associated with your investment.

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• Changes in our pricing, packaging, or billing models could adversely affect our business,

operating results, financial condition, and future prospects.

• If we are unable to attract new customers or retain and increase adoption of our products and

services by existing customers, we may not achieve the growth we expect, which would

adversely affect our business, operating results, financial condition, and future prospects.

• If we are not able to effectively introduce enhancements to our platform, including new offerings,

features, and functionality, that achieve widespread market adoption, or keep pace with

technological developments, our business, operating results, and financial condition could be

adversely affected.

• Competitive developments in AI and our inability to effectively respond to such developments

could adversely affect our business, operating results, and financial condition.

• We face intense competition and could lose market share to our competitors, which would

adversely affect our business, operating results, financial condition, and future prospects.

• Our product and investment decisions may negatively impact our short-term financial results and

may not produce the long-term benefits that we expect.

• The markets for our products and services are relatively new and unproven and may not grow,

which would adversely affect our business, operating results, financial condition, and future

prospects.

• Our business is subject to complex and evolving U.S. and foreign laws, regulations, and industry

standards, many of which are subject to change and uncertain interpretations, which uncertainty

could harm our business, operating results, and financial condition.

• The multi-class structure of our common stock has the effect of concentrating voting power with

Dylan Field, our Chair of our Board of Directors, Chief Executive Officer, and President, which will

limit your ability to influence the outcome of important transactions, including a change in control.

If we are unable to adequately address these or the other risks we face, our business, operating results,

financial condition, and future prospects could be adversely affected.

Channels for Disclosure of Information

Following the effectiveness of the registration statement of which this prospectus forms a part, we intend

to announce material information to the public through filings with the SEC, the investor relations page on

our website (www.figma.com), our blog (www.figma.com/blog), our newsroom (www.figma.com/

newsroom), press releases, public conference calls, public webcasts, our social media accounts on X,

LinkedIn, Instagram, Bluesky, Threads, and TikTok as well as Dylan Field's X account (@zoink) and

LinkedIn profile. The information contained on, or that can be accessed through, these channels is not a

part of this prospectus.

The information disclosed in the foregoing channels could be deemed to be material information. As such,

we encourage investors, the media, and others to follow the channels listed above and to review the

information disclosed through such channels. Any updates to the list of disclosure channels through

which we will announce information will be posted on the investor relations page on our website.

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Corporate Information

We were incorporated in the State of Delaware in October 2012. Our principal executive offices are

located at 760 Market Street, Floor 10, San Francisco, California 94102. Our telephone number is (415) 890-5404. Our website address is www.figma.com. The information contained on, or that can be

accessed through, our website is not a part of this prospectus. Investors should not rely on any such

information in deciding whether to purchase shares of our Class A common stock.

Figma, the Figma logo, and other registered or common law trade names, trademarks, or service marks

of Figma appearing in this prospectus are the property of Figma, Inc. This prospectus contains additional

trade names, trademarks, logos, and service marks of ours and of other companies. We do not intend our

use or display of other companies' trade names, trademarks, logos, or service marks to imply a

relationship with these other companies, or endorsement or sponsorship of us by these other companies.

Other trademarks appearing in this prospectus are the property of their respective holders. Solely for

convenience, our trade names, trademarks, logos, and service marks referred to in this prospectus may

appear without the® and™ symbols, but those references are not intended to indicate, in any way, that

we will not assert, to the fullest extent under applicable law, our rights, or the right of the applicable

licensor, to these trademarks, trade names, logos, and service marks.

JOBS Act

As a company with less than $1.235 billion in revenue during our last fiscal year, we qualify as an

"emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS

Act").

An emerging growth company may take advantage of reduced reporting requirements that are otherwise

applicable generally to public companies. These provisions include, but are not limited to:

• not being required to comply with the auditor attestation requirements of Section 404 of the

Sarbanes-Oxley Act of 2002, as amended (the "Sarbanes-Oxley Act");

• reduced obligations with respect to financial data, including presenting only two years of audited

financial statements;

• reduced disclosure obligations regarding executive compensation in our periodic reports, proxy

statements, and registration statements; and

• exemptions from the requirements of holding a nonbinding advisory vote on executive

compensation and any golden parachute payments not previously approved.

We may take advantage of these provisions until the last day of our fiscal year following the fifth

anniversary of the date of the first sale of our Class A common stock in this offering. However, we will

cease to be an emerging growth company prior to the end of such five-year period if (i) we become a

"large accelerated filer," with at least $700 million of common equity securities held by non-

affiliates; (ii) our annual gross revenue exceeds $1.235 billion; or (iii) we issue more than $1.0 billion

of non-convertible debt in any three-year period, whichever occurs first.

We have elected to take advantage of certain of the reduced disclosure obligations in the registration

statement of which this prospectus is a part and may elect to take advantage of other reduced reporting

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requirements in future filings. As a result, the information that we provide to our stockholders may be

different than you might receive from other public reporting companies in which you hold equity interests.

In addition, the JOBS Act provides that an "emerging growth company" can take advantage of an

extended transition period for complying with new or revised accounting standards. This provision allows

an emerging growth company to delay the adoption of some accounting standards until those standards

would otherwise apply to private companies. We have elected to use this extended transition period to

enable us to comply with certain new or revised accounting standards that have different effective dates

for public and private companies until the earlier of the date we (i) are no longer an emerging growth

company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the

JOBS Act. As a result, our financial statements may not be comparable to companies that comply with

new or revised accounting pronouncements as of public company effective dates. It is possible that some

investors will find our Class A common stock less attractive as a result, which may result in a less active

trading market for our Class A common stock and higher volatility in our stock price.

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The Offering

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| | |
|:---|:---|
| Class A common stock offered by us....... | 12,472,657 shares. |
| Class A common stock offered by the <br>selling stockholders.................................<br>| 24,464,423 shares. |
| Underwriters' over-allotment option to <br>purchase shares of Class A common <br>stock...........................................................<br>| The underwriters have the option for a period of 30 days from <br>the date of this prospectus to purchase up to an additional <br>5,540,561 shares of our Class A common stock from certain <br>of the selling stockholders to cover over-allotments, if any, at <br>the initial public offering price less underwriting discounts and <br>commissions.<br>|
| Class A common stock to be <br>outstanding after this offering................<br>| 407,680,914 shares. |
| Class B common stock to be <br>outstanding after this offering................<br>| 79,779,989 shares. |
| Class C common stock to be <br>outstanding after this offering................<br>| None. |
| Total Class A, Class B, and Class C <br>common stock to be outstanding after <br>this offering...............................................<br>| 487,460,903 shares. |

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| | |
|:---|:---|
| Use of proceeds.......................................... | We estimate that the net proceeds to us from the sale of <br>shares of our Class A common stock in this offering will be <br>approximately $305.9 million, based upon the assumed initial <br>public offering price of $26.50 per share, which is the <br>midpoint of the offering price range set forth on the cover <br>page of this prospectus, and after deducting estimated <br>underwriting discounts and commissions and estimated <br>offering expenses payable by us.<br>The principal purposes of this offering are to create a public <br>market for our Class A common stock, increase our visibility <br>in the marketplace, increase our capitalization and financial <br>flexibility, and facilitate an orderly distribution of shares for the <br>selling stockholders. We intend to use the net proceeds from <br>this offering, together with cash on hand, to repay $330.5 <br>million of outstanding indebtedness under the Revolving <br>Credit Facility (as defined below), which we intend to borrow <br>in order to pay our anticipated tax withholding and remittance <br>obligations related to the RSU Net Settlement (as defined <br>below). We intend to use the remaining net proceeds from <br>this offering, if any, for working capital and other general <br>corporate purposes, which may include product development, <br>general and administrative matters, and capital expenditures. <br>We may also use a portion of the remaining net proceeds, if <br>any, for the acquisition of, or investment in, technologies, <br>solutions, or businesses that complement our business. <br>However, we do not have agreements or commitments for <br>any material acquisitions or investments at this time. See the <br>section titled "Use of Proceeds" for additional information.<br>We will not receive any proceeds from the sale of our Class A <br>common stock in this offering by the selling stockholders, <br>including upon the sale of shares of our Class A common <br>stock by certain of the selling stockholders if the underwriters <br>exercise their over-allotment option to purchase additional <br>shares.<br>|

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| | |
|:---|:---|
| Conflicts of Interest..................................... | Because an affiliate of each of Morgan Stanley & Co. LLC <br>("Morgan Stanley"), Goldman Sachs & Co. LLC ("Goldman <br>Sachs"), J.P. Morgan Securities LLC ("J.P. Morgan"), BofA <br>Securities, Inc. ("BofA Securities"), Wells Fargo Securities, <br>LLC ("Wells Fargo Securities"), and RBC Capital Markets, <br>LLC ("RBC Capital Markets") is a lender under the Revolving <br>Credit Facility and some or all of such entities will receive 5% <br>or more of the net proceeds of this offering due to the <br>repayment of borrowings under the Revolving Credit Facility, <br>Morgan Stanley, Goldman Sachs, J.P. Morgan, BofA <br>Securities, Wells Fargo Securities, and RBC Capital Markets, <br>each an underwriter in this offering, is deemed to have a <br>"conflict of interest" under Rule 5121 ("Rule 5121") of the <br>Financial Industry Regulatory Authority, Inc. ("FINRA"). <br>Accordingly, this offering will be conducted in compliance with <br>the requirements of Rule 5121, which requires, among other <br>things, that a "qualified independent underwriter" participate in <br>the preparation of, and exercise the usual standards of "due <br>diligence" with respect to, the registration statement and this <br>prospectus. Nomura Securities International, Inc. <br>("Nomura") has agreed to act as a qualified independent <br>underwriter for this offering and to undertake the legal <br>responsibilities and liabilities of an underwriter under the <br>Securities Act of 1933, as amended (the "Securities Act"), <br>specifically including those inherent in Section 11 thereof.<br>Nomura will not receive any additional fees for serving as a <br>qualified independent underwriter in connection with this <br>offering. We have agreed to indemnify Nomura against <br>liabilities incurred in connection with acting as a qualified <br>independent underwriter, including liabilities under the <br>Securities Act. See the sections titled "Use of Proceeds" and <br>"Underwriters (Conflicts of Interest)" for additional information.<br>|

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|:---|:---|
| Voting rights ................................................ | We have three series of common stock: Class A common <br>stock, Class B common stock, and Class C common <br>stock. Shares of our Class A common stock are entitled to <br>one vote per share. Shares of our Class B common stock are <br>entitled to 15 votes per share. Shares of our Class C common <br>stock have no voting rights, except as otherwise required by <br>law.<br>Holders of our Class A common stock and Class B common <br>stock will generally vote together as a single class, unless <br>otherwise required by law or our restated certificate of <br>incorporation that will become effective immediately prior to <br>the completion of this offering. Each share of Class B <br>common stock will be convertible into one share of our Class <br>A common stock at any time and will convert automatically <br>upon certain transfers and upon the Final Conversion Date <br>(as defined below). Immediately following the completion of <br>this offering, Dylan Field, our Chair of our Board of Directors, <br>Chief Executive Officer, and President will hold or have the <br>ability to control approximately 73.6% of the voting power of <br>our outstanding capital stock, including 25.0% of the voting <br>power pursuant to the Wallace Proxy. As a result, following <br>this offering, Mr. Field will have the ability to control the <br>outcome of matters submitted to our stockholders for <br>approval, including the election of our directors and the <br>approval of any change of control transaction. These risks are <br>more fully described in the section titled "Risk Factors." See <br>the sections titled "Principal and Selling Stockholders" and <br>"Description of Capital Stock" for additional information.<br>|
| Risk factors................................................... | See the section titled "<u>[Risk Factors](#i8dccdb6f4d824d4aba81e7c665eaa62d_19)</u>" and other information <br>included in this prospectus for a discussion of some of the <br>factors you should consider before deciding to purchase <br>shares of our Class A common stock.<br>|
| Proposed NYSE trading symbol............... | "FIG" |
| Dividend policy............................................. | We currently intend to retain all available funds and any future <br>earnings for use in the operation of our business and do not <br>anticipate paying any dividends on our capital stock in the <br>foreseeable future. Any future determination to declare <br>dividends will be made at the discretion of our Board of <br>Directors and will depend, among other things, on our <br>financial condition, operating results, capital requirements, <br>general business conditions, restrictions in our debt <br>instruments, and other factors that our Board of Directors may <br>deem relevant. See the section titled "Dividend Policy" for <br>additional information.<br>|

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The number of shares of our Class A common stock, Class B common stock, and Class C common stock

that will be outstanding after this offering is based on 395,208,257 shares of our Class A common stock

outstanding, 79,779,989 shares of our Class B common stock outstanding, and no shares of our Class C

common stock outstanding as of March 31, 2025 (after giving effect to the Capital Stock Conversion, the

Class B Conversion, the CEO Option Exercise, and the RSU Net Settlement (each as defined below)),

and excludes:

• 23,057,048shares of our Class A common stock issuable upon the exercise of stock options to

purchase shares of our Class A common stock outstanding as of March 31, 2025 under our 2012

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Equity Incentive Plan (as amended and restated as of the date hereof, the "2012 Plan"), with a

weighted-average exercise price of $9.77 per share;

• 40,664,466 shares of our Class A common stock issuable upon the vesting and settlement of

restricted stock units ("RSUs") outstanding as of March 31, 2025 under the 2012 Plan for which

the service-based vesting condition was not satisfied as of March 31, 2025 and for which we

expect the performance-based vesting condition will be satisfied in connection with this offering,

after giving effect to the RSU Net Settlement;

• 14,627,536shares of our Class A common stock issuable upon the vesting and settlement of

RSUs, subject to service-based vesting conditions, granted after March 31, 2025 under the 2012

Plan, after giving effect to the RSU Net Settlement;

• 11,250,000 shares of our Class B common stock issuable upon the vesting and settlement of

RSUs outstanding as of March 31, 2025 under the 2021 Executive Equity Incentive Plan (the

"2021 Plan") for which the service-based vesting condition and/or market-based vesting condition

were not satisfied as of March 31, 2025 and for which we expect the performance-based vesting

condition will be satisfied in connection with this offering (all of these RSUs are subject to a

performance-based vesting condition, a market-based vesting condition and a service-based

vesting condition, see the section titled "Executive Compensation—CEO Equity Awards" for a

description of the vesting terms of these awards), after giving effect to the RSU Net Settlement;

• 28,960,338 shares of our Class B common stock issuable upon the vesting and settlement of

RSUs granted on June 30, 2025 under the 2021 Plan for which the service-based vesting

conditions and/or stock price-based vesting conditions, as applicable, are not anticipated to be

satisfied at the expected effective date of the registration statement of which this prospectus

forms a part (of these RSUs, RSUs with respect to 14,480,169shares of our Class B common

stock are subject to a service-based vesting condition and RSUs with respect to 14,480,169

shares of our Class B common stock are subject to a stock price-based and a service-based

vesting condition, see the section titled "Executive Compensation—CEO Equity Awards" for a

description of the vesting terms of these awards);

• 260,580 shares of our Class A common stock issuable upon the exercise of a warrant to

purchase shares of our Class A common stock outstanding as of March 31, 2025, with an

exercise price of $0.08 per share;

• 699,705 shares of our Class A common stock issued after March 31, 2025 in connection with the

acquisition of a technology company that is a self-hosted headless content management system

and application framework;

• approximately 511,000 shares of our Class A common stock issuable upon the vesting and

settlement of RSUs that we intend to grant to certain new hires in the ordinary course shortly

following this offering; and

• 85,053,649shares of our common stock reserved for future issuance under our equity

compensation plans, consisting of (i) 14,451,482 shares of our Class A common stock available

for future issuance under our 2012 Plan as of March 31, 2025 (which amount does not reflect

RSUs settleable for shares of our Class A common stock granted after March 31, 2025), (ii)

1,002,167 shares of our Class B common stock available for future issuance under our 2021 Plan

as of March 31, 2025 (which amount is prior to an increase of 28,960,338 shares of our Class B

common stock reserved for future issuance under the 2021 Plan after March 31, 2025 and does

not reflect RSUs settleable for shares of our Class B common stock granted after March 31,

2025), (iii) 58,000,000 shares of our Class A common stock available for future issuance under

our 2025 Equity Incentive Plan (the "2025 Plan"), which will become effective on the date

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immediately prior to the date of this prospectus, and (iv)11,600,000shares of our Class A

common stock reserved for issuance under our 2025 Employee Stock Purchase Plan (the "2025

ESPP"), which will become effective on the date of this prospectus.

On the date of this prospectus, any remaining shares of our Class A common stock available for issuance

under our 2012 Plan and shares of Class B common stock available for issuance under our 2021 Plan will

be added to the shares of our Class A common stock reserved for issuance under our 2025 Plan (and will

solely be available for grant as shares of Class A common stock), and we will cease granting awards

under our 2012 Plan and our 2021 Plan. Our 2025 Plan and 2025 ESPP also provide for automatic

annual increases in the number of shares reserved thereunder. See the section titled "Executive

Compensation—Stock Plans" for additional information.

Unless otherwise noted, the information in this prospectus reflects and assumes the following:

• the automatic conversion of an aggregate of245,999,103 shares of our convertible preferred

stock outstanding as of March 31, 2025 on a one-for-one basis into shares of Class A common

stock in connection with the closing of this offering pursuant to the terms of our restated certificate

of incorporation, as amended and currently in effect (the "Capital Stock Conversion");

• the conversion of (i) 2,388,054 shares of our Class B common stock into shares of our Class A

common stock by certain holders of our Class B common stock in connection with the sale of

shares of our Class A common stock by certain selling stockholders in this offering as described

in the section titled "Principal and Selling Stockholders" and (ii) 13,365,162 shares of our Class B

common stock into shares of our Class A common stock upon the transfer of such shares from a

holder of our Class B common stock to a charitable organization in June 2025(the "Class B

Conversion");

• the net issuance of (i) 6,344,097shares of our Class A common stock in connection with the

vesting and settlement of RSUs outstanding as of March 31, 2025 for which the service-based

vesting condition was satisfied as of March 31, 2025 and for which we expect the performance-

based vesting condition will be satisfied upon the effectiveness of the registration statement of

which this prospectus forms a part, (ii) 2,776,332 shares of our Class A common stock in

connection with the vesting and settlement of RSUs outstanding as of March 31, 2025 for which

the service-based vesting condition will be satisfied as of July 30, 2025, the expected effective

date of the registration statement of which this prospectus forms a part, and for which we expect

the performance-based vesting condition will be satisfied upon the effectiveness of the

registration statement of which this prospectus forms a part and (iii) 22,362 shares of our Class A

common stock in connection with the vesting and settlement of RSUs issued after March 31,

2025 for which we expect the service-based vesting condition will be satisfied as of July 30, 2025,

the expected effective date of this offering ((i),(ii) and (iii) collectively the "Class A IPO Vesting

RSUs"), after giving effect to the withholding of 8,976,097 shares of our Class A common stock to

satisfy the associated estimated tax withholding and remittance obligations (based on the

assumed initial public offering price of $26.50 per share, which is the midpoint of the offering price

range set forth on the cover page of this prospectus, and an assumed 49.5% tax withholding rate)

(the "Class A RSU Net Settlement");

• the net issuance of (i) 1,703,025 shares of our Class B common stock in connection with the

vesting and settlement of RSUs outstanding as of March 31, 2025 subject to a service-based

vesting condition and performance-based vesting condition for which the service-based vesting

condition was satisfied as of March 31, 2025 and we expect the performance-based vesting

condition will be satisfied upon the effectiveness of the registration statement of which this

prospectus forms a part and (ii) 2,270,700 shares of our Class B common stock in connection

with the vesting and settlement of RSUs outstanding as of March 31, 2025 for which we expect

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the service-based vesting condition will be satisfied as of July 30, 2025, the expected effective

date of the registration statement of which this prospectus forms a part, and for which we expect

the performance-based vesting condition will be satisfied upon the effectiveness of the

registration statement of which this prospectus forms a part ((i) and (ii) collectively the "Class B

IPO Vesting RSUs" and, together with the Class A IPO Vesting RSUs, the "IPO Vesting RSUs"),

after giving effect to the withholding of 3,901,275shares of our Class B common stock to satisfy

the associated estimated tax withholding and remittance obligations (based on the assumed initial

public offering price of $26.50 per share, which is the midpoint of the offering price range set forth

on the cover page of this prospectus, and an assumed 49.5% tax withholding rate) (the "Class B

RSU Net Settlement" and, together with the Class A RSU Net Settlement, the "RSU Net

Settlement");

• the cash exercise of stock options to purchase 811,896 shares of our Class B common stock

subsequent to March 31, 2025 by Dylan Field, with an exercise price of $23.19per share, for total

gross proceeds to us of approximately $18.8 million (the "CEO Option Exercise");

• the filing and effectiveness of our restated certificate of incorporation and the effectiveness of our

restated bylaws, each of which will occur immediately prior to the completion of this offering;

• no exercise of outstanding stock options or warrants or settlement of outstanding RSUs

subsequent to March 31, 2025, except for the CEO Option Exercise and the RSU Net Settlement;

and

• no exercise by the underwriters of their over-allotment option to purchase 5,540,561 additional

shares of our Class A common stock from certain of the selling stockholders in this offering.

The assumed 49.5% tax withholding rate used in this prospectus is an assumed blended withholding rate

for the IPO Vesting RSUs that are subject to withholding in the RSU Net Settlement. The estimates in this

prospectus relating to the RSU Net Settlement and related share withholding may differ from actual

results due to, among other things, the actual initial public offering price and other terms of this offering

determined at pricing, actual forfeitures through the date of this prospectus, and actual tax withholding

rates.

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Summary Consolidated Financial

and Other Data

The following tables summarize our consolidated financial and other data as of the dates and for the

periods indicated. We derived our summary consolidated statements of operations data for the years

ended December 31, 2023 and 2024 (except for pro forma basic and diluted net income per share

attributable to common stockholders and weighted-average shares used in computing pro forma basic

and diluted net income per share attributable to common stockholders), from our audited consolidated

financial statements included elsewhere in this prospectus. The summary consolidated statements of

operations data for the three months ended March 31, 2024 and 2025(except for pro forma basic and

diluted net income per share attributable to common stockholders and weighted-average shares used in

computing pro forma basic and diluted net income per share attributable to common stockholders) and

summary consolidated balance sheet data as of March 31, 2025 have been derived from our unaudited

interim consolidated financial statements included elsewhere in this prospectus. The unaudited interim

consolidated financial statements have been prepared on the same basis as our audited consolidated

financial statements and, in the opinion of management, reflect all adjustmentsthat are necessary for the

fair statement of such data. Our historical results are not necessarily indicative of the results to be

expected in the future and our interim results are not necessarily indicative of results to be expected for

the full year or any other period.

You should read the following summary consolidated financial and other data in conjunction with the

section titled "Management's Discussion and Analysis of Financial Conditionand Results of Operations,"

and our consolidated financial statements, the accompanying notes, and other financial information

included elsewhere in this prospectus. The summary consolidated financial and other data in this section

are not intended to replace our consolidated financial statements and the related notes and are qualified

in their entirety by our consolidated financial statements and the related notes included elsewhere in this

prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  | **(In thousands, except per share data)** | **(In thousands, except per share data)** | **(In thousands, except per share data)** | **(In thousands, except per share data)** |
| **Consolidated Statements of Operations** <br>**Data:**<br>|  |  |  |  |
| Revenue............................................................. | $504874 | $749011 | $156229 | $228199 |
| Cost of revenue<sup>(1)</sup>........................................ | 44500 | 87514 | 12790 | 19452 |
| Gross profit........................................................ | 460374 | 661497 | 143439 | 208747 |
| Operating expenses<sup>(1)</sup> |  |  |  |  |
| Research and development....................... | 164774 | 751120 | 52711 | 69925 |
| Sales and marketing................................... | 201377 | 472076 | 55334 | 68840 |
| General and administrative........................ | 167679 | 315734 | 22873 | 30233 |
| Total operating expenses................................ | 533830 | 1538930 | 130918 | 168998 |
| Income (loss) from operations........................ | (73456) | (877433) | 12521 | 39749 |
| Other income, net............................................. | 1019375 | 84362 | 17185 | 7274 |
| Income (loss) before income taxes............... | 945919 | (793071) | 29706 | 47023 |
| Provision for (benefit from) income taxes..... | 208078 | (60951) | 16181 | 2141 |
| Net income (loss)............................................. | $737841 | $(732120) | $13525 | $44882 |
| Less: net income attributable to <br>participating securities.................................<br>| (451982) |  | (13525) | (36271) |
| Net income (loss) attributable to common <br>stockholders...................................................<br>| $285859 | $(732120) | $— | $8611 |
| Net income (loss) per share, basic and <br>diluted:<br>|  |  |  |  |
| Net income (loss) per share, basic<sup>(2)</sup>............. | $1.70 | $(3.74) | $— | $0.04 |
| Net income (loss) per share, diluted<sup>(2)</sup>.......... | $1.62 | $(3.74) | $— | $0.04 |
| Weighted-average shares outstanding <br>used in computing net income (loss) per <br>share attributable to common <br>stockholders, basic.......................................<br>| 168399 | 195612 | 170625 | 214883 |
| Weighted-average shares outstanding <br>used in computing net income (loss) per <br>share attributable to common <br>stockholders, diluted.....................................<br>| 187207 | 195612 | 170625 | 231076 |

---

__________________

(1)Includes stock-based compensation expense as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Cost of revenue......................................... | $37 | $27893 | $1 | $— |
| Research and development.................... | 1890 | 511259 | 543 | 197 |
| Sales and marketing................................. | 253 | 206830 | 11 |  |
| General and administrative...................... | 523 | 201571 | 52 |  |

---

(2)See Note 11 to our consolidated financial statements included elsewhere in this prospectus for an explanation of the calculation

of our basic and diluted net income (loss) attributable to common stockholders.

The following table sets forth the computation of unaudited pro forma net loss per share, basic and

diluted, for the period presented. Pro forma net loss per share, basic and diluted, for the year ended

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December 31, 2024 and the three months ended March 31, 2025, gives effect to the Capital Stock

Conversion, the CEO Option Exercise, and the RSU Net Settlement, as if each had occurred as of the

beginning of the period.

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2024**<br>| **Three Months** <br>**Ended March** <br>**31, 2025**<br>|
|  | **(In thousands,** <br>**except**<br>**per share data)**<br>| **(In thousands,** <br>**except**<br>**per share data)**<br>|
| **Numerator:** |  |  |
| Net income (loss) attributable to common stockholders.............................. | $(732120) | $8611 |
| Pro forma adjustment to record stock-based compensation expense <br>related to RSUs for which the service-based and performance-<br>based vesting conditions are expected to be satisfied in <br>connection with this offering...................................................................<br>| (663068) | (983823) |
| Pro forma net loss attributable to common stockholders............................. | $(1395188) | $(975212) |
| **Denominator:** |  |  |
| Weighted-average shares outstanding used in computing net income <br>(loss) per share attributable to common stockholders, basic and <br>diluted.............................................................................................................<br>| 195612 | 214883 |
| Pro forma adjustment to reflect the Capital Stock Conversion.............. | 245999 | 245999 |
| Pro forma adjustment to reflect the CEO Option Exercise..................... | 812 | 812 |
| Pro forma adjustment to reflect the RSU Net Settlement....................... | 5783 | 13117 |
| Weighted-average shares outstanding used in computing pro forma <br>net loss per share attributable to common stockholders, basic and <br>diluted.........................................................................................................<br>| 448206 | 474811 |
| Pro forma net loss per share, basic and diluted............................................ | $(3.11) | $(2.05) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Actual** | **Pro Forma**<sup>(1)</sup> | **Pro Forma As** <br>**Adjusted**<sup>(2)(3)</sup><br>|
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Consolidated Balance Sheet Data:** |  |  |  |
| Cash, cash equivalents, and marketable securities............... | $1541805 | $1560635 | $1536050 |
| Working capital<sup>(4)</sup>......................................................................... | 1230092 | 918396 | 1234048 |
| Total assets.................................................................................. | 1914755 | 1933585 | 1908413 |
| Deferred revenue......................................................................... | 406636 | 406636 | 406636 |
| Total debt...................................................................................... |  | 330526 |  |
| Total liabilities............................................................................... | 544391 | 874917 | 543804 |
| Convertible preferred stock........................................................ | 329441 |  |  |
| Additional paid-in capital............................................................. | 1186815 | 2188381 | 2494322 |
| Accumulated deficit..................................................................... | (148028) | (1131851) | (1131851) |
| Total stockholders' equity........................................................... | 1370364 | 1058668 | 1364609 |

---

____________________

(1)The pro forma column above reflects (i) the Capital Stock Conversion, (ii) the Class B Conversion, (iii) the CEO Option

Exercise and the receipt by us of gross proceeds of approximately $18.8 million in connection with the CEO Option Exercise,

(iv) the filing and effectiveness of our restated certificate of incorporation that will become effective immediately prior to the

completion of this offering, (v) an increase to additional paid-in capital and accumulated deficit related to stock-based

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compensation of $983.8 million associated with the RSU Net Settlement, (vi) the net issuance of 9,142,791shares of Class A

common stock in connection with the RSU Net Settlement, after withholding 8,976,097 shares to satisfy estimated tax

withholding and remittance obligations of $224.5 million (based on the assumed initial public offering price of $26.50 per share,

which is the midpoint of the offering price range set forth on the cover page of this prospectus, and an assumed 49.5% tax

withholding rate), (vii) the net issuance of 3,973,725 shares of Class B common stock in connection with the RSU Net

Settlement, after withholding 3,901,275 shares to satisfy estimated tax withholding and remittance obligations of $106.0 million

(based on the assumed initial public offering price of $26.50 per share, which is the midpoint of the offering price range set forth

on the cover page of this prospectus, and an assumed 49.5% tax withholding rate), (viii) the borrowing of an aggregate of

$330.5 million under the Revolving Credit Facility to pay the estimated tax withholding and remittance obligations in connection

with the RSU Net Settlement prior to the expected effective date of the registration statement of which this prospectus forms a

part, and (ix) the related $330.5 million net increase in total debt and total liabilities and the $330.5 million decrease in

additional paid-in capital resulting from (A) the RSU Net Settlement and the related estimated tax withholding and remittance

obligations and (B) the subsequent use of proceeds from the Revolving Credit Facility to repay such tax withholding and

remittance obligations prior to the closing of this offering. To the extent that our tax withholding and remittance obligations

related to the RSU Net Settlement exceed the estimates set forth herein, we intend to use cash on hand to satisfy any such

excess tax withholding and remittance obligations.

(2)The pro forma as adjusted column above gives effect to (i) the pro forma adjustments set forth in footnote (1) above, (ii) the

sale and issuance of 12,472,657 shares of our Class A common stock in this offering at an assumed initial public offering price

of $26.50 per share, which is the midpoint of the offering price range set forth on the cover page of this prospectus, after

deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, and (iii) the

application of the net proceeds from this offering, together with cash on hand, to repay the entire amount outstanding under the

Revolving Credit Facility.

(3)Each $1.00 increase (decrease) in the assumed initial public offering price of $26.50 per share, which is the midpoint of the

offering price range set forth on the cover page of this prospectus, would increase (decrease) our pro forma as adjusted cash,

cash equivalents, and marketable securities, working capital, total assets, additional paid-in capital, and total stockholders'

equity by $11.9 million, assuming that the number of shares of our Class A common stock offered by us, as set forth on the

cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions.

Similarly, an increase (decrease) of 1.0 million shares in the number of shares offered by us would increase (decrease) the

amount of our pro forma as adjusted cash, cash equivalents and marketable securities, working capital, total assets, additional

paid-in capital, and total stockholders' equity by $25.3 million, assuming the assumed initial public offering price of $26.50 per

share, which is the midpoint of the offering price range set forth on the cover page of this prospectus, remains the same, and

after deducting estimated underwriting discounts and commissions. In addition, each 1.0% increase (decrease) in the assumed

tax withholding rates would increase (decrease) the amount of estimated tax withholding and remittance obligations related to

the RSU Net Settlement and decrease (increase) cash, cash equivalents and marketable securities, working capital, total

assets, additional paid-in capital, and total stockholders' equity by $6.9 million, assuming that the assumed initial public offering

price remains the same, that the number of shares of Class A common stock offered by us, as set forth on the cover page of

this prospectus, remains the same, and after deducting underwriting discounts and commissions. Each $1.00 increase

(decrease) in the assumed initial public offering price per share of $26.50, which is the midpoint of the offering price range set

forth on the cover page of this prospectus, would increase (decrease) the amount of estimated tax withholding and remittance

obligations related to the RSU Net Settlement and decrease (increase) cash, cash equivalents and marketable securities,

working capital, total assets, additional paid-in capital, and total stockholders' equity by$12.5 million, assuming that the tax

withholding rate remains the same, that the number of shares of Class A common stock offered by us, as set forth on the cover

page of this prospectus, remains the same, and after deducting underwriting discounts and commissions. Pro forma

adjustments in the footnotes above and the related information in the balance sheet data are illustrative only and may differ

from actual amounts based on, among other things, the actual initial public offering price and other terms of this offering

determined at pricing, the actual tax withholding rates, as well as the actual amount of RSUs settled in connection with this

offering.

(4)Working capital is defined as current assets less current liabilities. Refer to the consolidated financial statements included

elsewhere in this prospectus for additional information regarding our current assets and current liabilities.

Key Business Metrics and Non-GAAP

Financial Measures

We review a number of operating and financial metrics, including the following key business metrics and

non-GAAP financial measures, to evaluate and manage our business, measure our performance, identify

trends affecting our business, formulate business plans, and make strategic decisions. See the sections

titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key

Business Metrics" for additional information regarding our key business metrics and "Management's

Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial

Measures" for additional information and reconciliations of our non-GAAP financial measures to the most

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directly comparable financial measures prepared in accordance with U.S. generally accepted accounting

principles ("GAAP").

Key Business Metrics

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of March 31,** | **As of March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
| Paid Customers with more than $10,000 in <br>ARR.................................................................<br>| 7233 | 10517 | 8007 | 11107 |
| Paid Customers with more than $100,000 <br>in ARR............................................................<br>| 630 | 963 | 701 | 1031 |
| Net Dollar Retention Rate............................... | 122% | 134% | 125% | 132% |

---

Non-GAAP Financial Measures

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| Income (loss) from operations........................ | $(73456) | $(877433) | $12521 | $39749 |
| Non-GAAP operating income......................... | $27128 | $127218 | $18067 | $40032 |
| Operating margin.............................................. | (15)% | (117)% | 8% | 17% |
| Non-GAAP operating margin.......................... | 5% | 17% | 12% | 18% |
| Net cash provided by (used in) operating <br>activities..........................................................<br>| $1047334 | $(61717) | $(18139) | $97177 |
| Net cash provided by (used in) investing <br>activities..........................................................<br>| $(57336) | $(784257) | $(336630) | $41251 |
| Net cash provided by financing activities..... | $— | $62450 | $40 | $339 |
| Free Cash Flow................................................ | $1040967 | $(68218) | $(19650) | $94582 |
| Adjusted Free Cash Flow................................ | $91809 | $181261 | $48472 | $94582 |
| Operating Cash Flow Margin ......................... | 207.4% | (8.2)% | (11.6)% | 42.6% |
| Adjusted Free Cash Flow Margin.................. | 18.2% | 24.2% | 31.0% | 41.4% |

---

![riskfactorscover1c.jpg](riskfactorscover1c.jpg)

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Risk Factors

*Investing in our Class A common stock involves a high degree of risk. You should carefully consider the* 

*risks and uncertainties described below, together with all of the other information in this prospectus,* 

*before making a decision to invest in our Class A common stock. The risks and uncertainties described* 

*below are not the only ones we face. Additional risks and uncertainties that we are unaware of or that* 

*we deem immaterial may also become important factors that adversely affect our business. If any of the* 

*following risks occur, our business, operating results, financial condition, and future prospects could be* 

*materially and adversely affected. In that event, the market price of our Class A common stock could* 

*decline, and you could lose part or all of your investment.*

Risks Related to Our Business and Industry

***We have experienced rapid growth which may not be indicative of our future growth, and if we do***

***not effectively manage our future growth, our business, operating results, financial condition, and***

***future prospects may be adversely affected. Our rapid growth also makes it difficult to evaluate***

***future prospects.***

We have experienced rapid growth and we expect to continue to invest broadly across our organization to

support our growth. Our revenue was $504.9 million and $749.0 million for the years ended December 31,

2023 and 2024, respectively. Our revenue was$156.2 million and $228.2 million for the three months

ended March 31, 2024 and 2025, respectively. The number of our employees has grown from 1,014 as of

December 31, 2022 to 1,646as of March 31, 2025. Although we have experienced rapid growth

historically, we may not sustain our current growth rates, and we cannot assure you that our investments

to support our growth will be successful. Even if our revenue continues to increase, we expect our

revenue growth rate to decline in the future as our business matures and our platform achieves more

widespread adoption or as a result of other risk factors described elsewhere in this prospectus.

Accordingly, our historical growth makes it difficult to evaluate our business and future prospects and you

should not rely on the revenue growth of any prior quarterly or annual period as an indication of our future

performance. Overall growth of our revenue will depend on a number of factors, including, but not limited

to, our ability to:

• compete with other companies in our industry, including, but not limited to, those with greater

financial, technical, marketing, sales, and other resources, as well as with startup companies with

innovative products and novel solutions that compete with ours;

• retain and increase adoption of our products and services by existing customers, as well as

attract new customers and grow our customer base;

• develop new offerings and functionality for our platform and successfully optimize our existing

products and services, including through integration of AI into our platform;

• successfully expand our business domestically and internationally;

• effectively expand our sales force and leverage our existing sales capacity;

• attract, retain, and train service partners and expand product integrations;

• successfully hire and retain personnel, including product, design, engineering, and sales

personnel;

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• successfully introduce and sell our platform in new markets and for new use cases;

• increase awareness of our brand;

• protect against security incidents;

• successfully price and package our platform in a rapidly changing software industry, including due

to advancements and increasing use of AI; and

• successfully identify and acquire or invest in businesses, products, offerings, or technologies that

we believe could complement or expand our platform and successfully integrate such businesses,

products, offerings, or technologies into our business.

We may not successfully accomplish any of these objectives and, as a result, it may be difficult for us to

accurately forecast our future operating results. If the assumptions that we use to plan our business are

incorrect or change in reaction to fluctuations in our markets, we may be unable to maintain consistent

revenue or revenue growth, the value of our stock could be volatile, and it may be difficult to achieve and

maintain profitability. In addition, changes in the global macroeconomic environment, including, but not

limited to, changes in tariffs or trade restrictions, volatile interest rates and inflation, actual or perceived

global banking and finance related issues, labor shortages, high unemployment rates, labor

displacement, supply chain disruptions, changes in spending environments, geopolitical instability,

warfare and uncertainty, including, but not limited to, the effects of geopolitical conflicts, weak economic

conditions in certain regions, or a reduction in software spending regardless of macroeconomic

conditions, may impact our growth.

As we have grown, our number of customers has also increased, and we have increasingly managed

more complex deployments of our platform. The rapid growth and expansion of our business places a

significant strain on our management, operational, engineering, and financial resources, and rapid

development cycles have also created technical debt within our platform. Addressing technical debt

requires engineering resources that could otherwise be devoted to new features or enhancements. If we

fail to properly manage technical debt, our platform performance may suffer, we may face increased

downtime, and our business, operating results, and financial condition could be harmed. Additionally, as

we integrate AI capabilities and expand our product offerings, technical complexity may increase,

potentially exacerbating these challenges. To manage any future growth effectively, we must continue to

improve and expand our infrastructure, including information technology and financial infrastructure, our

operating and administrative systems and controls, and our ability to manage headcount, capital, and

processes in an efficient manner. If we do not manage future growth effectively, our business, operating

results, financial condition, and future prospects would be adversely impacted.

If we continue to experience rapid growth, we may not be able to successfully implement or scale

improvements to our systems, processes, or controls in an efficient, timely, or cost-effective manner. As

we grow, our existing systems, processes, and controls may not prevent or detect all errors, omissions, or

fraud. For example, we have experienced instances of credential sharing, abuse of our Figma for

Education offerings, credit card fraud, and other instances of misuse or fraud on our platform that result in

bad debt, chargebacks, or other losses to us. Such incidents may increase as we grow. Any future growth

will continue to add complexity to our organization and require effective coordination throughout our

organization. Failure to manage any future growth effectively could result in increased costs, cause

difficulty or delays in deploying our platform to new and existing customers, reduce the quality of our

platform, customer satisfaction and demand for our platform, or cause difficulties in introducing new

offerings or cause other operational challenges. Any of these difficulties would adversely affect our

business, operating results, financial condition, and future prospects.

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***Our operating results may fluctuate significantly, which could make our future results difficult to***

***predict and could cause our operating results to fall below expectations.***

Our operating results have varied significantly from period to period in the past, and we expect that our

operating results will continue to vary significantly in the future such that period-to-period comparisons of

our operating results may not be meaningful. Accordingly, our financial results in any one quarter should

not be relied upon as indicative of future performance. To the extent that fluctuations in our quarterly

results lead us to underperform relative to market expectations, such fluctuations may negatively impact

the trading price of our Class A common stock. Our quarterly financial results may fluctuate as a result of

a number of factors, many of which are outside of our control and may be difficult to predict, including, but

not limited to:

• the amount and timing of investments and expenditures related to the expansion of our business;

• the impacts on our cost structure, including, but not limited to, a decrease in our gross margins

and operating margins associated with AI-related products and features;

• the impact of AI on the software creation industry and more generally within the software industry

and on the demand for our platform, products, and services;

• general macroeconomic and political conditions, both domestically and in foreign markets where

we operate, including, but not limited to, changes in U.S. federal spending, changes in tariffs or

trade restrictions, global economic slowdowns, actual or perceived global banking and finance

related issues, increased risk of inflation, potential uncertainty with respect to the federal debt

ceiling and budget and potential government shutdowns related thereto, interest rate volatility,

supply chain disruptions, labor shortages, and potential global recession;

• the impact of natural or man-made global events on our business, including, but not limited to,

wars and other geopolitical conflicts;

• market acceptance of our recent changes to our pricing, packaging, and billing models and any

further changes in our billing model or those of our competitors;

• our ability to attract new customers and retain and increase adoption of our products by existing

customers;

• changes in user or customer requirements or market needs;

• the budgeting cycles, seasonal buying patterns, and purchasing practices of our customers and

potential customers;

• the timing and length of our sales cycles;

• the timing of revenue recognition;

• the timing and success of new product and service releases by us or our competitors or any other

competitive developments, including consolidation among our customers or competitors;

• our ability to convert users of our free product offerings into subscribing customers;

• our ability to successfully expand our business domestically and internationally;

• decisions by organizations to purchase competitive products and services from other vendors;

• insolvency, credit difficulties, or other financial issues affecting our customers or potential

customers, which affects their ability to purchase or pay for our products and services;

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• significant security breaches of, technical difficulties with, or interruptions to, the use of our

platform or other cybersecurity incidents;

• extraordinary expenses such as litigation or other dispute-related settlement payments or

outcomes, taxes, regulatory fines, or penalties;

• changes in the market value of our investments, including in our marketable securities, in

particular as a result of volatility related to our investments in a Bitcoin exchange-traded fund or

any future investments in alternative asset classes;

• significant charges in our financial statements relating to any impairment of goodwill or intangible

assets;

• changes in the mix of various aspects of our business, including, but not limited to, self-service

and sales led offerings, the proportion of business generated in the United States and

internationally, and the adoption rates among our various pricing packages;

• changes to our effective tax rate;

• future accounting pronouncements or changes in our accounting policies or practices;

• negative media and social media coverage or publicity; and

• increases or decreases in our expenses caused by fluctuations in foreign currency exchange

rates.

Historically, we have experienced seasonal fluctuations in our financial results due to increased expenses

incurred in connection with our annual user conferences, including Config, which we typically host in the

second quarter of each year, as well as in connection with other advertising efforts. We expect that

seasonality may become more pronounced in our business in the future, particularly as a greater

percentage of our business is attributable to larger customers and deals, due to the annual budget

approval process of larger organizations. Moreover, any of the above discussed fluctuations could result

in our failure to meet our operating plan or the expectations of investors or analysts for any period. If we

fail to meet such expectations for the reasons described above or other reasons, our stock price could fall

substantially, and we could face costly lawsuits, including securities class action lawsuits.

***We have a limited operating history at our current scale, which makes it difficult to evaluate our***

***current business and future prospects and increases the risks associated with your investment.***

Although we were founded in October 2012, we have evolved our business and platform significantly

since publicly launching our initial product, Figma Design, in 2015, including through the introduction of

new offerings. For example, we introduced FigJam in 2021, Dev Mode in 2023, Figma Slides in 2024, and

Figma Sites, Figma Make, Figma Buzz, and Figma Draw in 2025. In addition, in March 2025, we

implemented significant changes to our pricing, packaging, and billing models. Accordingly, we have a

limited operating history at our current scale of business and with our current pricing, packaging, and

billing models, which makes it difficult to evaluate our current business, future prospects, and other

trends. For example, we experienced an expansion in our Net Dollar Retention Rate throughout 2024

subsequent to our launch of Dev Mode in 2023. We expect our Net Dollar Retention Rate to fluctuate or

decline in the future as a result of a number of factors such as the growing level of our revenue base, the

level of penetration within our customer base, expansion of products and features, our ability to retain our

customers, and any changes to the pricing and packaging of our plans. We expect to continue to make

significant expenditures related to the development and expansion of our business, including, but not

limited to, expenditures related to acquiring new customers, expanding relationships with existing

customers, expanding our global footprint, developing and expanding our platform, growing our sales and

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marketing investments, expanding our operations both domestically and internationally, and integrating

AI, including generative AI, into our platform. We also expect to incur expenditures related to legal, tax,

accounting, and other administrative and compliance expenses related to operating as a public company.

We have encountered, and will continue to encounter, risks and uncertainties frequently experienced by

growing companies in rapidly changing industries and sectors, such as the risks and uncertainties

described herein. Any predictions about our future revenue and expenses may not be as accurate as they

would be if we had a longer operating history or operated in more predictable or established markets. If

our assumptions regarding these risks and uncertainties are incorrect or change due to changing

circumstances, or if we do not address these risks successfully, our operating and financial results could

differ materially from our expectations and our business and the trading price of our Class A common

stock may be adversely affected. We cannot assure you that we will be successful in addressing these or

other challenges we may face in the future.

***Changes in our pricing, packaging, or billing models could adversely affect our business,***

***operating results, financial condition, and future prospects.***

We have made changes to our pricing, packaging, and billing models in the past, and we expect to make

occasional changes to our pricing, packaging, and billing models in the future. For example, in March

2025, we moved away from user-driven upgrades. Prior to March 2025, seat upgrades were driven by

users by default. Administrators reviewed these new seats retroactively to provision the seats. In the new

model, any seat upgrade needs to be approved by an administrator before the license is provisioned. We

also introduced multi-product seats that include additional functionality with each seat and increased the

price of our most expensive offering, which is now our Full seat. We made these changes to keep pace

with our expanded offerings and features since our platform's launch and to provide our customers with

more visibility and upfront controls. Our new pricing, packaging, and billing models may not accurately

reflect the optimal pricing, packaging, and billing models necessary to attract new customers and retain

existing customers, which make it difficult to accurately plan and forecast our operating results. Moreover,

over time, we expect to introduce products and services that may be billed differently than on a per seat

basis, such as an add-on or pricing with limits on feature usage. We expect this type of billing may be less

predictable than subscription-based business models because customers have more flexibility in how

they use and pay for products and features, providing us less visibility into the timing of revenue

recognition from such arrangements. As a result, the introduction of alternative billing arrangements may

impact our business, operating results, and financial condition. The changes to our pricing and packaging

plans introduced in March 2025 have made, and any further changes to components of our billing models

that we may introduce in the future may make, forecasting our operating results more difficult and result in

comparisons to periods prior to the updates being less meaningful as some of the drivers underlying our

business model will have changed.

Further, as AI and its integration into software becomes more prevalent and its use cases become more

sophisticated, including with respect to our products and the products of our competitors, there could be a

decrease in the number of designers, developers, and other collaborators that use our platform if such

individuals are able to significantly increase their efficiency through the use of AI capabilities alongside or

instead of our platform. Such a decrease could reduce the number of seats that customers or potential

customers subscribe to, which could lead to a loss of revenue, slower growth, and adversely impact our

business, operating results, and financial condition. In response to any industry changes resulting from

AI, we may need to make further changes to our billing model.

Moreover, as the markets for our products and services mature, as we continue to add additional

offerings to our platform, and as competitors introduce new products and services that compete with ours,

we may be unable to attract new customers and retain existing customers at the same price or based on

the same billing models as we have used historically. We may from time to time decide to make further

changes to our billing models due to a variety of reasons, including, but not limited to, changes to the

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markets for our products and services, increased use of AI in the software industry generally, pricing

pressures, and the introduction of new products and services by competitors. Changes to the

components of our billing models, including the changes to our pricing and packaging plans introduced in

March 2025 and any further changes that we may make in the future, may, among other things, result in

customer dissatisfaction, lead to a loss of customers, and negatively impact our business, operating

results, and financial condition. Moreover, our ability to increase or maintain our prices may be

constrained by competitive dynamics, customer expectations or pressure to provide discounts, or

economic conditions. If we are unable to increase prices to offset rising costs, or if price increases

significantly reduce customer demand, our business, operating results, and financial condition could be

negatively impacted.

***If we are unable to attract new customers or retain and increase adoption of our products and***

***services by existing customers, we may not achieve the growth we expect, which would adversely***

***affect our business, operating results, financial condition, and future prospects.***

In order for us to improve our operating results and continue to grow our business, it is important that we

continue to attract new customers and that existing customers continue to renew and increase their

usage of our products, which we currently charge for on a per-user basis. Customers have no obligation

to renew a subscription after the expiration of the contract term, and customers may not renew their

subscriptions with a similar contract period, with the same or greater number of seats, for the same

subscription plan, or at all. If our customers do not renew their subscriptions or if they renew on terms less

favorable to us, our revenue may decline.

Our customer retention may decline or fluctuate as a result of various factors, including, but not limited to,

their satisfaction with our platform, products, and services and satisfaction with those offered by

competitors, our pricing, packaging, and billing models and changes to such models including our recent

pricing changes, and the effects of general economic conditions and uncertainty in financial markets.

Further, our future success depends, in part, on our ability to convert users of our free plan into paying

customers on a paid pricing plan and selling additional offerings to existing paying customers. This may

require us to incur increased sales and marketing expenses, but it may not result in additional sales. The

rate at which our customers convert from our free pricing plan to our paid product plan and the rate at

which our customers purchase additional or premium offerings depend on a number of factors, including,

but not limited to, the features, functionality, and pricing of such offerings, availability of competitive

offerings, as well as general macroeconomic conditions. If our efforts to convert users of our free pricing

plan to our paid pricing plans or sell additional or premium offerings to customers are unsuccessful, our

business, operating results, financial condition, and future prospects may be adversely impacted.

Historically, a significant portion of our revenue growth has been derived from organic growth that occurs

within organizations when new users decide to use our platform based on word-of-mouth

recommendations, as opposed to management driven enterprise-wide procurement processes. As we

increasingly sell to larger organizations, however, such organizations may have more extensive internal

approval requirements that prevent or delay potential users in those organizations from using our

platform, which may delay or prevent the organic growth of potential future customers at the same rate as

in historical periods and could cause the costs associated with new customer acquisition to increase in

future periods. This trend may be even more pronounced due to the changes we made in March 2025 as

part of our billing model update, which included administrator controls that may inhibit the number of seat

upgrades on our platform in the future.

In recent years, we have released a number of new products and feature enhancements intended to

address a broader set of use cases than contemplated by our initial product, Figma Design, and we

expect to continue to release additional products and feature enhancements to our platform. Our future

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success will depend in part on the success of these new products and features and our ability to

demonstrate the value of them to a wider set of users, both within current customers and prospective

customers. If we are unable to successfully market new products and features to a wider set of

customers, we may not achieve the return on our initial investments, or long-term growth, expected by

analysts or investors and our business may be adversely affected as a result.

As the markets for our products and services mature, our platform evolves, and competitors introduce

lower cost and/or differentiated products and services that are perceived to compete with our platform,

our ability to maintain or expand usage of our platform could be impaired. The cost of new customer

acquisition and ongoing customer support may prove higher than anticipated, thereby adversely

impacting our profitability.

Other factors, many of which are out of our control, may now or in the future impact our ability to retain

existing customers, attract new customers, and expand usage of our platform by such customers in a

cost-effective manner, including, but not limited to:

• potential customers' commitments to existing products or services or greater familiarity or comfort

with other products or services;

• our ability to expand, retain, effectively train, and motivate our sales and marketing personnel;

• negative social media, media, industry, or analyst commentary regarding our products and

services;

• decreased spending on product design solutions and other products and services that we offer;

• the impact of AI on the markets for our products and services; and

• general macroeconomic and geopolitical conditions.

***If we are not able to effectively introduce enhancements to our platform, including new offerings,***

***features, and functionality, that achieve widespread market adoption, or keep pace with***

***technological developments, our business, operating results, and financial condition could be***

***adversely affected.***

The markets for our products and services are characterized by rapidly changing technologies, frequent

new product and service releases, and evolving industry standards. The rapid growth and intense

competition in our industry exacerbate these market characteristics. Our ability to attract new customers

and increase revenue from existing customers depends in large part on our ability to enhance and

improve our platform and introduce compelling new products and services that reflect the changing nature

of our markets. Further, we will need to adapt to rapidly changing technologies by continually improving

the performance, features, and reliability of our platform, products, and services, and by selling in new

markets and for new use cases. The success of any enhancement to our platform depends on several

factors, including, but not limited to, timely completion and delivery, competitive pricing, adequate quality

testing, integration with existing technologies and our platform, and overall market adoption. We may

experience difficulties that could delay or prevent the successful development, introduction, or marketing

of platform updates or new offerings, features, and functionality. Any new product or service that we

develop may not be introduced in a timely or cost-effective manner, may contain bugs, or may not

achieve the market adoption necessary to generate significant revenue. If we are unable to successfully

develop new products, enhance our existing products to meet customer requirements, or otherwise

achieve market adoption, our business, operating results, and financial condition would be harmed.

We have made significant investments to develop, launch, and enhance new products and services, such

as FigJam in 2021, Dev Mode in 2023, Figma Slides in 2024, and Figma Sites, Figma Make, Figma Buzz,

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and Figma Draw in 2025. We intend to continue investing significant resources to develop and launch

new products, services, features, and functionality, including enhancements to our platform's accessibility.

If we do not allocate these resources efficiently, effectively, or in an otherwise commercially successful

manner, we may not realize the expected benefits of our strategy. There can be no assurance that

customer demand for such initiatives will exist or be sustained at the levels that we anticipate, or that any

of these initiatives will gain sufficient traction or market adoption to generate sufficient revenue to offset

any new expenses or liabilities associated with these new investments. It is also possible that products

and services developed by others, including, but not limited to, new technologies integrating AI, or

products and services developed by competitors that employ a consumption-based subscription model,

will render our platform and offerings uncompetitive or obsolete. Further, our development efforts with

respect to new technologies, offerings, features, and functionality could distract management from current

operations, and would divert capital and other resources from our more established offerings. If we do not

realize the expected benefits of our investments, our business, operating results, financial condition, and

future prospects could be adversely affected.

***Competitive developments in AI and our inability to effectively respond to such developments***

***could adversely affect our business, operating results, and financial condition.***

Developments in AI are already impacting the software industry significantly, and we expect this impact to

be even greater in the future. AI has become more prevalent in the markets in which we operate and may

result in significant changes in the demand for our platform, including, but not limited to, reducing the

difficulty and cost for competitors to build and launch competitive products, altering how consumers and

businesses interact with websites and apps and consume content in ways that may result in a reduction in

the overall value of interface design, or by otherwise making aspects of our platform obsolete or

decreasing the number of designers, developers, and other collaborators that utilize our platform. Any of

these changes could, in turn, lead to a loss of revenue and adversely impact our business, operating

results, and financial condition.

While we have made, and expect to continue to make, significant investments to integrate AI, including

generative AI, into our platform, AI technologies are rapidly evolving and there can be no guarantee that

our products will remain competitive as new AI technologies are developed, adopted, and integrated into

software solutions. We expect that increased investment will be required in the future to continuously

improve our use of AI technologies. As with many technological innovations, there are significant risks

involved in developing, maintaining, and deploying AI. There can be no assurance that the integration of

such technologies will enhance our products or services or be beneficial to our business, including, but

not limited to, with respect to our efficiency or profitability. Similarly, we cannot guarantee that our

investments in the development and integration of AI will be successful or provide an adequate return,

including, without limitation, with respect to the amount of time, focus, and staffing directed towards these

efforts,

Further, our competitors may incorporate AI into their products more quickly or more successfully than we

do, which would impair our ability to compete effectively. Decisions as to if and how to integrate various AI

technologies are difficult and we may choose not to adopt certain technologies or take advantage of

certain data sets available to us as a result of ethical, legal, regulatory, or reputational concerns, which

could put us at a competitive disadvantage and harm our business, operating results, and financial

condition.

Our failure to successfully develop or commercialize our products or services involving AI technologies

could impact the price of our Class A common stock and impair our ability to raise capital, expand our

business, improve and diversify our product offerings, efficiently manage our operating expenses, and

respond effectively to competitive developments. Moreover, the use of AI technologies and our

investments to integrate AI into our platform may adversely impact our business, operating results, and

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financial condition. For example, in the short term, we expect that our AI investments and use of AI

technologies, including as part of Figma Make and our Figma AI features, will negatively impact our gross

margins and operating margins and, given the newness of and rapid development of these technologies,

the impacts on our gross margins and operating margins, and on our business, operating results, financial

condition, and future prospects over the longer term, are currently unknown.

***We face intense competition and could lose market share to our competitors, which would***

***adversely affect our business, operating results, financial condition, and future prospects.***

The markets in which we participate are rapidly evolving and highly competitive, and if we do not compete

effectively, our business, operating results, and financial condition could be adversely impacted. We face

competition from a number of companies, including companies that cater to multiple stages of the design

and development process, point tools that address individual parts of the process but can expand to

cover more, and design-to-code and AI-driven companies and tools that compress or accelerate steps in

the workflow or take a different approach to building digital experiences. We may also face competition

from customized or internal solutions used by our customers or potential customers, particularly with AI's

potential to accelerate the ability to develop and deploy new software. Moreover, we expect to continue to

face intense competition from current competitors, as well as from new entrants into the market, including

as a result of strategic acquisitions and partnerships, increased use of AI, or evolving user and customer

requirements and industry standards. If we are unable to anticipate or react to these challenges, our

competitive position could weaken, and we may experience a decline in revenue, reduced revenue

growth, or a loss of market share, which, individually or collectively, could adversely affect our business,

operating results, and financial condition.

Our ability to compete effectively depends upon numerous factors, many of which are beyond our control,

including, but not limited to:

• our ability to attract new customers and retain existing customers, expand our platform, or

increase adoption of our products and services by new and existing customers;

• market acceptance of our recent, and any future, billing model changes;

• our ability to attract, train, retain, and motivate talented employees;

• the extent of market adoption of our platform, and the timing of such market adoption, which may

be influenced by developments and enhancements we introduce to our platform relative to the

developments and enhancements made to competitive products available in the market;

• the impact of AI on the markets for our products and services, including, but not limited to, our

ability to successfully incorporate AI technologies into our platform and successfully adapt our

billing models to the increased use of AI in the software industry generally;

• the budgeting cycles, seasonal buying patterns, and purchasing practices of our customers,

including, but not limited to, any slowdown in technology spending due to U.S. and global

macroeconomic conditions;

• general macroeconomic and political conditions, both domestically and in foreign markets where

we operate, including, but not limited to, changes in U.S. federal spending, changes in tariffs or

trade restrictions, global economic slowdowns, actual or perceived global banking and finance

related issues, increased risk of inflation, potential uncertainty with respect to the federal debt

ceiling and budget and potential government shutdowns related thereto, interest rate volatility,

supply chain disruptions, labor shortages, and potential global recession;

• changes in user, customer, or market needs or preferences;

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• the effectiveness and cost-effectiveness of our customer service and support efforts;

• our product pricing strategies, including any pressure to change our product pricing strategies as

a result of competition;

• the timing and success of new offerings by us or our competitors or any other change in the

competitive landscape of our industry, including, but not limited to, consolidation among our

competitors or customers and strategic partnerships entered into by or between our competitors;

• changes in the mix of our overall business, including in subscription plans and products sold;

• ease of use, performance, reliability, and comprehensiveness of our platform relative to

competitive products and services;

• our reputation and brand strength relative to our competitors;

• our ability to maintain and grow our community of users and customers both domestically and

internationally;

• security breaches of, technical difficulties with, or interruptions to the use of our platform;

• the timing and costs related to the development or acquisition of technologies, businesses, or

strategic partnerships;

• our ability to execute, complete, or efficiently integrate any acquisitions that we may undertake;

• increased expenses, unforeseen liabilities, or write-downs and any impact on our operating

results from any acquisitions we consummate;

• the length and complexity of our sales cycles; and

• insolvency, credit difficulties, or other financial issues affecting our customers or potential

customers, which could increase due to U.S. and global macroeconomic issues, changes in tariffs

or trade restrictions, inflation, and interest rate volatility, and may adversely affect their ability to

purchase or pay for our platform in a timely manner or at all.

Our competitors may have greater financial, technical, marketing, sales, and other resources, greater

name recognition, longer operating histories, and a larger base of customers than we do. Our competitors

may be able to devote greater resources to the development, promotion, and sale of their products and

services than we can, and they may offer lower pricing than we do or bundle certain competing products

and services at lower prices or for free. Our competitors may also have greater resources for research

and development of new technologies, customer support, and to pursue acquisitions, or they may have

other financial, technical, or other resource advantages. Our larger competitors have substantially broader

and more diverse product and service offerings and more mature distribution and go-to-market strategies,

which allows them to leverage their existing customer and distributor relationships to gain business in a

manner that discourages potential customers from purchasing our platform. Furthermore, our current or

potential competitors may be acquired by third parties with greater available resources and the ability to

initiate or withstand substantial price competition. Pricing pressures and increased competition could

result in reduced sales, lower margins, or financial losses, or hinder our ability to maintain or improve our

competitive market position, any of which could adversely affect our business, operating results, and

financial condition.

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***Our product and investment decisions may negatively impact our short-term financial results and***

***may not produce the long-term benefits that we expect.***

We make product and investment decisions, which we believe are essential to the success of our platform

and in serving the best, long-term interests of Figma and our stockholders. As a result, we may make

business decisions that negatively impact our financial results in the short-term when we believe that the

decisions are consistent with our goal to improve the user experience on our platform, attract new users

and customers, and expand our relationships with our existing users and customers, resulting in the long-

term success of our platform and business. These decisions may not result in the outcomes we expect

and may not be consistent with the expectations of investors and analysts, in which case our business,

operating results, and financial condition could be adversely affected.

***The markets for our products and services are relatively new and unproven and may not grow,***

***which would adversely affect our business, operating results, financial condition, and future***

***prospects.***

Although we launched our initial product, Figma Design, in 2015, the markets for our products and

services, and especially those recently introduced, such as FigJam in 2021, Dev Mode in 2023, Figma

Slides in 2024, and Figma Sites, Figma Make, Figma Buzz, and Figma Draw in 2025, remain relatively

new and unproven. Because the markets for our products and services are relatively new and rapidly

evolving, it is difficult to predict customer adoption, customer and user demand for our products and

services, the size and growth rate of these markets, the entry of competitive products and services, or the

success of existing competitive services. It is also difficult to predict the impact of AI on our markets. Any

expansion or contraction in our markets depends on a number of factors, including, but not limited to, the

cost, performance, and perceived value associated with our platform and the appetite and ability of

customers to pay for and subscribe to our platform. Further, even if the overall markets for the type of

offerings we provide continue to grow, we may face intense competition from larger and more well-

established companies, as well as new entrants, and we may not be able to compete effectively, or

achieve widespread market adoption of our platform. If the markets for our platform do not grow to the

extent that we anticipate or our platform does not achieve widespread adoption within the markets in

which we operate, our business, operating results, financial condition, and future prospects could be

adversely affected.

***Our use of AI in our products and services may result in reputational harm, legal liability,***

***competitive risks, and regulatory concerns that could adversely affect our business, operating***

***results, and financial condition.***

We have made, and expect to continue to make, significant investments to integrate AI, including

generative AI, and machine learning technology into our platform, including as part of our Figma Make

product and Figma AI features. Many AI technologies are relatively new and present ethical, legal,

regulatory, and reputational challenges. The use of datasets to develop AI models, the content generated

by AI systems, or the application of AI systems may be found to be insufficient, offensive, biased, or

harmful, or may violate current or future laws and regulations.

Further, we generally rely on third-party models for the AI features on our platform. Our ability to continue

to use such technologies at scale may be dependent on access to specific third-party software and

infrastructure. We cannot control the availability or pricing of such third-party AI technologies, especially in

a highly competitive environment, and we may be unable to negotiate favorable economic terms with the

applicable providers. If any such third-party AI technologies become incompatible with our platform or

unavailable for use, or if the providers of such models unfavorably change the terms on which their AI

technologies are offered or terminate their relationship with us, our platform may become less appealing

to our customers and our business, operating results, and financial condition could be adversely

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impacted. Moreover, the integration of third-party AI models with our platform relies on certain safeguards

implemented by the third-party developers of the underlying AI models, including those related to the

accuracy, bias, and other variables of the training data used for such models, and these safeguards may

be insufficient. If the models underlying our AI technologies are incorrectly designed or implemented;

trained or reliant on incomplete, inadequate, inaccurate, biased or otherwise poor quality data, or on data

to which we do not have sufficient rights or in relation to which we and/or the providers of such data have

not implemented sufficient legal compliance measures; used without sufficient oversight and governance

to ensure their responsible use; and/or adversely impacted by unforeseen defects, technical challenges,

cybersecurity threats, or material performance issues, the performance of our products, services, and

business, as well as our reputation and the reputations of our customers, could suffer, and we could incur

liability resulting from the violation of laws, breach of contract claims, or civil claims. In addition, the use of

AI applications may result in data leakage or unauthorized exposure of data, including, but not limited to,

confidential business information, the personal data of end users, or other sensitive information. Such

leakage or unauthorized exposure of data related to the use of AI applications could result in legal claims

or liability or otherwise adversely affect our reputation and operating results.

Moreover, our generative AI technologies could generate output that infringes on third-party intellectual

property rights, and we could be subject to claims or lawsuits, including, but not limited to, for infringement

of third-party intellectual property rights as a result of the output of such generative AI technologies. While

some providers of AI technologies offer to indemnify their end users for any copyright or other intellectual

property infringement claims arising from the output of their AI technologies, such indemnification may be

inadequate or we may not be successful in adequately recovering our losses in connection with such

claims. Our generative AI technologies could also generate content that is inaccurate, misleading, or

inappropriate, which could harm our reputation, expose us to liability, or cause customers to lose

confidence in our platform.

The regulatory framework for AI technologies is rapidly evolving as many U.S. federal, state, and foreign

government bodies and agencies have introduced or are currently considering additional laws and

regulations. Additionally, existing laws and regulations may be interpreted in ways that would affect the

operation of our AI technologies, or could be rescinded or amended as new administrations take differing

approaches to evolving AI technologies. As a result, implementation standards and enforcement practices

are likely to remain uncertain for the foreseeable future, and we cannot yet completely determine the

impact future laws, regulations, standards, or market perception of their requirements may have on our

business and may not always be able to anticipate how to respond to these laws or regulations.

Already, certain existing legal regimes, for example, relating to data privacy, regulate certain aspects of AI

technologies, and new laws regulating AI technologies either entered into force in the United States and

the European Economic Area (the "EEA") in 2024 or are expected to enter into force in 2025. U.S.

legislation related to AI technologies has been introduced at the federal level and has passed at the state

level. For example, California enacted seventeen new laws in 2024 that regulate use of AI technologies

and provide consumers with additional protections around companies' use of AI technologies, such as

requiring companies to disclose certain uses of generative AI. Other states have also passed AI-focused

legislation, such as Colorado's Artificial Intelligence Act, which will require developers and deployers of

"high-risk" AI systems to implement certain safeguards against algorithmic discrimination, and Utah's

Artificial Intelligence Policy Act, which establishes disclosure requirements and accountability measures

for the use of generative AI in certain consumer interactions. Such additional regulations may impact our

ability to develop, use, and commercialize AI technologies in the future.

In Europe, the EU Artificial Intelligence Act (the "EU AI Act"), which entered into force in August 2024,

establishes a comprehensive, risk-based governance framework for AI in the EU market. The majority of

the substantive requirements of the EU AI Act are not enforceable yet and will apply from August 2, 2026.

The EU AI Act will have a material impact on the way AI is regulated in the EU, as it applies to companies

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that develop, use, and/or provide AI in the EU and, depending on the AI use case, includes requirements

around transparency, conformity assessments and monitoring, risk assessments, human oversight,

security, accuracy, general purpose AI, and foundation models, and imposes fines for breaches of up to

7% of worldwide annual revenues. The EU AI Act, together with developing guidance and/or decisions in

this area, may affect our use of AI technologies and our ability to provide, improve, or commercialize our

services, require additional compliance measures and changes to our operations and processes, result in

increased compliance costs and potential increases in civil claims against us, and could adversely affect

our business, operating results, and financial condition. It is possible that further new laws and regulations

will be adopted in the United States and in other non-U.S. jurisdictions, or that existing laws and

regulations, including competition and antitrust laws, may be interpreted in ways that would limit our ability

to use AI technologies for our business, or require us to change the way we use AI technologies in a

manner that negatively affects the performance of our offerings and the way in which we use AI

technologies. We may need to expend resources to adjust our products or services in certain jurisdictions

if the laws, regulations, or decisions are not consistent across jurisdictions. Further, the cost to comply

with such laws, regulations, or decisions and/or guidance interpreting existing laws, could be significant

and would increase our operating expenses (such as by imposing additional reporting obligations

regarding our use of AI technologies). Such an increase in operating expenses, as well as any actual or

perceived failure to comply with such laws and regulations, could adversely affect our business, operating

results, and financial condition.

Moreover, any changes to the above discussed existing legal regimes with respect to data privacy and AI

technologies within the United States and abroad could require us to expend significant resources to

modify our products, services, or operations to ensure compliance or remain competitive.

***Existing and future acquisitions, strategic investments, partnerships, or alliances could be difficult***

***to identify and integrate, divert the attention of key management personnel, disrupt our business,***

***dilute stockholder value, and adversely affect our business, operating results, financial condition,***

***and future prospects.***

As part of our business strategy, we have in the past and expect to continue to make investments in or

acquire complementary companies, services, products, technologies, or talent. All of our acquisitions and

investments are subject to a risk of partial or total loss of investment capital. Our ability as an organization

to acquire and integrate other companies, services, or technologies in a successful manner is not

guaranteed.

In the future, we may not be able to find suitable acquisition candidates, and we may not be able to

complete such acquisitions on favorable terms, if at all. Our due diligence efforts may fail to identify all of

the challenges, problems, liabilities, or other shortcomings involved in an acquisition. Further, current and

future changes to the U.S. and foreign regulatory approval processes and requirements related to

acquisitions may cause approvals to take longer than anticipated, not be forthcoming, or contain

burdensome conditions, which may prevent the completion of the transaction or jeopardize, delay, or

reduce the anticipated benefits of the transaction, and impede the execution of our business strategy. For

example, in 2022, we entered into an agreement to be acquired by Adobe, Inc. ("Adobe"). However,

based on our joint assessment that there was no clear path to obtain the required regulatory approvals for

the transaction to close, and in 2023, we mutually agreed with Adobe to terminate the agreement. In

addition, the process of seeking the regulatory approvals necessary to close an acquisition can be long

and burdensome, requiring significant time and attention from the management team and imposing

opportunity costs. If we do complete acquisitions, we may not ultimately strengthen our competitive

position or ability to achieve our business objectives, and any acquisitions we announce or complete

could be viewed negatively by our customers or investors.

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In addition, if we are unsuccessful at integrating existing and future acquisitions, or the technologies and

personnel associated with such acquisitions, into our company, the revenue and operating results of the

combined company could be adversely affected. Any integration process may require significant time and

resources, and we may not be able to manage the process successfully. We may not successfully

evaluate or utilize the acquired technology or personnel, or accurately forecast the financial impact of an

acquisition transaction, causing unanticipated write-offs or accounting (including goodwill) charges.

Additionally, integrations could take longer than expected, or if we move too quickly in trying to integrate

an acquisition, strategic investment, partnership, or other alliance, we may fail to achieve the desired

efficiencies. Further, the companies we acquire could have vulnerabilities and/or unsophisticated security

measures, which may expose us to significant cybersecurity, operational, and financial risks.

We have, and may in the future have, to pay cash, incur debt, or issue equity securities to pay for

acquisitions, each of which could adversely affect our financial condition and the market price of our Class

A common stock. The sale of equity or issuance of convertible debt to finance any such acquisitions could

result in dilution to our stockholders, which, depending on the size of the acquisition, may be significant.

The incurrence of indebtedness would result in increased fixed obligations and could also include

covenants or other restrictions that would impede our ability to manage our operations.

Additional risks we may face in connection with acquisitions and strategic investments include:

• diversion of management's time and focus from operating our business;

• the inability to integrate product and service offerings of an acquired company;

• retention of key employees from the acquired company;

• changes in relationships with strategic partners or the loss of any key customers or partners as a

result of acquisitions or strategic positioning resulting from the acquisition or strategic investment;

• cultural challenges associated with integrating employees from the acquired company into our

organization;

• integration of the acquired company's finance, accounting, customer relationship management,

management information, human resources, and other administrative systems;

• the need to implement or improve controls, procedures, and policies at a business that prior to

the acquisition may have lacked sufficiently effective controls, procedures, and policies;

• unexpected security risks or higher than expected costs to improve the security posture of the

acquired company;

• higher than expected costs to bring the acquired company's information technology infrastructure

up to our standards;

• additional legal, regulatory, or compliance requirements;

• financial reporting, revenue recognition, or other financial or control deficiencies of the acquired

company that we do not adequately address and that cause our reported results to be incorrect;

• liability for activities of the acquired company before the acquisition, including, but not limited to,

intellectual property infringement claims, violations of laws, commercial disputes, tax liabilities,

and other known and unknown liabilities;

• failing to achieve the expected benefits of the acquisition or investment; and

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• litigation or other claims in connection with the acquired company, including, but not limited to,

claims from or against terminated employees, customers, current and former stockholders, or

other third parties.

Our failure to address these risks or other problems encountered in connection with acquisitions and

investments could cause us to fail to realize the anticipated benefits of these acquisitions or investments,

cause us to incur unanticipated liabilities, and harm our business generally.

In the event that we were to receive an offer to purchase our company, our Board of Directors, subject to

its fiduciary duties, may decide to approve or forego the sale. Certain stockholders may disagree with or

challenge such a decision. Moreover, if we were to engage in a sale of our company, we may experience

risks and uncertainties, including, but not limited to, as a result of the closing conditions to the transaction

being delayed or not obtained, including due to delay or failure to obtain necessary regulatory approvals;

business disruptions due to transaction-related uncertainty or other factors making it more difficult to

maintain relationships with our employees, customers, users, and partners; any litigation resulting from

such transaction, and diversion of management's attention from our ongoing business operations and

opportunities as a result of the proposed transaction. For example, after entering into the Merger

Agreement with Adobe in 2022, we mutually agreed to terminate the Merger Agreement in 2023 based on

our joint assessment that there was no clear path to obtain the required regulatory approvals.

In addition to our strategic investments, we maintain a portfolio of marketable equity and debt securities.

From time to time, we have also invested excess cash reserves in alternative assets, such as the Bitcoin

exchange-traded fund, and may do so in the future. The investments in our portfolio are subject to our

corporate investment policy, which focuses on the preservation of capital, fulfillment of our liquidity needs,

and maximization of investment performance within the parameters set forth in our corporate investment

policy and subject to market conditions. These investments are subject to general credit, liquidity, market,

and interest rate risks. In particular, the value of our portfolio may decline due to changes in interest rates,

instability in the global financial markets that reduces the liquidity of securities and other assets in our

investment portfolio, volatility, and other factors, including unexpected or unprecedented events. As a

result, we may experience a decline in value or loss of liquidity of our investments, which could materially

and adversely affect our business, operating results, and financial condition.

***Adverse global macroeconomic conditions or reduced software spending could adversely affect***

***our business, operating results, and financial condition.***

Our business depends on the overall demand for software technology and on the economic health of our

current and prospective customers. As the landscape for software technology, and for the types of

products that we offer, evolves, the purchase of our products may be considered discretionary and

involve a significant commitment of capital, implementation, and other resources by an organization and,

as a result, prospective customers may decide not to purchase our products and existing customers may

reduce their use of our products. Weak global and regional economic conditions — including, but not

limited to, U.S. and global macroeconomic issues, actual or perceived global banking and finance related

issues, any economic impacts due to changes in U.S. federal spending, changes in tariffs and trade

restrictions, labor shortages, supply chain disruptions, fluctuating interest rates and inflation, changes in

spending environments, geopolitical instability, warfare, and uncertainty, including the effects of

geopolitical conflicts — could result in longer sales cycles, pressure to lower prices for our platform,

reduced sales to new or existing customers, or slower or declining growth of our business or negatively

impact our ability to attract new customers, retain existing customers, or increase the adoption of our

products and services by new and existing customers, any of which would adversely affect our business,

operating results, and financial condition. For example, in 2023, we experienced a decline in usage and

consumption patterns from certain customers, especially larger enterprise customers, longer sales cycles

and downsizing of renewals by existing customers, especially larger enterprise customers. We believe

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these trends were due, in part, to uncertainty in macroeconomic conditions and related cost-

consciousness around software budgets at the time. Deterioration in economic conditions in any of the

countries in which we do business could also cause slower or impaired collections on accounts

receivable, which may adversely impact our liquidity and financial condition.

The imposition of tariffs, border taxes, or other barriers to trade may directly or indirectly impact our

business, operating results, financial condition, and stock price, including as a result of any impact on our

customers that may reduce demand for our platform, products, and services. For example, the United

States has recently announced tariffs, certain of which have been temporarily suspended, on imported

goods from most countries and select countries have announced retaliatory tariffs in response,

contributing to volatility in the markets. There can be no assurance that we will be able to mitigate the

impacts of the foregoing or any future changes in global trade dynamics on our business.

***Security and privacy breaches may adversely impact our business, operating results, and financial***

***condition.***

Our platform hosts, processes, stores, and transmits our and our customers' proprietary and sensitive

data, including personal data about customers, employees, business partners and others, and trade

secrets. We also use third-party service providers to help us deliver services to our customers and users.

These vendors may host, process, store, or transmit personal and financial data, or other confidential

information of our employees, consultants, or our users and customers. We collect such information from

individuals located both in the United States and abroad and may host, process, store, or transmit such

information outside the country in which it was collected. While we and our third-party service providers

have implemented security measures designed to protect against privacy and security breaches, these

measures could fail or may be insufficient, resulting in the unauthorized access or disclosure,

modification, misuse, destruction, or loss of our or our customers' data or other sensitive information. We

have experienced, and may in the future experience, cybersecurity incidents; however, to date, these

incidents have not had a material impact on our business, operating results, and financial condition. Any

security breach of our platform, our operational systems, physical facilities, or the systems of our third-

party processors, or the perception that a breach has occurred, or other adverse impact to the availability,

integrity or confidentiality of such platform and systems, could result in litigation (including class actions),

indemnity obligations, regulatory enforcement actions, investigations, compulsory audits, fines, penalties,

mitigation and remediation costs, disputes, reputational harm, diversion of management's attention, and

other liabilities and damage to our business.

We face evolving cybersecurity risks that threaten the confidentiality, integrity, and availability of our or

our customers' confidential or personal data and our and our third-party service providers' information

technology systems, which could result from human error, system misconfiguration, or from cyber-attacks,

including distributed-denial-of-service attacks, reverse-engineering of AI algorithms, web scraping,

ransomware attacks, business email compromises, computer malware, viruses, and social engineering

(including phishing), malicious code embedded in open-source software, or misconfigurations, "bugs" or

other vulnerabilities in commercial software that is integrated into our and our third-party service

providers' information technology systems, products or services, which are prevalent in our industry.

These threats may come from a variety of sources including nation-state sponsored espionage and

hacking activities, corporate espionage, organized crime, sophisticated organizations, hacking groups and

individuals, and insider threats. Any security breach or disruption could result in the loss or destruction of,

or unauthorized access to, or use, alteration, disclosure, or acquisition of confidential or personal data,

which may result in damage to our reputation, termination of customer contracts, litigation, regulatory

investigations, or other liabilities. Any circumvention or failure of our cybersecurity defenses or measures

could compromise the confidentiality or integrity of our customers' data or other sensitive information. If

our, our customers', or our partners' security measures are breached as a result of third-party action,

human error, system misconfiguration, malfeasance, or otherwise, and, as a result, someone obtains

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unauthorized access to our platform including confidential or personal data of our customers, our

reputation could be damaged, our business may suffer loss of current customers and future opportunities,

and we could incur significant financial liability including fines, cost of recovery, and costs related to

remediation measures.

Techniques used to obtain unauthorized access or to sabotage systems change frequently. As a result,

we may be unable to fully anticipate these techniques or to implement adequate preventative measures.

Further, state-supported and geopolitical-related cyberattacks may rise in connection with regional

geopolitical conflicts which have increased the risk of cyberattacks on various types of infrastructure and

operations. Bad actors are also beginning to utilize AI-based tools, including generative AI-based tools, to

execute attacks, circumvent security controls, evade detection, and remove forensic evidence, creating

unprecedented cybersecurity challenges. As a result, we may be unable to detect, investigate, remediate,

or recover from future attacks or incidents, or to avoid a material adverse impact to our information

technology systems, confidential or personal data, or business. Remote and hybrid working arrangements

at our company (and at many third-party providers) also increase cybersecurity risks due to the

challenges associated with worker fraud, including through the use of a stolen or forged identity to gain

employment, managing remote computing assets and security vulnerabilities that are present in many

non-corporate and home networks. If an actual or perceived security breach occurs, the market

perception of our security measures could be harmed, and we could lose sales and customers. If we are,

or are perceived to be, not in compliance with data protection, consumer privacy, or other legal or

regulatory requirements or operational norms bearing on the collection, processing, storage, or other

treatment of data records, including personal data, our reputation and operating performance may suffer.

Any significant violations of data privacy could result in the loss of business, litigation,regulatory

investigations and processes, and penalties that could damage our reputation and adversely impact our

business, operating results, and financial condition.

We have certain contractual and legal obligations to notify relevant stakeholders of security breaches.

Most jurisdictions have enacted their own laws requiring companies to notify affected individuals,

regulatory authorities, and relevant others of security breaches involving certain types of data, including

personal data. In addition, our agreements with certain customers may require us to notify them in the

event of a security breach. The foregoing mandatory disclosures are costly, could lead to negative

publicity, may cause our customers to lose confidence in the effectiveness of our security measures, and

may require us to expend significant capital and other resources to respond to or alleviate problems

caused by the actual or perceived security breach.

A security breach could lead to claims by our customers or other relevant stakeholders that we have

failed to comply with such legal or contractual obligations. As a result, we could be subject to legal action

or our customers could end their relationships with us. There can be no assurance that any limitations of

liability in our contracts would be enforceable or adequate or would otherwise protect us from liabilities or

damages. While we maintain cybersecurity insurance, our insurance may be insufficient or may not cover

all liabilities incurred by such attacks and insurance may not be available to us in the future on

economically reasonable terms or at all.

Any adverse impact to the availability, integrity, or confidentiality of our data, systems, or physical facilities

could result in disputes, claims, or litigation with our customers and impacted third-parties, or

investigations by government authorities. These proceedings could force us to incur significant

expenditures in defense or settlement, divert management's time and attention, increase our costs of

doing business, or adversely affect our reputation. We could be required to fundamentally change our

business activities and practices or modify our platform, products, and services in response to such

litigation, which could have an adverse effect on our business. If a security breach were to occur, and the

confidentiality, integrity, or availability of our data or the data of our customers and users was disrupted,

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we could incur significant liability, or our platform, products, and services may be perceived as less

desirable, which could negatively affect our business and damage our reputation.

***If we do not or cannot maintain the compatibility of our platform with our customers' existing***

***technology, including third-party technologies that our customers use in their businesses, our***

***business, operating results, and financial condition may be adversely affected.***

The functionality and popularity of our platform depend, in part, on our ability to integrate our platform with

our customers' existing technology, including other third-party technologies that our customers use in their

businesses. Our customers, or the third parties whose products and services our customers utilize, may

change the features of their technologies, restrict our access to their technologies, or alter the terms

governing use of their technologies in a manner that makes our platform incompatible with their

technologies, which would adversely impact our ability to service our customers. Such changes could

functionally limit or prevent our ability to use these third-party technologies in conjunction with our

platform, products, and services, which would negatively affect adoption of our platform and harm our

business. Moreover, we may decide to restrict or limit the ability of third parties to access our platform or

APIs for various business, privacy, or security reasons, which may negatively impact the functionality of

our platform and our brand reputation. If we fail to create or maintain a robust developer ecosystem or

otherwise fail to integrate our platform with our customers' technologies and with third-party technologies

that our customers use, we may not be able to offer the functionality that our customers need, which

could adversely impact our business, operating results, and financial condition. In addition, customers

may require our platform to comply with certain security or other certifications and standards. If we are

unable to achieve, or are delayed in achieving, compliance with these certifications and standards, we

may be disqualified from selling our platform to such customers, or may otherwise be at a competitive

disadvantage, either of which could adversely affect our business, operating results, and financial

condition.

***If our platform fails to perform properly, whether due to material defects with the software or***

***external issues, our reputation could be adversely affected, our market share could decline, and we***

***could be subject to claims for refunds, credits, damages, indemnity, or other forms of liability,***

***including lawsuits.***

Our platform is inherently complex and may contain material defects, software "bugs," or errors.Any

defects in functionality or operational procedures that cause interruptions in the availability of our platform,

or cause our platform to function other than intended, could result in:

• loss of, or delayed, market adoption and sales;

• loss of or unintended disclosure of data;

• inaccurate billing of our customers, including over- or under-billing;

• breach of warranty claims;

• sales credits or refunds;

• loss of customers, users, and potential customers;

• diversion of development and customer service resources;

• destruction or compromised integrity of data and/or intellectual property; and

• injury to our brand and reputation.

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The costs incurred in correcting any material defects, software "bugs," or errors in our platform might be

substantial and could adversely affect our operating results.

We rely on information technology systems to process, transmit, and store electronic information,

including those provided by our third-party vendors and service providers. Our ability to effectively

manage our business depends significantly on the reliability and capacity of these systems.

Our information technology systems, and those of the third parties on whom we rely, may be subject to

damage or interruption from telecommunications problems, data corruption, data errors, software errors,

fire, flood, acts of war, terrorism, armed conflicts, global pandemics, natural disasters, power outages,

systems disruptions, system conversions, system updates, or human error. Our existing controls, safety

systems, data backup, access protection, user management, and information technology emergency

planning may not be sufficient to prevent data loss, long-term network outages, or other negative impacts

to the usability of our platform. Our production systems might not be sufficiently resilient against regional

outages and recovery from such an outage might take an extended period of time. While we have in

place a data recovery plan, our data backup systems might fail and our data recovery plans may be

insufficient to fully recover all of our or our customers' data hosted on our system. In addition, we may

have to upgrade our existing information technology systems or choose to incorporate new information

technology systems from time to time in order to support the requirements of our growing and increasingly

complexbusiness. Introduction of new technology, or upgrades and maintenance to our existing systems,

could result in increased costs or unforeseen problems which may disrupt or reduce our operating

efficacy.

We may also encounter service interruptions, outages, or disruptions due to issues interfacing with our

customers' information technology systems, including, but not limited to, stack misconfigurations or

improper environment scaling, defective updates or upgrades, our customers' inability to access the

internet, the failure of our network or software systems, security breaches, variability in user traffic for our

platform or due to cybersecurity attacks on our or our customers' information technology systems. For

example, if our cloud hosting provider or the hosting provider of any of our third-party technology partners,

including AI partners, were to experience interruptions, delays, outages, or other service interruptions,

including as a result of customer demand, that may impact our ability to provide service to our customers.

We may be required to issue credits or refunds or otherwise be liable to our customers for damages they

may incur resulting from certain of these events.

Certain of our customer agreements contain service level commitments, which contain specifications

regarding the availability of our platform and our support services. Pursuant to these agreements, if we

are unable to meet our stated service level commitments or if we suffer extended periods of poor

performance or unavailability of our platform for any reason, we may be contractually obligated to provide

certain affected customers with credits, partial refunds, or termination rights. For example, from time to

time, we have granted, and in the future may continue to grant, credits, partial refunds, or termination

rights to customers pursuant to the terms of these agreements. Our business, operating results, and

financial condition would be adversely affected if we suffer performance issues or downtime that fails to

meet the service level commitments under our agreements with our customers.

We also have in the past and may in the future, experience issues with respect to our billing processes as

a result of errors in our code or the implementation of our billing logic, user permissioning systems,

internal controls, or information technology infrastructure. For example, in February 2023, we became

aware of an error in our platform that was erroneously causing certain users to be upgraded from free

seats to paid seats whenever they took certain actions on our platform, resulting in the overbilling of

impacted customers. Upon discovery, we remediated the error and issued credits to impacted customers.

We do not currently have any liabilities accrued on our consolidated balance sheets related to this

incident. Although these events have not historically had a material impact on our operating results, any

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future issues with respect to our billing processes may be substantial and could adversely affect our

business, operating results, and financial condition.

In addition to potential liability, refunds, or credits, if we experience interruptions in the availability of our

platform or other issues that impact customer satisfaction with our platform, our reputation and brand

could be adversely affected and we could lose customers. While we currently maintain errors and

omissions insurance, it may be inadequate or may not be available in the future on acceptable terms, or

at all. In addition, our policy may not cover all claims made against us and defending a suit, regardless of

its merit, could be costly and divert management's attention.

***If we are not able to maintain and enhance our brand and reputation, our business, operating***

***results, and financial condition may be adversely affected.***

We believe that maintaining and enhancing our brand and reputation is critical to continued adoption of

our platform, our relationship with our existing customers, and our ability to attract new customers. The

successful promotion and maintenance of our brand will depend on a number of factors, including, but not

limited to, our ability to continue to provide reliable products and services that continue to meet the needs

of our customers at competitive prices, our ability to successfully differentiate our platform from those of

competitors, the effectiveness of our marketing and customer support efforts, and the effectiveness of our

communications to our stockholders. Although we believe it is important for our growth, our brand

awareness activities may not be successful or yield increased revenue, and even if they do, any

increased revenue may not offset the expenses we incur in building our brand. If we fail to successfully

promote and maintain our brand, our business, operating results, financial condition, and future prospects

may be adversely impacted. In addition, our users, customers, employees, or the public at large may,

from time to time, disagree with, or find objectionable, organizational decisions, including, but not limited

to, pricing, packaging, and billing changes and changes that we make to our platform, or other actions or

comments by members of our team. As a result of these disagreements and any negative publicity

associated therewith, we could lose users or customers, including loyal members of our community, or we

may have difficulty attracting or retaining employees and such disagreements may divert resources and

the time and attention of management from our business. Additionally, with the importance and impact of

social media, any negative publicity regarding our policies and practices or organizational decisions or

actions by members of our team, may be magnified and reach a large portion of our users, customers,

and employees in a very short period of time, which could harm our brand and reputation and adversely

affect our business, operating results, and financial condition.

In addition, independent industry and research firms have evaluated and provided, and will continue to

evaluate and provide, reviews of our platform, as well as the products and services of our competitors,

and perception of our platform in the marketplace may be significantly influenced by these reviews. If

these reviews are negative, or less positive as compared to those of our competitors' products and

services, our brand may be adversely affected. Harm to our brand and reputation can also arise from

many other sources, including, but not limited to, customer complaints, allegations of violations of law,

regulatory investigations, security incidents or allegations of security incidents, allegations of employee

misconduct, and allegations of misconduct by our partners, consultants, and third-party service providers.

The effect of negative publicity may be exacerbated to the extent it is disseminated via social media. Any

unfavorable publicity about us or members of our team could negatively impact our brand reputation or

otherwise cause us reputational harm, which could have an adverse effect on our business, operating

results, and financial condition. Additionally, negative publicity from, or with respect to, our partners or

service providers, including, but not limited to, as relating to any decision to restrict or limit access to our

platform or APIs, could negatively impact our brand reputation or otherwise cause us reputational harm,

which could also affect our business, operating results, and financial condition.

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***We host our platform on Amazon Web Services. Any disruption in the operations of Amazon Web***

***Services, limitations on capacity, or interference with our use could adversely affect our business,***

***operating results, and financial condition.***

Our platform is hosted by Amazon Web Services ("AWS"). Our software is designed to use computing,

storage capabilities, bandwidth, and other services provided by AWS. We have experienced, and expect

in the future that we may experience from time to time, interruptions, delays, or outages in service

availability due to a variety of factors, including issues with service providers like AWS. Depending on

severity, future disruptions may also result in data security incidents which are notifiable to stakeholders

such as affected individuals and regulators. Capacity constraints could arise from a number of causes

such as technical failures, cyberattacks, contagious diseases, terrorist attacks, and natural disasters,

fraud, or security attacks. The level of service provided by AWS, or regular or prolonged interruptions in

that service, could also impact the use of, and our customers' satisfaction with, our platform and could

harm our business and reputation. In addition, hosting costs are expected to increase as our customer

base grows, which could adversely affect our business, operating results, and financial condition.

Furthermore, AWS has discretion to change and interpret its terms of service and other policies with

respect to us, including on contract renewal, and those actions may be unfavorable to our business

operations. AWS may also take actions beyond our control that could seriously harm our business,

including, but not limited to, discontinuing or limiting our access to one or more services, increasing

pricing terms, terminating or seeking to terminate our contractual relationship altogether, or altering how

we are able to process data on their system in a way that is unfavorable or costly to us. If our current

arrangement with AWS were to be terminated and we could not find an alternative provider on favorable

terms or in a timely manner, we could experience interruptions on our platform and in our ability to make

our content available to customers, as well as delays and additional expenses in arranging for expansion

and transition to alternative cloud hosting and infrastructure services. Such a transition could require

further technical changes to our platform, including, but not limited to, our cloud service infrastructure

which was initially designed to run on AWS. Making such changes could be costly in terms of time and

financial resources. Any of these factors could reduce our revenue, subject us to liability, and cause our

customers to decline to renew their subscriptions, any of which would harm our business, operating

results, and financial condition.

***Our estimates of market opportunity and forecasts of market growth included in this prospectus***

***may prove to be inaccurate, and even if the markets in which we compete achieve the forecasted***

***growth, our business could fail to grow at similar rates, if at all.***

The estimates of market opportunity and forecasts of market growth included in this prospectus may

prove to be inaccurate. Market opportunity estimates and growth forecasts included in this prospectus,

including those we have generated ourselves, are subject to significant uncertainty and are based on

assumptions and estimates that may not prove to be accurate, including the risks described herein. Even

if the markets in which we compete achieve the forecasted growth, our business could fail to grow at

similar rates, if at all.

Our market opportunity may change over time and there is no guarantee that any particular number or

percentage of addressable customers covered by our market opportunity estimates will purchase our

platform at all or generate any particular level of revenue for us. Any expansion in the markets in which

we operate depends on a number of factors, including, but not limited to, the cost, performance, and

perceived value associated with our platform and those of our competitors. Even if the markets in which

we compete meet the size estimates and growth as forecasted, our business could fail to grow at similar

rates, if at all. Our growth is subject to many factors, including, but not limited to, our success in

implementing our business strategy, which is subject to many risks and uncertainties. Accordingly, our

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forecasts of market growth included in this prospectus should not be taken as indicative of our future

growth.

***Key business metrics and other estimates are subject to inherent challenges in measurement and***

***to change as our business evolves, and our business, operating results, financial condition, and***

***future prospects could be adversely affected by real or perceived inaccuracies in those metrics or***

***any changes in metrics we disclose.***

We regularly review key business metrics to evaluate growth trends, measure our performance, and

make strategic decisions. These key business metrics are calculated using internal company data and

have not been validated by an independent third party. While these numbers are based on what we

believe to be reasonable estimates for the applicable period of measurement at the time of reporting,

there are inherent challenges in such measurements. If we fail to maintain effective processes and

systems, our key business metrics calculations may be inaccurate, and we may not be able to identify

those inaccuracies. We regularly review our processes for calculating these metrics, and from time to time

we make adjustments to improve their accuracy. We generally will not update previously disclosed key

business metrics for any such inaccuracies or adjustments that are immaterial.

We may change our key business metrics from time to time, which may be perceived negatively. Given

the rapid evolution of the software market, we regularly evaluate whether our key business metrics remain

meaningful indicators of the performance of our business. As a result of these evaluations, we may in the

future make changes to our key business metrics, including eliminating or replacing existing metrics.

Further, if investors or the media perceive any changes to our key business metrics disclosures

negatively, our business, operating results, and financial condition could be adversely affected.

***Our business involves hosting user-generated and third-party content, which may present certain***

***legal and reputational risks.***

Users of our platform can upload templates, designs, icons, widgets, plugins, and other user-generated

and third-party content for use across our platform. In addition, on our Community webpage, we also host

both free and paid content uploaded by our users. Hosting such user-generated and third-party content

exposes us to certain risks, including, but not limited to, the risk that the content may violate the

intellectual property rights of others, or violate other laws and regulations. Moreover, we could be subject

to the risk of reputational and brand damage if we are perceived to unfairly moderate, monetize, or

otherwise exploit user-generated content, even if such perceptions are inaccurate, which could ultimately

harm our business. We may not effectively detect and address user actions that may violate our terms of

service and community guidelines and we may not effectively review, approve, or otherwise screen

content uploaded to our platform by users. There have been in the past, and there could be in the future,

incidents where users and customers engage in activities on or through our platform that violate our

policies or laws. Our safeguards may not be sufficient or adequate to ensure the safety of our users and

customers and this may harm our reputation and brand.

***Our long-term success depends, in part, on our ability to increase sales of our platform to***

***customers located outside of the United States and our current, and any further, expansion of our***

***international operations exposes us to risks that could have an adverse effect on our business,***

***operating results, and financial condition.***

We conduct our business activities in various foreign countries and currently have operations in North

America, South America, Europe, Australia, and Asia. In 2024, a majority of our revenue was generated

outside of the United States. Our ability to manage our business and conduct our operations

internationally requires considerable management attention and resources, including financial resources,

and is subject to the particular challenges of supporting a rapidly growing business across multiple

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cultures, customs, legal, regulatory and compliance systems, and commercial infrastructures. Our

operations in international markets may not be sufficiently commercially successful to justify our level of

investment. Operating internationally may subject us to new risks that we have not faced before or

increase risks that we currently face, including, but not limited to, risks associated with:

• fluctuations in foreign currency exchange rates, which could add volatility to our operating results;

• recruiting and retaining talented and capable employees in foreign countries;

• new, or changes in, legal and regulatory requirements;

• tariffs, export and import restrictions, restrictions on foreign investments, sanctions, and other

trade barriers or protectionist measures;

• exposure to numerous, increasing, stringent, and potentially inconsistent laws and regulations

relating to, among other things, AI, privacy, data protection, online safety, moderation, and

information security;

• costs of, and challenges with, localizing our platform including, but not limited to, data localization

and other data privacy requirements;

• challenges in successfully pricing our products in a way that meets local expectations while

remaining financially viable to us;

• lack of acceptance of our localized products and services, including due to competition with local

products that compete with our products and services;

• the need to make significant investments in people, offerings, services, and infrastructure,

typically well in advance of revenue generation;

• challenges inherent in efficiently managing an increasing number of employees over large

geographic distances, including, but not limited to, the need to implement appropriate systems,

policies, benefits, and compliance programs;

• difficulties in maintaining our company culture with a dispersed and distant workforce;

• treatment of revenue from international sources, evolving domestic and international tax

environments, and other potential tax issues, including, but not limited to, with respect to our

corporate operating structure and intercompany arrangements;

• different or weaker protection of our intellectual property rights, including, but not limited to,

increased risk of theft of our proprietary technology and other intellectual property;

• economic weakness or currency-related crises;

• longer payment cycles and greater difficulty in collecting accounts receivable;

• our ability to adapt to sales practices and customer requirements in different cultures;

• the lack of reference customers and other marketing assets in regional markets that are new or

developing for us, as well as other adaptations in our market generation efforts that we may be

slow to identify and implement;

• natural disasters, acts of war, terrorism, or pandemics, including, but not limited to, the armed

conflicts in the Middle East and Ukraine, and tensions between China and Taiwan, or responses

to these events;

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• actual or perceived instability in the global financial system;

• cybersecurity incidents;

• corporate espionage; and

• political instability and security risks in the countries where we are doing business and changes in

the public perception of governments in the countries where we operate or plan to operate.

***Our ability to maintain customer satisfaction depends in part on the quality of our customer***

***support. Failure to maintain high-quality customer support could have an adverse effect on our***

***business, operating results, financial condition, and future prospects.***

We believe that the successful use of our platform requires a high level of support and engagement for

many of our customers. Increased demand for customer support, without corresponding increases in

revenue, could increase our costs and adversely affect our business, operating results, financial

condition, and future prospects.

There can be no assurance that we will be able to hire sufficient support personnel as and when needed,

particularly if our sales exceed our internal forecasts. Additionally, our customer support team uses third-

party AI tools to assist them with responding to and resolving customer inquiries. To the extent that we

are unsuccessful in hiring, training, and retaining adequate support resources or utilizing AI tools for

customer support, our ability to provide high-quality and timely support to our customers will be negatively

impacted, and our customers' satisfaction and their usage of our infrastructure could be adversely

affected.

***Because we recognize subscription revenue over the subscription term, downturns or upturns in***

***new sales and renewals are not immediately reflected in full in our operating results.***

We recognize revenue from subscriptions to our platform on a straight-line basis over the term of the

contract subscription period beginning on the date access to our platform is granted, provided all other

revenue recognition criteria have been met. Our subscription arrangements generally have monthly or

annual contractual terms. As a result, much of the revenue we report each quarter is the recognition of

deferred revenue from recurring subscriptions. Consequently, a decline in subscriptions in any one

quarter, whether as a result of fewer or smaller new subscriptions, downsized subscription renewals, or

lower subscription renewal rates in the applicable quarter, will not be fully reflected in revenue in that

quarter, and will continue to negatively affect our revenue in future quarters. Accordingly, the effect of

significant downturns in new or renewed sales of our recurring subscriptions are not reflected in full in

operating results until future periods.

***We make our platform available to users free of charge on our Starter plan. If this fails to lead to***

***customers purchasing paid subscriptions, our business, operating results, and financial condition***

***may be adversely affected.***

We offer our Starter plan (our free plan), which gives users limited access to our platform. This may not

lead to customers purchasing subscriptions to our platform, as usage of our Starter plan may not lead to

them or their organization purchasing subscriptions to our platform. To the extent that users do not

become paying customers, or we are unable to successfully attract paying customers, our ability to grow

our revenue may be adversely affected. In addition, making aspects of our platform available free of

charge involves significant expenses, including hosting costs, with no immediate revenue in return. If we

fail to convince users of our free pricing plan to purchase paid subscriptions to our platform our

profitability may be adversely affected.

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***Our sales cycles can be long and unpredictable, and our sales and post-sales efforts require***

***considerable time and expense.***

Our revenue recognition and operating results may be difficult to predict because of the length and

unpredictability of the sales cycle for our platform, particularly as we increasingly sell to larger

organizations, governmental organizations, regulated entities, and organizations outside of the United

States or to the technology industry that may have different procurement requirements than our historical

customers. For example, we have observed a lengthening of the sales cycle recently for some

prospective customers that we attribute to increased sensitivity to information technology security

concerns, particularly with respect to products that include AI features or otherwise incorporate AI

technologies, such as our platform. In addition, larger customers frequently have rigorous procurement

processes and require considerable time to evaluate, test, and qualify our platform prior to entering into or

expanding a relationship with us.

Our direct sales team develops relationships with our customers, and works on account penetration,

account coordination, sales, and overall market development. We spend substantial time and resources

on our sales efforts without any assurance that our efforts will produce a sale. Sales of our platform may

be subject to budget constraints, multiple approvals, security, accessibility, compliance, legal, and other

reviews, and unanticipated administrative, processing, and other delays. As a result, it is difficult to predict

whether and when a sale will be completed, which, in turn, can make it difficult to accurately plan our

business and forecast our operating results. The failure of our efforts to secure sales after investing

resources in a lengthy sales process, or a failure to accurately forecast our operating results that causes

our actual operating results to fall short of our projections or market expectations, would adversely affect

our business, operating results, and financial condition.

Further, our success depends, in part, on our ability to maintain and expand our relationships with

customers by helping them realize value from our products and services over time. If our post-sales and

customer success efforts are ineffective, our business, operating results, and financial condition could be

adversely affected.

***Sales to government entities are subject to a number of challenges and risks.***

We sell to U.S. federal, state, and local, as well as foreign governmental agency customers. Although we

anticipate that they may increase in the future, sales to governmental organizations have not accounted

for, and may never account for, a significant portion of our revenue. Sales to governmental organizations

are subject to a number of challenges and risks that may adversely affect our business, operating results,

and financial condition, including, but not limited to, the following risks:

• selling to governmental agencies can be highly competitive, expensive, and time consuming,

often requiring significant upfront time and expense without any assurance that such efforts will

generate a sale;

• government certification, software supply chain or source code transparency requirements

applicable to us or our platform may change and, in doing so, restrict our ability to sell into the

governmental sector until we have attained the revised certification or meet other new

requirements (for example, although we are currently Federal Risk and Authorization

Management Program ("FedRAMP") authorized, such authorization is costly to maintain and

subject to rigorous compliance and if we lose our authorization, it will restrict our ability to sell to

government customers);

• government demand and payment for our platform may be impacted by public sector budgetary

cycles and funding authorizations, with funding reductions or delays adversely affecting public

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sector demand for our platform, including, but not limited to, as a result of sudden, unforeseen,

and disruptive events such as government shutdowns, governmental defaults on indebtedness,

war, regional geopolitical conflicts around the world, incidents of terrorism, natural disasters, and

public health concerns or epidemics;

• governments routinely investigate and audit government contractors' compliance with

government contract provisions and applicable procurement laws and regulations, and failure to

comply with these laws, regulations, or provisions in our government contracts could result in the

government refusing to continue buying our platform, terminating our contracts, or suspending or

debarring us, which would adversely impact our revenue and operating results, initiating breach

of contract actions, or instituting fines or civil or criminal liability if an investigation, audit, or other

review, were to uncover improper or illegal activities;

• governments may require certain products to be manufactured, produced, hosted, or accessed

solely in their country or in other relatively high-cost locations, and we may not produce or host all

products in locations that meet these requirements, affecting our ability to sell these products to

governmental agencies;

• our governmental agency customers may have more expansive termination rights; and

• refusal to grant certain certifications or clearance by one government agency, or decision by one

government agency that our products do not meet certain standards, may cause reputational

harm and cause concern with other government agencies.

Any pressure on the U.S. federal government's budget or uncertainty around potential changes in

budgetary priorities could adversely affect the funding for individual programs and our existing and future

contracts with the U.S. government.

Risks Related to Our People

***We rely on Dylan Field, our Chair of our Board of Directors, Chief Executive Officer, and President,***

***other members of our management team, and other key employees and will need additional***

***personnel to grow our business, and the loss of one or more key employees or our inability to hire,***

***integrate, train, manage, retain, and motivate qualified personnel, including members of our Board***

***of Directors, could harm our business.***

Our future success is dependent, in part, on our ability to hire, integrate, train, manage, retain, and

motivate the members of our management team and other key employees throughout our organization.

The loss of key personnel, including key members of our management team or members of our Board of

Directors, as well as certain of our key marketing, sales, finance, support, product development, legal,

people team, or technology personnel, could disrupt our operations and have an adverse effect on our

ability to grow our business. In particular, we are highly dependent on the services of Dylan Field, our

Chair of our Board of Directors, Chief Executive Officer, and President, who is critical to the development

of our technology, products, platform, future vision, and strategic direction. Mr. Field is involved in a

number of initiatives aside from his work for Figma. For example, Mr. Field actively invests in technology

companies. This and other initiatives he is, or may become, involved in could divert Mr. Field's time and

attention from overseeing our business operations, which could have a negative impact on our business,

and may result in potential conflicts of interest. Moreover, from time to time there have been and may in

the future be changes in our management team. While we seek to manage any such transitions carefully,

such changes may result in a loss of institutional knowledge, cause disruptions to our business, and

negatively affect our business.

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Competition for highly skilled personnel is intense, especially in markets such as the San Francisco Bay

Area, London, and New York City where we have a substantial presence and need for highly skilled

personnel, and we may not be successful in hiring or retaining qualified personnel to fulfill our current or

future needs. More generally, the technology industry, and the software industry more specifically, is also

subject to substantial and continuous competition for engineers with high levels of experience in

designing, developing, and managing software and related services. This is especially true in the market

for AI talent, which remains extremely competitive. We have, from time to time, experienced, and we

expect to continue to experience, difficulty in hiring and retaining highly skilled employees with

appropriate qualifications at a suitable cost, and this risk may be exacerbated by factors related to,

among other things, increased recruiting efforts by other companies. In the past, we have used stock-

based compensation to recruit and retain qualified employees. If we were to decrease the amount of

stock-based compensation that is granted to employees, or otherwise make changes to our

compensation philosophy, we may have difficulty hiring and retaining qualified individuals. Even if we are

able to recruit and retain qualified personnel, the cost of doing so may impact our profitability and our

ability to meet the expectations of investors and analysts. We also invest significant time and expense in

training our employees, which increases their value to competitors who may seek to recruit them and

increases our costs. Further, the labor market is subject to external factors that are beyond our control,

including, but not limited to, our industry's highly competitive market for skilled workers and leaders, cost

inflation, overall macroeconomics, and workforce participation rates. Should our competitors recruit our

employees, our level of expertise and ability to execute our business plan would be negatively impacted.

Restrictive immigration policies or legal or regulatory developments relating to immigration in any of the

global markets in which we have employees may also negatively affect our efforts to attract and hire new

personnel as well as retain our existing personnel. For example, we have previously had to make

changes to the way we attract and hire personnel in certain jurisdictions due to changes to the framework

with which employer-sponsored visa applications are assessed in those regions. Our business may be

adversely affected if legislative or administrative changes to immigration or visa laws and regulations

impair our hiring processes.

Moreover, many of the companies with which we compete for experienced personnel have greater

resources than we have. Our competitors also may be successful in recruiting and hiring members of our

management team, sales team, or other key employees, and it may be difficult for us to find suitable

replacements on a timely basis, on competitive terms, or at all. We have in the past, and may in the

future, be subject to allegations that employees we hire have been improperly solicited, or that they have

divulged proprietary or other confidential information, or that their former employers own such employees'

inventions or other work product, or that they have been hired in violation of non-compete provisions or

non-solicitation provisions.

In addition, job candidates and existing employees often consider the value of the equity awards and

other compensation they receive in connection with their employment. If the perceived value of our

compensatory package is viewed as below market or declines, it may adversely affect our ability to attract

and retain highly skilled employees. If we fail to attract new personnel or fail to retain and motivate our

current personnel, our business and future growth prospects would be severely harmed. Further, our

competitors may be successful in recruiting and hiring members of our management team, or other key

employees, and it may be difficult for us to find suitable replacements on a timely basis, on competitive

terms, or at all. In recent years, the increased availability of hybrid or remote working arrangements has

expanded the pool of companies that can compete for our employees and employment candidates.

Although we have entered into employment agreements with our key employees, these agreements are

on an "at-will" basis, meaning they are able to terminate their employment with us at any time. If we fail to

attract new personnel or fail to retain and motivate our current personnel, our business and future growth

prospects would be severely harmed.

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Moreover, we have a number of current employees whose equity ownership in our company has given

them a substantial amount of personal wealth, or will shortly after the completion of this offering result in

them having substantial wealth. As a result, it may be difficult for us to continue to retain and motivate

these employees, and this wealth could affect their decisions about whether or not they continue to work

for us. If we do not succeed in attracting, hiring, and integrating excellent personnel, or retaining and

motivating existing personnel, we may be unable to grow effectively.

***If we do not effectively integrate, train, manage, and retain product, design, engineering, and sales***

***personnel, and expand our product, design, engineering, and sales capabilities, we may be unable***

***to increase our customer base and increase sales to our existing customers.***

Our ability to increase our customer base, enhance our platform, and achieve broader market adoption of

our products and services will depend to a significant extent on our ability to continue to hire, integrate,

and retain talented product, design, research, and engineering personnel. We have dedicated, and plan

to continue to dedicate, significant resources to our product, design, and engineering programs to

enhance our platform, including by investing in developing additional features and products, but there is

no guarantee that we will be successful in such endeavors. If we are unable to find efficient ways to

deploy our product, design, and engineering investments or if these programs are not effective, our

business, operating results, and financial condition would be adversely affected.

Additionally, in recent years, we have made significant investments in our sales and marketing teams and

plan to continue expanding our sales force. There is significant competition for sales personnel with the

skills and technical knowledge that we require. Our ability to achieve revenue growth will depend, in part,

on our success in hiring, integrating, training, managing, and retaining sufficient numbers of qualified

sales personnel to support our growth, particularly in international markets.

New hires require significant training and may take extended time before they are productive. Our recent

hires and planned hires may not become productive as quickly as we expect, or at all, and we may be

unable to hire or retain sufficient numbers of qualified individuals in the markets where we do business or

plan to do business. Moreover, our international expansion may be slow or unsuccessful if we are unable

to retain qualified personnel with international experience, language skills, and cultural competencies in

the geographic markets which we target.

***We believe that our company culture has contributed to our success, and if we cannot maintain***

***this culture as we grow, we could lose the innovation, creativity, and teamwork fostered by our***

***culture, and our business may be harmed.***

We believe that our company culture has been and will continue to be vital to our success, including in

attracting, developing, and retaining personnel, as well as our customers. We have worked to develop our

culture, and we strive to empower our employees to continuously learn, evolve, and grow, and treat each

other with respect. If we do not continue to develop our company culture as we grow and evolve,

including maintaining a culture that encourages a sense of ownership by our employees, it could harm our

ability to foster the innovation, creativity, and teamwork that we believe we need to support our growth.

We expect to continue to hire as we expand. As our organization grows and is required to implement

more complex organizational structures, we may find it increasingly difficult to maintain the beneficial

aspects of our company culture, which could negatively impact its future success. Further, maintaining a

cohesive company culture may prove difficult as a significant percentage of our employees work fully

remote or remotely for at least part of the workweek. If we are unable to maintain our company culture,

we could lose the innovation, passion, and dedication of our team and as a result, our business and

ability to focus on our corporate objectives may be harmed.

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Risks Related to Our Intellectual Property

***Failure to obtain, maintain, protect, or enforce our intellectual property and proprietary rights***

***could enable others to copy or use aspects of our platform without compensating us, which could***

***harm our brand, business, and operating results.***

We rely on a combination of patent, trademark, copyright, and trade secrets laws, and contractual

provisions, including confidentiality agreements, to establish and protect our intellectual property and

proprietary technology, including from unauthorized use or disclosure by our customers and users, third-

party partners, employees, and consultants. However, the steps we take to obtain, maintain, protect, and

enforce our intellectual property and proprietary rights may be inadequate. We will not be able to protect

our intellectual property rights if we are unable to enforce our rights or if we do not detect unauthorized

use of our intellectual property rights. If we fail to protect our intellectual property rights adequately, our

competitors may gain access to our proprietary technology and develop and commercialize substantially

identical products, services, or technologies, and our business, operating results, and financial condition

may be harmed.

Valid patents may not issue from our pending or future patent applications, and the claims allowed on any

issued patents may not be sufficient to protect our technology or platform. Any issued patents that we

have or may obtain may be challenged or circumvented, invalidated, or held unenforceable through

administrative processes, including re-examination, inter partes review, interference and derivation

proceedings, and equivalent proceedings in foreign jurisdictions (e.g., opposition proceedings) or

litigation, and any rights granted under these patents may not actually provide adequate defensive

protection or competitive advantages to us. In addition, there may be issued patents held by third parties

of which we are not aware, that, if found to be valid and enforceable, could be alleged to be infringed by

our current or future technologies or products. There may also be pending patent applications of which

we are not aware that may result in issued patents, which could be alleged to be infringed by our current

or future technologies or products. Patent applications in the United States are typically not published

until at least 18 months after filing, or, in some cases, not at all, and publications of discoveries in

industry-related literature lag behind actual discoveries. We cannot be certain that we were the first to

make the inventions claimed in our pending patent applications or that we were the first to file for patent

protection. Additionally, the process of obtaining patent protection is expensive and time-consuming, and

we may not be able to prosecute all necessary or desirable patent applications at a reasonable cost or in

a timely manner. Recent changes to patent laws in the United States may also bring into question the

validity of certain software patents and may make it more difficult and costly to prosecute patent

applications.

Furthermore, legal standards relating to the validity, enforceability, and scope of protection of intellectual

property rights are uncertain, which may lead to increased costs and risks surrounding the prosecution,

validity, ownership, enforcement, and defense of our issued patents, patent applications, and other

intellectual property rights, as well as uncertainty regarding the outcome of third-party claims of

infringement, misappropriation, or other violation of intellectual property rights which may be brought

against us and actual or enhanced damages that may be awarded in connection with any such current or

future claims. Such uncertainty could have a material and adverse effect on our business, operating

results, and financial condition.

In particular, we are unable to predict or assure that:

• our intellectual property rights will not lapse or be invalidated, circumvented, challenged, or, in the

case of third-party intellectual property rights licensed to us, be licensed to others;

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• our intellectual property rights will be sufficient to protect our products and services or our

business or provide competitive advantages to us;

• rights previously granted by third parties to intellectual property rights licensed or assigned to us,

including portfolio cross-licenses, will not hamper our ability to assert our intellectual property

rights or hinder the settlement of currently pending or future disputes;

• any of our pending or future patent, copyright, or trademark applications will be issued or have

the coverage originally sought; and

• we will be able to enforce our intellectual property rights in certain jurisdictions, in particular in

foreign countries where the laws may not be as protective of intellectual property rights as those

in the United States and mechanisms for enforcement may be inadequate.

Despite our efforts to protect our proprietary rights, it may be possible for unauthorized parties to copy our

products and aspects of our platform capabilities or obtain and use information that we regard as

proprietary, including to create products that compete with ours. We enter into confidentiality agreements

or other agreements that contain confidentiality provisions with our employees, consultants, vendors,

users, and customers, and limit access to and distribution of our proprietary information. However, such

agreements may not be enforceable in full or in part in all jurisdictions and no assurance can be given

that such agreements will be effective in controlling access to, or distribution, use, misuse,

misappropriation, reverse-engineering, or disclosure of our proprietary information, know-how, and trade

secrets. In addition, any breach of these agreements could negatively affect our business and our remedy

for such breach may be limited. Further, these agreements may not prevent our competitors from

independently developing technologies that are substantially equivalent or superior to our products and

platform capabilities. As such, we cannot guarantee that the steps taken by us to prevent unauthorized

access, use, disclosure, and distribution of our proprietary information will prevent misappropriation of our

technology.

We pursue the registration of our patents, copyrights, trademarks, service marks, and domain names in

the United States and in certain foreign jurisdictions. These application processes are expensive and may

not be successful in all jurisdictions or for every such application, and we may not pursue such

protections in all jurisdictions that may be relevant, for all our goods or services, or in every class of goods

and services in which we operate. Additionally, we may not be able to obtain, maintain, protect, exploit,

defend, or enforce our intellectual property rights in every foreign jurisdiction in which we operate. For

example, effective trade secret protection may not be available in every country in which our products are

available or where we have employees or independent contractors. The loss of trade secret protection

could make it easier for third parties to compete with our products by copying functionality. Further, many

foreign countries limit the enforceability of patents against certain third parties, including government

agencies or government contractors. In these countries, patents may provide limited or no benefit. In

addition, any changes in the trade secret, employment, and other intellectual property laws in any country

in which we operate may compromise our ability to enforce our trade secrets and other intellectual

property rights. The legal systems of certain foreign countries do not favor the enforcement of patents,

trademarks, copyrights, trade secrets, and other intellectual property and proprietary protection, which

could make it difficult for us to prevent or stop any infringement, misappropriation, dilution, or other

violation of our intellectual property rights. If we fail to maintain, protect, and enhance our intellectual

property rights, our brand, business, operating results, financial condition, and future prospects may be

harmed.

From time to time, legal action by us may be necessary to enforce our patents and other intellectual

property rights, to protect our trade secrets, to determine the validity and scope of the proprietary rights of

others, or to defend against claims of infringement or invalidity. Protecting our intellectual property rights,

both as a defendant and plaintiff, as applicable, through litigation in the United States and internationally

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may entail significant time and expense. Such litigation could result in substantial costs and diversion of

resources and could negatively affect our business, operating results, and financial condition. If we are

unable to protect our proprietary rights, including aspects of our software and platform protected other

than by patent rights, we will find ourselves at a competitive disadvantage to others who need not incur

the expense, time, and effort required to create our platform and other innovative products that have

enabled us to be successful to date. Moreover, we may need to expend additional resources to defend

our intellectual property rights in foreign countries, and our inability to do so could impair our business or

adversely affect our international expansion.

Furthermore, the application of intellectual property law to AI technologies is a new and emerging

practice, and there is uncertainty and ongoing litigation in different jurisdictions as to the degree and

extent of protection warranted for AI and machine learning systems and relevant system input and

outputs. The law is also uncertain across jurisdictions regarding the copyright ownership of content that is

produced in whole or in part by generative AI tools. As a result, our use of AI tools in our product

development and engineering processes may make it difficult to assert ownership rights over our

technology. If we fail to obtain protection for the intellectual property rights concerning our AI

technologies, or later have our intellectual property rights invalidated or otherwise diminished, our

competitors may be able to take advantage of our research and development efforts to develop

competing products which could adversely affect our business, reputation, and financial condition. In

addition, given the long history of development of AI technologies, other parties may have, or in the future

may obtain, patents or other proprietary rights that could prevent, limit, or interfere with our ability to

make, use, or sell our own AI technologies.

***Third parties have claimed and may claim that our platform infringes, misappropriates, or***

***otherwise violates their intellectual property rights and such claims could be time-consuming or***

***costly to defend or settle, result in the loss of significant rights, or harm our relationships with our***

***customers or reputation in the industry.***

We may become subject to intellectual property disputes. Our success depends, in part, on our ability to

develop and commercialize our products and services without infringing, misappropriating, or otherwise

violating the intellectual property rights of third parties. However, we may not be aware that our products

or services are infringing, misappropriating, or otherwise violating third-party intellectual property rights

and such third parties have claimed and may bring claims alleging that our current or future platform

capabilities, products, and services infringe their intellectual property rights. Such claims may also result

in legal claims against our third-party partners and our customers. We cannot predict the outcome of

lawsuits and cannot ensure that the results of any such claims will not have an adverse effect on our

business, operating results, and financial condition. These claims may be time consuming, costly to

defend or settle, damage our brand and reputation, harm our customer relationships, and create liability

for us. Contractually, we are obligated to indemnify our partners and customers for certain expenses or

liabilities they may incur as a result of any such third-party intellectual property infringement claims

associated with our platform. In addition, to the extent that any claim arises as a result of third-party

technology we have licensed for use in our platform, we may be unable to recover from the appropriate

third party any expenses or other liabilities that we incur. We expect the number of such claims, whether

warranted or not, to increase, particularly as a public company with an increased profile and visibility, as

the number of products and services and the level of competition in our market grows, as the functionality

of our platform overlaps with that of other products and services, and as the volume of issued software

patents and patent applications continues to increase.

Companies in the software and technology industries, some of whom may compete with us, own large

numbers of patents, copyrights, trademarks, and trade secrets and frequently engage in litigation based

on allegations of infringement or other violations of intellectual property rights. In addition, many of these

companies have the capability to dedicate substantially greater resources to enforce their intellectual

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property rights and to defend claims that may be brought against them. Furthermore, patent holding

companies, non-practicing entities, and other adverse patent owners that are not deterred by our existing

intellectual property protections may seek to assert patent claims against us. From time to time, third

parties have invited us to license their patents and may, in the future, assert patent, copyright, trademark,

or other intellectual property rights against us, our third-party partners, or our customers. We have

received, and may in the future receive, notices that claim we have misappropriated, misused, or infringed

other parties' intellectual property rights, and, to the extent we gain greater market visibility, we face a

higher risk of being the subject of intellectual property infringement claims.

There may be third-party intellectual property rights, including issued or pending patents and trademarks,

that cover significant aspects of our technologies or business methods and assets. In the event that we

engage software engineers or other personnel who were previously engaged by competitors or other third

parties, we may be subject to claims that those personnel have inadvertently or deliberately incorporated

proprietary technology of third parties into our products or have otherwise improperly used or disclosed

trade secrets or other proprietary information. We may also in the future be subject to claims by

employees or contractors asserting an ownership right in our patents, patent applications, or other

intellectual property rights as a result of the work they performed on our behalf. In addition, we may lose

valuable intellectual property rights or personnel. A loss of key personnel or their work product could

hamper or prevent our ability to develop, market, and support potential products or enhancements, which

could severely harm our business.

Further, we may use AI technologies, including tools provided by third parties, to develop or assist in the

development of our own software code. While use of such tools makes our development process more

efficient, AI technologies have sometimes generated content that is "substantially similar" to proprietary or

open source software code on which the AI tool was trained. If the AI technologies we use generate code

that is too similar to other proprietary code, or to software processes that are protected by patents, we

could be subject to intellectual property infringement claims. We may also not be able to anticipate and

detect security vulnerabilities in such AI-generated software code, including those that could be induced

by a maliciously trained AI model. If our tools generate code that is too similar to open source code, we

risk losing protection of our own proprietary code that is commingled with such code. Finally, to the extent

we use third-party AI technologies to develop software code, the terms of use of these tools may state

that the third-party provider retains rights in the generated code.

Any intellectual property claims, whether with or without merit, could be very time-consuming, could be

expensive to settle or litigate, and could divert our management's attention and other resources, even if

such claims do not result in litigation or are resolved in our favor. These claims could also subject us to

significant liability for damages, potentially including treble damages if we are found to have willfully

infringed patents or copyrights, and may require us to indemnify our customers for liabilities they incur as

a result of such claims. Although we carry general liability insurance, our insurance may not cover

potential claims of this type or may not be adequate to indemnify us for all liability that may be imposed.

These claims could also result in our having to stop using technology found to be in violation of a third

party's rights. We might be required to seek a license for the applicable third-party intellectual property

rights, which may not be available on reasonable terms, or at all. Even if a license was available, we

could be required to pay significant royalties, which would increase our operating expenses, or we could

be required to develop alternative non-infringing technology, which may require significant time, effort,

and expense, and may affect the performance or features of our platform. If we cannot license or develop

alternative non-infringing substitutes for any infringing technology used in any aspect of our business, we

may decide to limit or stop sales of our platform and may be unable to compete effectively. Moreover,

there could be public announcements of the results of hearings, motions, or other interim proceedings or

developments, and if securities analysts or investors perceive these results to be negative, it could have a

substantial adverse effect on the price of our Class A common stock. Any of these results would

adversely affect our business, operating results, and financial condition.

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***Some of our technology incorporates "open source" software, which could under certain***

***circumstances materially and adversely affect our ability to sell our platform and subject us to***

***possible litigation.***

Certain software used within our products and services is, and certain software of our customers, third-

party partners, and vendors, may be, derived from "open source" software that is made generally

available to the public by its authors or other third parties. Open source software is made available under

licenses that in some instances may subject us to certain unfavorable conditions, including requirements

that we offer our proprietary software, or portions of our proprietary software, which incorporates or links

to such open source software, for no cost, that we make available source code for modifications or

derivative works we create based upon, incorporating, or using such open source software, and that we

license such modifications or derivative works under the terms of the applicable open source licenses.

Our platform contains third-party open source software components, and failure to comply with the terms

of the underlying open source software licenses could restrict our ability to sell our products and services.

The use and distribution of open source software may entail greater risks than the use of third-party

commercial software, as open source licensors generally do not provide warranties or other contractual

protections regarding infringement claims or the quality of the code, which licensors are not typically

required to maintain and update, and licensors can change the license terms on which they offer the open

source software without notice. In addition, some open source projects have known vulnerabilities and

architectural instabilities and are provided on an "as-is" basis which, if not properly addressed, could

negatively affect the performance of our platform. Further, the shared nature of open source software

means the source code for open source software used in our, or our vendors', offerings is widely available

to the public, and a malicious actor could attempt to identify or create vulnerabilities in this open sourced

code and exploit those security vulnerabilities, which may increase the likelihood of a data breach,

network interruption, or other type of ransomware attack or cyberattack against us or against third parties

who may use open source software, such as our key vendors or technology licensors, any of which could

negatively impact our business. Although we monitor our use of open source software in an effort to

comply with the terms of the applicable open source licenses, to avoid subjecting our platform and

products to conditions we do not intend, and to avoid subjecting our platform and products to security

vulnerabilities, many of the risks associated with use of open source software cannot be eliminated and

such risks could materially and adversely affect our business, operating results, financial condition, and

future prospects, as well as our reputation, including if we are required to take remedial action that may

divert resources away from our development efforts.

Our use and distribution of certain software is subject to open source licenses that may require that we

make certain source code publicly available. If we combine and distribute our proprietary software with

open source software in a certain manner, we could, under certain open source licenses, be required to

release the combined source code of our proprietary software to the public, under terms authorizing

further modification and redistribution, or otherwise be limited in the licensing of our offerings, each of

which could provide an advantage to our competitors or other entrants to the market, create security

vulnerabilities in our platform, require us to re-engineer all or a portion of our platform, and reduce or

eliminate the value of our platform. This would allow our competitors to create similar offerings with lower

development efforts and in less time and ultimately could result in a loss of sales for us. If we

inappropriately use or incorporate open source software subject to certain types of open source licenses

that challenge the proprietary nature of our products, we may be required to re-engineer such products,

discontinue the sale of such products, or take other remedial actions. Any efforts to re-engineer all or a

portion of our platform could result in potentially prolonged periods of reduced usability and accessibility

of our platform, which in turn would adversely affect our business, operating results, and financial

condition.

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There is evolving legal precedent for interpreting the terms of certain open source licenses, including the

determination of which works are subject to the terms of such licenses. The terms of many open source

licenses have not been interpreted by U.S. courts, and there is a risk that these licenses could be

construed in ways that could impose unanticipated conditions or restrictions on our ability to

commercialize any offerings incorporating such software. Moreover, we may have incorporated or used

open source software in a manner that is inconsistent with the terms of the applicable license or our

current policies and procedures, and we cannot guarantee that our processes for controlling our use of

open source software in our platform are or will be effective. From time to time, we may face claims from

third parties asserting ownership of, or demanding release of, the open source software or derivative

works that we developed using such software, which could include our proprietary source code, or

otherwise seeking to enforce the terms of the applicable open source license. These claims, regardless of

validity, could result in time consuming and costly litigation, divert management's time and attention away

from developing the business, expose us to customer indemnity claims, or force us to disclose source

code. Litigation could be costly for us to defend, result in our paying damages or entering into unfavorable

licenses, have a negative effect on our business, operating results, and financial condition, or cause

delays by requiring us to devote additional research and development resources to modify our platform.

***We license technology from third parties for the development of our products, and our inability to***

***maintain those licenses could harm our business.***

We currently rely on or incorporate, and will in the future rely on or incorporate, technology that we license

from third parties, including software and large language models, into our products. For example, Figma's

AI-powered products and features, including our Figma Make product, rely on off-the-shelf foundational AI

models. If we are unable to continue to use or license these technologies on reasonable terms, or if these

technologies become unreliable, unavailable, or fail to operate properly, we may not be able to secure

adequate alternatives in a timely or cost-effective manner, or at all, and our ability to offer our products

and remain competitive in our market would be harmed. Further, licensing technologies from third parties

exposes us to increased risk of being the subject of intellectual property infringement claims due to,

among other things, our lower level of visibility into the development process with respect to such

technology and the care taken to safeguard against infringement risks. We cannot be certain that our

licensors do not or will not infringe on the intellectual property rights of third parties or that our licensors

have or will have sufficient rights to the licensed intellectual property in all jurisdictions in which we may

sell our platform. In addition, some of our third-party license agreements may be terminated by our

licensors for convenience, or otherwise provide for a limited term. If we are unable to continue to license

technology because of intellectual property infringement claims brought by third parties against our

licensors or against us, or if we are unable to continue our license agreements or enter into new licenses

on commercially reasonable terms, our ability to develop and sell products and services containing or

dependent on that technology would be limited, and our business, including our operating results,

financial condition, and cash flows could be harmed. Additionally, if we are unable to license technology

from third parties, we may decide to acquire or develop alternative technology, which we may be unable

to do in a commercially feasible manner, or at all, and may require us to use alternative technology of

lower quality or performance standards. This could limit or delay our ability to offer new or competitive

products and increase our costs. Third-party software we rely on may be updated infrequently,

unsupported, or subject to vulnerabilities that may not be resolved in a timely manner, any of which may

expose our products to vulnerabilities. Any impairment of the technologies of or our relationship with

these third parties could harm our business, operating results, and financial condition.

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Risks Related to Legal and Regulatory

Matters

***Our business is subject to complex and evolving U.S. and foreign laws, regulations, and industry***

***standards, many of which are subject to change and uncertain interpretations, which uncertainty***

***could harm our business, operating results, and financial condition.***

We are subject to many U.S. and foreign federal, state, and local laws, regulations, and industry

standards that involve matters central to our business, including laws and regulations that involve data

privacy, data security, intellectual property, including copyright and patent laws, AI technologies, antitrust

and competition, online safety and moderation, employment, labor, immigration, consumer protection,

public health, workplace safety, and taxation. These laws and regulations are constantly evolving and

may be interpreted, applied, created, or amended, in a manner that could harm our business.

The introduction of new products, expansion of our activities in certain jurisdictions, or other actions that

we take may subject us to additional laws, regulations, or other government scrutiny. In light of our recent

geographic expansion, we cannot guarantee that we will be able to comply with all relevant laws and

regulations of every jurisdiction in which our platform can be accessed, including, but not limited to, with

respect to the data privacy or data localization requirements of various jurisdictions. If we are found to be

in violation of the laws, regulations, or standards of any of the jurisdictions where we make our platform

available, we could face legal liability, fines, and costly investigations or regulatory processes, and we

may decide to restrict access to our platform in such jurisdictions, which would harm our growth, revenue,

and operating results.

In certain jurisdictions and situations, we may be subject to consumer protection laws and regulations,

including, but not limited to, laws and regulations related to subscriptions, billing, and auto-renewal.

Additionally, we have in the past, are currently, and may from time-to-time in the future become the

subject of inquiries and other actions by regulatory authorities as a result of our business practices and

product decisions that we make, including our policies and practices around subscriptions, billing, auto-

renewal, intermediary liability, privacy, data protection, and partnerships and integrations. Consumer

protection laws may be interpreted or applied by authorities in a manner that requires us to make changes

to our operations or incur fines, penalties, or settlement expenses, which may result in harm to our

business, operating results, financial condition, and brand.

In addition, we are subject to evolving laws, regulations, policies, and international accords relating to

matters beyond our products and services, including, but not limited to, environmental sustainability,

climate change, human capital, and employment matters. In particular, we face challenges inherent in

effectively and efficiently managing a workforce across a large number of jurisdictions, many of which

have differing labor law requirements, including the need to implement appropriate systems, policies,

benefits, and compliance programs. Compliance with such laws, regulations, and policies may require

significant investment and expense. Further, if we fail to implement the necessary programs, frameworks

and principles for compliance, our reputation, business, operating results, and financial condition may be

adversely affected.

The costs of complying with these laws and regulations, which in some cases can be enforced by private

parties in addition to government entities, are high and likely to increase in the future, particularly as the

degree of regulation increases, our business grows, and our geographic scope expands. The impact of

these laws and regulations may disproportionately affect our business in comparison to our peers in the

technology sector that have greater resources. Any failure or perceived failure of compliance on our part

to comply with the laws and regulations may subject us to significant liabilities or penalties, or otherwise

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adversely affect our business, operating results, and financial condition. Furthermore, it is possible that

certain governments may seek to block or limit our platform or otherwise impose other restrictions that

may affect the accessibility or usability of any or all of our platform for an extended period of time or

indefinitely.

***We are subject to governmental economic sanctions requirements and export and import controls***

***that could impair our ability to compete in international markets or subject us to liability if we are***

***not in compliance with applicable laws.***

Our platform and associated products are subject to various restrictions under U.S. and other

jurisdictions' export control and sanctions laws and regulations, including the U.S. Department of

Commerce's Export Administration Regulations and various economic and trade sanctions regulations

administered by the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC"). These

U.S. export control and economic sanctions laws include restrictions or prohibitions on the sale or supply

of certain products and services to U.S.-embargoed or sanctioned countries, governments, persons, and

entities and require authorization for the export of certain encryption items. In addition, various countries

regulate the import of certain encryption technology, including through import permitting and licensing

requirements, and have enacted or could enact export control, economic and trade sanctions, or import

laws that could limit our ability to distribute our platform or subject us to liability.

Although we take precautions to prevent our platform and associated products from being accessed or

used in violation of such laws, we may have inadvertently allowed some access to our platform and

associated products in violation of U.S. economic sanctions laws, including by users and customers in

embargoed or sanctioned countries. As a result, we have submitted to OFAC a voluntary self-disclosure

concerning potential violations and the voluntary self-disclosure is still under review. Since becoming

aware of the circumstances leading to our voluntary self-disclosure to OFAC, we have put in place

additional measures designed to prevent our platform and products from being accessed or used in

violation of U.S. economic and trade sanctions laws and will continue to consider enhancements to our

internal controls and monitor our compliance with such laws and regulations, but there can be no

assurance that we will not encounter compliance issues in the future. If we are found to be in violation of

U.S. economic sanctions, it could result in substantial fines and penalties for us and for individuals

working for us. We may also be adversely affected through other penalties, reputational harm, loss of

access to certain markets, or otherwise. No loss has been recognized in our financial statements

contained herein for any loss contingency relating to the pending OFAC enforcement matter, as we

believe it is not probable a loss will be incurred and the range of a possible loss is not yet estimable.

Changes in our platform or future changes in export and import regulations may create delays in the

introduction of our platform in international markets or prevent our customers with international operations

from deploying our platform globally. Any change in export or import regulations, economic sanctions or

related legislation, or change in the countries, governments, persons, or technologies targeted by such

regulations, could result in decreased use of our platform by, or in our decreased ability to export our

technology and services to, existing or potential customers with international operations. Any decreased

use of our platform or limitation on our ability to export our platform would adversely affect our business,

operating results, financial condition, and future prospects.

***We are subject to anti-bribery, anti-corruption, and similar laws and non-compliance with such***

***laws can subject us to criminal penalties or significant fines and harm our business and reputation.***

We are subject to anti-bribery and similar laws, such as the U.S. Foreign Corrupt Practices Act of 1977,

as amended, (the "FCPA"), the U.S. domestic bribery statute contained in 18 U.S.C. § 201, the USA

PATRIOT Act, U.S. Travel Act, the U.K. Bribery Act 2010, and Proceeds of Crime Act 2002, and possibly

other anti-corruption, anti-bribery, and anti-money laundering laws in countries in which we conduct

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activities. Anti-corruption laws have been enforced with great rigor in recent years and are interpreted

broadly and prohibit companies and their employees and their agents from making or offering improper

payments or other benefits to government officials and others in the private sector. The FCPA or other

applicable anti-corruption laws may also hold us liable for acts of corruption or bribery committed by our

third-party business partners, representatives, and agents, even if we do not authorize such activities. As

we develop our international sales and business, and increase our use of third parties, our risks under

these laws will increase. As a public company, the FCPA will separately require that we keep accurate

books and records and maintain internal accounting controls sufficient to assure management's control,

authority, and responsibility over our assets.

We have adopted policies and procedures and conducted training designed to prevent improper

payments and other corrupt practices prohibited by applicable laws, but cannot guarantee that

improprieties will not occur. Noncompliance with these laws could subject us to investigations, sanctions,

settlements, prosecution, other enforcement actions, disgorgement of profits, significant fines, damages,

other civil and criminal penalties or injunctions, suspension and/or debarment from contracting with

specified persons, the loss of export privileges, reputational harm, adverse media coverage, and other

collateral consequences. Any investigations, actions, and/or sanctions could harm our reputation,

business, operating results, financial condition, and future prospects.

***Compliance with ever evolving U.S. federal, state, and foreign laws relating to the handling of***

***information about individuals involves significant expenditure and resources and if we fail to***

***adequately protect personal data or other information we collect, process, share, or maintain***

***under applicable laws, our business, operating results, and financial condition could be adversely***

***affected.***

We receive, store, and process some personal data from our employees, customers, and the employees

of our customers and third-party vendors. Additionally, our users and customers use our platform to

create and store their proprietary and confidential data. A wide variety of state, national, and international

laws, as well as regulations and industry standards apply to the collection, use, retention, protection,

disclosure, transfer, and other processing of personal information and other data, the scope of which is

changing, subject to differing interpretations, and may be inconsistent across countries or conflict with

other rules. Data protection and privacy-related laws and regulations are evolving and may result in

increasing regulatory and public scrutiny and escalating levels of enforcement and sanctions. Failure or

perceived failure to comply with U.S. or international laws, regulations, and industry standards regarding

personal data or other information could adversely affect our business, operating results, and financial

condition. Moreover, complying with these various laws and regulations could cause us to incur

substantial costs or require us to change our business practices, systems, and compliance procedures in

a manner adverse to our business.

In the United States, there are numerous federal and state consumer, privacy, and data security laws and

regulations governing the collection, use, disclosure, and protection of personal data, including security

breach notification laws and consumer protection laws. Each of these laws is subject to varying

interpretations and constantly evolving. Additionally, the Federal Trade Commission and many state

attorneys general interpret federal and state consumer protection laws to impose standards on the

collection, use, dissemination, and security of data. On the state level, the California Consumer Privacy

Act of 2018 (as amended, the "CCPA") created new data privacy obligations for covered businesses and

provided new privacy rights to California residents, including the right to opt out of certain disclosures of

their information and receive detailed information about how their personal data is used. The CCPA

provides for civil penalties for violations, as well as a private right of action for certain data breaches that

has increased data breach litigation. Over a third of other U.S. states have enacted consumer privacy

laws comparable to the CCPA and numerous other states have pending consumer privacy legislation

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under review, which if enacted, would add additional costs and expense of resources to maintain

compliance.

We are also subject to evolving privacy laws on cookies, tracking technologies and marketing,

advertising, and other activities conducted by telephone, email, mobile devices, and the internet.

Regulation of cookies and similar technologies may lead to broader restrictions on our marketing and

personalization activities, as well as the effectiveness of our marketing. Such regulations may have a

negative effect on our business. We may also be subject to fines and penalties for non-compliance with

any such laws and regulations. The decline of cookies or other online tracking technologies as a means

to identify and target potential customers may increase the cost of operating our business and lead to a

decline in revenues. In addition, legal uncertainties about the legality of cookies and other tracking

technologies may increase regulatory scrutiny and increase potential civil liability under data protection or

consumer protection laws.

We also may be subject to various U.S. federal, state, and foreign laws governing how companies provide

age-appropriate experiences to children and minors, including the collection and processing of children

and minors' data. These laws include, but are not limited to, the Children's Online Privacy Protection Act

of 1998, and the Family Educational Rights and Privacy Act of 1974, which address the use and

disclosure of the personal data of children and minors and impose obligations on online services or

products directed to or likely to be accessed by children, such as our Figma for Education offerings. We

are subject to similar laws and regulations governing the collection and processing of children and minors'

data in a number of other jurisdictions, including, but not limited to, the United Kingdom (the "UK"), EEA,

and Japan, and we may be subject to additional similar laws and regulations as we expand our Figma for

Education offerings into new markets.

We are subject to the GDPR, which governs the collection, use, disclosure, transfer, or other processing

of personal data of natural persons located in the EEA and the UK, and it applies extra-territorially and

imposes onerous requirements on controllers and processors of personal data, including, for example,

accountability and transparency requirements, obligations to consider data protection as any new

products or services are developed and to limit the amount of personal data processed, and obligations to

comply with data protection rights of data subjects. We face increased compliance obligations and risk,

including more robust regulatory enforcement of data protection requirements and potential fines for

noncompliance of up to €20 million (£17.5 million in the UK) or four percent of the annual global revenues

of the noncompliant company, whichever is greater. A breach of the GDPR may also result in regulatory

investigations, orders to cease or change our data processing activities, enforcement notices,

assessment notices for a compulsory audit and we may also face civil claims including representative

actions and other class action type litigation (where individuals have suffered harm), potentially amounting

to significant compensation or damages liabilities, as well as associated costs, diversion of internal

resources, and reputational harm.

The GDPR prohibits transfers of personal data from the EEA or the UK to countries not formally deemed

adequate by the European Commission or the UK Information Commission Office, respectively, including

the United States, unless a particular compliance mechanism and, if necessary, certain safeguards, are

implemented. The mechanisms that we and many other companies, including our customers, rely upon

for European and UK data transfers out of the EEA and the UK are the European Commission Standard

Contractual Clauses ("SCCs"), the UK Information Commissioner's Office's Addendum to the SCCs, the

EU-US Data Privacy Framework ("EU-US DPF"), and the UK Extension to the EU-US DPF. We also have

the Swiss-US Data Privacy Framework in place to legitimize transfers of personal data from Switzerland

to the United States. All of these transfer mechanisms are the subject of legal challenge, regulatory

interpretation, and judicial decisions by the Court of Justice of the EU. In particular, we expect the

European Commission's approval of the current EU-US DPF to be challenged, and expect international

transfers to the United States and to other jurisdictions more generally to continue to be subject to

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enhanced scrutiny by regulators. Some countries are also considering or have passed legislation

requiring local storage and processing of data, or similar requirements, which could increase the cost and

complexity of delivering our products and services if we were to operate in those countries. If we are

required to implement additional measures to transfer data around the world, this could increase our

compliance costs, and could adversely affect our business, operating results, and financial condition.

We may be subject to data privacy laws and similar laws in a number of other jurisdictions where our

platform is available, including requirements that may require us to process or store customer data in

certain jurisdictions or otherwise restrict our ability to serve customers in certain markets. For example, in

certain circumstances, we may be subject to China's Personal Information Protection Law (the "PIPL").

The PIPL's requirements include extraterritorial application, data localization, and obligations to provide

certain notices and rights to citizens of China. In the event that we are alleged or determined to be not in

compliance with the PIPL or the local data privacy laws of any other jurisdiction where we make our

platform available, including with respect to the data localization, cross-border transfer, or residency

requirements, we may decide to make modifications to our platform, products, and services, increase

costs, or cease operating in that jurisdiction, which would negatively impact our business, operating

results, and financial condition, and may subject us to claims, investigations, regulatory processes, and

penalties.

Further, as we accept debit and credit cards for payment, we are subject to the Payment Card Industry

Data Security Standard ("PCI-DSS"), issued by the Payment Card Industry Security Standards Council.

PCI-DSS contains compliance guidelines with regard to our security surrounding the physical and

electronic storage, processing, and transmission of cardholder data. If we or our service providers are

unable to comply with the security standards established by banks and the payment card industry, we

may be subject to fines, restrictions, and expulsion from card acceptance programs, which could

materially and adversely affect our business.

We depend on a number of third parties in relation to the operation of our business, a number of which

process personal data on our behalf or as our sub-processor. To the extent required by applicable law,

we attempt to mitigate the associated risks of using third parties by performing security assessments and

detailed due diligence, entering into contractual arrangements to ensure that providers only process

personal data according to our instructions or to the instructions of our customers, and ensuring that they

have sufficient technical and organizational security measures in place. There is no assurance that these

contractual measures and our own privacy and security-related safeguards will protect us from the risks

associated with the third-party processing, storage, and transmission of personal data. Any violation of

privacy, data protection, data, or cybersecurity laws by our third-party processors could have an adverse

effect on our business and result in significant fines and penalties.

Our compliance efforts are further complicated by the fact that data privacy and security laws, rules,

regulations, and standards around the world are rapidly evolving, may be subject to uncertain or

inconsistent interpretations and enforcement, and may conflict among various jurisdictions. Any failure or

perceived failure by us to comply with our privacy policies, or applicable U.S. and international data

privacy and security laws, rules, regulations, standards, certifications, or contractual obligations, or any

compromise of security that results in unauthorized access to, or unauthorized loss, destruction, use,

modification, acquisition, disclosure, release, or transfer of personal data, may result in requirements to

modify or cease certain operations or practices, the expenditure of substantial costs, time, and other

resources, proceedings or actions against us, legal liability, governmental investigations, enforcement

actions, claims, fines, judgments, awards, penalties, sanctions, and costly litigation, including class

actions. Any of the foregoing could harm our reputation, distract our management and technical

personnel, increase our costs of doing business, adversely affect the demand for our products and

services, and ultimately result in the imposition of liability, any of which could have an adverse effect on

our business, operating results, and financial condition.

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***We are subject to European digital services and content moderation regulations, which impose***

***evolving compliance requirements that may impact how we offer our products in Europe.***

The adoption of European laws relating to the internet or other areas of our business could affect the

manner in which we currently conduct our business. On November 16, 2022, the EU Digital Services Act

("DSA"), came into force in the European Union. The DSA governs, among other things, our potential

liability for illegal services or content on our platform, and requires enhanced transparency measures,

including in relation to any recommendation systems (including the main parameters used by such

systems and any available options for recipients to modify or influence them). The DSA may increase our

compliance costs, require changes to our user interface, processes, operations, and business practices

which may adversely affect our ability to attract, retain and provide our services to users, and may

otherwise adversely affect our business, operating results, and financial condition. Similarly, in the UK,

the Online Safety Act 2023 ("OSA") establishes a regulatory framework for user-to-user services and

imposes obligations to protect users from illegal content which may increase compliance costs and may

otherwise adversely affect our business, operating results, and financial condition. While obligations

under the OSA are being phased in, and certain obligations, including the conduct of risk assessments,

became applicable starting on March 17, 2025, other OSA obligations will only become enforceable once

regulatory guidance is issued. Failure to comply with the DSA or OSA can result in fines of up to 6% of

total annual worldwide revenue or £18 million, respectively.

***We may become involved in litigation that may adversely affect us.***

From time to time, we may be subject to claims, suits, and other legal proceedings. Regardless of the

outcome, legal proceedings can have an adverse impact on us because of legal costs and diversion of

management attention and resources, and could cause us to incur significant expenses or liability,

adversely affect our brand recognition, or require us to change our business practices. The expense of

litigation and the timing of this expense from period to period are difficult to estimate, subject to change,

and could adversely affect our business, operating results, financial condition, and future prospects. It is

possible that a resolution of one or more such proceedings could result in substantial damages,

settlement costs, fines, and penalties that would adversely affect our business, operating results, financial

condition, or cash flows in a particular period. These proceedings could also result in reputational harm,

sanctions, consent decrees, or orders requiring a change in our business practices. Because of the

potential risks, expenses, and uncertainties of litigation, we may, from time to time, settle disputes, even

where we have meritorious claims or defenses, by agreeing to settlement agreements. Because litigation

is inherently unpredictable, we cannot assure you that the results of any of these actions will not have an

adverse effect on our business, operating results, financial condition, and future prospects.

Risks Related to Financial and Accounting

Matters

***If we fail to maintain an effective system of internal controls, our ability to produce timely and***

***accurate financial statements or comply with applicable regulations could be impaired.***

As a public company, we will be subject to the reporting requirements of the Securities Exchange Act of

1934, as amended (the "Exchange Act"), the Sarbanes-Oxley Act, and the rules and regulations of the

applicable listing standards of the NYSE. The Sarbanes-Oxley Act requires, among other things, that we

maintain effective disclosure controls and procedures, and internal control, over financial reporting. We

are continuing to develop and refine our disclosure controls, internal control over financial reporting, and

other procedures that are designed to ensure information required to be disclosed by us in our financial

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statements and in the reports that we will file with the SEC is recorded, processed, summarized, and

reported within the time periods specified in SEC rules and forms, and information required to be

disclosed in reports under the Exchange Act is accumulated and communicated to our principal executive

and financial officers. In order to maintain and improve the effectiveness of our internal controls and

procedures, we have expended, and anticipate that we will continue to expend, significant resources,

including accounting-related costs and significant management oversight.

Our current controls and any new controls we develop may become inadequate because of changes in

conditions in our business. Further, weaknesses in our internal controls may be discovered in the future.

Any failure to develop or maintain effective controls, or any difficulties encountered in their implementation

or improvement, could harm our operating results, result in a restatement of our financial statements for

prior periods, cause us to fail to meet our reporting obligations, and adversely affect the results of periodic

management evaluations and annual independent registered public accounting firm attestation reports

regarding the effectiveness of our internal control over financial reporting that we will be required to

include in the periodic reports we will file with the SEC. Ineffective disclosure controls and procedures and

internal control over financial reporting could also cause investors to lose confidence in our reported

financial and other information, which would likely have a negative effect on the trading price of our Class

A common stock.

We expect our independent registered public accounting firm will be required to formally attest to the

effectiveness of our internal control over financial reporting commencing with our second annual report on

Form 10-K. We expect to incur significant expenses and devote substantial management effort toward

ensuring compliance with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act.

As a result of the complexity involved in complying with the rules and regulations applicable to public

companies, our management's attention may be diverted from other business concerns, which could

harm our business, operating results, financial condition, and future prospects. We have hired and expect

to continue to hire additional employees to assist us in complying with these requirements, and we may

also engage outside consultants, either of which will increase our operating expenses.

***We expect operating as a public company to result in a significant diversion of management's time***

***and attention from operating our business and to result in significantly increased costs.***

As a public company, we will incur significant legal, accounting, compliance, and other expenses that we

did not incur as a private company. Such additional compliance costs will continue to increase our legal,

accounting, and financial compliance costs, make certain activities more difficult, time-consuming, and

costly, and place significant strain on our management, personnel, systems, and resources. For example,

in anticipation of becoming a public company, we will need to adopt additional internal controls and

disclosure controls and procedures, retain a transfer agent, and adopt an insider trading policy. As a

public company, we will bear all of the internal and external costs of preparing and distributing periodic

public reports in compliance with our obligations under the securities laws.

In addition, regulations and standards relating to corporate governance and public disclosure, including

the Exchange Act, Sarbanes-Oxley Act, and rules and regulations implemented by the SEC have

increased legal and financial compliance costs and will make some compliance activities more time-

consuming. We intend to invest resources to comply with evolving laws, regulations, and standards, and

this investment will result in increased general and administrative expenses and may divert

management's time and attention from our other business activities. If our efforts to comply with new

laws, regulations, and standards differ from the activities intended by regulatory or governing bodies due

to ambiguities related to practice, regulatory authorities may initiate legal proceedings against us, and our

business may be harmed. In connection with this offering, we intend to increase our directors' and

officers' insurance coverage, which will increase our insurance costs. In the future, it may be more

expensive or more difficult for us to obtain director and officer liability insurance, and we may be required

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to accept reduced coverage or incur substantially higher costs to obtain and maintain the same or similar

coverage. These factors would also make it more difficult for us to attract and retain qualified members of

our Board of Directors, particularly to serve on our audit committee and compensation committee, and

qualified executive officers.

***If our estimates or judgments relating to our critical accounting policies prove to be incorrect or***

***financial reporting standards or interpretations change, our operating results could be adversely***

***affected.***

The preparation of financial statements in conformity with GAAP requires management to make estimates

and assumptions that affect the amounts reported in our consolidated financial statements and

accompanying notes. We base our estimates on historical experience and on various other assumptions

that we believe to be reasonable under the circumstances, as discussed in the section titled

"Management's Discussion and Analysis of Financial Condition and Results of Operations." The results of

these estimates form the basis for making judgments about the carrying values of assets, liabilities,

equity, stock-based compensation, the fair value of our Class A common stock, and the amount of

revenue and expenses that are not readily apparent from other sources. Significant assumptions and

estimates used in preparing our consolidated financial statements include, but are not limited to, those

related to, stock-based compensation, including the estimation of the underlying fair value of common

stock and the estimation of the fair value of market-based awards. Our operating results may be

adversely affected if our assumptions change or if actual circumstances differ from those in our

assumptions, which could cause our operating results to fall below the expectations of industry or

financial analysts and investors, potentially resulting in a decline in the market price of our Class A

common stock.

Additionally, we regularly monitor our compliance with applicable financial reporting standards and review

new pronouncements and drafts thereof that are relevant to us. As a result of new standards, changes to

existing standards, and changes in their interpretation, we might be required to change our accounting

policies, alter our operational policies, and implement new or enhance existing systems so that they

reflect new or amended financial reporting standards, or we may be required to restate our published

financial statements. Such changes to existing standards or changes in their interpretation may have an

adverse effect on our reputation, business, financial condition, and profitability, or cause an adverse

deviation from our revenue and operating profit target, which may adversely affect our financial condition.

***Our Revolving Credit Facility contains restrictive and financial covenants that may limit our***

***operational flexibility. If we fail to meet our obligations under the credit facility, our operations may***

***be interrupted and our business, operating results, and financial condition could be adversely***

***affected.***

On June 27, 2025, we entered into the Revolving Credit Facility (as defined below) by and among us and

certain lenders, some of which are affiliated with certain members of our underwriting syndicate, to fund

working capital and general corporate purpose expenditures. We expect to draw approximately $330.5

million on the Revolving Credit Facility in order to pay our anticipated tax withholding and remittance

obligations in connection with the RSU Net Settlement and we intend to use the net proceeds from this

offering, together with cash on hand, to repay such indebtedness. The Revolving Credit Facility contains

a financial covenant requiring that Liquidity (defined as unrestricted cash and cash equivalents, plus the

undrawn revolver commitments) is not less than $100 million as of the last day of each fiscal quarter. The

Revolving Credit Facility contains additional customary affirmative and negative covenants, including

restrictions on indebtedness, liens, investments, asset dispositions and affiliate transactions, each subject

to customary exceptions and baskets, and customary events of default. The obligations under the

Revolving Credit Facility are secured by liens on substantially all of our assets.

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Various risks, uncertainties, and events beyond our control could affect our ability to comply with these

covenants. Failure to comply with any of the covenants could result in a default under the Revolving

Credit Facility. Such a default could permit lenders to accelerate the maturity of outstanding amounts

under our Revolving Credit Facility, if any, which in turn could result in material adverse consequences

that negatively impact our business, the market price for our Class A common stock, and our ability to

obtain other financing in the future. In addition, the Revolving Credit Facility's covenants, consent

requirements, and other provisions may limit our flexibility to pursue or fund strategic initiatives or

acquisitions that might be in the long-term interests of us and stockholders.

***We may require additional capital to fund our business and support our growth, and any inability to***

***generate or obtain such capital may adversely affect our business, operating results, and financial***

***condition.***

In order to support our growth and respond to business challenges, such as developing new features or

enhancements to our platform to stay competitive, acquiring new technologies, and improving our

infrastructure, we have made significant financial investments in our business and we intend to continue

to make such investments. As a result, we may need to engage in additional equity or debt financings to

provide the funds required for these investments and other business endeavors. If we raise additional

funds through equity or convertible debt issuances, our existing stockholders may suffer significant

dilution and these securities could have rights, preferences, or privileges that are superior to those of

holders of our Class A common stock. We expect that our existing cash and cash equivalents, and

marketable securities will be sufficient to meet our anticipated cash needs for working capital and capital

expenditures for at least the next twelve months. If we obtain additional funds through debt financing, we

may not be able to obtain such financing on terms favorable to us. Our ability to raise capital in the future

may be impacted by global macroeconomic conditions, which may make it difficult to raise additional

capital on favorable terms, if at all. Such terms may involve restrictive covenants making it difficult to

engage in capital raising activities and pursue business opportunities, including potential acquisitions.

Furthermore, we have authorized the issuance of undesignated preferred stock and blockchain common

stock that our Board of Directors could use to, among other things, issue shares of our capital stock in the

form of blockchain tokens, implement a stockholder rights plan, or issue other shares of preferred stock or

common stock. If we issue additional equity securities, stockholders will experience dilution, and the new

equity securities could have rights senior to those of our currently authorized and issued common stock.

We do not currently have any specific plans to issue shares of our capital stock in the form of blockchain

tokens. The trading prices of the common stock of technology companies have been highly volatile in

recent years as a result of inflation, interest rate volatility, actual or perceived instability in the banking

system, geopolitical conflicts, and market downturns, which may reduce our ability to access capital on

favorable terms or at all. In addition, a recession, depression, or other sustained adverse market event

could adversely affect our business and the value of our Class A common stock. If we are unable to

obtain adequate financing or financing on terms satisfactory to us when we require it, our ability to

continue to support our business growth and to respond to business challenges could be significantly

impaired and our business may be adversely affected, requiring us to delay, reduce, or eliminate some or

all of our operations.

***We are exposed to fluctuations in currency exchange rates, which may be exacerbated in the future***

***and could negatively affect our business, operating results, and financial condition.***

Our sales are currently denominated in U.S. dollars, Euros, British pounds, Japanese Yen, and the

Canadian Dollar, and will likely be denominated in other currencies in the future. Because we report our

operating results and revenue in U.S. dollars, we currently face exposure to foreign currency exchange

risk and may in the future face other foreign currency risks. We do not currently hedge against the risks

associated with foreign currency fluctuations. If we are not able to successfully hedge against the risks

associated with currency fluctuations, our operating results could be adversely affected. Further, to the

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extent that our customer agreements with our customers outside of the United States are denominated in

U.S. dollars, strengthening of the U.S. dollar increases the real cost of our platform to our customers

outside of the United States, which could lead to delays in the purchase of our platform and the

lengthening of our sales cycle. If the U.S. dollar continues to strengthen, this could adversely affect our

business, operating results, and financial condition. Conversely, if the U.S. dollar weakens relative to the

foreign currencies in the jurisdictions in which we have operations, our cost of revenue and operating

expenses will increase, which would have an adverse impact on our operating results. In addition,

increased international sales in the future, including through continued international expansion and our

partners could result in foreign currency denominated sales, which would increase our foreign currency

risk.

Our operating expenses incurred outside the United States and denominated in foreign currencies are

increasing and are subject to fluctuations due to changes in foreign currency exchange rates. These

expenses are denominated in foreign currencies and are subject to fluctuations due to changes in foreign

currency exchange rates. We do not currently hedge against the risks associated with currency

fluctuations but may do so, or use other derivative instruments, in the future.

Moreover, in addition to risks associated with traditional fiat currency, the emergence of cryptocurrencies,

particularly Bitcoin, as potential alternative mediums of exchange may introduce further risk. If the

adoption of Bitcoin or another cryptocurrency increases to the point where it has the potential to displace

traditional fiat currencies in our markets, this may exacerbate the risks described above.

***We could be subject to additional tax liabilities and U.S. federal and global income tax reform***

***could adversely affect us.***

We are subject to U.S. federal, state, and local income taxes, sales, and other taxes in the United States

and income taxes, withholding taxes, transaction taxes, and other taxes in numerous foreign jurisdictions.

Our existing corporate structure has been implemented in a manner that we believe is in compliance with

current prevailing tax laws. Moreover, changes to our corporate structure, including increased headcount

and expanded functions outside of the United States, could impact our worldwide effective tax rate and

adversely affect our operating results and financial condition. Significant judgment is required in

evaluating our tax positions and our worldwide provision for income taxes. During the ordinary course of

business, there are many activities and transactions for which the ultimate tax determination is uncertain.

The relevant taxing authorities may disagree with our determinations as to the income and expenses

attributable to specific jurisdictions. If such a disagreement were to occur, and our position were not

sustained, we could be required to pay additional taxes, interest, and penalties, which could result in one-

time tax charges, higher effective tax rates, reduced cash flows, and lower overall profitability of our

business, with some changes possibly affecting our tax obligations in future or past years. In addition, our

future income tax obligations could be adversely affected by changes in, or interpretations of, tax laws in

the United States or in other jurisdictions in which we operate.

For example, the U.S. tax legislation commonly referred to as the Tax Cuts and Jobs Act of 2017 (the

"TCJA") significantly reformed the Internal Revenue Code of 1986, as amended (the "Code"), reducing

U.S. federal tax rates, making sweeping changes to rules governing international business operations,

and imposing significant additional limitations on tax benefits, including the deductibility of interest and the

use of net operating loss ("NOL") carryforwards, and the One Big Beautiful Bill Act of 2025 further

reformed the Code, including by permanently extending certain provisions within the TCJA and restoring

the deductibility of domestic R&D expenditures. In addition, as part of the Organization for Economic

Cooperation and Development's ("OECD") Inclusive Framework on Base Erosion and Profit Shifting, 147

jurisdictions have joined a two-pillar plan to reform international taxation rules. The first pillar is focused

on the allocation of taxing rights between countries for in-scope multinational enterprises that sell goods

and services into countries with little or no local physical presence and is intended to apply to

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multinational enterprises with global revenues above €20 billion. The second pillar is focused on

developing a global minimum tax rate of at least 15% applicable to in-scope multinational enterprises and

is intended to apply to multinational enterprises with annual consolidated group revenue in excess of

€750 million. We are still evaluating the impact of the OECD pillar one and pillar two rules as they

continue to be refined by the OECD and implemented by various national governments. However, it is

possible that the OECD pillar one and pillar two rules, as implemented by various national governments,

could adversely affect our effective tax rate or result in higher cash tax liabilities.

Due to the expanding scale of our international business activities, these types of changes to the taxation

of our activities could impact the tax treatment of our foreign earnings, increase our worldwide effective

tax rate, increase the amount of taxes imposed on our business, and harm our financial condition. Such

changes may also apply retroactively to our historical operations and result in taxes greater than the

amounts estimated and recorded in our financial statements.

***Our ability to use our NOL carryforwards and certain other tax attributes may be limited.***

As of December 31, 2024, we had aggregate U.S. federal and state NOL carryforwards of $164.0 million

and $181.5 million, respectively, which may be available to offset future taxable income for U.S. income

tax purposes. Under the TCJA, U.S. federal NOLs we generated in tax years beginning after December

31, 2017 may be carried forward indefinitely but may only be used to offset 80% of our taxable income

annually. If not utilized, our California and other state NOL carryforwards will begin to expire in 2044 and

2029, respectively. As of December 31, 2024, we had federal research and development credit

carryforwards of $0.1 million, which will begin to expire in 2041, and state research and development

credit carryforwards of $24.7 million, which will begin to expire in 2029. California research and

development credit carryforwards do not expire. Realization of these NOL and research and development

credit carryforwards depends on our future taxable income, and there is a risk that certain of our existing

carryforwards could expire unused and be unavailable to offset future income tax liabilities, which could

adversely affect our operating results and financial condition.

In addition, under Sections 382 and 383 of the Code, if a corporation undergoes an "ownership change,"

generally defined as a greater than 50% cumulative change (by value) in ownership by certain "five-

percent shareholders" (as defined in Section 382 of the Code and the Treasury Regulations promulgated

thereunder) over a rolling three-year period, the corporation's ability to use its pre-change NOLs and other

pre-change tax attributes, such as research and development credits, to offset its post-change income or

taxes may be limited. We may experience ownership changes in the future as a result of shifts in our

stock ownership, including as a result of this offering. As a result, if we earn net taxable income, our ability

to use our pre-change U.S. NOL carryforwards and other tax attributes to offset U.S. federal taxable

income may be subject to limitations, which could potentially result in increased future tax liability to us.

Similar provisions of state tax law may also apply to limit our use of accumulated state tax NOLs. In

addition, at the state level, there may be periods during which the use of NOLs is suspended or otherwise

limited, which could accelerate or permanently increase our state income tax liabilities. As a result of the

foregoing, even if we attain profitability, we may be unable to use all or a material portion of our NOLs and

other tax attributes, which could adversely affect our future cash flows.

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Risks Related to Ownership of Our Class A

Common Stock

***The market price of our Class A common stock may be volatile, and you could lose all or part of***

***your investment.***

We cannot predict the prices at which our Class A common stock will trade. The initial public offering price

of our Class A common stock will be determined by negotiations between us and the underwriters and

may not bear any relationship to the market price at which our Class A common stock will trade after this

offering. Furthermore, the market price of our Class A common stock following this offering may fluctuate

substantially and may be lower than the initial public offering price. The market price of our Class A

common stock following this offering will depend on a number of factors, including, but not limited to,

those described in this "Risk Factors" section, many of which are beyond our control and may not be

related to our operating results. In addition, the limited public float of our Class A common stock following

this offering will tend to increase the volatility of the trading price of our Class A common stock. These

fluctuations could cause you to lose all or part of your investment in our Class A common stock, since you

might not be able to sell your shares at or above the price you paid in this offering. Factors that could

cause fluctuations in the market price of our Class A common stock include, but are not limited to, the

following:

• actual or anticipated changes or fluctuations in our operating results;

• the global political, economic, and macroeconomic climate, including, but not limited to, tariffs or

trade restrictions, actual or perceived instability in the financial industry, potential uncertainty with

respect to the U.S. federal debt ceiling and budget and potential government shutdowns related

thereto, labor shortages, supply chain disruptions, potential recession, inflation, and interest rate

volatility;

• our incurrence of any material amounts of indebtedness;

• our ability to produce timely and accurate financial statements;

• the financial projections we may provide to the public, any changes in these projections, or our

failure to meet these projections;

• announcements by us or our competitors of new offerings or new or terminated significant

contracts, commercial relationships, acquisitions, or capital commitments;

• industry or financial analyst or investor reaction to our press releases, other public

announcements, and filings with the SEC;

• rumors and market speculation involving us or other companies in our industry;

• price and volume fluctuations in the overall stock market from time to time;

• the overall performance of the stock market or the performance of public technology companies;

• the expiration of market standoff or contractual lock up agreements and sales of shares of our

Class A common stock by us or our stockholders;

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• failure of industry or financial analysts to maintain coverage of us, changes in financial estimates

by any analysts who follow our company, or our failure to meet financial analysts' estimates or the

expectations of investors;

• actual or anticipated developments in our business or our competitors' businesses or the

competitive landscape generally;

• developments in AI;

• litigation or other proceedings involving us, our industry, or both, or investigations by regulators

into our operations or those of our competitors or others that may be associated with us;

• developments or disputes concerning our intellectual property rights, or third-party intellectual

property or other proprietary rights that we rely on or have implemented into our platform;

• new laws or regulations or new interpretations of existing laws or regulations applicable to our

business;

• any major changes in our management or our Board of Directors;

• other events or factors, including, but not limited to, those resulting from acts of war, terrorism,

armed conflict, including the conflicts in the Middle East and Ukraine and tensions between China

and Taiwan, or responses to these events; and

• actual or perceived cybersecurity incidents.

In addition, the stock market in general, and the market for technology companies in particular, has

experienced price and volume fluctuations that have often been unrelated or disproportionate to the

operating performance of those companies, particularly during the current period of global

macroeconomic uncertainty. These economic, political, regulatory, and market conditions may negatively

impact the market price of our Class A common stock, regardless of our actual operating results. In the

past, securities class action litigation and derivative litigation have often been instituted against

companies following periods of volatility in the market price of a company's securities. These types of

litigation, if instituted, could result in substantial costs and a diversion of management's attention and

resources, which could adversely affect our business, operating results, or financial condition.

Additionally, the dramatic increase in the cost of directors' and officers' liability insurance may cause us to

opt for lower overall policy limits and coverage or to forgo insurance that we may otherwise rely on to

cover significant litigation defense costs, settlements, and damages awarded to plaintiffs, or incur

substantially higher costs to maintain the same or similar coverage. Any of the above potential effects

relating to potential volatility in the market price of our Class A common stock could have an adverse

effect on our business, operating results, financial condition, and future prospects.

***The multi-class structure of our common stock has the effect of concentrating voting power with***

***Dylan Field, our Chair of our Board of Directors, Chief Executive Officer, and President, which will***

***limit your ability to influence the outcome of important transactions, including a change in control.***

Our Class B common stock has 15 votes per share, and our Class A common stock has one vote per

share. Our Class C common stock has no voting rights, except as required by law.

Following this offering of our Class A common stock, Mr. Field and Mr. Wallace (each a "Founder" and

together the "Co-Founders") will collectively hold substantially all of the issued and outstanding shares of

our Class B common stock. Moreover, Mr. Wallace and his affiliated trust entered into the Wallace Proxy,

granting Mr. Field complete and unlimited authority to act, in his sole discretion, on their behalf, to vote

any number of shares of our capital stock, owned or beneficially held by them at any time and from time

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to time (the "Wallace Proxy Shares") on all matters submitted to a vote of stockholders at a meeting of

stockholders or through the solicitation of a written consent of stockholders and for any contractual voting

rights that may be applicable to the Wallace Proxy Shares. For additional information, see the section

titled "Description of Capital Stock."

Accordingly, upon the closing of this offering, Mr. Field will hold approximately 73.6% of the voting power

of our outstanding capital stock, including 25.0% of the voting power subject to the Wallace Proxy, which

voting power may increase over time upon the exercise or settlement of equity awards held by Mr. Field.

Therefore, Mr. Field will be able to control matters submitted to our stockholders for approval, including

the election of directors, amendments of our organizational documents, and any merger, consolidation,

sale of all or substantially all of our assets, or other major corporate transactions. Mr. Field may have

interests that differ from yours and may vote in a way with which you disagree and which may be adverse

to your interests. This concentrated control may have the effect of delaying, preventing, or deterring a

change in control of our company, could deprive our stockholders of an opportunity to receive a premium

for their capital stock as part of a sale of our company, and might ultimately affect the market price of our

Class A common stock. In addition, in connection with this offering, we and Mr. Field intend to enter into a

Nominating Agreement under which we and Mr. Field will be required to take certain actions to include

Mr. Field in the slate of nominees nominated by our Board of Directors for the applicable class of directors

(or the full board of directors if the board of directors is not classified), include him in our proxy statement,

cause our Board of Directors, subject to their fiduciary duties, to recommend in favor of Mr. Field's

election or re-election to our Board of Directors and solicit proxies or consents in favor of electing Mr.

Field to our Board of Directors. For more information regarding the Nominating Agreement, see the

section titled "Management—Nominating Agreement."

Future transfers by the holders of Class B common stock will generally result in those shares converting

into shares of Class A common stock, subject to limited exceptions, such as certain transfers effected for

estate planning or charitable purposes. The conversion of Class B common stock to Class A common

stock will have the effect, over time, of increasing the relative voting power of those holders of Class B

common stock who retain their shares in the long term. As a result, it is possible that one or more of the

persons or entities holding our Class B common stock could increase their voting control as other holders

of Class B common stock sell or otherwise convert their shares into Class A common stock. For

additional information, see the section titled "Description of Capital Stock—Conversion."

***The multi-class structure of our common stock may adversely affect the trading market for our***

***Class A common stock.***

We cannot predict whether our multi-class structure of our common stock will result in a lower or more

volatile market price of our Class A common stock, adverse publicity, or other adverse consequences.

Certain stock index providers exclude or limit the ability of companies with multi-class share structures

from being added to certain of their indices. In addition, several stockholder advisory firms and large

institutional investors oppose the use of multi-class structures. As a result, the multi-class structure of our

common stock may make us ineligible for inclusion in certain indices and may discourage such indices

from selecting us for inclusion, notwithstanding our automatic termination provision, may cause

stockholder advisory firms to publish negative commentary about our corporate governance practices or

otherwise seek to cause us to change our capital structure, and may result in large institutional investors

not purchasing shares of our Class A common stock. Given the sustained flow of investment funds into

passive strategies that seek to track certain indices, any exclusion from certain stock indices could result

in less demand for our Class A common stock. Any actions or publications by stockholder advisory firms

or institutional investors critical of our corporate governance practices or capital structure could also

adversely affect the value of our Class A common stock.

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***No public market for our Class A common stock currently exists, and an active public trading***

***market may not develop or be sustained following this offering.***

Prior to this offering, there has been no public market or active private market for our Class A common

stock. We have applied to list our Class A common stock on the NYSE. However, an active trading

market may not develop following the completion of this offering or, if developed, may not be sustained.

The lack of an active market may impair your ability to sell your shares at the time you wish to sell them or

at a price that you consider reasonable. The lack of an active market may also reduce the market price of

your shares of Class A common stock. An inactive market may also impair our ability to raise capital by

selling shares and may impair our ability to acquire other companies or technologies by using our shares

as consideration.

***Sales of substantial amounts of our Class A common stock in the public markets, or the perception***

***that they might occur, could cause the market price of our Class A common stock to decline.***

Sales of a substantial number of shares of our Class A common stock into the public market, particularly

sales by our directors, executive officers, and principal stockholders, or the perception that these sales

might occur, could cause the market price of our Class A common stock to decline.

All of the shares of Class A common stock sold in this offering will be freely tradable without restrictions or

further registration under the Securities Act, except that any shares held by our affiliates, as defined in

Rule 144 under the Securities Act, would only be able to be sold in compliance with Rule 144 and any

applicable lock-up agreements described below.

In connection with this offering, all of our directors and executive officers, the selling stockholders, and

certain other holders that together represent approximately 74% of our outstanding Class A common

stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A

common stock are subject to lock-up agreements with the underwriters pursuant to which they have

agreed, subject to certain exceptions, that without the prior written consent of Morgan Stanley and

Goldman Sachs, on behalf of the underwriters, they will not, in accordance with the terms of such

agreements during the period ending on the earlier of (i) the commencement of trading on the second

trading day after the date that we publicly announce earnings for the second quarter following the most

recent period for which financial statements are included in this prospectus, and (ii) 180 days after the

date of this prospectus:

(a)offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or

contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or

dispose of, directly or indirectly, any shares of our common stock or any securities directly or

indirectly convertible into or exercisable or exchangeable for our common stock;

(b)enter into any swap, hedging transaction, or other arrangement that transfers to another, in whole

or in part, any of the economic consequences of ownership of our common stock, whether any

such transaction described above is to be settled by delivery of our common stock or such other

securities convertible into or exercisable or exchangeable for our common stock, in cash or

otherwise;

(c)publicly disclose the intention to take any of the actions restricted by clause (a) or (b) above; or

(d)make any demand for, or exercise any right with respect to, the registration of any shares of our

common stock or any securities convertible into or exercisable or exchangeable for our common

stock.

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Furthermore, (i) an additional approximately9%of our outstanding common stock and securities directly

or indirectly convertible into or exchangeable or exercisable for our common stock are subject to the

market standoff provisions in our Rights Agreement (as defined below), pursuant to which such holders

agreed to not offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any

option or contract to sell, grant any option, right, or warrant to purchase, lend, or otherwise transfer or

dispose of, directly or indirectly, any shares of our common stock or any securities convertible into or

exercisable or exchangeable for our common stock held immediately prior to the effectiveness of this

registration statement, or enter into any swap, hedging transaction, or other arrangement that transfers to

another, in whole or in part, any of the economic consequences of ownership of our common stock,

whether any such transaction described above is to be settled by delivery of our common stock or such

other securities convertible into or exercisable or exchangeable for our common stock, in cash or

otherwise, or publicly disclose the intention to take any of the foregoing actions, during the lock-up period

and (ii) an additional approximately 17% of our outstanding common stock and securities directly or

indirectly convertible into or exchangeable or exercisable for our common stock are subject to the market

standoff agreements with us, pursuant to which such holders agreed to not sell or otherwise dispose of

any shares of our common stock or any securities convertible into or exercisable or exchangeable for our

common stock held immediately prior to the effectiveness of this registration statement during the lock-up

period. The forms and specific restrictive provisions within these market standoff provisions vary among

security holders. For example, although some of these market standoff agreements do not specifically

restrict hedging transactions and others may be subject to different interpretations between us and

security holders as to whether they restrict hedging, our insider trading policy prohibits hedging, short

sales, and certain other transactions involving derivative securities by all of our current directors, officers,

employees, contractors, and consultants. Sales, short sales, or hedging transactions involving our equity

securities, whether before or after this offering and whether or not we believe them to be prohibited, could

adversely affect the price of our Class A common stock.

As a result of the foregoing, substantially all of our outstanding common stock and securities directly or

indirectly convertible into or exchangeable or exercisable for our common stock are subject to a lock-up

agreement or market standoff provisions during the lock-up period. We have agreed to enforce all such

market standoff restrictions on behalf of the underwriters and not to amend or waive any such market

standoff provisions during the lock-up period without the prior written consent of Morgan Stanley and

Goldman Sachs, on behalf of the underwriters, provided that we may release shares from such

restrictions to the extent such shares would be entitled to release under the form of lock-up agreement

with the underwriters entered into by our directors and executive officers, the selling stockholders, and

certain other holders of our securities as described herein.

We anticipate that we will net settle the IPO Vesting RSUs in the RSU Net Settlement. For RSUs that will

vest after the effectiveness of the registration statement of which this prospectus forms a part and prior to

the expiration of the lock-up period, we currently anticipate that we will continue to net settle the shares

underlying these RSUs. However, we will continue to have discretion to sell-to-cover rather than net settle

shares underlying these RSUs in order to satisfy tax withholding and remittance obligations. The lock-up

agreements and market standoff agreements permit sell-to-cover transactions to cover tax withholding

and remittance obligations in connection with the vesting and/or settlement of RSUs and stock options

during the lock-up period. If we decide to sell-to-cover rather than net settle shares underlying these

RSUs and stock options up to approximately 8.0 million shares of our Class A common stock underlying

RSUs and stock options outstanding as of March 31, 2025 under the 2012 Plan will be eligible for sale in

the open market during the lock-up period in connection with such sell-to-cover transactions. In addition, if

the market- or stock price-based vesting conditions of the 2021 CEO Market Award or the 2025 CEO

Stock Price Award (each as defined in the section titled "Executive Compensation—CEO Equity Awards")

are achieved, upon settlement, which could occur during the lock-up period with respect to the 2025 CEO

Stock Price Award and no earlier than within 14 days of the expiration of the lock-up period with respect

to the 2021 CEO Market Award, and an election is made to net settle all or a portion of the shares

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underlying these awards, we could expend significant funds to satisfy the associated tax withholding

obligation. Further, to the extent that an election is made to sell-to-cover all or a portion of the shares

underlying the 2021 CEO Market Award or the 2025 CEO Stock Price Award, such sales could increase

the volatility of the trading price of our Class A common stock.

Furthermore, as further described and subject to the conditions set forth in the sections titled "Shares

Eligible for Future Sale" and "Underwriters (Conflicts of Interest)," at the commencement of trading of the

second trading day after the date that we publicly announce earnings for the first quarter following the

most recent period for which financial statements are included in this prospectus (the "Initial Post-Offering

Earnings Release Date"), if the closing price per share of our Class A common stock on NYSE for at least

five trading days in any ten consecutive trading day period, with at least one of such five trading days

occurring after the Initial Post-Offering Earnings Release Date is at least 25% greater than the initial

public offering price of our Class A common stock set forth on the cover of this prospectus, up to

approximately 11.4 millionshares of Class A common stock held by our current employees and service

providers (excluding our directors and any officer within the meaning of Section 16 of the Exchange Act)

will be immediately available for sale in the public market.

When the lock-up period expires, we and our securityholders subject to a lock-up agreement or market

stand-off agreement will be able to sell our shares in the public market. In addition, Morgan Stanley and

Goldman Sachs may release all or some portion of the shares subject to lock-up agreements prior to the

expiration of the lock-up period. See the section titled "Shares Eligible for Future Sale" for more

information. Sales of a substantial number of such shares upon expiration of the lock-up and market

stand-off agreements, or the perception that such sales may occur, or early release of these agreements,

could cause our market price to fall or make it more difficult for you to sell your Class A common stock at

a time and price that you deem appropriate.

In addition, we may, from time to time, enter into separate lock-up agreements with some of the investors

in this offering. These separate lock-up agreements may provide for a restricted period that is longer than

the period described above that is applicable to existing stockholders. If there is a separate lock-up

agreement on certain shares sold in this offering, our shares available for sale in the public market will be

reduced during the term of these lock-up agreements.

As of March 31, 2025, we had stock options and RSUs outstanding that, if fully exercised or vested and

settled, as applicable, would result in the issuance of 23,057,048 shares of Class A common stock

and 40,664,466shares of Class A common stock, respectively, and we also had an outstanding warrant

exercisable for the purchase of 260,580 shares of Class A common stock. In addition, as of March 31,

2025 and before giving effect to the CEO Option Exercise, we had stock options and RSUs outstanding

that, if fully exercised or vested and settled, as applicable, would result in the issuance of 811,896 shares

of Class B common stock and 11,250,000shares of Class B common stock, respectively.All of the

shares of Class A common stock issuable upon the exercise or settlement of stock options, warrants, or

RSUs, and the shares reserved for future issuance under our equity incentive plans, will be registered for

public resale under the Securities Act. Accordingly, these shares will be able to be freely sold in the public

market upon issuance subject to existing lock-up or market standoff agreements and applicable vesting

requirements.

Immediately following this offering, the holders of 304,990,838 shares of our Class A common stock

(including shares of our Class A common stock issuable upon conversion of shares of our Class B

common stock) will have rights, subject to some conditions, to require us to file registration statements for

the public resale of the Class A common stock issuable upon conversion of such shares or to include

such shares in registration statements that we may file for us or other stockholders.

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We may also issue our shares of common stock or securities convertible into shares of our common

stock, including in the form of blockchain tokens, from time to time in connection with a financing,

acquisition, investment, or otherwise. Any further issuance could result in substantial dilution to our

existing stockholders, especially if the issuance were to occur at a price below the then-current market

price of our Class A common stock. Any future issuances could cause the market price of our Class A

common stock to decline.

Moreover, during the quarter in which this offering is completed, we will begin recording stock-based

compensation expense for RSUs that we have granted to our service providers, which vest upon the

satisfaction of both a service-based vesting condition and a performance-based vesting condition. We

expect the performance condition will be satisfied in connection with this offering. If the performance

vesting condition had occurred on March 31, 2025, we would have recorded $809.8 million of stock-

based compensation, and we would recognize additional stock-based compensation of $735.9 million

over a weighted-average remaining requisite service period of 1.9 years.At the time of the offering, we

expect to recognize stock-based compensation expense of approximately$983.8 million with respect to

RSUs for which the service-based vesting condition was satisfied or partially satisfied as of July 30, 2025

and for which we expect the performance-based vesting condition to be satisfied in connection with this

offering. Following this offering, our future cost of revenue and operating expenses, particularly during the

quarter in which this offering is completed, will include a substantial amount of stock-based compensation

expense with respect to these RSUs, as well as any other equity awards we have granted and may grant

in the future, which will have an adverse impact on our ability to achieve profitability. For additional

information, see the section titled "Management's Discussion and Analysis of Financial Condition and

Results of Operations—Significant Impacts of Stock-Based Compensation—RSUs."

***If financial analysts issue inaccurate or unfavorable research regarding our Class A common stock,***

***our stock price and trading volume could decline.***

The trading market for our Class A common stock will be influenced by the research and reports that

financial analysts publish about us, our business, our market, and our competitors. We do not control

these analysts or the content and opinions included in their reports. As a new public company, the

analysts who publish information about our Class A common stock will have had relatively little

experience with our company, which could affect their ability to accurately forecast our results and make it

more likely that we fail to meet their estimates. If any of the analysts who cover us issue an inaccurate or

unfavorable opinion regarding our stock price, our stock price would likely decline. In addition, the stock

prices of many companies in the technology industry have declined significantly after those companies

have failed to meet, or significantly exceed, the financial guidance publicly announced by the companies

or the expectations of analysts. If our financial results fail to meet, or significantly exceed, our announced

guidance or the expectations of analysts or public investors, analysts could downgrade our Class A

common stock or publish unfavorable research about us. If one or more of these analysts cease coverage

of our Class A common stock or fail to publish reports on us regularly, our visibility in the financial markets

could decrease, which in turn could cause our stock price or trading volume to decline.

***Any future issuance of our Class C common stock may have the effect of further concentrating***

***voting control in our Class B common stock, may discourage potential acquisitions of our***

***business, and could have an adverse effect on the market price of our Class A common stock.***

Under our restated certificate of incorporation that will become effective immediately prior to the

completion of this offering, we will be authorized to issue up to1,000,000,000 shares of our Class C

common stock. Although we have no current plans to issue any shares of our Class C common stock, we

may in the future issue shares of our Class C common stock for a variety of corporate purposes, including

financings, acquisitions, investments, and equity incentives to our employees, consultants, and directors.

Any future issuance of our Class C common stock may have the effect of further concentrating voting

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control in our Class B common stock, may discourage potential acquisitions of our business, and could

have an adverse effect on the market price of our Class A common stock. Our authorized but unissued

shares of Class C common stock are available for issuance with the approval of our Board of Directors

without stockholder approval, except as may be required by the listing rules of the NYSE. Because our

Class C common stock carries no voting rights (except as otherwise required by law) and is not listed for

trading on an exchange or registered for sale with the SEC, shares of our Class C common stock may be

less liquid and less attractive to any future recipients of these shares than shares of our Class A common

stock, although we may seek to list our Class C common stock for trading and register shares of our

Class C common stock for sale in the future. Further, we could issue shares of Class C common stock to

Mr. Field and, in that event, he would be able to sell such shares of Class C common stock and achieve

liquidity in his holdings without diminishing his voting power. In addition, because our Class C common

stock carries no voting rights (except as otherwise required by law), if we issue shares of our Class C

common stock in the future, the holders of our Class B common stock may be able to hold significant

voting control over most matters submitted to a vote of our stockholders for a longer period of time than

would be the case if we issued our Class A common stock rather than our Class C common stock in such

transactions. Further, any and all outstanding shares of Class C common stock will convert automatically

into Class A common stock, on a share-for-share basis, following both (a) the earliest to occur of (i) the

conversion or exchange of all outstanding shares of our Class B common stock into shares of Class A

common stock, (ii) the Class B Automatic Conversion (as defined below) and (iii) the affirmative vote of

the holders of a majority of the outstanding shares of Class B common stock, voting separately as a

single class and (b) the date and time, or occurrence of an event, specified by the holders of a majority of

the outstanding shares of Class A common stock, voting as a separate class.

***We do not intend to pay dividends in the foreseeable future. As a result, your ability to achieve a***

***return on your investment will depend on appreciation in the price of our Class A common stock.***

We have never declared or paid any cash dividends on our capital stock. We currently intend to retain all

available funds and any future earnings for use in the operation of our business and do not anticipate

paying any dividends in the foreseeable future. Any determination to pay dividends in the future will be at

the discretion of our Board of Directors and will depend on our operating results, financial condition,

capital requirements, general business conditions, instruments, and other factors that our Board of

Directors may deem relevant. Additionally, our ability to pay dividends is limited by restrictions on our

ability to pay dividends or make distributions under the terms of our Revolving Credit Facility. Accordingly,

investors must rely on sales of their Class A common stock after price appreciation, which may never

occur, as the only way to realize any future gains on their investments.

***We will have broad discretion in the use of the net proceeds to us from this offering and may not***

***use them effectively.***

We will have broad discretion in the application of the net proceeds to us from this offering, including for

any of the purposes described in the section titled "Use of Proceeds," and you will not have the

opportunity as part of your investment decision to assess whether the net proceeds are being used

appropriately. Because of the number and variability of factors that will determine our use of the net

proceeds from this offering, their ultimate use may vary substantially from their currently intended use. If

we do not use the net proceeds that we receive in this offering effectively, our business, operating results,

financial condition, and prospects could be harmed, and the market price of our Class A common stock

could decline. Pending their use, we may invest the net proceeds from this offering in short-term,

investment-grade interest-bearing securities such as money market accounts, certificates of deposit,

commercial paper, and guaranteed obligations of the U.S. government that may not generate a high yield.

These investments may not yield a favorable return to our investors.

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***Because the initial public offering price of our Class A common stock will be substantially higher***

***than the pro forma net tangible book value per share of our outstanding Class A common stock***

***following this offering, new investors will experience immediate and substantial dilution.***

The initial public offering price is substantially higher than the pro forma net tangible book value per share

of our Class A common stock immediately following this offering based on the total value of our tangible

assets less our total liabilities. Therefore, if you purchase shares of our Class A common stock in this

offering, based on the midpoint of the offering price range set forth on the cover page of this prospectus,

and the issuance of 12,472,657 shares of Class A common stock in this offering, you will experience

immediate dilution of$23.99per share, the difference between the price per share you pay for our Class

A common stock and its pro forma net tangible book value per share as of March 31, 2025 after giving

effect to the issuance of shares of our Class A common stock in this offering. Furthermore, if current or

future outstanding warrants or equity awards are settled in shares of our capital stock, or if we otherwise

issue additional shares of our capital stock, you could experience further dilution. See the section titled

"Dilution" for additional information.

General Risk Factors

***We may be adversely affected by natural disasters, pandemics, and other catastrophic events, and***

***by man-made problems such as war and regional geopolitical conflicts around the world, that***

***could disrupt our business operations, and our business continuity and disaster recovery plans***

***may not adequately protect us from a serious disaster.***

Natural disasters or other catastrophic events may cause damage or disruption to our operations,

international commerce, and the global economy, and thus could have an adverse effect on us. Our

business operations are also subject to interruption by fire, power shortages, flooding, and other events

beyond our control. In addition, our global operations expose us to risks associated with public health

crises, such as pandemics and epidemics, which could harm our business and cause our operating

results to suffer. Further, acts of war, armed conflict, terrorism, and other geopolitical unrest, such as the

conflicts in the Middle East, and Ukraine and tensions between China and Taiwan, could cause

disruptions in our business, the businesses of our partners or customers, or the economy as a whole.

Moreover, the risks associated with AI technology are still unknown and advances in AI could pose risks,

including, but not limited to, cyberattacks, terrorism, disruption to labor markets, criminal misuse,

autonomous warfare, and catastrophic accidents.

In the event of a natural disaster, including, but not limited to, a major earthquake, blizzard, or hurricane,

or a catastrophic event such as a fire, power loss, cyberattack, or telecommunications failure, we may be

unable to continue our operations and may endure system interruptions, reputational harm, delays in

development of our platform, lengthy interruptions in service, breaches of data security, and loss of critical

data, all of which could have an adverse effect on our future operating results. Climate change could

result in an increase in the frequency or severity of such natural disasters. Moreover, any of our office

locations may be vulnerable to the adverse effects of climate change. For example, our corporate offices

are located in California, a state that frequently experiences earthquakes, wildfires, and resultant air

quality impacts and power shutoffs associated with wildfire prevention, heatwaves, and droughts. These

events can, in turn, have impacts on inflation risk, food security, water security, and on our employees'

health and well-being. Additionally, all the aforementioned risks will be further increased if we do not

implement an effective disaster recovery plan or our partners' or customers' disaster recovery plans prove

to be inadequate.

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***We are an "emerging growth company" and the reduced reporting requirements applicable to***

***emerging growth companies could make our Class A common stock less attractive to investors.***

We are an "emerging growth company" as defined in the JOBS Act. For as long as we continue to be an

emerging growth company, we may take advantage of exemptions from various reporting requirements

that are applicable to other public companies that are not emerging growth companies, including (i) not

being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley

Act, (ii) reduced disclosure obligations regarding executive compensation in this prospectus and our

periodic reports and proxy statements, and (iii) exemptions from the requirements of holding nonbinding

advisory stockholder votes on executive compensation and stockholder approval of any golden parachute

payments not previously approved. In addition, as an emerging growth company, we are only required to

provide two years of audited financial statements in this prospectus.

We could be an emerging growth company for up to five years following the completion of this offering,

although circumstances could cause us to lose that status earlier, including if we are deemed to be a

"large accelerated filer," which occurs when the market value of our common stock that is held by non-

affiliates equals or exceeds $700.0 million as of the prior June 30, or if we have total annual gross

revenue of $1.235 billion or more during any fiscal year before that time, in which cases we would no

longer be an emerging growth company as of the following December 31, or if we issue more than $1.0

billion in non-convertible debt during any three-year period before that time, in which case we would no

longer be an emerging growth company immediately.

Under the JOBS Act, emerging growth companies can also delay adopting new or revised accounting

standards until such time as those standards apply to private companies. We have elected to take

advantage of the benefits of this extended transition period. Our financial statements may therefore not

be comparable to those of companies that comply with such new or revised accounting standards. Until

the date that we are no longer an "emerging growth company" or affirmatively and irrevocably opt out of

the exemption provided by Section 7(a)(2)(B) of the Securities Act, upon issuance of a new or revised

accounting standard that applies to our financial statements and that has a different effective date for

public and private companies, we will disclose the date on which adoption is required for non-emerging

growth companies and the date on which we will adopt the recently issued accounting standard.

***Provisions in our charter documents and under Delaware law could make an acquisition of us,***

***which may be beneficial to our stockholders, more difficult and may limit attempts by our***

***stockholders to replace or remove our current management.***

Provisions in our restated certificate of incorporation and restated bylaws that will be in effect immediately

prior to the completion of this offering may have the effect of delaying or preventing a merger, acquisition,

or other change of control of the company that the stockholders may consider favorable. In addition,

because our Board of Directors is responsible for appointing the members of our management team,

these provisions may frustrate or prevent any attempts by our stockholders to replace or remove our

current management by making it more difficult for stockholders to replace members of our Board of

Directors. Among other things, our restated certificate of incorporation and restated bylaws that will be in

effect immediately prior to the completion of this offering include provisions that:

• from and after the Trigger Date (as defined below), subject to the special rights of the holders of

any preferred stock or blockchain common stock then-outstanding, provide that our Board of

Directors is classified into three classes of directors with staggered three-year terms;

• permit our Board of Directors to establish the number of directors and fill any vacancies and

newly created directorships, provided that prior to the Trigger Date, vacancies and newly created

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directorships may be filled by our stockholders with the approval of a majority of the voting power

of all of the then-outstanding shares of our capital stock;

• from and after the Trigger Date, require supermajority voting to amend some provisions in our

restated certificate of incorporation and restated bylaws;

• authorize the issuance of undesignated preferred stock and blockchain common stock that our

Board of Directors could use to implement a stockholder rights plan or issue other shares of

preferred stock or common stock, including blockchain tokens;

• from and after the Trigger Date, provide that only the chairperson of our Board of Directors, our

chief executive officer, the lead independent director, or a majority of our Board of Directors will

be authorized to call a special meeting of stockholders;

• from and after the Trigger Date, eliminate the ability of our stockholders to call special meetings

of stockholders;

• do not provide for cumulative voting;

• from and after the Trigger Date, subject to the special rights of the holders of any preferred stock

or blockchain common stock then-outstanding, provide that directors may only be removed "for

cause" and only by the affirmative vote of the holders of at least two-thirds of the voting power of

all of the then-outstanding shares of our capital stock;

• provide for a multi class common stock structure in which holders of our Class B common stock

may have the ability to control the outcome of matters requiring stockholder approval, even if they

own significantly less than a majority of the outstanding shares of our common stock, including

the election of directors and other significant corporate transactions, such as a merger or other

sale of our company or its assets;

• from and after the Trigger Date, subject to the rights of the holders of any preferred stock or

blockchain common stock then-outstanding, prohibit stockholder action by written consent, which

requires all stockholder actions to be taken at a meeting of our stockholders;

• provide that our Board of Directors is expressly authorized to adopt, amend, or repeal our

restated bylaws; and

• establish advance notice requirements for nominations for election to our Board of Directors or for

proposing matters that can be acted upon by stockholders at annual stockholder meetings.

Moreover, Section 203 of the Delaware General Corporation Law ("DGCL"), may discourage, delay, or

prevent a change in control of our company. Section 203 imposes certain restrictions on mergers,

business combinations, and other transactions between us and holders of 15% or more of our common

stock.

***Our restated bylaws contain exclusive forum provisions for certain claims, which may limit our***

***stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors,***

***officers, or employees.***

Our restated bylaws that will be in effect immediately prior to the completion of this offering will provide

that the Court of Chancery of the State of Delaware, to the fullest extent permitted by law, will be the

exclusive forum for any derivative action or proceeding brought on our behalf, any action asserting a

breach of fiduciary duty, any action asserting a claim against us arising pursuant to the DGCL, our

restated certificate of incorporation, or our restated bylaws, any action to interpret, apply, enforce or

determine the validity of our restated certificate of incorporation, or our restated bylaws, any action

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asserting a claim against us that is governed by the internal affairs doctrine or any action asserting an

internal corporate claim (as defined in the DGCL).

Moreover, Section 22 of the Securities Act creates concurrent jurisdiction for U.S. federal and state courts

regulations thereunder. Our restated bylaws provide that the federal district courts of the United States

will, to the fullest extent permitted by law, be the exclusive forum for resolving any complaint asserting a

cause of action arising under the Securities Act (the "Federal Forum Provision"). Our decision to adopt a

Federal Forum Provision followed a decision by the Supreme Court of the State of Delaware holding that

such provisions are facially valid under Delaware law. While there can be no assurance that U.S. federal

or state courts will follow the holding of the Delaware Supreme Court or determine that the Federal Forum

Provision should be enforced in a particular case, application of the Federal Forum Provision means that

brought in U.S. federal court and cannot be brought in state court.

Section 27 of the Exchange Act creates exclusive federal jurisdiction over all claims brought to enforce

regulations thereunder must be brought in U.S. federal court.

Our stockholders will not be deemed to have waived our compliance with the federal securities laws and

the regulations promulgated thereunder.

Any person or entity purchasing or otherwise acquiring or holding any interest in any of our securities

shall be deemed to have notice of and consented to our exclusive forum provisions, including the Federal

Forum Provision. These provisions may limit a stockholder's ability to bring a claim in a judicial forum of

their choosing for disputes with us or our directors, officers, or employees, which may discourage lawsuits

against us and our directors, officers, and employees. Alternatively, if a court were to find the choice of

forum provision contained in our restated bylaws to be inapplicable or unenforceable in an action, we may

incur additional costs associated with resolving such action in other jurisdictions, which could harm our

business, operating results, and financial condition.

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## Special Note Regarding Forward-
Looking Statements

This prospectus contains forward-looking statements about us and our industry that involve substantial

risks and uncertainties. All statements contained in this prospectus other than statements of historical

fact, including statements regarding our future operating results and financial condition, our business

strategy and plans, market growth, and our objectives for future operations, are forward-looking

statements. The words "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "intend,"

"could," "would," "project," "target," "plan," "expect," "aspire," and similar expressions are intended to

identify forward-looking statements.

Forward-looking statements contained in this prospectus include, but are not limited to, statements about:

• our future financial performance, including our expectations regarding our revenue, cost of

revenue, gross profit or gross margin, operating expenses, including changes in operating

expenses, and our ability to achieve and maintain profitability;

• our business plan and our ability to effectively manage our growth;

• our total market opportunity;

• anticipated trends, growth rates, and challenges in our business and in the markets in which we

operate;

• adoption of our platform;

• the impacts of AI on our business;

• beliefs and objectives for future operations;

• our ability to attract new customers and successfully retain, and increase adoption of our platform

and offerings by, existing customers;

• our ability to develop and introduce new products and bring them to market in a timely manner;

• our expectations concerning relationships with third parties;

• our ability to maintain, protect, and enhance our intellectual property rights;

• our ability to expand internationally;

• the effects of increased competition in our markets and our ability to compete effectively;

• our ability to identify, recruit, hire, and retain skilled personnel, including key members of senior

management;

• future acquisitions or investments in complementary companies, products, technologies, or

services;

• our ability to stay in compliance with laws and regulations that currently apply, or may become

applicable to, our business both in the United States and internationally;

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• our ability to maintain the security and availability of our platform and protect against data

breaches and other security incidents;

• economic and industry trends, projected growth, or trend analysis;

• general economic conditions in the United States and globally, including the effects of changes in

tariffs or trade restrictions, global geopolitical conflicts, inflation, interest rates, any instability in

the global banking sector, and foreign currency exchange rates;

• our ability to operate and grow our business in light of macroeconomic uncertainty;

• increased expenses associated with being a public company;

• our intended use of the proceeds from this offering; and

• other statements regarding our future operations, financial condition, and prospects and business

strategies.

We have based these forward-looking statements largely on our current expectations and projections

about future events and trends that we believe may affect our financial condition, operating results,

business strategy, and short-term and long-term business operations and objectives. These forward-

looking statements are subject to a number of risks, uncertainties, and assumptions, including those

described in the section titled "Risk Factors" and elsewhere in this prospectus. Moreover, we operate in a

very competitive and rapidly changing environment, and new risks emerge from time to time. It is not

possible for our management to predict all risks, nor can we assess the impact of all factors on our

business or the extent to which any factor, or combination of factors, may cause actual results to differ

materially from those contained in any forward-looking statements we may make. In light of these risks,

uncertainties, and assumptions, the forward-looking events and circumstances discussed in this

prospectus may not occur, and actual results could differ materially and adversely from those anticipated

or implied in the forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. The events and

circumstances reflected in the forward-looking statements may not be achieved or occur. We undertake

no obligation to update any of these forward-looking statements for any reason after the date of this

prospectus or to conform these statements to actual results or to changes in our expectations, except as

required by law. These forward-looking statements do not reflect the potential impact of any future

acquisitions, mergers, dispositions, joint ventures, or investments.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the

relevant subject. These statements are based on information available to us as of the date of this

prospectus. While we believe such information provides a reasonable basis for these statements, such

information may be limited or incomplete. Such statements should not be read to indicate that we have

conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These

statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

You should read this prospectus and the documents that we reference in this prospectus and have filed

with the SEC as exhibits to the registration statement of which this prospectus is a part with the

understanding that our actual future results, performance, and events and circumstances may be

materially different from what we expect.

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## Industry a nd Market Data
Unless otherwise indicated, information contained in this prospectus concerning our industry and the

markets in which we operate, including our general expectations, market position, market opportunity, and

market size, is based on information from various sources, including our own estimates, as well as

assumptions that we have made that are based on such data and other similar sources and on our

knowledge of the markets for our platform and offerings. This information involves important assumptions

and limitations, and you are cautioned not to give undue weight to such estimates. Although we are

responsible for all of the disclosure contained in this prospectus and we believe the third-party market

position, market opportunity, and market size data included in this prospectus are reliable, we have not

independently verified the accuracy or completeness of this third-party data. In addition, projections,

assumptions, and estimates of our future performance and the future performance of the industry in which

we operate is necessarily subject to a high degree of uncertainty and risk due to a variety of factors,

including those described in the sections titled "Risk Factors" and "Special Note Regarding Forward-

Looking Statements," as well as elsewhere in this prospectus. These and other factors could cause

results to differ materially from those expressed in the estimates made by the independent parties and by

us.

This prospectus contains statistical data, estimates, and forecasts that are based on publications or

reports generated by third parties, including reports prepared by Forrester Research, Inc. ("Forrester")

and IDC, which we commissioned, or other publicly available information, as well as other information

based on our internal sources.

The sources of certain statistical data, estimates, and forecasts contained in this prospectus are provided

below:

• Forrester Consulting, The Total Economic Impact™ of Figma and FigJam, Cost Savings and

Business Benefits Enabled by Figma and FigJam, November 2023 (Figma commissioned).

• Gartner Press Release, "Gartner Forecasts Worldwide IT Spending to Grow 9.8% in 2025,"

January 21, 2025.\*

• IDC Executive Spotlight sponsored by Figma, "Global Workforce Engaged in Software Design

Expands to 144 Million by 2029," DOC#US53309325, May 2025 (Figma commissioned).

• IDC, 1 Billion New Logical Applications: More Background, April 2024.

_______________________________________________________

\*The Gartner, Inc. ("Gartner") content described herein (the "Gartner Content") represents research opinion or viewpoints

published, as part of a syndicated subscription service, by Gartner, and is not a representation of fact. The Gartner Content

speaks as of its original publication date (and not as of the date of this prospectus), and the opinions expressed in the Gartner

Content are subject to change without notice. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its

affiliates in the United States and internationally and is used herein with permission. All rights reserved.

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## Use of Proceeds
We estimate that the net proceeds to us from the sale of shares of our Class A common stock in this

offering at an assumed initial public offering price of $26.50 per share, which is the midpoint of the

offering price range set forth on the cover page of this prospectus, and after deducting estimated

underwriting discounts and commissions and estimated offering expenses payable by us, will be

approximately $305.9 million. We will not receive any proceeds from the sale of Class A common stock by

the selling stockholders, including upon the sale of shares of our Class A common stock by certain of the

selling stockholders if the underwriters exercise their over-allotment option to purchase additional shares.

A $1.00 increase (decrease) in the assumed initial public offering price of $26.50 per share, which is the

midpoint of the offering price range set forth on the cover page of this prospectus, would increase

(decrease) the net proceeds to us from this offering by approximately $11.9 million, assuming the number

of shares of our Class A common stock offered by us remains the same and after deducting estimated

underwriting discounts and commissions. Similarly, each increase (decrease) of 1.0 million shares in the

number of shares of our Class A common stock offered would increase (decrease) the net proceeds from

this offering by approximately $25.3 million, assuming that the assumed initial public offering price of

$26.50, which is the midpoint of the offering price range set forth on the cover page of this prospectus,

remains the same, and after deducting the estimated underwriting discounts and commissions.

The principal purposes of this offering are to create a public market for our Class A common stock,

increase our visibility in the marketplace, increase our capitalization and financial flexibility, and facilitate

an orderly distribution of shares for the selling stockholders. We intend to use the net proceeds we

receive from this offering, together with cash on hand, to repay the $330.5 millionof outstanding

indebtedness under the Revolving Credit Facility, which we intend to borrow in order to pay our

anticipated tax withholding and remittance obligations related to the RSU Net Settlement. The Revolving

Credit Facility matures on June 27, 2030 and interest on our outstanding balance under the Revolving

Credit Facility accrues at a rate per annum equal to, at our option, either (i) a base rate determined by

reference to the highest of (x) the prime rate, (y) the federal funds effective rate plus 0.50% and (z) the

one month term Secured Overnight Financing Rate ("SOFR") plus 1.00% or (ii) term SOFR plus 1.00%.

Assuming (i) the fair market value of our common stock at the time of settlement will be equal to the

assumed initial public offering price per share of $26.50, which is the midpoint of the offering price range

set forth on the cover page of this prospectus, and (ii) an assumed 49.5% tax withholding rate, we

estimate that these tax withholding and remittance obligations on the RSU Net Settlement will be $330.5

million in the aggregate. A $1.00 increase (decrease) in the assumed initial public offering price of $26.50

per share, which is the midpoint offering price range set forth on the cover page of this prospectus,

assuming no change to the applicable tax rate, would increase (decrease) the amount we would be

required to pay to satisfy these tax withholding and remittance obligations by approximately $12.5 million.

To the extent that our tax withholding and remittance obligations related to the RSU Net Settlement

exceed the estimates set forth herein, we intend to use cash on hand to satisfy any such excess tax

withholding and remittance obligations. We may also use the remaining net proceeds, if any, from this

offering for working capital and other general corporate purposes, which may include product

development, general and administrative matters, and capital expenditures. We may also use a portion of

the remaining net proceeds, if any, for the acquisition of, or investment in, technologies, solutions, or

businesses that complement our business. However, we do not have agreements or commitments for any

material acquisitions or investments at this time.

We will have broad discretion over the uses of the net proceeds of this offering. We cannot specify with

certainty all of the particular uses for the remaining net proceeds to us from this offering. Pending their

use as described above, we intend to invest a portion of net proceeds from this offering in one or more

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capital-preservation investments, which may include short-term, investment-grade interest-bearing

securities, such as money market funds, certificates of deposit, commercial paper, and guaranteed

obligations of the U.S. government.

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Dividend Policy

We currently intend to retain all available funds and any future earnings for use in the operation of our

business and do not have current plans to pay any dividends on our capital stock in the foreseeable

future. In addition, our ability to pay dividends is restricted by the terms of our Revolving Credit Facility, as

described further in "Management's Discussion and Analysis of Financial Condition and Results of

Operations," and may be restricted by any agreements we may enter into in the future.

Any future determination to declare dividends will be made at the discretion of our Board of Directors and

will depend, among other things, on our financial condition, operating results, capital requirements,

general business conditions, restrictions in any debt instruments, and other factors that our Board of

Directors may deem relevant.

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Capitalization

The following table sets forth our cash, cash equivalents, and marketable securities, and our capitalization

as of March 31, 2025, on:

• an actual basis;

• a pro forma basis, giving effect to (i) the Capital Stock Conversion, (ii) the Class B Conversion,

(iii) the CEO Option Exercise and the receipt by us of gross proceeds of approximately $18.8

million in connection with the CEO Option Exercise, (iv) the filing and effectiveness of our

restated certificate of incorporation that will become effective immediately prior to the completion

of this offering, (v) an increase to additional paid-in capital and accumulated deficit related to

stock-based compensation of $983.8 million associated with the RSU Net Settlement, (vi) the net

issuance of 9,142,791 shares of Class A common stock in connection with the RSU Net

Settlement, after withholding 8,976,097 shares to satisfy estimated tax withholding and

remittance obligations of $224.5 million (based on the assumed initial public offering price of

$26.50 per share, and an assumed 49.5% tax withholding rate), (vii) the net issuance of

3,973,725 shares of Class B common stock in connection with the RSU Net Settlement, after

withholding 3,901,275 shares to satisfy estimated tax withholding and remittance obligations of

$106.0 million (based on the assumed initial public offering price of $26.50per share, and an

assumed 49.5% tax withholding rate), (viii) the borrowing of an aggregate of $330.5 million under

the Revolving Credit Facility to pay the estimated tax withholding and remittance obligations in

connection with the RSU Net Settlement prior to the expected effective date of the registration

statement of which this prospectus forms a part, and (ix) the related $330.5 millionnet increase in

total debt and total liabilities and the corresponding $330.5 million decrease in additional paid-in

capital resulting from (A) the RSU Net Settlement and related tax withholding and remittance

obligations and (B) the subsequent use of proceeds from the Revolving Credit Facilityto repay

such tax withholding and remittance obligations prior to the closing of this offering; and

• a pro forma as adjusted basis, giving effect to (i) the pro forma adjustments set forth above,

(ii) the sale and issuance of 12,472,657shares of our Class A common stock in this offering at an

assumed initial public offering price of $26.50per share, which is the midpoint of the offering price

range set forth on the cover page of this prospectus, after deducting estimated underwriting

discounts and commissions and estimated offering expenses payable by us, and (iii) the

application of the net proceeds from this offering, together with cash on hand, to repay the entire

outstanding amount under the Revolving Credit Facility.

The information below is illustrative only and our capitalization following this offering will be adjusted

based on, among other things, the actual initial public offering price and other terms of this offering

determined at pricing, the actual tax withholding rates, as well as the actual amount of RSUs settled in

connection with this offering. You should read this table together with our consolidated financial

statements and the accompanying notes, and the section titled "Management's Discussion and Analysis

of Financial Condition and Results of Operations," that are included elsewhere in this prospectus.

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| | | | |
|:---|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Actual** | **Pro Forma** | **Pro Forma as**<br>**Adjusted**<sup>(1)</sup><br>|
|  | **(In thousands, except per share data)** | **(In thousands, except per share data)** | **(In thousands, except per share data)** |
| Cash, cash equivalents, and marketable securities............... | $1541805 | $1560635 | $1536050 |
| Total debt...................................................................................... | $— | $330526 | $— |
| Total liabilities............................................................................... | $544391 | $874917 | $543804 |
| Stockholders' equity: |  |  |  |
| Convertible preferred stock; $0.00001 par value per <br>share; 247,861 shares authorized, 245,999 shares <br>issued and outstanding, actual; no shares authorized, <br>issued, and outstanding, pro forma and pro forma as <br>adjusted................................................................................<br>| 329441 |  |  |
| Preferred stock; $0.00001 par value per share; no <br>shares authorized, issued and outstanding, actual; <br>200,000 shares authorized, no shares issued and <br>outstanding, pro forma and pro forma as adjusted.......<br>|  |  |  |
| Blockchain common stock; $0.00001 par value per <br>share; no shares authorized, issued and outstanding, <br>actual; 100,000 shares authorized, no shares issued <br>and outstanding, pro forma and pro forma as adjusted<br>|  |  |  |
| Class A common stock; $0.00001 par value per share; <br>586,500 shares authorized, 124,313 shares issued <br>and outstanding, actual; 10,000,000 shares <br>authorized, 395,208 shares issued and outstanding, <br>pro forma; 10,000,000 shares authorized, <br>407,681 shares issued and outstanding, pro forma as <br>adjusted................................................................................<br>| 1 | 3 | 3 |
| Class B common stock; $0.00001 par value per share; <br>118,956 shares authorized, 90,747 shares issued and <br>outstanding, actual; 350,000 shares authorized, <br>79,780 shares issued and outstanding, pro forma and <br>pro forma as adjusted........................................................<br>|  |  |  |
| Class C common stock; $0.00001 par value per share; <br>no shares authorized, issued and outstanding, actual; <br>1,000,000 shares authorized, no shares issued and <br>outstanding, pro forma and pro forma as adjusted.......<br>|  |  |  |
| Additional paid-in capital........................................................ | 1186815 | 2188381 | 2494322 |
| Accumulated other comprehensive income ...................... | 2135 | 2135 | 2135 |
| Accumulated deficit................................................................ | (148028) | (1131851) | (1131851) |
| Total stockholders' equity................................................. | 1370364 | 1058668 | 1364609 |
| Total capitalization........................................................ | $1370364 | $1058668 | $1364609 |

---

__________________

(1)Each $1.00 increase (decrease) in the assumed initial public offering price of $26.50 per share, which is the midpoint of the

offering price range set forth on the cover page of this prospectus, would increase (decrease) our pro forma as adjusted cash,

cash equivalents, and marketable securities, additional paid-in capital, total stockholders' equity, and total capitalization by

$11.9 million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the

same and after deducting the estimated underwriting discounts and commissions. Similarly, each increase (decrease) of 1.0

million shares in the number of shares of our Class A common stock offered by us would increase (decrease) the amount of

our pro forma as adjusted cash, cash equivalents, and marketable securities, additional paid-in capital, total stockholders'

equity, and total capitalization by $25.3 million, assuming that the assumed initial public offering price remains the same, and

after deducting the estimated underwriting discounts and commissions. In addition, each 1.0% increase (decrease) in the tax

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withholding rate would increase (decrease) the amount of tax withholding and remittance obligations related to the RSU Net

Settlement and decrease (increase) cash, cash equivalents, and marketable securities, additional paid-in capital, total

stockholders' equity, and total capitalization by $6.9 million, assuming that the assumed initial public offering price remains the

same, that the number of shares of Class A common stock offered by us, as set forth on the cover page of this prospectus,

remains the same, and after deducting underwriting discounts and commissions. Each $1.00 increase (decrease) in the

assumed initial public offering price of $26.50 per share, which is the midpoint of the offering price range set forth on the cover

page of this prospectus, would increase (decrease) the amount of tax withholding and remittance obligations related to the

RSU Net Settlement and decrease (increase) cash, cash equivalents, and marketable securities, additional paid-in capital, total

stockholders' equity, and total capitalization by $12.5 million, assuming that the tax withholding rate remains the same, that the

number of shares of Class A common stock offered by us, as set forth on the cover page of this prospectus, remains the same,

and after deducting underwriting discounts and commissions. To the extent that our tax withholding and remittance obligations

related to the RSU Net Settlement exceed the estimates set forth herein, we intend to use cash on hand to satisfy any such

excess tax withholding and remittance obligations.

The number of shares of our Class A common stock, Class B common stock, and Class C common stock

that will be outstanding after this offering is based on 395,208,257 shares of our Class A common stock

outstanding, 79,779,989 shares of our Class B common stock outstanding, and no shares of our Class C

common stock outstanding as of March 31, 2025 (after giving effect to the Capital Stock Conversion, the

Class B Conversion, the CEO Option Exercise, and the RSU Net Settlement), and excludes:

• 23,057,048 shares of our Class A common stock issuable upon the exercise of stock options to

purchase shares of our Class A common stock outstanding as of March 31, 2025 under our 2012

Plan, with a weighted-average exercise price of $9.77 per share;

• 40,664,466 shares of our Class A common stock issuable upon the vesting and settlement of

RSUs outstanding as of March 31, 2025 under the 2012 Plan for which the service-based vesting

condition was not satisfied as of March 31, 2025 and for which we expect the performance-based

vesting condition will be satisfied in connection with this offering, after giving effect to the RSU

Net Settlement;

• 14,627,536shares of our Class A common stock issuable upon the vesting and settlement of

RSUs, subject to service-based vesting conditions, granted after March 31, 2025 under the 2012

Plan, after giving effect to the RSU Net Settlement;

• 11,250,000shares of our Class B common stock issuable upon the vesting and settlement of

RSUs outstanding as of March 31, 2025 under the 2021 Plan for which the service-based vesting

condition and/or market-based vesting condition were not satisfied as of March 31, 2025 and for

which we expect the performance-based vesting condition will be satisfied in connection with this

offering (all of these RSUs are subject to a performance-based vesting condition, a market-based

vesting condition and a service-based vesting condition, see the section titled "Executive

Compensation—CEO Equity Awards" for a description of the vesting terms of these awards),

after giving effect to the RSU Net Settlement;

• 28,960,338 shares of our Class B common stock issuable upon the vesting and settlement of

RSUs granted on June 30, 2025 under the 2021 Plan for which the service-based vesting

conditions and/or stock price-based vesting conditions, as applicable, are not anticipated to be

satisfied at the expected effective date of the registration statement of which this prospectus

forms a part (of these RSUs, RSUs with respect to 14,480,169 shares of our Class B common

stock are subject to a service-based vesting condition and RSUs with respect to 14,480,169

shares of our Class B common stock are subject to a stock price-based vesting condition and a

service based vesting condition, see the section titled "Executive Compensation—CEO Equity

Awards" for a description of the vesting terms of these awards);

• 260,580 shares of our Class A common stock issuable upon the exercise of a warrant to

purchase shares of our Class A common stock outstanding as of March 31, 2025, with an

exercise price of $0.08 per share;

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• 699,705 shares of our Class A common stock issued after March 31, 2025 in connection with the

acquisition of a technology company that is a self-hosted headless content management system

and application framework;

• approximately 511,000 shares of our Class A common stock issuable upon the vesting and

settlement of RSUs that we intend to grant to certain new hires in the ordinary course shortly

following this offering; and

• 85,053,649shares of our common stock reserved for future issuance under our equity

compensation plans, consisting of (i)14,451,482shares of our Class A common stock available

for future issuance under our 2012 Plan as of March 31, 2025 (which amount does not reflect

RSUs settleable for shares of our Class A common stock granted after March 31, 2025),

(ii) 1,002,167 shares of our Class B common stock available for future issuance under our 2021

Plan as of March 31, 2025 (which amount is prior to an increase of 28,960,338shares of our

Class B common stock reserved for future issuance under the 2021 Plan after March 31, 2025

and does not reflect RSUs settleable for shares of our Class B common stock granted after

March 31, 2025), (iii) 58,000,000shares of our Class A common stock available for future

issuance under our 2025 Plan, which will become effective on the date immediately prior to the

date of this prospectus, and (iv) 11,600,000shares of our Class A common stock reserved for

issuance under our 2025 ESPP, which will become effective on the date of this prospectus.

On the date of this prospectus, any remaining shares of our Class A common stock available for issuance

under our 2012 Plan and shares of Class B common stock available for issuance under our 2021 Plan will

be added to the shares of our Class A common stock reserved for issuance under our 2025 Plan (and will

solely be available for grant as shares of Class A common stock), and we will cease granting awards

under our 2012 Plan and our 2021 Plan. Our 2025 Plan and 2025 ESPP also provide for automatic

annual increases in the number of shares reserved thereunder. See the section titled "Executive

Compensation—Stock Plans" for additional information.

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Dilution

If you invest in our Class A common stock in this offering, your ownership interest will be immediately

diluted to the extent of the difference between the initial public offering price per share of our Class A

common stock and the pro forma as adjusted net tangible book value per share of our Class A common

stock immediately after this offering.

As of March 31, 2025, our pro forma net tangible book value was $917.2 million, or $1.93 per share of our

common stock. Our pro forma net tangible book value per share represents the amount of our total

tangible assets reduced by the amount of our total liabilities and divided by the total number of shares of

our common stock outstanding as of March 31, 2025, after giving effect to (i) the Capital Stock

Conversion, (ii) the Class B Conversion, (iii) the CEO Option Exercise and the receipt by us of gross

proceeds of approximately $18.8 million in connection with the CEO Option Exercise; (iv) the filing and

effectiveness of our restated certificate of incorporation that will become effective immediately prior to the

completion of this offering, (v) an increase to additional paid-in capital and accumulated deficit related to

stock-based compensation of $983.8 millionassociated with the RSU Net Settlement, (vi) the net

issuance of 9,142,791 shares of Class A common stock in connection with the RSU Net Settlement, after

withholding 8,976,097 shares to satisfy estimated tax withholding and remittance obligations of $224.5

million (based on the assumed initial public offering price of $26.50 per share, which is the midpoint of the

offering price range set forth on the cover page of this prospectus, and an assumed 49.5% tax

withholding rate), (vii) the net issuance of 3,973,725 shares of Class B common stock in connection with

the RSU Net Settlement, after withholding 3,901,275 shares to satisfy estimated tax withholding and

remittance obligations of $106.0 million (based on the assumed initial public offering price of$26.50per

share, and an assumed 49.5%tax withholding rate), (viii) the borrowing of an aggregate of $330.5 million

under the Revolving Credit Facility to pay the estimated tax withholding and remittance obligations in

connection with the RSU Net Settlement prior to the expected effective date of the registration statement

of which this prospectus forms a part, and (xi) the related $330.5 million net increase in total debt and

total liabilities and the corresponding $330.5 million decrease in additional paid-in capital resulting from

(A) the RSU Net Settlement and related tax withholding and remittance obligations and (B) the

subsequent use of proceeds from the Revolving Credit Facility to repay such tax withholding and

remittance obligations prior to the closing of this offering.

After giving effect to (i) the sale and issuance of 12,472,657 shares of our Class A common stock in this

offering at an assumed initial public offering price of $26.50 per share, which is the midpoint of the

offering price range set forth on the cover page of this prospectus, after deducting estimated underwriting

discounts and commissions and estimated offering expenses payable by us and (ii) the use of the net

proceeds from this offering, together with cash on hand, to repay the entire outstanding amount under the

Revolving Credit Facility, our pro forma as adjusted net tangible book value as of March 31, 2025 would

have been $1,223.7 million, or $2.51 per share. This represents an immediate increase in pro forma net

tangible book value of $0.58 per share to our existing stockholders and an immediate dilution in pro forma

as adjusted net tangible book value of $23.99 per share to investors purchasing shares of our Class A

common stock in this offering at the assumed initial public offering price.

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The following table illustrates this dilution on a per share basis to new investors:

---

| | | |
|:---|:---|:---|
| Assumed initial public offering price per share................................................... |  | $26.50 |
| Pro forma net tangible book value per share as of March 31, 2025 before <br>giving effect to this offering................................................................................<br>| $1.93 |  |
| Increase in pro forma net tangible book value per share attributable to <br>new investors purchasing Class A common stock from us in this offering<br>| 0.58 |  |
| Pro forma as adjusted net tangible book value per share immediately after <br>this offering...........................................................................................................<br>|  | $2.51 |
| Dilution in pro forma as adjusted net tangible book value per share to new <br>investors in this offering......................................................................................<br>|  | $23.99 |

---

The dilution information discussed above is illustrative only and will change based on, among other

things, the actual initial offering price and other terms of this offering determined at pricing, the actual tax

withholding rates, as well as the actual amount of RSUs settled in connection with this offering. A $1.00

increase (decrease) in the assumed initial public offering price of $26.50 per share, which is the midpoint

of the offering price range set forth on the cover page of this prospectus, would increase (decrease) our

pro forma as adjusted net tangible book value per share after this offering by$0.02 per share and would

increase (decrease) the dilution per share to new investors in this offering by$0.98 per share, assuming

the number of shares of our Class A common stock offered, as set forth on the cover page of this

prospectus, remains the same and after deducting the estimated underwriting discounts and commissions

and estimated offering expenses payable by us. Similarly, each increase of 1.0 million shares in the

number of shares of our Class A common stock offered would increase the pro forma as adjusted net

tangible book value per share after this offering by $0.05 per share and decrease the dilution to new

investors by $(0.05) per share, and each decrease of 1.0 million shares in the number of shares of our

Class A common stock offered would decrease the pro forma as adjusted net tangible book value per

share after this offering by $(0.05) per share and increase the dilution to new investors by $0.05 per

share, in each case assuming the assumed initial public offering price, which is the midpoint of the

offering price range set forth on the cover page of this prospectus, remains the same and after deducting

the estimated underwriting discounts and commissions.

The following table summarizes, on a pro forma as adjusted basis as of March 31, 2025, after giving

effect to the pro forma adjustments described above, the difference between existing stockholders and

new investors purchasing shares of our Class A common stock in this offering with respect to the number

of shares purchased from us, the total consideration paid to us, and the average price per share paid by

our existing stockholders or to be paid by investors purchasing shares in this offering at an assumed initial

public offering price of $26.50 per share, which is the midpoint of the offering price range set forth on the

cover page of this prospectus, before deducting the estimated underwriting discounts and commissions

and estimated offering expenses payable by us:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Total Consideration** | **Average Price** <br>**Per Share** |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Average Price** <br>**Per Share** |
| Existing stockholders............ | 474988246 | 97.4% | $822791718 | 71.3% | $1.73 |
| New public investors............. | 12472657 | 2.6% | $330525411 | 28.7% | $26.50 |
| Total........................................ | 487460903 | 100% | $1153317129 | 100% | $2.37 |

---

Sales by the selling stockholders in this offering will cause the number of shares held by existing

stockholders before this offering to be reduced to 450,523,823 shares, or 92.4%% of the total number of

shares of our Class A common stock outstanding immediately after the completion of this offering, and

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will increase the number of shares held by new investors to 36,937,080 shares, or 7.6% of the total

number of shares of our common stock outstanding immediately after the completion of this offering.

A $1.00 increase (decrease) in the assumed initial public offering price of $26.50 per share, which is the

midpoint of the offering price range set forth on the cover page of this prospectus, would increase

(decrease) total consideration paid by new investors and total consideration paid by all stockholders by

approximately $11.9 million, assuming that the number of shares offered by us and the selling

stockholders, as set forth on the cover page of this prospectus remains the same and after deducting the

estimated underwriting discounts and commissions.

Except as otherwise indicated, the above discussion and tables assume no exercise of the underwriters'

option to purchase additional shares from certain of the selling stockholders. If the underwriters' over-

allotment option is exercised in full, our existing stockholders would own 91.3% and our new investors

would own 8.7% of the total number of shares of our Class A common stock outstanding upon completion

of this offering.

In addition, to the extent we issue any additional stock options or RSUs or any outstanding stock options

are exercised or outstanding RSUs vest and settle, or we issue any other securities or convertible debt in

the future, investors will experience further dilution.

The number of shares of our Class A common stock, Class B common stock, and Class C common stock

that will be outstanding after this offering is based on 395,208,257 shares of our Class A common stock

outstanding, 79,779,989 shares of our Class B common stock outstanding, and no shares of our Class C

common stock outstanding as of March 31, 2025 (after giving effect to the Capital Stock Conversion, the

Class B Conversion, the CEO Option Exercise, and the RSU Net Settlement), and excludes:

• 23,057,048 shares of our Class A common stock issuable upon the exercise of stock options to

purchase shares of our Class A common stock outstanding as of March 31, 2025 under our 2012

Plan, with a weighted-average exercise price of $9.77 per share;

• 40,664,466 shares of our Class A common stock issuable upon the vesting and settlement of

RSUs outstanding as of March 31, 2025 under the 2012 Plan for which the service-based vesting

condition was not satisfied as of March 31, 2025 and for which we expect the performance-based

vesting condition will be satisfied in connection with this offering, after giving effect to the RSU

Net Settlement;

• 14,627,536shares of our Class A common stock issuable upon the vesting and settlement of

RSUs, subject to service-vesting conditions, granted after March 31, 2025 under the 2012 Plan,

after giving effect to the RSU Net Settlement;

• 11,250,000 shares of our Class B common stock issuable upon the vesting and settlement of

RSUs outstanding as of March 31, 2025 under the 2021 Plan for which the service-based vesting

condition and/or market-based vesting condition were not satisfied as of March 31, 2025 and for

which we expect performance-based vesting condition will be satisfied in connection with this

offering (all of these RSUs are subject to a performance-based vesting condition, a market-based

vesting condition and a service-based vesting condition, see the section titled "Executive

Compensation—CEO Equity Awards" for a description of the vesting terms of these awards),

after giving effect to the RSU Net Settlement;

• 28,960,338 shares of our Class B common stock issuable upon the vesting and settlement of

RSUs granted on June 30, 2025 under the 2021 Plan for which the service-based vesting

conditions and/or stock price-based vesting conditions, as applicable, are not anticipated to be

satisfied at the expected effective date of the registration statement of which this prospectus

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forms a part (of these RSUs, RSUs with respect to 14,480,169 shares of our Class B common

stock are subject to a service-based vesting condition and RSUs with respect to 14,480,169

shares of our Class B common stock are subject to a stock price-based vesting condition and a

service based vesting condition, see the section titled "Executive Compensation—CEO Equity

Awards" for a description of the vesting terms of these awards);

• 260,580 shares of our Class A common stock issuable upon the exercise of a warrant to

purchase shares of our Class A common stock outstanding as of March 31, 2025, with an

exercise price of $0.08 per share;

• 699,705 shares of our Class A common stock issued after March 31, 2025 in connection with the

acquisition of a technology company that is a self-hosted headless content management system

and application framework;

• approximately 511,000 shares of our Class A common stock issuable upon the vesting and

settlement of RSUs that we intend to grant to certain new hires in the ordinary course shortly

following this offering; and

• 85,053,649shares of our common stock reserved for future issuance under our equity

compensation plans, consisting of (i) 14,451,482 shares of our Class A common stock available

for future issuance under our 2012 Plan as of March 31, 2025 (which amount does not reflect

RSUs settleable for shares of our Class A common stock granted after March 31, 2025), (ii)

1,002,167shares of our Class B common stock available for future issuance under our 2021 Plan

as of March 31, 2025 (which amount is prior to an increase of 28,960,338shares of our Class B

common stock reserved for future issuance under the 2021 Plan after March 31, 2025 and does

not reflect RSUs settleable for shares of our Class B common stock granted after March 31,

2025), (iii) 58,000,000shares of our Class A common stock available for future issuance under

our 2025 Plan, which will become effective on the date immediately prior to the date of this

prospectus, and (iv) 11,600,000 shares of our Class A common stock reserved for issuance

under our 2025 ESPP, which will become effective on the date of this prospectus.

On the date of this prospectus, any remaining shares of our Class A common stock available for issuance

under our 2012 Plan and shares of Class B common stock available for issuance under our 2021 Plan will

be added to the shares of our Class A common stock reserved for issuance under our 2025 Plan (and will

solely be available for grant as shares of Class A common stock), and we will cease granting awards

under our 2012 Plan and our 2021 Plan. Our 2025 Plan and 2025 ESPP also provide for automatic

annual increases in the number of shares reserved thereunder. See the section titled "Executive

Compensation—Stock Plans" for additional information.

![mda1c.jpg](mda1c.jpg)

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## Management's Discussion and

## Analysis of Financial Condition

## and Results o f Operations
*You should read the following discussion and analysis of our financial condition and operating results* 

*together with the section titled "Summary Consolidated Financial and Other Data," our consolidated* 

*financial statements, and the accompanying notes included elsewhere in this prospectus. Some of the* 

*information contained in this discussion and analysis or set forth elsewhere in this prospectus, including* 

*information with respect to our plans and strategy for our business and related financing, includes* 

*forward-looking statements that involve risks, uncertainties, and assumptions. You should read the* 

*sections titled "Special Note Regarding Forward-Looking Statements" and "Risk Factors" for a* 

*discussion of important factors that could cause actual results to differ materially from the results* 

*described in or implied by the forward-looking statements contained in the following discussion and* 

*analysis.*

*Figma is where teams come together to turn ideas into the world's best digital products and* 

*experiences.*

We launched Figma Design in 2015 using powerful WebGL technology to bring design into the browser

for the first time. The ability to share and access files with a URL made design more open and

collaborative, a major departure from the historically closed approach that defined design for decades,

and required multiple tools and expensive hardware to bring designs to life. Figma Design made it easier

and more efficient for designers to work alongside developers, PMs, researchers, and other participants

in the product development process.

Since then, we have added products and features to support the process of going from idea to product. In

2021, we launched our second product: FigJam, an online whiteboarding tool. We built FigJam to help

teams brainstorm together — one of the earliest stages of the design and product development process.

Then, in 2023, building on years of bringing design and code closer together, we launched Dev Mode, a

product tailored for developers, who, during the three months ended March 31, 2025, made up

approximately 30% of our monthly active users. In 2024, we introduced Figma Slides to give teams a new

tool to drive strategy and alignment along the way.

In 2025, we doubled our product portfolio with the launch of four new products: **Figma Sites**, **Figma** 

**Make**, **Figma Buzz**, and **Figma Draw**. Figma Sites is a product that lets you design a website and

directly publish it to the web, with a URL of your choice. Figma Make is an AI-powered tool that turns a

prompt into a fully functional prototype. Figma Buzz is a product for easily creating marketing assets (like

social media assets and digital ads) at scale that are consistent with your brand or visual identity. And

Figma Draw provides a dedicated space for finer vector editing required when drawing detailed

iconography and product illustrations.

With the addition of these new products, Figma has expanded to help teams go from idea to shipped

product *faster*, all in one place. We believe that AI will accelerate this process even further and allow our

users to continue to push the boundaries of what is possible on our platform. In Figma, AI helps builders

of all skill levels quickly get from an idea to a working prototype with a simple prompt, create action items

out of a brainstorm with a single click, or reduce the time it takes to complete rote, repetitive tasks like

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renaming layers to seconds. We were founded to help anyone go from imagination to reality, and we

believe that AI is critical to delivering our vision.

Importantly, we have not only expanded our platform with new products but have also continuously

deepened the capabilities of each of our products. We have also added powerful features and

functionality within existing products like widgets and improved diagramming in FigJam; auto layout, multi-

edit, variables, and interactive components in Figma Design; Code Connect, MCP server, and

annotations in Dev Mode; as well as object animations and video capabilities in Figma Slides. In 2024

alone, we shipped 180 new features and updates. Our customers recognize the benefits of the

interconnectivity across our platform, with 76%of our customers using two or more products during the

three months ended March 31, 2025.

While we have maintained a rapid pace of product innovation, we have also partnered with our

community and customers to adapt and expand our products to meet their evolving needs. In Figma's

early days, our customers could choose from one of two plans: Starter (our free plan) and Professional

(our paid plan).

As teams grew with Figma, companies started to standardize their systems and processes on our

platform. This was necessary because many of these companies were managing multiple brands and

teams across time zones. Many customers began viewing Figma as their system of record for design and

product development, and needed more features and functionality to support not only their work, but also

to adhere to security and compliance standards. Based on feedback from our customers, in 2018, we

introduced our Organization plan. Our Organization plan allows for unlimited teams, shared libraries, and

centralized admin tools. While these features were sufficient for many of our customers, others needed

more. As a result, in 2022, we launched our Enterprise plan, with features like custom team workspaces,

advanced security, and private APIs to meet the needs of our largest customers. While approximately

70%of our revenue for each of the year ended December 31, 2024 and the three months ended March

31, 2025, came from customers on Organization and Enterprise plans, we continue to build features and

products designed to create value for all of our customers.

Our platform is inherently global. The vast majority of our users have always been outside the United

States, and today we have users in over 150 countries. Customers working in Figma on University

Avenue in Palo Alto use the same product as those building the next big thing in a Bangalore coffee shop.

As Figma has grown, we have continued to invest deeply in the underlying infrastructure that keeps our

platform fast, accessible, and secure for users across the world — aligned with our efforts to make design

accessible to all. As of May 15, 2025, our product was available in English, Japanese, Spanish, Korean,

and Portuguese; we accepted five currencies; and our marketing and support channels were available in

six languages.During the three months ended March 31, 2025, approximately 85% of our monthly active

users were based outside of the United States, and 53% of our revenue came from non-U.S. markets

during the same period.

The growing global importance of design has also led us to expand Figma's physical footprint to more

cities and countries. In 2020, we opened our first office outside the United States in London, which serves

as our Europe, Middle East, and Africa hub. In 2022, we launched two more offices in Europe, in Paris

and Berlin, and opened our first Japan and Asia-Pacific office in Tokyo. We have continued our

international expansion in the years since, opening offices in Singapore in 2023 and Australia in 2024. As

of March 31, 2025, we had nine offices in seven countries, with local staff spread across 13 countries and

five continents.

Figma also serves a wide array of industries with diverse needs and priorities. Companies across

industries, including banking, consumer-packaged goods, energy, manufacturing and software, use

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Figma. Our top ten customers on a combined basis accounted for less than 10% of our revenue for each

of the years ended December 31, 2023 and 2024.

We have also introduced specific products to meet the needs of some of our most security-conscious

customers. Based on feedback from government customers who wanted to build better products for

citizens, we embarked on a process to become FedRAMP authorized, a certification that confirms our

product meets the compliance requirements of the U.S. federal government. We received FedRAMP

authorization in early 2025. As of March 31, 2025, Figma was used by over 100 federal, regional, and

local government agencies in the United States and across the globe. In 2024, we introduced our

Governance+ add-on, which provides centralized control over organizations' activity and data, advanced

permissioning, and enhanced data governance — answering the requests of our most security-focused

enterprises.

While individuals and organizations have begun to adopt Figma's platform for more parts of their work, we

have offered them ways to share resources and customize workflows in ways that meet their needs. In

2019, we launched our Community resources for Figma, allowing users to build and browse templates,

community, these resources broaden the scope of what is possible in Figma by helping users customize

their product experience and close gaps in their workflows. Builders and partners have developed over

250,000 Community resources, including more than 10,000 plugins and widgets that allow users to

personalize their workspaces and speed up their workflows, using Figma's APIs, extending the power of

our platform for our users. In 2022, we also enabled our community members to monetize the content that

they created and published.

All of these efforts are in service of our approximately 450,000 Paid Customers (as defined in the section

titled "—Key Business Metrics" below) globally as of March 31, 2025. Whether they are building an

application used in a distribution and fulfillment center or designing a suite of products used by billions of

people globally, our customers rely on Figma to design and build the best product and digital

experiences.

We have continued to grow efficiently in recent years, while reaching greater scale.

• Our revenue was $749.0 million for the year ended December 31, 2024, representing 48% year-

over-year growth as compared to the year ended December 31, 2023, and our revenue was

$228.2 million for the three months ended March 31, 2025, representing 46% year-over-year

growth as compared to the three months ended March 31, 2024. Our four-year compounded

annual revenue growth rate as of December 31, 2024 was 53%.

• For the year ended December 31, 2024 and for the three months ended March 31, 2025, we

delivered an operating margin of (117)% and 17%, respectively, and a non-GAAP operating

margin of 17% and 18%, respectively. Our 2024 operating margin was impacted by our May 2024

RSU Release and 2024 Stock Option Grant, one-time events.

• We had a Net Dollar Retention Rate of 134% and 132% as of December 31, 2024 and as of

March 31, 2025, respectively.

• For the years ended December 31, 2023 and 2024, we had net income of $737.8 million and net

loss of $732.1 million, respectively, and for the three months ended March 31, 2024 and 2025, we

had net income of $13.5 million and $44.9 million, respectively. In addition to our May 2024 RSU

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp; See (i) the section titled "—Factors Impacting our 2023 and 2024 Operating Results" regarding the Adobe termination fee, the

May 2024 RSU Release, and the 2024 Stock Option Grants, which impacted our operating results for the years ended

December 31, 2023 and 2024 and (ii) the section titled "—Non-GAAP Financial Measures" regarding our use of non-GAAP

operating margin and a reconciliation of operating margin to non-GAAP operating margin.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp; A customer agreement is considered active when seats are provisioned to the customer at the start of their subscription. In

cases where contracts are signed but not provisioned prior to the measurement date, the customer agreement is counted as

active if provisioning takes place no more than 15 days after the measurement date. Additionally, ARR is not adjusted for any

terminations or cancellations of customer agreements with an effective date after the measurement date, with the exception of

adjustment for invoices that have been determined to be uncollectible.

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Release and 2024 Stock Options Grant, we also received a $1.0 billion termination fee in 2023 in

connection with the Abandoned Merger with Adobe.<sup>1</sup>

We benefit from strong financial results, driven by our scalable platform and an efficient go-to-market

strategy. This has allowed us to reinvest in product innovation and ecosystem expansion. We intend to

continue investing in innovation to drive durable long-term growth.

Our Go-To-Market Motion

Figma is built for designers and builders, and flexible to the needs of teams of all sizes. Freelancers, for

example, use Figma to easily share concepts with clients and bring their ideas to life. Fortune 500

companies use Figma to help cross-functional teams align and build software more efficiently and ensure

the advanced access and controls that large organizations require.

When we first launched Figma in 2015, early adopters realized the benefit of using a highly performant,

browser-based design tool that was also easy-to-use. Adoption grew organically as designers advocated

for Figma within their organizations and others saw the natural benefits of bringing teams together into

the design process. Users started inviting their collaborators to join them in Figma, and as we began

charging for Figma in 2017, this drove conversions from free to paid plans. The power of the URL,

combined with a self-serve option for new users interested in the product, fueled adoption and community

growth.

While Figma's product and bottoms-up adoption has historically driven much of our growth — with

community at the core — we quickly recognized that we needed a direct sales model to serve larger

customers. We hired our first sales rep in 2018, the same year we launched our Organization plan. As we

have introduced tailored plans designed to meet the needs of larger companies, we have seen increased

adoption of Figma's platform among enterprise customers.As of March 31, 2025, we had more than 40

Paid Customers with more than $1 million of ARR. We calculate annual recurring revenue ("ARR") as the

annualized value of our active customer agreements as of the measurement date, assuming any

agreement that expires during the next twelve months following the measurement date is renewed on

existing terms.<sup>2</sup> ARR is not a forecast of future revenue, which can be impacted by contract start and end

dates and renewal rates.

We complement our inbound and outbound demand with a robust marketing program. Our marketing

team drives brand awareness and educates users on the benefits of Figma through community events,

marketing campaigns, owned and earned media, in-product education, and more.

March 2025 Pricing & Packaging Update

We have also evolved our pricing and packaging to meet the evolving needs of our customers, and to

serve the different users involved in designing and building products today. We started with just one

product, Figma Design. As we introduced new products, we sold them individually. Customers purchased

<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp; The Content seat was announced in May 2025 and is not yet available. Figma Sites CMS is currently in beta and seat access

may change once it becomes generally available.

<sup>(4)</sup> Figma Make, Figma Buzz, and Figma Sites are currently in beta. Seat access with respect to these products may change once

they become generally available.

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additional licenses for each product that a team member wanted to use and account administrators had to

manage the type of access on an individual and product basis. As adoption continued to spread quickly

within companies, customers told us that managing licenses, account details, and other administrative

functions became increasingly time-consuming and complex.

In response to this feedback, we made our first-ever changes to our pricing and packaging of our plans in

March 2025. Instead of buying individual products, customers can now buy multi-product seats tailored to

the needs of different users, with FigJam and Figma Slides included in every paid seat:

• The **Viewer seat** allows users to view files and leave comments for free.

• The **Collab seat** gives access to FigJam and Figma Slides.

• The **Content seat** gives access to Figma Buzz, Figma Sites CMS, FigJam, and Figma Slides.<sup>3</sup>

• The **Dev seat** gives access to Dev Mode, in addition to Figma Buzz, Figma Sites CMS, FigJam,

and Figma Slides.

• The **Full seat** gives access to all of Figma Design, Figma Draw, Figma Make, Dev Mode, Figma

Buzz, Figma Sites, FigJam, and Figma Slides.<sup>4</sup>

We have also made additional modifications to how we sell, price, and package our products. First, we

moved away from user-driven upgrades. Prior to March 2025, seat upgrades were driven by users by

default. Administrators reviewed these new seats retroactively to provision the seats. In the new model,

any seat upgrade needs to be approved by an administrator before the license is provisioned. We also

increased the prices on our Full seat for the first time, ranging from 20-33%. Because these changes went

into effect on March 11, 2025, and will roll out as customers go through their annual or monthly renewals,

the impact to our results of operations for the three months ended March 31, 2025 wasminimal.

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![pricing.jpg](pricing.jpg)

In April 2025 we also introduced Connected Projects. This feature enables freelancers and agencies to

seamlessly create and co-edit files with clients using their existing Figma seats. Instead of requiring

multiple licenses for each specific domain, Figma customers who are on Connected Projects can

collaborate using their existing Figma seats.

Factors Affecting Our Performance

We believe that the continued growth and future success of our business depends on many factors. While

these factors present significant opportunities for us, they also represent the challenges that we must

successfully address to continue to drive growth and drive operating leverage.

Maintaining Our Rapid and Proven Pace of Product Innovation

Since launching our core product Figma Design in 2015, we have expanded our platform to serve more

parts of the product development process with FigJam, Dev Mode, Figma Slides, Figma Buzz, Figma

Make, Figma Sites, and Figma Draw. In 2024, we introduced a revamped user interface focused on

improving the design experience and providing a consistent foundation for new and existing products.

We've also introduced AI capabilities across our products and platform, including Figma Make and other

Figma AI features. And we continue to bring design and coding closer together with our Dev Mode MCP

server. With the expansion of these products and capabilities, our platform is quickly becoming the

system of record for design and product development. Our rapid pace of innovation has been a core

driver of our growth, both winning new customers and expanding adoption within our existing customers

as we meet their evolving needs. We will continue investing significantly in our platform and team so that

we can continue to deliver new products and capabilities to customers.

<sup>(</sup><sup>5)</sup>&nbsp;&nbsp;&nbsp;&nbsp; We define monthly active users as the number of unique users that access at least one of our products during a given month. A

Paid Customer typically includes multiple unique users. When reporting monthly active users during a quarter or other period of

time, we report the number of monthly active users during the month with the highest number ofactive users during such

period.

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Converting New and Existing Users Into Paid Customers

We believe companies of all sizes need to interact with their customers through digital products and

experiences to stay competitive. Converting new and existing users into paying customers is a key driver

of our growth strategy. We have a range of different plans for all types of users, including a free Starter

plan. We also have a free offering for students and educators. We have rapidly grown our user base and

during the three months ended March 31, 2025, we had over 13 million monthly active users<sup>5</sup>, comprised

of both free users and paying users. Our Starter plan makes it easy for anyone to quickly get started with

Figma and experience the benefits of our platform. More advanced functionality is available on our paid

plans, which are designed to meet the specific and sometimes complex needs of teams. During each of

the year ended December 31, 2024 and the three months ended March 31, 2025, approximately 70% of

new Organization and Enterprise plan customers included at least one user who was previously a

member of a Professional plan. We believe that this represents a material opportunity as more teams

standardize their software development process on Figma.

Growing Within Current Customers

Figma's user base grew organically as more people began to participate in the design and broader

product development process. We have also been able to grow and expand within ourexisting customer

base by introducing new products that meet specific user needs and serve different parts of the product

development process. While 78% of the Forbes Global 2000 used Figma in March 2025, only 24% of the

Forbes Global 2000 spent more than $100,000 in ARR on Figma as of March 31, 2025. We believe that

this represents a material expansion opportunity as more companies expand their product usage across

our platform.

A key measure of our ability to successfully expand and grow revenue within our existing customer base

is our Net Dollar Retention Rate (as defined in the section titled "—Key Business Metrics" below). Our Net

Dollar Retention Rate of 132% as of March 31, 2025underscores the natural expansion of our platform

as well as adoption of new products with our customers. The chart below illustrates the ARR of each

cohort over the periods presented, with each cohort representing Paid Customers who made their first

purchase from us in a given fiscal year. For example, the 2020 cohort represents all Paid Customers that

purchased their first subscription from us during 2020. The compound annual growth rate of ARR for our

2020 cohort, 2021 cohort, and 2022 cohort from the fiscal year of the cohort through March 31, 2025 is

46%, 31%, and 22%, respectively.

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![arrbyannualcohort.jpg](arrbyannualcohort.jpg)

As of March 31, 2025, our Gross Retention Rate was 96%. We calculate our "Gross Retention Rate" as of

the applicable period of measurement by starting with the ARR from Paid Customers with more than

$10,000 in ARR as of twelve months prior to such period ("Prior Period ARR"). We then deduct from the

Prior Period ARR the ARR from Paid Customers with more than $10,000 in ARR who are no longer

customers as of the date of measurement, and divide that figure by the Prior Period ARR to arrive at our

Gross Retention Rate, which is the percentage of ARR from all Paid Customers with more than $10,000

in ARR as of the year prior that is not lost to customer churn. We calculate Gross Retention Rate using

ARR from Paid Customers with more than $10,000 in ARR because we believe that $10,000 in ARR is an

important threshold, as it is a strong indicator of significant paid usage of our products. Our Gross

Retention Rate reflects only customer losses and does not reflect customer expansion or contraction, so it

demonstrates that the vast majority of our customers continue to use our platform and renew their

subscriptions.

Expanding Our International Footprint

Our business has been global from the start. During the three months ended March 31, 2025,

approximately85% of our monthly active users were based outside of the United States but only 53% of

our revenue came from non-U.S. markets during the same period, which we believe represents an

opportunity for us to continue to drive growth and expansion. As of March 31, 2025, our product was

available in English, Japanese, Spanish, Korean, and Portuguese; we accept five currencies; our

marketing and support channels are available in six languages; and we had nine offices in seven

countries, with local staff spread across 13 countries and five continents. We intend to continue to invest

in our international operations to help our global customers build better products and to meet our

customers where they are as we believe it will contribute to our long-term success.

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Factors Impacting our 2023 and 2024

Operating Results

Abandoned Merger with Adobe, Inc.

On September 15, 2022, we entered into an Agreement and Plan of Merger (the "Merger Agreement")

with Adobe and certain of Adobe's wholly-owned subsidiaries.

On December 17, 2023, we mutually agreed with Adobe to terminate the Merger Agreement based on the

joint assessment that there was no clear path to obtain the required regulatory approvals for the

transaction to close (the "Abandoned Merger with Adobe"). On December 20, 2023, we received a $1.0

billion termination fee per the terms of the Merger Agreement from Adobe which was recorded within

other income, net on our consolidated statement of operations. We incurred transaction costs and other

related expenses associated with the Abandoned Merger with Adobe of $97.9 million and $18.1 million for

the years ended December 31, 2023 and 2024, respectively. The operating cash outflow associated with

these transaction costs and other related expenses was $50.8 million and $68.5 million for the years

ended December 31, 2023 and 2024, respectively. Additionally, we paid $181.0 million in federal and

state income taxes related to the transaction during the year ended December 31, 2024, which was

included in cash flows used in operating activities in our consolidated financial statements included

elsewhere in this prospectus.

May 2024 Restricted Stock Unit Release and 2024 Stock Option

Grants

Following the Abandoned Merger with Adobe, we wanted to provide existing equity holders, including

holders of RSUs, the opportunity to sell a portion of their eligible equity holdings in a tender offer (the

"2024 Tender Offer"). In order to allow holders of RSUs to participate, in May 2024, we modified certain

RSUs for which the service-based condition was satisfied to remove the performance-based vesting

condition (the "May 2024 RSU Release"), resulting in the recognition of stock-based compensation

expense, net of amounts capitalized, of $801.2 million during the year ended December 31, 2024.

On August 22, 2024, we also granted stock options to purchase shares of our common stock to eligible

employees in connection with our 2024 Tender Offer (the "2024 Stock Option Grants"). These stock

options were fully vested at grant and therefore the related stock-based compensation expense, net of

amounts capitalized, of $88.1 million was recognized during the year ended December 31, 2024.

Our operating expenses increased significantly during the year ended December 31, 2024 as compared

to 2023 as a result of the May 2024 RSU Release and 2024 Stock Option Grants. Refer to Note 10to our

consolidated financial statements included elsewhere in this prospectus for additional information.

<sup>(6)</sup> &nbsp;&nbsp;&nbsp;&nbsp; A customer account is considered active when seats are provisioned to the customer at the start of their subscription. In cases

where contracts are signed but not provisioned as of the last date of the applicable period of measurement, the customer

account is counted as active if provisioning takes place no more than 15 days after the last day of the applicable period of

measurement.

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Key Business Metrics

We review a number of operating and financial metrics, including the following key metrics to evaluate our

business, measure our performance, identify trends affecting our business, formulate business plans, and

make strategic decisions. The calculation of the key metrics discussed below may differ from other

similarly titled metrics used by other companies, securities analysts, or investors.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of March 31,** | **As of March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
| Paid Customers with more than $10,000 in <br>ARR.................................................................<br>| 7233 | 10517 | 8007 | 11107 |
| Paid Customers with more than $100,000 <br>in ARR............................................................<br>| 630 | 963 | 701 | 1031 |
| Net Dollar Retention Rate............................... | 122% | 134% | 125% | 132% |

---

We define a Paid Customer as a customer account that is billed separately for which we have an active

paid subscription as of the last day of the applicable period of measurement.<sup>6</sup> A single organization with

multiple divisions, segments, subsidiaries, or subscribing teams that are each billed separately are

counted as multiple Paid Customers. Our ability to continue to attract and retain new Paid Customers is

important to the success of our business and we had approximately 450,000Paid Customers globally as

of March 31, 2025.

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Paid Customers with more than $10,000 in ARR

We believe that the number of Paid Customers with more than $10,000 in ARR on our platform is an

important indication of the value that our products deliver. We define a Paid Customer with more than

$10,000 in ARR as a Paid Customer with a total of $10,000 or more of ARR as of the last day of the

applicable period of measurement. We believe that $10,000 in ARR is an important threshold, as it is a

strong indicator of significant paid usage of our products. As of each of December 31, 2024 and

March 31, 2025, Paid Customers with more than $10,000 in ARR represented 64% of our ARR.

![paidcustomers_10k.jpg](paidcustomers_10k.jpg)

Paid Customers with more than $100,000 in ARR

We believe that the number of Paid Customers with $100,000 or more in ARR on our platform is

indicative of our ability to scale our platform with our customers as well as our ability to support larger

organizations. We define a Paid Customer with more than $100,000 in ARR as a Paid Customer with

$100,000 or more of ARR as of the last day of the applicable period of measurement. As of December 31,

2024 and March 31, 2025, Paid Customers with more than $100,000 in ARR represented 37% of our

ARR.

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![paidcustomers_100k.jpg](paidcustomers_100k.jpg)

Net Dollar Retention Rate

We believe that Net Dollar Retention Rate is an important metric as it measures our ability to both retain

our existing customers and grow within our customer base. We calculate Net Dollar Retention Rate as of

the applicable period of measurement by starting with the ARR of Paid Customers with more than

$10,000 in ARR as of twelve months prior to such date of measurement ("Prior Period ARR"). We then

calculate the ARR for those same customers as of the applicable period of measurement ("Current Period

ARR"). We then divide Current Period ARR by Prior Period ARR to calculate our Net Dollar Retention

Rate for the applicable date of measurement. Our Net Dollar Retention Rate reflects customer expansion,

contraction, and customer churn. Our Net Dollar Retention Rate was 122% and 134% as of December

31, 2023 and 2024, respectively, and 132% as of March 31, 2025. We calculate Net Dollar Retention

Rate using ARR from Paid Customers with more than $10,000 in ARR because we believe that $10,000

in ARR is an important threshold, as it is a strong indicator of significant paid usage of our products.

The most significant drivers of changes in our Net Dollar Retention Rate during each reporting period

have historically been a combination of seat expansion, plan upgrades, and the adoption of new products.

In 2022, our Net Dollar Retention Rate benefited from the introduction of both FigJam and our new

Enterprise plan in the three months ended March 31, 2022. After we passed the one-year anniversary of

rolling out FigJam and the Enterprise plan, our Net Dollar Retention Rate trended down in 2023 because,

unlike the Net Dollar Retention Rate in 2022, the Net Dollar Retention Rate in 2023 reflected the impact

of FigJam and our new Enterprise plan across both 2022 and 2023. In addition, throughout 2023,

continued macroeconomic uncertainty prompted many companies to reduce overall software spending.

As a result, customers became more focused on optimizing seat utilization, which led to seat contraction

for certain of our customers. Following 2023, the level of macroeconomic uncertainty impacting our

customers subsided. In 2024, we experienced an expansion in our Net Dollar Retention Rate subsequent

to our launch of Dev Mode.

We expect our Net Dollar Retention Rate to fluctuate or decline in the future as a result of a number of

factors such as the growing level of our revenue base, the level of penetration within our customer base,

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expansion of products and features, our ability to retain and expand within our customer base, and any

changes to the pricing and packaging of our plans. Contractions in customers or seats could negatively

impact our Net Dollar Retention Rate. In addition, we expect our Net Dollar Retention Rate may decline

once we pass the one-year anniversary of the March 2025 price increase for Figma Design. Our

calculation of Net Dollar Retention Rate may differ from similarly titled metrics presented by other

companies.

![netdollarretentionrate.jpg](netdollarretentionrate.jpg)

Non-GAAP Financial Measures

In addition to our results determined in accordance with GAAP, we believe the below non-GAAP financial

measures are useful in evaluating our operating performance. We use the below non-GAAP financial

information, collectively, to evaluate our ongoing operations and for internal planning and forecasting

purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to

investors because it provides consistency and comparability with past financial performance, and assists

in comparisons with other companies, some of which use similar non-GAAP financial information to

supplement their GAAP results. The non-GAAP financial information is presented for supplemental

informational purposes only, and should not be considered a substitute for financial information presented

in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other

companies. A reconciliation is provided below for each non-GAAP financial measure to the most directly

comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the

related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their

most directly comparable GAAP financial measures.

Non-GAAP Operating Income and Non-GAAP Operating Margin

We define non-GAAP operating income and non-GAAP operating margin as loss from operations and

operating margin, respectively, excluding stock-based compensation expense, amortization of stock-

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based compensation expense included in capitalized internal use software development costs, and

amortization of acquired intangibles from acquisitions. Additionally, we exclude certain non-recurring

charges, including transaction costs and other related expenses associated with the Abandoned Merger

with Adobe, employer payroll taxes related to the May 2024 RSU Release and 2024 Tender Offer, and

2024 Tender Offer transaction costs. Non-GAAP operating margin represents non-GAAP operating

income as a percentage of revenue.

The following table reflects the reconciliation of loss from operations to non-GAAP operating income and

non-GAAP operating margin for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March** <br>**31,** | **Three Months Ended March** <br>**31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| **Income (loss) from operations**............................ | $(73456) | $(877433) | $12521 | $39749 |
| Plus: Stock-based compensation expense<sup>(1)</sup>..... | 2703 | 947553 | 607 | 197 |
| Plus: Amortization of stock-based <br>compensation included in capitalized internal <br>use software development costs......................<br>| 28 | 186 | 7 | 86 |
| Plus: Transaction costs and other related <br>expenses associated with the Abandoned <br>Merger with Adobe<sup>(2)</sup>..........................................<br>| 97853 | 18064 | 4781 |  |
| Plus: Employer payroll taxes related to the <br>May 2024 RSU Release and 2024 Tender <br>Offer......................................................................<br>|  | 26703 |  |  |
| Plus: 2024 Tender Offer transaction costs<sup>(3)</sup>...... |  | 12145 | 151 |  |
| **Non-GAAP operating income**.............................. | $27128 | $127218 | $18067 | $40032 |
| **Operating margin**.................................................... | (15)% | (117)% | 8% | 17% |
| **Non-GAAP operating margin**............................... | 5% | 17% | 12% | 18% |

---

__________________

<sup>(1)</sup> The increase in stock-based compensation expense for the year ended December 31, 2024 primarily related to the May 2024

RSU Release and 2024 Stock Option Grants. See the section titled "—Factors Impacting our 2023 and 2024 Operating Results

—May 2024 Restricted Stock Unit Release and 2024 Stock Option Grants" for further information.

<sup>(2)</sup> Transaction costs and other related expenses associated with the Abandoned Merger with Adobe include legal, accounting,

professional services fees, local business taxes and non-recurring compensation expenses related to the transaction.

<sup>(3)</sup> 2024 Tender Offer transaction costs includes legal and professional services fees.

Free Cash Flow and Adjusted Free Cash Flow

We define Free Cash Flow as GAAP net cash provided by (used in) operating activities less capital

expenditures and capitalized internal use software development costs, if any. Adjusted Free Cash Flow is

a non-GAAP financial measure that we calculate as Free Cash Flow less the termination fee received

from the Abandoned Merger with Adobe, plus transaction costs and other related expenses associated

with the Abandoned Merger with Adobe and estimated income taxes related to the Abandoned Merger

with Adobe. Adjusted Free Cash Flow Margin represents Adjusted Free Cash Flow divided by revenue.

Transaction costs and other related expenses include legal, accounting, professional services fees, local

business taxes and non-recurring compensation expenses related to the transaction. We believe that

Free Cash Flow and Adjusted Free Cash Flow are useful indicators of liquidity that provide information to

management and investors about the amount of cash generated from our core operations that, after the

purchases of property and equipment and capitalized internal use software development costs, can be

used for strategic initiatives, including investing in our business, making strategic acquisitions, and

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strengthening our balance sheet. We have adjusted our Free Cash Flow by the amount of cash received

related to the termination fee, transaction costs, and other related expenses associated with the

Abandoned Merger with Adobe, and estimated income taxes attributable to the Abandoned Merger with

Adobe because we do not expect such items to occur when we are a public company and we believe that

this provides greater comparability across periods. Free Cash Flow and Adjusted Free Cash Flow have

limitations as analytical tools, and they should not be considered in isolation or as substitutes for analysis

of other GAAP financial measures, such as net cash provided by operating activities. Some of the

limitations of Free Cash Flow and Adjusted Free Cash Flow are that these metrics do not reflect our

future contractual commitments and may be calculated differently by other companies in our industry,

limiting their usefulness as comparative measures. We expect our Free Cash Flow to fluctuate in future

periods as we invest in our business to support our plans for growth. These activities, along with certain

increased operating expenses as described below, may result in a decrease in Free Cash Flow as a

percentage of revenue in future periods.

The following table presents our cash flows for the periods presented and a reconciliation of Free Cash

Flow and Adjusted Free Cash Flow to net cash provided by (used in) operating activities, the most directly

comparable financial measure calculated in accordance with GAAP:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| Net cash provided by (used in) operating <br>activities ............................................................<br>| $1047334 | $(61717) | $(18139) | $97177 |
| Less: Capital expenditures............................ | (3737) | (1977) | (503) | (874) |
| Less: Capitalized internal use software <br>development costs........................................<br>| (2630) | (4524) | (1008) | (1721) |
| Free Cash Flow.................................................... | $1040967 | $(68218) | $(19650) | $94582 |
| Less: Termination fee received from the <br>Abandoned Merger with Adobe..................<br>| (1000000) |  |  |  |
| Add: Transaction costs and other related <br>expenses associated with the <br>Abandoned Merger with Adobe<sup>(1)</sup>.............<br>| 50842 | 68492 | 68122 |  |
| Add: Estimated income taxes related to the <br>Abandoned Merger with Adobe<sup>(2)</sup>...............<br>|  | 180987 |  |  |
| Adjusted Free Cash Flow................................... | $91809 | $181261 | $48472 | $94582 |
| Net cash provided by (used in) investing <br>activities.............................................................<br>| $(57336) | $(784257) | $(336630) | $41251 |
| Net cash provided by financing activities......... | $— | $62450 | $40 | $339 |
| Operating Cash Flow Margin<sup>(3)</sup>.......................... | 207% | (8)% | (12)% | 43% |
| Adjusted Free Cash Flow Margin<sup>(4)</sup>................... | 18% | 24% | 31% | 41% |

---

__________________

<sup>(1)</sup> Transaction costs and other related expenses associated with the Abandoned Merger with Adobe include legal, accounting,

professional services fees, local business taxes and non-recurring compensation expenses related to the transaction.

<sup>(2)</sup> The estimated income taxes related to the Abandoned Merger with Adobe represents our assessment of the transaction's

impact on our 2023 federal and state income tax payments, which were included in cash provided by operating activities for the

year ended December 31, 2024.

<sup>(3)</sup> Operating Cash Flow Margin is calculated as net cash provided by (used in) operating activities divided by revenue.

<sup>(4)</sup> Adjusted Free Cash Flow Margin is a non-GAAP financial measure that is calculated as Adjusted Free Cash Flow divided by

revenue.

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Key Components of Results of Operations

Revenue

We generate revenue from sales of subscriptions to our platform. Our subscription agreements generally

have monthly or annual contractual terms. Our agreements are generally non-cancelable and we typically

bill in advance. Amounts that have been billed are initially recorded as deferred revenue and revenue is

recognized ratably over the related contractual term.

Our revenue is driven primarily by the number of paying customers and the price we charge for access to

our platform, which varies based on the type of plan and products to which a customer subscribes.

Costs That May Impact Multiple Line Items

*Employee Related Costs and Overhead Allocation.* Employee related costs include salaries, bonuses

and benefits, and stock-based compensation for cost of revenue and each operating expense category.

Overhead costs represent shared costs that are not specific to a functional group and are allocated based

on headcount. Such costs include costs associated with office facilities, IT-related personnel expenses,

depreciation of property and equipment, and other expenses, such as software subscription fees. As

such, allocated shared costs are reflected in cost of revenue and each operating expense category.

*AI and Related Costs.* As a part of our product innovation, we have made and will continue to make

significant investments to integrate AI, including generative AI, into our platform. We expect that the use

of AI technologies and our investments to integrate AI into our platform will impact our business, operating

results, and financial condition. For example, in the short-term, we expect that our AI investments and use

of AI technologies, including spend on AI inference and model training, will impact our cost of revenue,

research and development expenses, and potentially impact our sales and marketing expenses, which we

expect to negatively impact our gross margins and operating margins. Given the newness and rapid

development of these technologies, the impacts on our gross margins and operating margins, and our

business, operating results, financial condition, and future prospects over the longer term are currently

unknown.

Cost of Revenue

Cost of revenue consists primarily of technical infrastructure and hosting costs, including AI inference,

employee-related costs, including stock-based compensation, for infrastructure and product support

teams for paid users of Figma, payment processing fees, amortization of capitalized internal-use software

development costs, amortization of acquired intangible assets, and allocated overhead. Depending on the

timing of investments in our platform, including those related to our AI initiatives, we expect that our cost

of revenue will increase in absolute dollars as our business grows and will fluctuate as a percentage of

our revenue from period-to-period depending on the timing of these investments.

Gross Profit and Gross Margin

Gross profit represents revenue less cost of revenue. Gross margin is gross profit expressed as a

percentage of revenue. Our gross margin may fluctuate from period to period as our revenue fluctuates,

and as a result of the timing and amount of technical infrastructure and hosting costs, AI and related

efforts, and other investments to expand our products and geographical coverage.

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Operating Expenses

*Research and development.* Our research and development expenses consist primarily of employee-

related costs, including stock-based compensation, technical infrastructure and hosting costs,

professional service fees, software subscription fees, and allocated overhead. We expense our research

and development costs as they are incurred, other than capitalized internal-use software development

costs. Our research and development expenses as a percentage of revenue of 100% for the year ended

December 31, 2024 was primarily driven by the May 2024 RSU Release and the 2024 Stock Option

Grants described above and we expect to incur significant research and development expenses in 2025

relating to the expected vesting and settlement of our outstanding RSUs in connection with this offering

and other expenses relating to this offering. Over time, we expect that our research and development

expenses will increase in absolute dollars relative to our research and development expenses in 2023,

which exclude the aforementioned events in 2024 and 2025, as we continue to invest in our platform.

However, depending on the timing of our investments, including those related to our AI initiatives, we

anticipate that research and development expenses may fluctuate as a percentage of our revenue from

period-to-period.

*Sales and marketing.* Our sales and marketing expenses consist primarily of employee-related costs,

including stock-based compensation, expenses associated with our marketing and brand advertising

campaigns, events, such as annual user conferences, including Config, amortization of sales

commissions, professional service fees, software subscription fees, and allocated overhead. Additionally,

we classify within sales and marketing technical infrastructure and hosting costs as well as overhead

costs for our infrastructure and product support teams related to the users of our free version of Figma.

We capitalize and subsequently amortize sales commissions and related expenses, including associated

payroll taxes and 401(k) contributions, over the estimated period of benefit, which we have determined to

be four years. Our sales and marketing expenses as a percentage of revenue of 63% for the year ended

December 31, 2024 was driven in part by the May 2024 RSU Release and the 2024 Stock Option Grants

described above and we expect to incur significant sales and marketing expenses in 2025 relating to the

expected vesting and settlement of our outstanding RSUs in connection with this offering and other

expenses relating to this offering. Over time, we expect that our sales and marketing expenses will

increase in absolute dollars relative to our sales and marketing expenses in 2023, which exclude the

aforementioned events in 2024 and 2025, as our business grows and we continue to scale our go-to-

market organization. However, depending on the timing of our investments, including those related to our

AI initiatives, we anticipate that sales and marketing expenses will fluctuate as a percentage of revenue

from period-to-period.

*General and administrative.* Our general and administrative expenses consist primarily of employee-

related costs, including stock-based compensation, for our legal, finance, human resources, and other

administrative teams, as well as certain executives. In addition, general and administrative expenses

include general business expenses, professional service fees, software subscription fees, and allocated

overhead. Following the closing of this offering, we expect to incur additional expenses as a result of

operating as a public company, including costs to comply with the rules and regulations applicable to

companies listed on a national securities exchange, costs related to compliance and reporting obligations,

and increased expenses for insurance, investor relations, and professional services. Our general and

administrative expenses as a percentage of revenue of 42% for the year ended December 31, 2024 was

primarily driven by the May 2024 RSU Release and the 2024 Stock Option Grants described above and

we expect to incur significant general and administrative expenses in 2025 relating to the expected

vesting and settlement of our outstanding RSUs in connection with this offering and other expenses

relating to this offering. Over time, we expect that our general and administrative expenses will increase in

absolute dollars relative to our general and administrative expenses in 2023, which exclude the

aforementioned events in 2024 and 2025, as our business grows. However, we anticipate that general

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

and administrative expenses will decrease as a percentage of revenue over time, although these

expenses may fluctuate as a percentage of our revenue from period-to-period depending on the timing of

these expenses.

Other Income (Loss), Net

Other income (loss), net consists primarily of interest income earned on our cash, cash equivalents, and

marketable securities, unrealized and realized gains or losses on equity securities, which includes our

investments in a Bitcoin exchange traded fund and strategic investments, gains or losses on foreign

currency exchange, and miscellaneous other expenses. Additionally, other income (loss) includes a $1.0

billion termination fee received due to the Abandoned Merger with Adobe for the year ended December

31, 2023.

Provision for (Benefit From) Income Taxes

Provision for (benefit from) income taxes consists of U.S. federal and state income taxes and income

taxes in certain foreign jurisdictions in which we conduct business and the income taxes related to the

termination fee received due to the Abandoned Merger with Adobe. We maintain a full valuation

allowance on our federal and state deferred tax assets as we have concluded that it is not more likely

than not that the deferred tax assets will be realized.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law. This legislation includes

changes to U.S. federal tax law, which may be subject to further clarification and the issuance of

interpretive guidance. We are assessing the legislation and the effect on our consolidated financial

statements, which we expect to begin reflecting in the three month period ended September 30, 2025.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

Results of Operations

The following tables set forth our consolidated statement of operations data for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Revenue............................................................. | $504874 | $749011 | $156229 | $228199 |
| Cost of revenue<sup>(1)</sup>........................................ | 44500 | 87514 | 12790 | 19452 |
| Gross profit........................................................ | 460374 | 661497 | 143439 | 208747 |
| Operating expenses<sup>(1)</sup>: |  |  |  |  |
| Research and development....................... | 164774 | 751120 | 52711 | 69925 |
| Sales and marketing................................... | 201377 | 472076 | 55334 | 68840 |
| General and administrative........................ | 167679 | 315734 | 22873 | 30233 |
| Total operating expenses................................ | 533830 | 1538930 | 130918 | 168998 |
| Income (loss) from operations........................ | (73456) | (877433) | 12521 | 39749 |
| Other income, net<sup>(2)</sup>.......................................... | 1019375 | 84362 | 17185 | 7274 |
| Income (loss) before income taxes............... | 945919 | (793071) | 29706 | 47023 |
| Provision for (benefit from) income taxes..... | 208078 | (60951) | 16181 | 2141 |
| Net income (loss)............................................. | $737841 | $(732120) | $13525 | $44882 |

---

__________________

<sup>(1)</sup> Includes stock-based compensation, net of amounts capitalized, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Cost of revenue......................................... | $37 | $27893 | $1 | $— |
| Research and development.................... | 1890 | 511259 | 543 | 197 |
| Sales and marketing................................. | 253 | 206830 | 11 |  |
| General and administrative...................... | 523 | 201571 | 52 |  |

---

<sup>(2)</sup> Includes the $1.0 billion termination fee received in 2023 from the Abandoned Merger with Adobe.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

The following tables set forth our consolidated statement of operations data expressed as a percentage of

revenue for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  | **(As a % of revenue**<sup>(1)</sup>**)** | **(As a % of revenue**<sup>(1)</sup>**)** | **(As a % of revenue**<sup>(1)</sup>**)** | **(As a % of revenue**<sup>(1)</sup>**)** |
| Revenue............................................................. | 100% | 100% | 100% | 100% |
| Cost of revenue .......................................... | 9 | 12 | 8 | 9 |
| Gross profit........................................................ | 91 | 88 | 92 | 91 |
| Operating expenses: |  |  |  |  |
| Research and development....................... | 33 | 100 | 34 | 31 |
| Sales and marketing................................... | 40 | 63 | 35 | 30 |
| General and administrative........................ | 33 | 42 | 15 | 13 |
| Total operating expenses................................ | 106 | 205 | 84 | 74 |
| Income (loss) from operations........................ | (15) | (117) | 8 | 17 |
| Other income, net............................................. | 202 | 11 | 11 | 3 |
| Income (loss) before income taxes............... | 187 | (106) | 19 | 21 |
| Provision for (benefit from) income taxes..... | 41 | (8) | 10 | 1 |
| Net income (loss)............................................. | 146% | (98)% | 9% | 20% |

---

__________________

<sup>(1)</sup> Percentages may not foot due to rounding.

Comparison of the Three Months Ended

## March 31, 2024 and 2025
Revenue and Cost of Revenue

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
|  | **2024** | **2025** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| Revenue............................................................. | $156229 | $228199 | $71970 | 46% |
| Cost of revenue ............................................... | 12790 | 19452 | 6662 | 52% |
| Gross profit........................................................ | $143439 | $208747 | $65308 | 46% |

---

Revenue increased by $72.0 million, or 46%, for the three months ended March 31, 2025 compared to

the three months ended March 31, 2024. The increase in revenue was primarily due to expansion within

our existing Paid Customers, as reflected by our Net Dollar Retention Rate of 132% as of March 31,

2025, compared to 125% as of March 31, 2024, and the addition of new Paid Customers, as our number

of Paid Customers with more than $10,000 in ARR and Paid Customers with more than $100,000 in ARR

increased by 39% and 47%, respectively, as of March 31, 2025 compared to the prior year.

Cost of revenue increased by $6.7 million, or 52%, for the three months ended March 31, 2025 compared

to the three months ended March 31, 2024. The increase was primarily due to $3.5 million of higher

technical infrastructure and hosting costs due to increased usage of our platform as well as AI related

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

costs for paid users, $2.3 million of higher employee-related costs driven by an increase in headcount and

the implementation of a company-wide annual bonus program, and $1.5 million in higher payment

processing fees.

Research and Development

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
|  | **2024** | **2025** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| Research and development............................ | $52711 | $69925 | $17214 | 33% |

---

Research and development expenses increased by $17.2 million, or 33%, for the three months ended

March 31, 2025 compared to the three months ended March 31, 2024. The increase was primarily due to

$12.0 million of higher employee-related costs driven by an increase in headcount and the

implementation of a company-wide annual bonus program, a $2.6 million increase in technical

infrastructure and hosting costs, primarily driven by AI related costs as we improve and extend our

product offerings and develop new technologies, and $1.7 million of higher software subscription fees.

Sales and Marketing

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
|  | **2024** | **2025** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| Sales and marketing........................................ | $55334 | $68840 | $13506 | 24% |

---

Sales and marketing expenses increased by $13.5 million, or 24%, for the three months ended March 31,

2025 compared to the three months ended March 31, 2024. The increase was primarily due to $6.0

million of higher employee-related costs driven by an increase in headcount and the implementation of a

company-wide annual bonus program, $2.1 million of higher technical infrastructure and hosting costs for

users of our free version of Figma due to continuing growth in our user base, and $1.8 million of higher

spend related to marketing events and advertising expenses.

General and Administrative

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
|  | **2024** | **2025** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| General and administrative............................. | $22873 | $30233 | $7360 | 32% |

---

General and administrative expenses increased by $7.4 million, or 32%, for the three months ended

March 31, 2025 compared to the three months ended March 31, 2024. The increase was primarily due to

$3.9 million of higher professional service fees and $2.9 million of higher employee-related costs, driven

by an increase in headcount and the implementation of a company-wide annual bonus program.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

Other Income, Net

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
|  | **2024** | **2025** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| Other income, net............................................. | $17185 | $7274 | $(9911) | (58)% |

---

Other income, net decreased by $9.9 million, or 58%, for the three months ended March 31, 2025

compared to the three months ended March 31, 2024. The decrease was primarily due to an $8.6 million

decrease in net unrealized gains related to changes in the fair value of equity securities, which includes

the Company's investment in a Bitcoin exchange traded fund and a $2.3 million decrease in interest

income.

***Provision for Income Taxes***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
|  | **2024** | **2025** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| Provision for income taxes.............................. | $16181 | $2141 | $(14040) | (87)% |

---

The provision for income taxes decreased by $14.0 million, or 87%, for the three months ended March 31,

2025 compared to the three months ended March 31, 2024. The decrease was primarily due to the

availability of additional income tax deductions in the United States for the three months ended March 31,

2025, related to NOL carryforwards.

Comparison of the Years Ended December

## 31, 2023 and 2024
Revenue and Cost of Revenue

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | | |
|  | **2023** | **2024** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| Revenue............................................................. | $504874 | $749011 | $244137 | 48% |
| Cost of revenue ............................................... | 44500 | 87514 | 43014 | 97 |
| Gross profit........................................................ | $460374 | $661497 | $201123 | 44 |

---

Revenue increased by $244.1 million, or 48%, for the year ended December 31, 2024 compared to the

year ended December 31, 2023. The increase in revenue was primarily due to expansion within our

existing Paid Customers, as reflected by our Net Dollar Retention Rate of 134% as of December 31,

2024, compared to 122% as of December 31, 2023, and the addition of new Paid Customers, as our

number of Paid Customers with more than $10,000 in ARR and Paid Customers with more than $100,000

in ARR increased by 45% and 53%, respectively, as of December 31, 2024 compared to the prior year.

Cost of revenue increased by $43.0 million, or 97%, for the year ended December 31, 2024 compared to

the year ended December 31, 2023. The increase was primarily due to $31.5 million of higher employee-

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

related costs driven by a $27.9 million increase in stock-based compensation expense related to the May

2024 RSU Release and 2024 Stock Option Grants. The increase was also due to $6.5 million of higher

technical infrastructure and hosting costs as the usage of our platform increased and $4.8 million in

higher payment processing fees.

Research and Development

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | | |
|  | **2023** | **2024** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| Research and development............................ | $164774 | $751120 | $586346 | 356% |

---

Research and development expenses increased by $586.3 million, or 356%, for the year ended

December 31, 2024 compared to the year ended December 31, 2023. The increase was primarily due to

$578.0 million of higher employee-related costs driven by a $509.4 million increase in stock-based

compensation expenses related to the May 2024 RSU Release and 2024 Stock Option Grants. The

increase was also due to $4.6 million of higher software subscription fees and a $2.7 million increase in

technical infrastructure and hosting costs, primarily driven by AI related costs as we improve and extend

our offerings and develop new technologies.

Sales and Marketing

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | | |
|  | **2023** | **2024** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| Sales and marketing........................................ | $201377 | $472076 | $270699 | 134% |

---

Sales and marketing expenses increased by $270.7 million, or 134%, for the year ended December 31,

2024 compared to the year ended December 31, 2023. The increase was due in part to $244.8 million of

higher employee-related costs driven by a $206.5 million increase in stock-based compensation

expenses related to the May 2024 RSU Release and 2024 Stock Option Grants. The increase was also

due to $8.5 million of higher spend related to marketing events and advertising expenses as we continued

our focus on expansion and enhancing customer adoption, $8.1 million of higher technical infrastructure

and hosting costs for users of our free version of Figma due to continuing growth in our user base, $5.6

million of higher sales commission expense due to the year-over-year sales growth, and $2.0 million of

higher allocated overhead costs to support the growth of our business.

General and Administrative

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | | |
|  | **2023** | **2024** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| General and administrative............................. | $167679 | $315734 | $148055 | 88% |

---

General and administrative expenses increased by $148.1 million, or 88%, for the year ended

December 31, 2024 compared to the year ended December 31, 2023. The increase was primarily due to

$223.8 million of higher employee-related costs driven by a $201.0 million increase in stock-based

compensation expenses related to the May 2024 RSU Release and 2024 Stock Option Grants. The

increase was also due to $3.8 million of higher allocated overhead costs to support the growth of our

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

business. The increase was partially offset by $80.6 million of lower professional service fees in the year

ended December 31, 2024 as compared to the prior year, related to the Abandoned Merger with Adobe.

Other Income, Net

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | | |
|  | **2023** | **2024** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| Other income, net............................................. | $1019375 | $84362 | $(935013) | (92)% |

---

Other income, net decreased by $935.0 million, or 92%, for the year ended December 31, 2024

compared to the year ended December 31, 2023. The decrease was primarily due to the $1.0 billion

termination fee received from the Abandoned Merger with Adobe during the year ended December 31,

2023 and a $3.3 million increase in net foreign exchange losses in 2024 as compared to 2023. This

decrease was partially offset by an increase of $44.0 million in interest income, driven by additional

investments made in marketable securities due to the cash received from the Abandoned Merger with

Adobe and a $24.0 million increase in net unrealized gains related to changes in the fair value of equity

securities in the year ended December 31, 2024 compared to the prior year.

***Provision for (Benefit from) Income Taxes***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | | |
|  | **2023** | **2024** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| Provision for (benefit from) income taxes..... | $208078 | $(60951) | $(269029) | (129)% |

---

The provision for (benefit from) income taxes decreased by $269.0 million, or 129%, for the year ended

December 31, 2024 compared to the year ended December 31, 2023. The decrease was primarily due to

the income taxes related to the termination fee received from the Abandoned Merger with Adobe in the

year ended December 31, 2023, offset by the recognition of research and development credits in the

United States in the year ended December 31, 2024.

Quarterly Results of Operations

The following tables set forth our unaudited quarterly statements of operations data for each of the nine

quarters ended March 31, 2025, as well as the percentage of revenue that each line item represents for

each quarter. The information for each of these quarters has been prepared on the same basis as the

audited annual financial statements included elsewhere in this prospectus and, in the opinion of

management, includes all adjustments necessary for the fair statement of the results of operations for

these periods. This data should be read in conjunction with our audited consolidated financial statements

and related notes included elsewhere in this prospectus. These quarterly results of operations are not

necessarily indicative of our future results of operations that may be expected for any future period.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **March 31,**<br>**2023**<br>| **June 30,**<br>**2023**<br>| **September** <br>**30,**<br>**2023**<br>| **December** <br>**31,**<br>**2023**<br>| **March 31,**<br>**2024**<br>| **June 30,**<br>**2024**<br>| **September** <br>**30,**<br>**2024**<br>| **December** <br>**31,**<br>**2024**<br>| **March 31,**<br>**2025**<br>|
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Revenue............................................... | $109544 | $118668 | $132216 | $144446 | $156229 | $177198 | $198639 | $216945 | $228199 |
| Cost of revenue<sup>(1)</sup>....................... | 9125 | 10187 | 11887 | 13301 | 12790 | 39558 | 18703 | 16463 | 19452 |
| Gross profit.......................................... | 100419 | 108481 | 120329 | 131145 | 143439 | 137640 | 179936 | 200482 | 208747 |
| Operating expenses<sup>(1)</sup>: |  |  |  |  |  |  |  |  |  |
| Research and development...... | 35324 | 39050 | 43894 | 46506 | 52711 | 535676 | 104182 | 58551 | 69925 |
| Sales and marketing.................. | 39547 | 66602 | 43240 | 51988 | 55334 | 276246 | 79290 | 61206 | 68840 |
| General and administrative....... | 32301 | 29497 | 33715 | 72166 | 22873 | 220005 | 43800 | 29056 | 30233 |
| Total operating expenses.................. | 107172 | 135149 | 120849 | 170660 | 130918 | 1031927 | 227272 | 148813 | 168998 |
| Income (loss) from operations.......... | (6753) | (26668) | (520) | (39515) | 12521 | (894287) | (47336) | 51669 | 39749 |
| Other income, net............................... | 3980 | 4225 | 4156 | 1007014 | 17185 | 10139 | 17910 | 39128 | 7274 |
| Income (loss) before income taxes. | (2773) | (22443) | 3636 | 967499 | 29706 | (884148) | (29426) | 90797 | 47023 |
| Provision for (benefit from) income <br>taxes...............................................<br>| 2079 | 818 | 2384 | 202797 | 16181 | (56294) | (13828) | (7010) | 2141 |
| Net income (loss)............................... | $(4852) | $(23261) | $1252 | $764702 | $13525 | $(827854) | $(15598) | $97807 | $44882 |

---

__________________

<sup>(1)</sup> Includes stock-based compensation, net of amounts capitalized, as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **March 31,**<br>**2023**<br>| **June 30,**<br>**2023**<br>| **September** <br>**30,**<br>**2023**<br>| **December** <br>**31,**<br>**2023**<br>| **March 31,**<br>**2024**<br>| **June 30,**<br>**2024**<br>| **September** <br>**30,**<br>**2024**<br>| **December** <br>**31,**<br>**2024**<br>| **March 31,**<br>**2025**<br>|
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Cost of revenue............... | $12 | $9 | $9 | $7 | $1 | $24858 | $3034 | $— | $— |
| Research and <br>development...............<br>| 305 | 319 | 665 | 601 | 543 | 463255 | 47308 | 153 | 197 |
| Sales and marketing....... | 86 | 57 | 71 | 39 | 11 | 186659 | 20160 |  |  |
| General and <br>administrative.............<br>| 142 | 137 | 127 | 117 | 52 | 183618 | 17901 |  |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<sup>(1)</sup> | **Three Months Ended**<sup>(1)</sup> | **Three Months Ended**<sup>(1)</sup> | **Three Months Ended**<sup>(1)</sup> | **Three Months Ended**<sup>(1)</sup> | **Three Months Ended**<sup>(1)</sup> | **Three Months Ended**<sup>(1)</sup> | **Three Months Ended**<sup>(1)</sup> | **Three Months Ended**<sup>(1)</sup> |
|  | **March 31,**<br>**2023**<br>| **June 30,**<br>**2023**<br>| **September** <br>**30,**<br>**2023**<br>| **December** <br>**31,**<br>**2023**<br>| **March 31,**<br>**2024**<br>| **June 30,**<br>**2024**<br>| **September** <br>**30,**<br>**2024**<br>| **December** <br>**31,**<br>**2024**<br>| **March 31,**<br>**2025**<br>|
|  | **(As a % of revenue)** | **(As a % of revenue)** | **(As a % of revenue)** | **(As a % of revenue)** | **(As a % of revenue)** | **(As a % of revenue)** | **(As a % of revenue)** | **(As a % of revenue)** | **(As a % of revenue)** |
| Revenue..................................... | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Cost of revenue.................. | 8 | 9 | 9 | 9 | 8 | 22 | 9 | 8 | 9 |
| Gross profit................................. | 92 | 91 | 91 | 91 | 92 | 78 | 91 | 92 | 91 |
| Operating expenses: |  |  |  |  |  |  |  |  |  |
| Research and <br>development...................<br>| 32 | 33 | 33 | 32 | 34 | 302 | 52 | 27 | 31 |
| Sales and marketing.......... | 36 | 56 | 33 | 36 | 35 | 156 | 40 | 28 | 30 |
| General and <br>administrative.................<br>| 29 | 25 | 25 | 50 | 15 | 124 | 22 | 13 | 13 |
| Total operating expenses......... | 98 | 114 | 91 | 118 | 84 | 582 | 114 | 69 | 74 |
| Income (loss) from operations. | (6) | (22) |  | (27) | 8 | (505) | (24) | 24 | 17 |
| Other income, net...................... | 4 | 4 | 3 | 697 | 11 | 6 | 9 | 18 | 3 |
| Income (loss) before income <br>taxes.......................................<br>| (3) | (19) | 3 | 670 | 19 | (499) | (15) | 42 | 21 |
| Provision for (benefit from) <br>income taxes.........................<br>| 2 | 1 | 2 | 140 | 10 | (32) | (7) | (3) | 1 |
| Net income (loss)...................... | (4)% | (20)% | 1% | 529% | 9% | (467)% | (8)% | 45% | 20% |

---

__________________

<sup>(1)</sup> Percentages may not foot due to rounding.

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Quarterly Trends

Revenue Trends

Revenue increased sequentially in each of the quarters presented primarily due to the growth from

existing Paid Customers and the addition of new Paid Customers. We recognize revenue ratably over the

terms of our subscription contracts. As a result, a substantial portion of the revenue we report in a period

is attributable to orders we received during prior periods. Therefore, increases or decreases in new sales,

customer expansion, or renewals in a period may not be immediately reflected in revenue for the period.

Cost of Revenue Trends

Our cost of revenue has generally increased in the quarters presented as a result of technical

infrastructure and hosting costs as well as increased headcount, which resulted in increased personnel

expenses. The increase in cost of revenue during the three months ended June 30, 2024 and September

30, 2024 was primarily due to higher employee-related costs driven by stock-based compensation

expenses related to the May 2024 RSU Release and 2024 Stock Option Grants. The increase during the

three months ended March 31, 2025 was primarily due to higher employee-related costs driven by the

implementation of a company-wide annual bonus program during the quarter.

Research and Development Trends

Our research and development expenses have generally increased in the quarters presented primarily

due to headcount growth and employee-related costs. The increase in research and development

expenses during the three months ended June 30, 2024 and September 30, 2024 was primarily due to

higher employee-related costs driven by stock-based compensation expenses related to the May 2024

RSU Release and 2024 Stock Option Grants. The increase during the three months ended March 31,

2025 was primarily due to higher employee-related costs driven by the implementation of a company-wide

annual bonus program during the quarter.

Sales and Marketing Trends

Our sales and marketing expenses have generally increased in the quarters presented primarily due to

employee-related expenses and brand advertising campaigns. The timing of brand advertising campaigns

can impact the trends in sales and marketing expenses. The increase in sales and marketing expenses

during the three months ended June 30, 2024 and September 30, 2024 was primarily due to higher

employee-related costs driven by stock-based compensation expenses related to the May 2024 RSU

Release and 2024 Stock Option Grants. Additionally, the increase in sales and marketing expenses

during the three months ended June 30, 2023 and June 30, 2024 was due to increased expenses

incurred in connection with our annual user conferences, including Config, which we typically host in the

second quarter of each year, and other advertising efforts. The increase during the three months ended

March 31, 2025 was primarily due to higher employee-related costs driven by the implementation of a

company-wide annual bonus program during the quarter.

General and Administrative Trends

Our general and administrative expenses have generally increased in the quarters presented primarily

due to employee-related expenses and legal, accounting, and other professional fees. The increase in

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general and administrative expenses during the three months ended December 31, 2023 was primarily

due to consulting and professional service fees related to the Abandoned Merger with Adobe. The

increase in general and administrative expenses during the three months ended June 30, 2024 and

September 30, 2024 was primarily due to higher employee-related costs driven by stock-based

compensation expenses related to the May 2024 RSU Release and 2024 Stock Option Grants. The

increase during three months ended March 31, 2025 was primarily due to higher consulting and

professional service fees related to this offering, and employee-related costs driven by an increase in

headcount and the implementation of a company-wide annual bonus program during the quarter.

Other Income, Net Trends

Changes in other income, net in the quarters presented are primarily driven by fluctuations in interest

rates, investment balances and changes in fair value of equity securities, including our investment in a

Bitcoin ETF. The increase in other income, net during the three months ended December 31, 2023 was

primarily due to the $1.0 billion termination fee received from the Abandoned Merger with Adobe.

Quarterly Key Business Metrics

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **March 31,**<br>**2023**<br>| **June 30,**<br>**2023**<br>| **September** <br>**30,**<br>**2023**<br>| **December** <br>**31,**<br>**2023**<br>| **March 31,**<br>**2024**<br>| **June 30,**<br>**2024**<br>| **September** <br>**30,**<br>**2024**<br>| **December** <br>**31,**<br>**2024**<br>| **March 31,**<br>**2025**<br>|
| Paid Customers with <br>more than <br>$10,000 in ARR.....<br>| 5945 | 6365 | 6727 | 7233 | 8007 | 9071 | 9762 | 10517 | 11107 |
| Paid Customers with <br>more than <br>$100,000 in ARR..<br>| 456 | 501 | 558 | 630 | 701 | 787 | 876 | 963 | 1031 |
| Net Dollar Retention <br>Rate........................<br>| 159% | 143% | 131% | 122% | 125% | 130% | 131% | 134% | 132% |

---

Quarterly Key Metric Trends

Our Paid Customers with more than $10,000 in ARR and Paid Customers with more than $100,000 in

ARR increased sequentially for all quarters presented, primarily due to organic growth as a result of

strong performance, as well as increased expansion of users within our existing Paid Customer base.

Our Net Dollar Retention Rate has fluctuated across the eight quarters presented due to the growing level

of our revenue base and expansion of products and features. For example, we experienced a decline in

our Net Dollar Retention Rate throughout 2023 as macroeconomic pressure impacted seat expansion and

our Net Dollar Retention Rate increased throughout 2024 subsequent to our launch of Dev Mode. We

expect our Net Dollar Retention Rate to fluctuate or decline in the future as a result of a number of factors

such as the growing level of our revenue base, the level of penetration within our customer base,

expansion of products and features, our ability to retain our customers, and any changes to the pricing

and packaging of our plans.

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Quarterly Non-GAAP Financial Measures

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **March 31,**<br>**2023**<br>| **June 30,**<br>**2023**<br>| **September** <br>**30,**<br>**2023**<br>| **December** <br>**31,**<br>**2023**<br>| **March 31,**<br>**2024**<br>| **June 30,**<br>**2024**<br>| **September** <br>**30,**<br>**2024**<br>| **December** <br>**31,**<br>**2024**<br>| **March 31,**<br>**2025**<br>|
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| **Income (loss) from** <br>**operations**.......................<br>| $(6753) | $(26668) | $(520) | $(39515) | $12521 | $(894287) | $(47336) | $51669 | $39749 |
| Plus: Stock-based <br>compensation expense<sup>(1)</sup>.<br>| 545 | 522 | 872 | 764 | 607 | 858390 | 88403 | 153 | 197 |
| Plus: Amortization of <br>stock-based <br>compensation <br>included in <br>capitalized internal <br>use software <br>development costs....<br>| 6 | 7 | 7 | 8 | 7 | 9 | 88 | 82 | 86 |
| Plus: Transaction costs <br>and other related <br>expenses associated <br>with the Abandoned <br>Merger with Adobe<sup>(2)</sup><br>| 15875 | 11539 | 15333 | 55106 | 4781 | 4401 | 4408 | 4474 |  |
| Plus: Employer payroll <br>taxes related to the <br>May 2024 RSU <br>Release and 2024 <br>Tender Offer..............<br>|  |  |  |  |  | 24983 | 1720 |  |  |
| Plus: 2024 Tender Offer <br>transaction costs<sup>(3)</sup>............<br>|  |  |  |  | 151 | 11384 | 577 | 33 |  |
| **Non-GAAP operating** <br>**income (loss)** **...................**<br>| $9673 | $(14600) | $15692 | $16363 | $18067 | $4880 | $47860 | $56411 | $40032 |
| **Operating margin** **..................** | (6)% | (22)% | —% | (27)% | 8% | (505)% | (24)% | 24% | 17% |
| **Non-GAAP operating** <br>**margin** **................................**<br>| 9% | (12)% | 12% | 11% | 12% | 3% | 24% | 26% | 18% |

---

__________________

<sup>(1)</sup> The increase in stock-based compensation expense during the three months ended June 30, 2024 and September 30, 2024

related to the May 2024 RSU Release and 2024 Stock Option Grants. See the section titled "—Factors Impacting our 2023 and

2024 Operating Results—May 2024 Restricted Stock Unit Release and 2024 Stock Option Grants" for more information.

<sup>(2)</sup> Transaction costs and other related expenses associated with the Abandoned Merger with Adobe include legal, accounting,

professional services fees, local business taxes and non-recurring compensation expenses related to the transaction.

<sup>(3)</sup> 2024 Tender Offer transaction costs includes legal and professional services fees.

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **March 31,**<br>**2023**<br>| **June 30,**<br>**2023**<br>| **September** <br>**30,**<br>**2023**<br>| **December 31,**<br>**2023**<br>| **March 31,**<br>**2024**<br>| **June 30,**<br>**2024**<br>| **September** <br>**30,**<br>**2024**<br>| **December** <br>**31,**<br>**2024**<br>| **March 31,**<br>**2025**<br>|
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| **Net cash provided** <br>**by (used in)** <br>**operating activities** <br>| $9273 | $(5899) | $25774 | $1018186 | $(18139) | $(178243) | $61574 | $73091 | $97177 |
| Less: Capital <br>expenditures...<br>| (257) | (1402) | (1604) | (474) | (503) | (399) | (413) | (662) | (874) |
| Less: Capitalized <br>internal use <br>software <br>development <br>costs................<br>| (648) | (748) | (375) | (859) | (1008) | (1170) | (742) | (1604) | (1721) |
| **Free Cash Flow** **........** | $8368 | $(8049) | $23795 | $1016853 | $(19650) | $(179812) | $60419 | $70825 | $94582 |
| Less: <br>Termination <br>fee received <br>from the <br>Abandoned <br>Merger with <br>Adobe..............<br>|  |  |  | (1000000) |  |  |  |  |  |
| Add: Transaction <br>costs and <br>other related <br>expenses <br>associated <br>with the <br>Abandoned <br>Merger with <br>Adobe<sup>(1)</sup>...........<br>| 6439 | 16073 | 8920 | 19410 | 68122 | 322 | 34 | 14 |  |
| Add: Estimated <br>income taxes <br>related to the <br>Abandoned <br>Merger with <br>Adobe<sup>(2)</sup>...........<br>|  |  |  |  |  | 185617 | 518 | (5148) |  |
| **Adjusted Free Cash** <br>**Flow** **.......................**<br>| $14807 | $8024 | $32715 | $36263 | $48472 | $6127 | $60971 | $65691 | $94582 |
| **Net cash (used in)** <br>**provided by** <br>**investing** <br>**activities** **...............**<br>| $(53706) | $3015 | $(1124) | $(5521) | $(336630) | $(173216) | $(210946) | $(63465) | $41251 |
| **Net cash provided** <br>**by (used in)** <br>**financing** <br>**activities** **...............**<br>| $— | $(2) | $1 | $1 | $40 | $21860 | $(20660) | $61210 | $339 |
| Operating Cash Flow <br>Margin....................<br>| 9% | (5)% | 20% | 705% | (12)% | (101)% | 31% | 34% | 43% |
| Adjusted Free Cash <br>Flow Margin...........<br>| 14% | 7% | 25% | 25% | 31% | 4% | 31% | 30% | 41% |

---

__________________

<sup>(1)</sup> Transaction costs and other related expenses associated with the Abandoned Merger with Adobe include legal, accounting,

professional services fees, local business taxes and non-recurring compensation expenses related to the transaction.

<sup>(2)</sup> The estimated income taxes related to the Abandoned Merger with Adobe represents our assessment of the transaction's

impact on our 2023 federal and state income tax payments, which were included in cash provided by (used in) operating

activities for the year ended December 31, 2024.

Critical Accounting Estimates

Our consolidated financial statements and the related notes thereto included elsewhere in this prospectus

are prepared in accordance with GAAP. The preparation of consolidated financial statements also

requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities,

revenue, costs and expenses, and related disclosures. We base our estimates on historical experience

and on various other assumptions that we believe to be reasonable under the circumstances, and we

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evaluate our estimates and assumptions on an ongoing basis. Actual results could differ significantly from

the estimates made by management. To the extent that there are differences between our estimates and

actual results, our future financial statement presentation, financial condition, results of operations, and

cash flows will be affected.

We believe that the accounting policies described below involve a substantial degree of judgment and

complexity. Accordingly, these are the policies we believe are the most critical to aid in fully

understanding and evaluating our consolidated financial condition and results of operations.

Stock-Based Compensation

We measure stock-based compensation expense related to equity awards, including stock options,

RSUs, and Restricted Stock Awards ("RSAs"), based on the estimated fair value on the date of the grant.

Stock-based compensation expense is recognized on a straight-line basis over the requisite service

period. We account for forfeitures in the period in which they occur.

We have granted certain equity awards to our employees and directors with a service-based and a

performance-based vesting condition. The service-based vesting period for these awards is typically four

years with monthly vesting, subject to a one-year cliff for new hire grants. The performance-based vesting

condition is generally satisfied on the earlier of (i) an acquisition or change in control of us or (ii) the

earlier of (a) six months after our initial public offering or (b) March 15 of the calendar year following our

initial public offering. Our Board of Directors intends to accelerate the performance-based vesting

condition such that it will occur upon the effectiveness of our registration statement related to this offering.

We recognize stock-based compensation expense related to equity awards with a performance-based

vesting condition over the requisite service period using the accelerated attribution method, if it is

probable that the performance-based vesting condition will be satisfied. The performance-based vesting

condition is deemed probable of being satisfied upon either the consummation of an acquisition or

change in control, or the initial public offering of our securities.

We have also granted certain equity awards with market-based vesting conditions in addition to service-

based vesting conditions. The market-based vesting conditions resulted in implied performance-based

vesting conditions satisfied upon the initial public offering or change in control date because no shares

subject to the grant will vest unless one of these two events occurs. We estimated the grant date fair

value of the market-based award using a Monte Carlo simulation, which incorporates into the valuation

the possibility that the public market capitalization targets may not be satisfied. Stock-based

compensation expense associated with market-based awards is recognized over the requisite service

period of each tranche using the accelerated attribution method, regardless of whether the market

conditions are achieved.

The fair value of RSUs and RSAs are determined using the fair value of our stock on the date of grant.

We ceased granting stock options in 2020, except for the 2024 Stock Option Grants in August 2024,

made in connection with our 2024 Tender Offer. The fair value of stock options is estimated using the

Black-Scholes option pricing model.

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The use of the Black-Scholes option pricing model requires the input of certain assumptions. These

assumptions involve inherent uncertainties and the application of management's judgment. These

assumptions are estimated as follows:

• *Fair value of common stock*. Because our common stock is not yet publicly traded, we must

estimate the fair value of our common stock, as discussed below in the section titled "—Common

Stock Valuations."

• *Expected term.* We determine the expected term based on the average period the options are

expected to remain outstanding using the simplified method, calculated as the midpoint of the

options' vesting term and contractual expiration period, until sufficient historical information to

develop reasonable expectations about future exercise patterns and post-vesting employment

termination behavior becomes available.

• *Expected volatility.* Since we do not have a trading history of our common stock, we estimate the

expected volatility based on the historical volatilities of a group of comparable publicly traded

companies.

• *Risk-free interest rate*. We use the U.S. Treasury yield for our risk-free interest rate for a period

that corresponds with the expected term of the award.

• *Dividend yield.* We utilize a dividend yield of zero, as we do not currently issue dividends and do

not expect to issue dividends on our common stock in the foreseeable future.

Common Stock Valuations

The estimated fair value of the common stock underlying our equity awards has historically been

determined by our Board of Directors. We believe that our Board of Directors has the relevant experience

and expertise to determine the fair value of our common stock. Because there has been no public market

for our common stock, our Board of Directors determined the fair value of the common stock at the time of

the grant of the option, RSU, and RSA by considering a number of objective and subjective factors,

including important developments in our operations, valuations performed by an independent third party,

sales of common stock and convertible preferred stock, secondary market transactions, actual operating

results and financial performance, the conditions in the industry and the economy in general, the stock

price performance and volatility of comparable public companies, and the lack of liquidity of our common

stock, among other factors.

In estimating the fair value of our common stock, we considered several methodologies, including the

market approach. The market approach estimates value based on a comparison of our company to a

group of comparable public companies. From the comparable companies, a representative market value

multiple is determined and then applied to our financial results to estimate the fair value of our business.

In addition, we also considered secondary market transactions involving our capital stock. In our

evaluation of those transactions, we considered the facts and circumstances of each transaction to

determine the extent to which they represented a fair value exchange. Factors considered include

transaction volume, the number of participants, timing, whether the transactions occurred between willing

and unrelated parties, and whether the transactions involved parties with access to our financial

information.

Application of these approaches involved the use of estimates, judgment, and assumptions that are

complex and subjective, such as those regarding our expected future revenue, expenses, and future cash

flows, discount rates, market multiples, the selection of comparable companies, and the probability of

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possible future events. Changes in any or all of these estimates and assumptions or the relationships

between those assumptions impact our valuations as of each valuation date and may have a material

impact on the valuation of our common stock.

Upon completion of this offering, our Class A common stock will be publicly traded, and our Board of

Directors will use the closing price of our Class A common stock as reported on the date of grant to

determine the fair value of our Class A common stock.

Subsequent to March 31, 2025, our Board of Directors granted 14.7 million RSUs to employees and other

service providers, the 2025 CEO Stock Price Award (as defined and further described in the section titled

"Executive Compensation—CEO Equity Awards"), which consists of 14.5 million RSUs, the 2025 CEO

Service Award (as defined and further described in the section titled "Executive Compensation—CEO

Equity Awards"), which consists of 14.5 million RSUs, and 0.7 million RSAs to employees and other

service providers. We currently estimate that the total stock-based compensation expense related to

these awards will be approximately $473.3 million, $397.5 million, $464.4 million, and $22.2 million,

respectively. These awards will vest upon satisfaction of service-based, performance-based and market-

based vesting conditions. Stock-based compensation expense for awards with only service-based vesting

conditions is recognized over the respective requisite service period, which is typically four years. Stock-

based compensation expense related to the 2025 CEO Stock Price Award will be recognized over a

requisite service period of seven years. Stock-based compensation expense related to the 2025 CEO

Service Award will be recognized over a requisite service period of five years.

Liquidity and Capital Resources

As of December 31, 2024 and March 31, 2025, our principal sources of liquidity were cash and cash

equivalents of $487.0 million and $618.6 million, respectively, marketable securities of $970.9 million and

$923.2 million, respectively, and restricted cash of $3.6 million and $9.8 million, respectively. Cash and

cash equivalents are comprised of bank deposits, money market funds, and commercial paper. Restricted

cash consists of unsecured letters of credit outstanding, related to leased office space in San Francisco,

California and New York, New York. Marketable securities are comprised of commercial paper, U.S.

agency securities, U.S. treasury securities, corporate bonds, and a Bitcoin exchange traded fund.

Substantially all cash and cash equivalents are held in the United States. Since our inception, we have

financed our operations primarily through proceeds from the issuance of our convertible preferred stock

and common stock and cash generated from the sale of our products.

We believe that current cash, cash equivalents, and marketable securities will be sufficient to fund our

operations for at least the next twelve months. Our future capital requirements, however, will depend on

many factors, including our subscription growth rate, the timing and extent of spending to support our

research and development efforts, our investments and usage of AI, the expansion of sales and

marketing activities, the introduction of new and enhanced products and features, particularly for large

organizations, and the continuing market adoption of Figma. We may in the future enter into

arrangements to acquire or invest in complementary businesses, services, and technologies, including

intellectual property rights. In the event that additional financing is required from outside sources, we may

seek to raise additional funds at any time through equity, equity-linked arrangements, and debt. If we are

unable to raise additional capital when desired and at reasonable rates, our business, results of

operations, and financial condition would be adversely affected. See the section titled "Risk Factors—

Risks Related to Financial and Accounting Matters—We may require additional capital to fund our

business and support our growth, and any inability to generate or obtain such capital may adversely affect

our operating results and financial condition."

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***Revolving Credit Facility***

On June 27, 2025, we entered into a credit agreement (the "Revolving Credit Agreement") with Morgan

Stanley Senior Funding, Inc., as administrative agent and collateral agent, Bank of America, N.A.,

JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, Wells Fargo Securities, LLC and RBC Capital

Markets, LLC as joint lead arrangers and bookrunners, the letter of credit issuers from time to time party

thereto, and the lenders from time to time party thereto, which provides for a revolving credit facility (the

"Revolving Credit Facility") of up to $500.0 millionand a subfacility of up to $150.0 million for letters of

credit. The Revolving Credit Facility provides us with the right to increase the Revolving Credit Facility

and/or to add one or more tranches of term loans or to increase the amount of any existing term loans in

an aggregate principal amount not to exceed (a) $2.0 billion, plus (b) the amount of any voluntary

prepayments of term loans and/or the Revolving Credit Facility (to the extent accompanied by a

permanent reduction of commitments under the Revolving Credit Facility), plus (c) an additional amount, if

after giving effect to the incurrence of such additional amount, we do not exceed a maximum debt to

EBITDA ratio in accordance with the Revolving Credit Agreement.

Loans under the Revolving Credit Facility will incur interest, at our option at a rate per annum equal to

either (i) a base rate determined by reference to the highest of (x) the prime rate, (y) the federal funds

effective rate plus 0.50% and (z) the one month term SOFR plus 1.00% or (ii) term SOFR plus 1.00%.

Additionally, we will be required to pay commitment fees of 0.15% per annum on the undrawn portion of

the commitments under the Revolving Credit Facility, which decreases to 0.10% per annum upon

achievement of an enhanced debt to EBITDA ratio.

The Revolving Credit Agreement contains a financial covenant requiring that Liquidity (defined as

unrestricted cash and cash equivalents, plus the undrawn revolver commitments) is not less than $100

million as of the last day of each fiscal quarter. Additionally, the Revolving Credit Agreement contains

customary affirmative and negative covenants (including restrictions on indebtedness, liens, investments,

asset dispositions and affiliate transactions, each subject to customary exceptions and baskets) and

customary events of default (including, among other things, non-payment of principal, interest or fees,

inaccuracy of representations and warranties, violation of certain covenants, cross-default to certain other

indebtedness, bankruptcy and insolvency events, material judgments, change of control and certain

material ERISA events). The obligations under the Revolving Credit Facility are secured by liens on

substantially all of our assets. The Revolving Credit Facility matures on June 27, 2030.

We expect to draw approximately $330.5 million on the Revolving Credit Facility in order to pay our

anticipated tax withholding and remittance obligations in connection with the RSU Net Settlement and we

intend to use the net proceeds from this offering, together with cash on hand, to repay such

indebtedness.

The foregoing summary and description of the provisions of the Revolving Credit Agreement do not

purport to be complete and are qualified in their entirety by reference to the full text of the Revolving

Credit Agreement, a copy of which is filed as an exhibit to the registration statement of which this

prospectus forms a part.

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Cash Flows

The following table summarizes our cash flows for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Net cash provided by (used in) operating <br>activities..........................................................<br>| $1047334 | $(61717) | $(18139) | $97177 |
| Net cash provided by (used in) investing <br>activities..........................................................<br>| (57336) | (784257) | (336630) | 41251 |
| Net cash provided by financing activities .... |  | 62450 | 40 | 339 |
| Net increase (decrease) in cash, cash <br>equivalents, and restricted cash ................<br>| $989998 | $(783524) | $(354729) | $138767 |

---

Cash Provided by (Used in) Operating Activities

Our largest source of operating cash is cash collections from organizations on a paid subscription plan,

except for a one-time termination fee of $1.0 billion received from the Abandoned Merger with Adobe on

December 20, 2023. Our primary uses of cash from operating activities are for employee-related

expenditures, sales and marketing expenses, and technical infrastructure and hosting costs. During the

year ended December 31, 2024 we paid income taxes of $181.0 million, related to the Abandoned Merger

with Adobe.

During the three months ended March 31, 2025, operating activities provided $97.2 million in cash. The

primary factors affecting our cash flows during this period were our net income of $44.9 million and net

cash inflows of $38.5 million from changes in our operating assets and liabilities, adjusted for $13.8

million of non-cash charges. The non-cash charges primarily consisted of an $8.3 million unrealized loss

from remeasurement of equity securities, $4.7 million of amortization of deferred commissions, and $4.1

million of non-cash operating lease costs. The cash provided from changes in our operating assets and

liabilities was primarily due to a $25.3 million increase in deferred revenue related to increased billings

and an $18.0 million decrease in accounts receivable, net, reflecting an increase in collections. These

amounts were partially offset by a $9.2 million increase in prepaid expenses and other current assets,

primarily driven by prepaid hosting services.

During the three months ended March 31, 2024, operating activities used $18.1 million in cash. The

primary factors affecting our cash flows during this period were net cash outflows of $37.5 million from

changes in our operating assets and liabilities, partially offset by our net income of $13.5 million, adjusted

for $5.9 million of non-cash charges. The non-cash charges primarily consisted of $3.2 million of non-

cash operating lease costs, $2.9 million of amortization of deferred commissions, and $2.1 million of

depreciation and amortization. The cash used from changes in our operating assets and liabilities was

primarily due to a $42.8 milliondecrease in accrued and other current liabilities, primarily driven by

professional service fees related to the Abandoned Merger with Adobe and a $23.6 million increase in

prepaid expenses and other current assets, primarily driven by prepaid hosting services. These amounts

were partially offset by a $15.8 million increase in deferred revenue due to increased billings and a $14.5

million decrease in accounts receivable, net, reflecting an increase in collections.

During the year ended December 31, 2024, operating activities used $61.7 million in cash. The primary

factors affecting our operating cash flows during this period were our net loss of $732.1 million and net

cash outflows of $270.0 million from changes in our operating assets and liabilities, adjusted for $940.4

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million in non-cash charges. The non-cash charges primarily consisted of $947.6 million in stock-based

compensation, $14.8 million of amortization of deferred commissions, and $14.1 million of non-cash

operating lease costs, partially offset by a $24.2 million unrealized gain from the remeasurement of equity

securities and $17.1 million in net accretion of discounts on marketable securities. The cash provided

from changes in our operating assets and liabilities was primarily due to a $252.5 million decrease in

accrued and other current liabilities and $86.6 million increase in other assets largely driven by income

taxes paid related to the termination fee received related to the Abandoned Merger with Adobe in

December 2023. These amounts were partially offset by a $127.7 million increase in deferred revenue

due to increased billings and a $11.4 million increase in accrued compensation and benefits as a result of

our increased headcount associated with the growth of our business.

During the year ended December 31, 2023, operating activities provided $1.0 billion in cash inflows. The

primary factors affecting our operating cash flows during this period were our net income of $737.8

million, which included the impact of the $1.0 billion termination fee received from the Abandoned Merger

with Adobe, and net cash inflows of $281.0 million from changes in our operating assets and liabilities,

adjusted for $28.5 million of non-cash charges. The non-cash charges primarily consisted of $12.4 million

of non-cash operating lease costs, $8.7 million of amortization of deferred commissions, and $8.5 million

of depreciation and amortization, partially offset by $4.0 million in net accretion of discounts on

marketable securities. The cash provided from changes in our operating assets and liabilities was

primarily due to a $232.5 million increase in accrued and other current liabilities largely driven by income

taxes payable resulting from the termination fee from the Abandoned Merger with Adobe and a $92.1

million increase in deferred revenue due to increased billings. These amounts were partially offset by a

$39.6 million increase in accounts receivable, net, reflecting increased billings.

Cash Provided by (Used in) Investing Activities

Net cash provided by investing activities during the three months ended March 31, 2025 was $41.3

million, which was primarily due to the proceeds from sales and maturities of marketable securities of

$283.3 million, partially offset by the purchase of additional marketable securities of $238.8 million, the

capitalization of internal-use software development costs of $1.7 million, and capital expenditures of $0.9

million.

Net cash used in investing activities during the three months ended March 31, 2024 was $336.6 million,

which was primarily due to the purchase of marketable securities of $377.2 million, primarily due to the

inflow of cash from the termination fee from the Abandoned Merger with Adobe received during the year

ended December 31, 2023, the capitalization of internal-use software development costs of $1.0 million,

and capital expenditures of $0.5 million, partially offset by proceeds from sales and maturities of

marketable securities of $42.3 million.

Net cash used in investing activities during the year ended December 31, 2024 was $784.3 million, which

was primarily due to the purchase of additional marketable securities of $1.3 billion primarily due to the

inflow of cash from the termination fee from the Abandoned Merger with Adobe received during the year

ended December 31, 2023, the capitalization of internal-use software development costs of $4.5 million,

capital expenditures of $2.0 million, and the purchase of intangible assets of $0.9 million, partially offset

by proceeds from sales and maturities of marketable securities of $547.5 million.

Net cash used in investing activities during the year ended December 31, 2023 was $57.3 million, which

was primarily due to the purchase of marketable securities of $223.9 million, capital expenditures of $3.7

million, the capitalization of internal-use software development costs of $2.6 million, partially offset by

proceeds from sales and maturities of marketable securities of $173.2 million.

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Cash Provided by Financing Activities

Net cash provided by financing activities during the quarter ended March 31, 2025 was $0.3 million and

was from proceeds from option exercises. Net cash provided by financing activities during the quarter

ended March 31, 2024 was immaterial.

Net cash provided by financing activities during the year ended December 31, 2024 was $62.5 million,

which was primarily due to the proceeds from the sale of common stock in connection with the May 2024

RSU Release of $419.0 million, proceeds from the issuance of common stock of $60.0 million, and

proceeds from options exercised of $2.4 million, partially offset by $418.1 million used to pay taxes

related to the net share settlement of RSUs and $0.9 million used to repurchase common stock.

There was no net cash provided by or used in financing activities during the year ended December 31,

2023. ## Contractual Obligations and Commitments
The following table summarizes our consolidated principal contractual cash obligations, as of March 31,

2025, and is supplemented by the discussion following the table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments due by Periods** | **Payments due by Periods** | **Payments due by Periods** | **Payments due by Periods** | **Payments due by Periods** |
|  | **Total** | **Less than 1** <br>**Year**<br>| **1- 3 Years** | **3-5 Years** | **More than 5** <br>**Years**<br>|
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Operating lease <br>commitments......................<br>| $92770 | $12862 | $41678 | $16208 | $22022 |
| Cloud hosting commitments | 27911 | 13911 | 14000 |  |  |
| Other commitments<sup>(1)</sup>........... | 4506 | 1911 | 2595 |  |  |
| Total........................................ | $125187 | $28684 | $58273 | $16208 | $22022 |

---

__________________

(1)Consists of future minimum payments under non-cancelable purchase commitments primarily related to our sales and

marketing activities.

In addition to the contractual obligations set forth above, as of March 31, 2025, we had $9.8 million in

unsecured letters of credit outstanding, related to leased office spaces in San Francisco, California and

New York, New York. The letters of credit renew annually and mature in 2026.

The table above does not reflect our renewed cloud hosting agreement with a third-party provider,

entered into on May 31, 2025. Under the terms of the non-cancellable agreement, we committed to

purchase a minimum of $545.0 million in cloud hosting services over the next five years. This renewed

agreement replaces a previous agreement with the provider.

As of July 1, 2025, there were no other material changes to our purchase commitments since March 31,

2025. 149

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Off-Balance Sheet Arrangements

We did not have during the periods presented, nor do we currently have, any off-balance sheet financing

arrangements or any relationships with unconsolidated entities or financial partnerships. This includes

entities sometimes referred to as structured finance or special purpose entities, that may be established

for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited

purposes.

Significant Impacts of Stock-Based

Compensation

RSUs

We have granted RSUs with respect to shares of Class A common stock to our employees and directors

under our 2012 Plan. RSUs granted under the 2012 Plan and outstanding as of March 31, 2025 have

both service-based and performance-based vesting conditions. The service-based vesting period for

these awards is typically four years with monthly vesting, subject to a one-year cliff for new hire grants.

Upon satisfaction of the performance-based vesting condition, RSUs for which the service-based

condition has also been satisfied will vest immediately, and any remaining unvested RSUs will vest

monthly over the remaining service period. The performance-based vesting condition is satisfied on the

earlier of (i) an acquisition or change in control of our company, or (ii) the earlier of (a) six months after

our initial public offering or (b) March 15 of the calendar year following our initial public offering. Our

Board of Directors intends to accelerate the performance-based vesting condition such that the condition

will be satisfied upon the effectiveness of our registration statement related to this offering.

We have also granted RSUs with respect to shares of Class B common stock to Mr. Field, our CEO, in

the form of the 2021 CEO Market Award, the 2021 CEO Service Award, the 2025 CEO Stock Price

Award, and the 2025 CEO Service Award (each as defined and further described in the section titled

"Executive Compensation—CEO Equity Awards") under our 2021 Plan.

The 2021 CEO Market Award has service-based, market-based, and performance-based vesting

conditions. The award is comprised of three tranches that are eligible to vest based on the achievement

of certain public market capitalization targets. The performance period for each tranche ends on the

earliest to occur of (i) the date on which all shares subject to the 2021 CEO Market Award vest upon

achieving certain public market capitalization targets after our initial public offering, (ii) the date Mr. Field

ceases to satisfy the service-based vesting condition, (iii) the seventh anniversary of the grant date, or (iv)

the occurrence of an acquisition of us before our initial public offering. The 2021 CEO Market Award

contains an implied performance-based vesting condition satisfied upon the date of our initial public

offering or a change in control of us because no shares subject to the grant will vest unless one of these

two events occurs. The 2021 CEO Service Award has service-based and performance-based vesting

conditions. The award is comprised of four tranches that vest annually beginning on July 1, 2022, so long

as Mr. Field is in continuous service through each applicable vesting date. The 2021 CEO Service Award

contains a performance-based vesting condition satisfied upon the earliest to occur of (i) the date of our

initial public offering or (ii) the date we experience an applicable change in control. For more information

regarding these awards, see the section titled "Executive Compensation—CEO Equity Awards."

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The 2025 CEO Stock Price Award has service-based and stock price-based vesting conditions. The stock

price-based vesting condition is comprised of seven tranches that are eligible to vest based on the

achievement of certain specified stock price targets. The performance period for each tranche begins

upon our initial public offering and ends on the earlier of (i) the tenth anniversary of our initial public

offering, or (ii) the occurrence of a change in control (as defined in the award agreement governing the

2025 CEO Stock Price Award). As to any portion of the 2025 CEO Stock Price Award that satisfies the

stock price-based vesting condition, the service based vesting condition will be satisfied in seven

substantially equal installments on each of the first seven anniversaries of the vesting commencement

date, so long as Mr. Field is in continuous service through each applicable vesting date as our chief

executive officer, or, solely as reasonably determined by our Compensation Committee in its good faith

discretion, as our chairman, executive chairman, or another C-suite position (referred to as an "Eligible

Position"), which change in position may, but need not, result in a change to the vesting schedule or in

forfeiture of any portion of the award. In the event of a change in control of our company, subject to Mr.

Field's continued service in an Eligible Position through the closing of such change in control, the degree

of achievement of the stock price-based vesting condition will be based on the per-share deal

consideration paid in the transaction. Any portions of the 2025 CEO Stock Price Award for which the

stock price-based vesting condition is met in a change in control will be deemed to have satisfied the

service-based vesting condition with respect to a pro rata portion of such portion of the 2025 CEO Stock

Price Award, determined based on the number of days elapsed since the most recent vesting date, and

will vest. Any portions of the 2025 CEO Stock Price Award that do not vest in accordance with the

preceding sentence will remain outstanding and will vest solely subject to the achievement of the service-

based vesting condition on the original schedule following the closing of the transaction. The 2025 CEO

Stock Price Award is also eligible for vesting acceleration under certain circumstances, as described

below in the section titled "Executive Compensation—CEO Equity Awards."

The 2025 CEO Service Award has service-based vesting conditions. The award is comprised of five

tranches that vest over five years on the anniversary of the vesting commencement date, of 10%, 20%,

20%, 20%, and 30%, so long as Mr. Field is in continuous service through each applicable vesting date

as our chief executive officer or in an Eligible Position. The 2025 CEO Service Award is also eligible for

vesting acceleration under certain circumstances, as described below in the section titled "Executive

Compensation—CEO Equity Awards."

In May 2024, to permit eligible RSU holders to participate in the 2024 Tender Offer, we modified and

released 34.6 million RSUs held by employees and former employees (including the 2021 CEO Service

Award, with respect to the portion of the award for which the service-based vesting condition had been

met as of the modification date) by removing the performance-based vesting condition, resulting in their

remeasurement as of the modification date. Accordingly, these RSUs were fully vested as of the

modification date, resulting in the recognition of stock-based compensation expense, net of amounts

capitalized, of $801.2 million during the year ended December 31, 2024, and the release of the underlying

shares of Class A common stock and Class B common stock, as applicable. The remaining outstanding

RSU awards were not modified and continue to be subject to both service-based and performance-based

vesting conditions.

As of March 31, 2025, compensation expense related to RSUs remained unrecognized because the

performance vesting condition was not satisfied. At the time the performance vesting condition becomes

probable, which is not until such condition is satisfied, we will recognize the stock-based compensation

expense for the outstanding RSUs using the accelerated attribution method. If the performance vesting

condition had occurred on March 31, 2025, we would have recorded $809.8 million of stock-based

compensation, and we would recognize additional stock-based compensation of $735.9 million over a

weighted-average remaining requisite service period of 1.9 years. The recognition of stock-based

compensation would affect our cost of revenue, research and development, sales and marketing, and

general and administrative operating expense line items.

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2024 Stock Option Grants

On August 22, 2024, we granted 10.5 million stock options with a grant date fair value of $8.50 per share.

The options were granted to eligible employees that elected to not sell any or all of their common stock

holdings as part of the 2024 Tender Offer. These stock options were fully vested at grant and therefore

the related stock-based compensation expense, net of amounts capitalized, of $88.1 million was

recognized during the year ended December 31, 2024.

Qualitative and Quantitative Disclosures

about Market Risk

We are exposed to market risks in the ordinary course of our business. Market risk represents the risk of

loss that may impact our financial position due to adverse changes in financial market prices and rates.

Our market risk exposure is primarily the result of fluctuations in interest rates, foreign currency exchange

rates, and equity prices.

Interest Rate Risk

We had cash and cash equivalents of $618.6 million and marketable securities of $923.2 million as of

March 31, 2025. The cash and cash equivalents are held primarily for working capital purposes. Such

interest-earning instruments carry a degree of interest rate risk. The primary objective of our investment

activities is to preserve principal while maximizing income without significantly increasing risk. We do not

enter into investments for trading or speculative purposes and have not used any derivative financial

instruments to manage our interest rate risk exposure. Due to the short-term nature of our investments,

we have not been exposed to, nor do we anticipate being exposed to, material risks due to changes in

interest rates. A hypothetical 100 basis points change in interest rates would not have had a material

impact on our consolidated financial statements.

Foreign Currency Exchange Risk

Our reporting currency and the functional currency of our wholly owned foreign subsidiaries is the U.S.

dollar. Monetary assets and liabilities are remeasured using foreign currency exchange rates at the end of

the period, and non-monetary assets are remeasured based on historical exchange rates. Gains and

losses due to foreign currency are the result of either the remeasurement of subsidiary balances or

transactions denominated in currencies other than the foreign subsidiaries' functional currency and are

included in other income (expense), net in our statements of operations. We have foreign currency

exchange risks related to our revenue and operating expenses denominated in currencies other than the

U.S. dollar, principally the British pound sterling, Euro, Japanese yen, and the Canadian dollar. The

volatility of exchange rates depends on many factors that we cannot forecast with reliable accuracy.

Volatile market conditions, including those arising from macroeconomic events, such as fluctuating

interest rates, tightening of credit markets, governmental actions such as tariffs, as well as geopolitical

events have and may in the future result in significant changes in exchange rates, and in particular a

weakening of foreign currencies relative to the U.S. dollar has and may in the future negatively affect our

revenue expressed in U.S. dollars. We have experienced and will continue to experience fluctuations in

foreign exchange gains (losses) related to changes in foreign currency exchange rates. In the event our

foreign currency denominated assets, liabilities, sales, or expenses increase, our results of operations

may be more greatly affected by fluctuations in the exchange rates of the currencies in which we do

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business. We do not currently engage in any hedging activity to reduce our potential exposure to currency

fluctuations, although we may choose to do so in the future. A hypothetical 10% change in foreign

currency exchange rates during any of the periods presented would not have had a material impact on

our consolidated financial statements.

Inflation Risk

We do not believe that inflation has had a material effect on our business, results of operations, or

financial condition. Nonetheless, if our costs were to become subject to significant inflationary pressures,

we may not be able to fully offset such higher costs. Our inability or failure to do so could harm our

business, results of operations, or financial condition.

Equity Price Risk

We have an investment in a Bitcoin exchange traded fund. The fair value of this investment was$69.5

millionas of March 31, 2025. Changes in the fair value of this exchange traded fund are impacted by the

volatility of Bitcoin and changes in general economic conditions, among other factors. A hypothetical 10%

decrease in the price of the Bitcoin exchange traded fund would decrease the fair value of this investment

as of March 31, 2025 by $7.0 million.

JOBS Act Accounting Election

We are an emerging growth company, as defined in the JOBS Act. Under the JOBS Act, emerging growth

companies can delay adopting new or revised accounting standards until such time as those standards

apply to private companies. We intend to avail ourselves of this exemption from new or revised

accounting standards. Accordingly, we will not be subject to the same new or revised accounting

standards as other public companies that are not emerging growth companies or that have opted out of

using such extended transition period.

Recent Accounting Pronouncements

See the section titled "Description of the Business and Summary of Significant Accounting Policies" in

Note 1 of the notes to our consolidated financial statements included elsewhere in this prospectus for

more information.

![businesscoverart1b.jpg](businesscoverart1b.jpg)

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Business

Overview

*Figma is where teams come together to turn ideas into the world's best digital products and* 

*experiences.* 

Every day, billions of people around the world use apps, websites, and other digital experiences that are

made in Figma. They're looking up directions on Google Maps; requesting rides with Uber; checking in for

flights on JetBlue; streaming shows on Netflix; learning languages with Duolingo; asking questions of

Claude; connecting on LinkedIn; buying goods on Mercado Libre; or booking stays and experiences with

Airbnb.

Behind each of these products is a cross-functional team responsible for bringing them to life. In Figma,

designers work alongside developers, PMs, researchers, marketers, writers, and other non-designers

who, in the three months ended March 31, 2025, made up two-thirds of our more than 13 million monthly

active users. Together, these teams share and explore ideas, align on a vision, visualize concepts, and

translate them into coded products — all on a single, connected, AI-powered platform that collaborators

around the world can access with a URL.

Our focus on the entire lifecycle of software creation reflects our ability to rapidly bring new products onto

Figma's browser-based platform and our belief that design spans far beyond a single step or role. We

take this expansive view because design is more than how something looks, or even feels; design is also

how something works — and in today's increasingly digital-first world, what sets brands and companies

apart.

As AI makes software much easier to create, and as organizations across industries and geographies

continue to invest heavily in digital transformation, better-designed digital products and experiences have

become even more critical to a company's success. That's why 95% of the Fortune 500 and 78% of the

Forbes Global 2000 used Figma in March 2025. These companies understand deeply that great design is

what attracts and wins user loyalty, especially in a world where a business' interactions with its customers

are increasingly digital.

![a007-numbers.jpg](a007-numbers.jpg)

Figma has been fortunate to play a part in, and benefit from, the growing global movement to elevate

design and the craft of building software. Millions of people use Figma every week, often for hours a day,

and as more users have come to our platform, our business has grown.

• Our revenue was $749.0 million for the year ended December 31, 2024, representing 48% year-

over-year growth as compared to the year ended December 31, 2023, and our revenue was

<sup>(</sup><sup>7)</sup>&nbsp;&nbsp;&nbsp;&nbsp;See the section titled "Management's Discussion And Analysis Of Financial Condition And Results Of Operations" for

information regarding (i) certain one-time events that impacted our operating results for the years ended December 31, 2023

and 2024, including the $1.0 billion termination fee we received in 2023 in connection with the Abandoned Merger with Adobe

(as defined below) and $889.3 million of stock-based compensation expense, net of amounts capitalized, we recognized in

2024 in connection with the May 2024 RSU Release and the 2024 Stock Option Grants (each as defined below), (ii) our use of

non-GAAP operating margin and a reconciliation of operating margin to non-GAAP operating margin, and (iii) our definition of

Net Dollar Retention Rate.

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$228.2 million for the three months ended March 31, 2025, representing 46% year-over-year

growth as compared to the three months ended March 31, 2024. Our four-year compounded

annual revenue growth rate as of December 31, 2024 was 53%.

• For the year ended December 31, 2024 and for the three months ended March 31, 2025, we

delivered an operating margin of (117)% and 17%, respectively, and a non-GAAP operating

margin of 17% and 18%, respectively. Our 2024 operating margin was impacted by our May 2024

RSU Release and 2024 Stock Option Grant, one-time events.

• We had a Net Dollar Retention Rate of 134% and 132% as of December 31, 2024 and as of

March 31, 2025, respectively.

• For the years ended December 31, 2023 and 2024, we had net income of $737.8 million and net

loss of $732.1 million, respectively, and for the three months ended March 31, 2024 and 2025, we

had net income of $13.5 million and $44.9 million, respectively. In addition to our May 2024 RSU

Release and 2024 Stock Options Grant, we also received a $1.0 billion termination fee in 2023 in

connection with the Abandoned Merger with Adobe.<sup>7</sup>

![a008-numbers.jpg](a008-numbers.jpg)

While Figma began as a browser-based tool for designing user interfaces, our platform has expanded to

help teams go from idea to product all in one place. We are quickly becoming the system of record for

design and product development at a time when software is growing exponentially. We believe our pace

of innovation, the breadth and flexibility of our platform, the strength of our team, the community

relationships we have built, and the enduring power of design position us well for future growth.

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From design silos to a new software standard

Dylan Field and Evan Wallace started Figma in 2012, after they met as students at Brown University.

Back then, design looked very different than it does today. Designers worked by themselves in silos

across multiple tools and products. Even if they wanted to design together or with others, technological

constraints and the fragmented nature of the product development toolchain made collaboration a pain.

The most elegant solution to share work? Huge, manually annotated files sent around as email

attachments with indecipherable names like "Draft_Final_V2_FINAL_v13."

![a009-softwarexstandards.jpg](a009-softwarexstandards.jpg)

As part of a generation that found community in multiplayer, virtual worlds and grew up on Google Docs,

Dylan and Evan saw an opportunity to bring design to the browser, and in doing so, make it more open

and collaborative. After experimenting with a powerful technology called WebGL, which harnesses the

power of a computer's GPU to render high-performance graphics in the browser, and spending three

years building, testing, and iterating with users, they launched Figma. It was the first design tool that

combined the accessibility of the web with the functionality and performance of a native desktop app.

Not everyone was as excited as Dylan and Evan were about this new way of working. Despite the product

benefits of a more open design process — seamless version control, real-time collaboration in the file,

and the ability to access designs from any browser or computer anywhere in the world — designers

raised concerns that more transparency and collaborators in the mix would lead to tighter deadlines, more

micro management, and an implicit loss of control over their craft. One person even said that if Figma was

the future of design, they were changing careers.

But as more designers and their teams started using Figma, they began to understand the benefits of

designing together in the browser. It was more fun working collaboratively in the same file; it was also

faster and more efficient to work in a single product that brought storage, asset creation, prototyping, and

other parts of the design toolchain into one place. The ability to easily share work with a URL led people

to bring collaborators into their files earlier, placing more emphasis on co-creation and less on the "big

reveal." It also led Figma to spread quickly within companies and design communities globally, while

giving teams something they'd never had before: a single source of truth to access the most up-to-date

designs.

Today, the openness and accessibility that Figma helped pioneer is no longer a novelty; it's the

expectation, a way of working that has spread across teams, tools, countries, and industries — and

transformed the way products are designed and built.

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From design tool to product development

platform

As Figma's open and collaborative way of working pulled more people into the design process, we

expanded to serve the many roles and steps involved in going from an idea to a product in users' hands.

The early investments we made in our browser-based platform have enabled us to rapidly introduce and

monetize new products.

![a010-figmaxplatform.jpg](a010-figmaxplatform.jpg)

• In 2021, we expanded our platform to serve earlier phases of the product development lifecycle

with the launch of **FigJam**, an online whiteboard for teams to brainstorm and ideate together.

FigJam grew organically out of the unexpected ways our community was using our first product

Figma Design to meet, connect, and brainstorm product ideas. We tailored FigJam to fit this use

case, creating a more welcoming and lightweight space for designers and their collaborators to

meet and brainstorm what to build together — using the core principles and primitives of Figma. A

Forrester study we commissioned found that companies using FigJam and Figma together

experience significant efficiency gains in the ideation phase and a return on investment of 328%.

• In 2023, we released **Dev Mode**, a dedicated space in Figma that helps teams more efficiently

translate design concepts into coded products. While Figma Design is built for more free-form

design exploration, Dev Mode is tailored to the very specific and structured needs of developers,

who, during the three months ended March 31, 2025, made up approximately 30% of our monthly

active users. Dev Mode organizes information and surfaces data like design specifications and

measurements in ways that are both useful and intuitive for developers. Building on years of

updates in Figma Design to bridge the gap between design and code, Dev Mode is designed to

improve cross-team communication and maximize efficiency at this crucial step in the product

development process.

• In 2024, we launched **Figma Slides**, a product for designers and their collaborators to drive

alignment through better-designed and more collaborative presentations. Figma Slides was born

from an organic use case in which our users were creating millions of slide presentations in

Figma Design. Seeing that pattern, a team of our employees drew up Figma Slides during our

annual "Maker Week" hackathon. Figma Slides marries the visual fidelity of Figma Design with

the playful interactivity of FigJam, making it easier for designers and non-designers to create

powerful presentations in the same space.

• In 2025, we doubled our product portfolio with the launch of four new products: **Figma** **Sites**,

**Figma Make**, **Figma Buzz**, and **Figma Draw**. Figma Sites is a product that lets you design a

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website and directly publish it to the web, with a custom URL. Figma Make is an AI-powered

product that turns a prompt into a fully functional prototype. Figma Buzz is a product for easily

creating social media assets, display ads, and other marketing materials at scale that are

consistent with your brand or visual identity. And Figma Draw provides a dedicated space for finer

vector editing required when drawing detailed iconography and product illustrations.

With the additions of these seven products over the last four years, Figma offers an increasingly end-to-

end platform for teams to go from idea to shipped product. Over time, we've seen teams adopt our

platform for more parts of their product development journey, as evidenced by the fact that 76% of Figma

customers were using at least two of our products during the three months ended March 31, 2025.

![a011-numbers.jpg](a011-numbers.jpg)

AI has the power to accelerate the process of going from idea to product even further by helping users of

all skill levels explore and iterate on ideas more quickly, while automating rote, repetitive tasks. Over the

last few years, we've launched AI features that help users generate editable user interfaces with a simple

prompt and rename layers in a design file or instantly summarize sticky notes from team meetings with a

single click.

Figma Make is the most recent launch that shows the potential of AI to accelerate product development,

as it helps users rapidly explore concepts by turning a conversational prompt — optionally augmented

with an existing Figma design — into a working prototype within minutes. This and other Figma AI

features currently rely on off-the-shelf foundational models, though we expect developments of our own

models to accelerate over time as we continue to make significant investments in AI.

Our community has also contributed to the expansion of Figma's platform in ways that increasingly

position us at the center of design and product development workflows. They have created over 250,000

Community resources, including more than 10,000 plugins and widgets that allow users to customize their

workspaces and speed up their workflows using Figma's publicly-accessible APIs. With the help of our

users and trusted partners, we have built a powerful, extensible ecosystem that keeps evolving to meet

the diverse needs of a growing global community and contributes to our growth.

Through close community ties and a relentless focus on innovation and meeting user needs, Figma has

grown to serve more people and parts of the process of helping teams turn ideas into shipped products

and experiences.

The opportunity ahead

In the 13 years since Figma's founding, the amount of software in the world has exploded, and according

to a Gartner® forecast, worldwide software spending is expected to exceed $1.2 trillion in 2025.

Meanwhile, generative AI has made digital products more ubiquitous and much easier to build, with IDC

<sup>(8)</sup> &nbsp;&nbsp;&nbsp;&nbsp; Per IDC, "apps are defined here as logical applications which include solutions that are entirely made up of brand-new software

but also solutions that leverage existing installed applications as providers of data, decision-making logic, and other services."

<sup>(9)</sup> &nbsp;&nbsp;&nbsp;&nbsp;To estimate our market opportunity, we took IDC primary research-informed models of the global workforce population

engaged in software design and then applied our internal pricing data to determine our total addressable market.

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estimating there will be more than 1 billion new apps in the world by 2028.<sup>8</sup> As a platform that's quickly

becoming a system of record for design and product development, Figma is well positioned to benefit

from this growth.

![a014-numbers.jpg](a014-numbers.jpg)

We believe that, in today's world, design and a company's brand matter more than ever. The explosion of

software means that companies must increasingly vie for customer attention, and it is the well-crafted,

thoughtfully-designed brands, products, and user experiences that will stand out from the rest. In addition,

companies are still in the early phases of incorporating AI into their products. We expect to see so much

innovation in the years to come around the design of new interfaces and interaction paradigms that are

truly AI-native. Like the shifts to mobile and the cloud, we believe broader usage and adoption of new

technologies will be fueled by great design.

We estimate that our total addressable market is $33 billion today across the "global workforce engaged

in software design," as identified by IDC. We calculate our total addressable market based on internal

Figma data and the IDC Executive Spotlight sponsored by Figma, "Global Workforce Engaged in

Software Design Expands to 144 Million by 2029." We commissioned this IDC Executive Spotlight, which

sizes the global number of participants involved in the product development process.<sup>9</sup>

Figma's founding vision was to eliminate the gap between imagination and reality. Thirteen years later,

the shift from a physical economy to a digital economy, huge advances in AI, and our own evolution from

design tool to design and product development platform have combined to make this aspiration feel even

more within reach today than it was when we started. This vision inspires us to think bigger about the role

Figma can play in extending the power of design to more people, so that whoever you are, whatever you

want to design, you'll be able to make it in Figma.

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Deep Dive: The product development

process in Figma

While our community has pushed Figma in all kinds of unexpected ways, our primary focus is to help

teams turn ideas into software. We started out as a relatively small part of this larger job to be done, but

Figma was always meant to be more than a tool for designing user interfaces.

![a015-figmaxplatform.jpg](a015-figmaxplatform.jpg)

We are a platform for design and product development. And while the workflow of creating software and

other digital products and experiences can take many paths and forms, the process has traditionally

involved the following key phases:

1.**Ideate and Align.** The team comes together to brainstorm different solutions to user problems

and align on a path forward.

2.**Visualize.** Designers, PMs, and others bring life to these ideas by visualizing them at different

levels of fidelity, which starts to give a sense of how the overall experience comes together.

3.**Build.** These ideas and visualizations are turned into code (most often by a developer) and made

production-ready.

4.**Ship.** The product is launched, so it can end up in users' hands, and marketed, so more users

adopt it; this kicks off a continuous loop of learning, refinement, and improvement.

These phases have continued to shift as roles have blurred and advances in AI allow more people to

participate in the process of creating digital products and experiences. We see this in our own research,

which found that, as of May 2025, more than half of non-designers reported spending substantial time on

<sup>(10)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Data from a Figma survey of approximately 1,200 professionals working in digital product and marketing in the United States

conducted from March through May 2025.

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design-related work like visual exploration or mapping user flows.<sup>10</sup> Over time, we've launched and

successfully monetized new products that bring more parts of the overall design and product development

process onto our platform.

Ideate and align with FigJam and Figma Slides

![a016-figjamxfigmaxslides1.jpg](a016-figjamxfigmaxslides1.jpg)

In the early phases of product development, teams come together to brainstorm ideas and eventually

align on potential paths forward. FigJam and Figma Slides are products we have built to facilitate these

activities.

FigJam is our product tailored for ideation, brainstorming, and rapid communication of ideas. Designed for

users of all skill levels, FigJam makes everything from personal projects to solo ideation to team meetings

more engaging and fun. This is made possible by facilitation features like timers and voting, but also fun

features that give participants more ways to express themselves, like ephemeral emoji reactions, a photo

booth that lets you take a quick selfie, or the ability to give high-fives. We also offer rich diagramming

capabilities to make it easy to convey more abstract ideas through user journeys or technical diagrams for

engineering. In FigJam, users can also use AI to generate templates for group brainstorms and

summarize meeting notes in seconds.

Figma Slides helps teams collaboratively make compelling, engaging presentations that drive and

maintain alignment. What makes this product especially effective for product teams is the way it marries

Figma's powerful design features — such as the ability to embed prototypes, create high-fidelity

animations, or make detailed edits to mock-ups directly in a slide — with strong real-time collaboration

capabilities like seamless multiplayer editing and audience voting.

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Often, these products are used side-by-side — what starts in a brainstorm in FigJam can lead to a pitch

deck in Figma Slides. We aim to make the transition between these products easy with features like AI

that can turn FigJam stickies into a Figma Slides presentation.

Visualize with Figma Design and Figma Draw

![a017-figmaxdesign.jpg](a017-figmaxdesign.jpg)

As ideas become more concrete and teams align on a path forward, they move toward visualizing these

ideas at a higher fidelity. Often, they draw mock-ups to explore directions more deeply, or build realistic

prototypes to validate designs. Figma Design is where all of this happens.

Designers at this stage want the freedom to rapidly explore concepts and express their ideas fully without

being constrained by the tools they're using. This is why Figma Design offers a wide range of features

that make it possible to visualize ideas with high fidelity, including typography features or vector editing

capabilities that add texture and dimension to designs. In some cases, designers want to make more

detailed, finer edits to key assets in their design, like icons and product illustrations. For these users,

we've created Figma Draw, which is a dedicated space for vector editing within Figma Design.

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![openerfigmadraw.jpg](openerfigmadraw.jpg)

To facilitate rapid exploration and iteration at this stage, these tools have a strong focus on ergonomics

and efficiency. Our AI features are examples of this. By automating tedious, repetitive tasks like removing

backgrounds from images or renaming layers in the design, or filling the mock-ups with realistic content to

more closely resemble the final product that ends up in users' hands (rather than *lorem ipsum*, for

example). First Draft is an AI feature that allows users to go from blank canvas to editable user interfaces

with a simple prompt.

As designs begin to solidify, designers also seek to add more structure to the design that better maps to

the constraints and requirements of a production environment. Figma Design offers a rich set of "design

systems" features in service of this: capabilities that allow teams to define flexible, reusable building

blocks that make it easy for anyone to assemble a design without ever starting from scratch. We've found

that teams are motivated to invest deeply in design systems, as their primary benefit is creating efficiency

and consistency at scale. Teams save time by no longer needing to constantly worry about pixel-level

details, and design systems help remove translation errors between designers and developers by sharing

the same building blocks and language across design and code.

More often than not, though, a static visualization of an idea isn't enough to validate a direction. That's

why users take advantage of Figma's rich prototyping capabilities, which let users string together different

screens into a dynamic, interactive flow. These prototypes are often circulated within an organization to

socialize an idea or put in front of customers in user testing to validate a particular concept in a more

realistic way.

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Build with Dev Mode

![a018-devxmode.jpg](a018-devxmode.jpg)

Once the designs are ready, it's time to translate them into code. Dev Mode is our dedicated space for

developers where this translation occurs, built to streamline the back and forth between design and

engineering and reduce the miscommunication that often happens during this step.

In Dev Mode, developers can inspect the designs to see key details most relevant to them, like special

annotations left by designers, documentation about the components used, or what's changed since they

last saw the design.

Importantly, developers can choose to view these designs in the format they understand most: code. Dev

Mode generates platform-specific, ready-to-use code from the designs that developers can directly copy;

teams can also connect their design systems to their codebase via Code Connect which helps ensure the

code snippets developers see are correct, familiar, and production-ready.

Recently, we've also added our own MCP server to Dev Mode, which allows developers to connect an

agent in their code editor directly to designs in Figma. Developers can ask the agent to inspect the design

and use this context to convert it into working code in their codebase.

A traditional design-to-development handoff process often involves a spec or document that can quickly

get outdated as teams continue to iterate on designs. One of Dev Mode's key value propositions is

allowing designers, developers, and even agents to work in the very same file while giving each a

different view of the work tailored to their respective needs. This helps maintain a single source of truth

that literally keeps everyone on the same page.

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Ship with Figma Sites, promote in Figma Buzz

![a019-figmaxsites.jpg](a019-figmaxsites.jpg)

The last step of any product development process is shipping the code that's been written to production,

to get your product launched. Figma Sites represents our first offering that ships a design directly to

production, by allowing you to publish a design as a working website, with a URL of your choice, that

anyone in the world can access.

Figma Sites includes features that help make designs production-ready for the web, like breakpoints that

make websites responsive across different window sizes and devices. It also supports the ability to

augment designs with code (via a feature called code layers) to help make more powerful, dynamic

experiences, like adding special motion effects or an interactive form, that would otherwise have been

impossible to build with just a design tool. Figma Sites also includes a CMS that makes it easy for anyone

to make changes to the content on a website, like a blog post or the price of an item being sold on the

site, without worrying about breaking the underlying code or design.

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![a021-figmaxbuzz.jpg](a021-figmaxbuzz.jpg)

Once a product has been shipped to production, the last step is to actually promote it, to ensure existing

and prospective users are aware of the value of what's launched. This is where Figma Buzz comes in —

a tool that makes it easy to create on-brand marketing collateral, like social media assets, digital ads, and

more.

Similar to Figma Slides and FigJam, Figma Buzz is designed for users of any skill level. Figma Buzz

makes iteasy to take a template and edit its contents, or create assets in bulk from templates (e.g., for

multiple locales or different social media platforms). The product simplifies the collaboration between a

brand designer and a marketer. Designers are able to access the more sophisticated tools necessary to

set up a beautiful template, while marketers can make edits to the simpler view of the content without

worrying about "messing up" the design. In addition to these template capabilities, Figma Buzz has a slew

of other features that marketers may need, like AI features to edit text and images, or easy ways to

generate hundreds of assets from data in a spreadsheet.

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Ideate, visualize, build, and ship — all at once, with Figma Make

![a020-figmaxmake.jpg](a020-figmaxmake.jpg)

We believe AI is fundamentally transforming the product development process by making it possible for

anyone to quickly turn an idea into a functional prototype, or in some cases, a working product. Figma

Make is our product for this new paradigm.

Instead of going from idea to wireframe to mock-up to prototype iteratively, Figma Make lets users go

directly from prompt to working prototype, at which point they can immediately validate an idea and

choose to iterate on it, or discard it altogether. Like Figma Sites, what's created in Figma Make —

whether it is a dynamic prototype or web app — can be published to a URL for anyone to use.

While it's possible for AI to get to working software with a simple prompt, we believe that the most

important differentiator is craft — ensuring that the product looks, feels, and works "just right." We've

designed Figma Make to offer fast and powerful ways to iterate and refine its output. Users are free to

use the best way to improve the design of their product, whether via further prompting, editing code

directly, or visual manipulation. They are also able to easily reference their designs in Figma Design (via

copy-paste or importing) to ensure the output feels consistent and familiar, taking heavy inspiration from

existing styles and patterns.

With Figma Make, we believe even more people will be able to create functional, dynamic prototypes and

software, as it lowers the floor to let absolutely anyone transform their idea into something that works. At

the same time, it raises the ceiling of what's possible by giving people access to capabilities that weren't

possible in their current tools, whether that's allowing designers to tap into the power and expressiveness

of code, or allowing developers to enjoy the freedom and speed of visual manipulation.

The benefits of combining rapid prototyping with a highly performant and sophisticated design tool give

users the best of both worlds: the ability to move quickly while having access to the tools needed to refine

the design.

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An integrated design and product development platform

These products come together to serve more parts of the software development lifecycle and truly push

something from an idea all the way to a final product. With these products, Figma has become a design

and product development platform that houses everything from the initial brainstorm to the pitch deck to

the design spec to the final implementation.

Underlying each of our products is the same DNA that makes them uniquely Figma. Each of these

products is built from the ground up with multiplayer in mind — built for the browser with the power of

WebGL to allow our users to engage in real-time collaboration and seamless sharing as team members

work simultaneously in the same document. Each of these products is supercharged with AI capabilities

— ranging from automating rote tasks (like summarizing brainstorms, wiring up prototypes, enhancing

images, or filling mock content) to unlocking new superpowers (like dreaming up brand new designs from

a singular prompt). Each of these products allows for seamless interoperability — making it possible to

allow content to move fluidly between products and modes, or for different personas to have views of the

same content that are tailored to their needs and roles. And all of them are built with extensibility in mind

— allowing our users to leverage our APIs and plugin architecture to customize their experience to their

specific needs, like connecting designs to their own tools, databases, and codebases.

As we've built out these new tools, we've simultaneously invested in our platform infrastructure, giving us

the ability to incubate, test, and launch new products more easily. While our primary focus will remain on

product teams building software, we believe we have the ingredients needed to explore adjacencies over

time.

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## Our Community
We exist to serve anyone designing and building products and digital experiences. Customers of all sizes,

spanning industries and geographies, bring their work to life in Figma.

We have focused on creating deep ties with our users and customers since day one. In Figma's early

days, this meant our founders making house-calls to customers' offices to troubleshoot a product issue; or

traveling to Nigeria to visit a growing group of Figma users. Our deep community focus has helped fuel

the creation of more than 200 Friends of Figma chapters across the world — from Lagos to Los Angeles

— that organized over 650 events in 2024. Together, they share and collaborate on work, either in person

or virtually on Figma's Community resources platform. Many spend hours a day in our products as part of

their day jobs and side hustles. Some even get Figma tattoos.

![a00_our-community.jpg](a00_our-community.jpg)

We engage with our community through in-person and virtual touchpoints. Config — our annual

conference that started in 2020 — brings thousands of designers, developers, and product teams to San

Francisco to meet, learn, and get inspired. Our always-on programming, like product livestreams,

community meetups, and our leadership collective events, engage a broad range of customers from

students to executive leaders. And our lively product forums, social channels, and hundreds of Friends of

Figma chapters around the world create active dialogue around our products and provide a peer network

for support.

We know how unique it is for a software company to have such a strong and passionate community

championing its products. This vast, growing, and global community has a deep shared identity as

designers and product builders. Their voices are essential to our own product development process,

pushing the bounds of our existing products and inspiring us to make new ones.

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We believe building for and with our users drives revenue and long-term loyalty. The close ties we have

developed with our community since day one have opened lines of communication ingrained in how we

work, helping us respond quickly to customer feedback and innovate for customer needs.

Our Culture

The Figma team (we call ourselves Figmates) is a group of builders, makers, and tinkerers with deep

connections to our users and a passion for building and shipping. We are able to attract incredible talent

because we have the opportunity to shape how teams around the world design and build products.

We feed this maker spirit in many ways including an annual company-wide Maker Week — a full week we

set aside for Figmates to pitch, develop, and execute on new ideas or projects with one another. The only

requirement is that the ideas benefit Figma in some way. A number of products, features, and projects

were born during Maker Week such as Figma Slides, multi-edit, several FigJam features, and our

extensibility API. As these examples show, great ideas can come from anywhere, and any Figmate can

drive impact, regardless of their level or tenure. We find this way of working makes our culture unique and

helps us attract and retain employees with builder DNA.

![a00_our-culture.jpg](a00_our-culture.jpg)

We drive Figma's culture by embedding our five cultural values into how we work day to day. These

values serve as an operating system for decision-making and organizational behavior. We chose them to

be in tension with one another and their relative importance varies at different times. Taken together, they

paint a clear picture of what we value and why.

1.**Build Community:** We're multiplayer people, and we love the weird, wonderful magic that

happens when humans connect. We bring people together so they can bring new ideas to life.

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2.**Love Your Craft:** We build for builders, and try to make complex things feel simple. In our

products and process, we invest in the details few people see, but everyone feels.

3.**Run With It:** When you see something that needs doing, do it. When you have a great idea, run

with it. Tackle big, scary, exciting challenges like Figma's future depends on it. Because it does.

4.**Grow As You Go:** Everyone's a work-in-progress, and we're here to help each other grow. So

along with ❤ and , we share the direct feedback we all need to become great at what we do.

![prosum3b.jpg](prosum3b.jpg)

5.**Play:** Playing is learning. We embrace spontaneous, unstructured exploration — because that's

where we find our best ideas.

Lastly, in line with our Grow As You Go value, listening to feedback across every touchpoint with users

and customers is deeply embedded in our culture and how we work.

## Our Business Model
Our subscription model is designed to meet the diverse and evolving needs of our growing community

and customer base. Access to Figma is sold as an annual or monthly subscription, per seat. Everyone

from independent freelancers to entire product teams at Fortune 500 companies design and build

products and digital experiences in Figma. We offer different seats and plans tailored to the specific

security, product, and administrative needs of different users, organizations, and industries.

To meet our users where they are, we offer a variety of ways to try, use, and purchase Figma.

• We have an automated and highly efficient self-service option, available through Figma.com. To

support our self-serve offering, our marketing team utilizes organic and paid channels to drive

awareness and usage of all of our products.

• We have a direct sales process through which we partner with customers to set up new accounts,

upgrade customers across plans, and expand existing accounts.

Plans

Our plans range from a more limited free offering to more advanced plans built in partnership with our

customers that meet the specific needs of the larger organizations using our platform.

• Our **Starter plan** is free and is designed for working on personal projects. It provides an easy

way for new users to try our design and collaboration tools.

• Our **Professional plan** is designed for individuals and small teams. It provides access to

unlimited files and projects, as well as design libraries for a single team.

• Our **Organization plan** is designed for businesses with multiple teams. The functionality on this

plan allows everyone to collaborate in one Figma workspace while keeping everything safe and

secure with centralized admin and security features.

• Our **Enterprise plan** is designed for businesses managing multiple products or brands. This plan

provides custom team workspaces, automated design system management, and enterprise-level

controls and compliance.

<sup>(11)</sup> The Content seat was announced in May 2025 and is not yet available. Figma Sites CMS is currently in beta and seat access

may change once it becomes generally available.

<sup>(12)</sup> Figma Make, Figma Buzz, and Figma Sites are currently in beta. Seat access with respect to these products may change once

they become generally available.

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Seats

Rather than a one-size-fits all approach, we offer different seats tailored to specific user needs and

workflows. At the same time, we also see roles continuing to blur as the product-development process

keeps evolving.

• The **Viewer seat** allows users to view files and leave comments for free.

• The **Collab seat** gives access to FigJam and Figma Slides.

• The **Content seat** gives access to Figma Buzz, Figma Sites CMS, FigJam, and Figma Slides.<sup>11</sup>

• The **Dev seat** gives access to Dev Mode, in addition to Figma Buzz, Figma Sites CMS, FigJam,

and Figma Slides.

• The **Full seat** gives access to all of Figma Design, Figma Draw, Figma Make, Dev Mode, Figma

Buzz, Figma Sites, FigJam, and Figma Slides.<sup>12</sup>

![a012-seats.jpg](a012-seats.jpg)

Over time, we expect to introduce products and services that may be billed differently than on a per seat

basis, such as an add-on or pricing with limits on feature usage. We believe these additional options can

provide users with flexibility in how they use and pay for products and features. We also expect that this

type of billing may be less predictable than subscription-based revenue.

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![pricing1.jpg](pricing1.jpg)

Our Go-To-Market Motion

The combination of Figma's reputation as a product design leader, the product virality inherent to Figma's

collaborative and browser-based platform, and our integrated marketing efforts have successfully driven

awareness and adoption. Over time, many of our users grow with us into larger, managed accounts that

often include more seats and more products for users within their organizations. During each of the year

ended December 31, 2024 and the three months ended March 31, 2025, approximately 70% of new

Organization and Enterprise plan customers included at least one user who was previously a member of

a Professional plan.

The value Figma's products have created for our community has helped us earn their trust and support.

It's not uncommon for Figma users, particularly those who are active members of our community, to

champion the collaborative, design-led way of working that Figma offers to their teams.

While our product-led, bottoms-up adoption contributes to our growth, our direct sales motion helps us

serve larger customers. Our global sales and marketing teams work hand-in-hand with Figma's

expanding network of customer champions to scale our products within organizations and increase

adoption across plans. In addition to word-of-mouth, our marketing efforts include a variety of digital and

in-person channels that bring new users to our platform. We support new users in the discovery phase by

sharing content across channels like livestreams, YouTube, social media, in-product, and by email. These

resources help new users explore and understand the capabilities of our products.

Our integrated sales motion is collaborative by design, bringing both customer champions and Figmates

with deep product expertise into the conversation. Our sales team works closely with solutions

consultants, who understand how Figma's products map to specific customer needs, and designer and

developer advocates with deep technical understanding of our products and close ties to the communities

we serve. While approximately 70% of our revenue for each of the year ended December 31, 2024 and

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the three months ended March 31, 2025, came from customers on Organization and Enterprise plans, we

continue to build features and products designed to create value for all of our customers.

We believe exceptional customer support is core to a great product experience. This is why we have built

a global support function that provides customer assistance in multiple languages for all paid users. We

encourage all Figmates, including our executive team, to speak with customers and understand their

feedback, whether it's in person or online. You'll often see leaders across the company dive into and work

to actively resolve customer issues raised in support forums or on social platforms. Our customer support

associates also use the latest in AI to solve customer needs quickly and efficiently.

Figma's partner ecosystem, which includes product integrations and distribution partnerships, drives

further retention and adoption of our platform. Through collaborations with companies like Microsoft,

Atlassian, Zoom, Notion, and Linear, and integrations with tools like GitHub, Visual Studio Code, and

Storybook, users are connected to Figma from within their existing workflows. These partnerships

generate awareness and cultivate lasting engagement. Certified service partners around the globe also

provide training, enablement, and specific project support for customers. Additionally, Apple, Google

Material Design and other organizations make their design resources available natively through Figma's

user interfaces to facilitate users designing and developing for their respective platforms.

From the beginning, Figma's Professional plan has been free for educators and students through our

Figma for Education program. This includes higher education institutions, bootcamps, and workshops. We

also make Figma's Organization plan available for free for K-12 students and educators to help develop

the next generation of product builders.

![a024-goxtoxmarket.jpg](a024-goxtoxmarket.jpg)

![customercasestudies1d.jpg](customercasestudies1d.jpg)

![customercasestudies2d.jpg](customercasestudies2d.jpg)

![customercasestudies3f.jpg](customercasestudies3f.jpg)

![customercasestudies4e.jpg](customercasestudies4e.jpg)

![customercasestudies5e.jpg](customercasestudies5e.jpg)

![customercasestudies6e.jpg](customercasestudies6e.jpg)

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Growth Strategy

We have focused on building a company for the long-term since day one. We will keep investing in our

platform across our key growth levers.

• **Maintaining our rapid and proven pace of product innovation:** Since launching our core

product Figma Design in 2015, we have expanded our platform to serve more parts of the product

development process with FigJam, Figma Slides, Figma Draw, Figma Make, Dev Mode, Figma

Sites, and Figma Buzz. We've also integrated AI functionality extensively across our platform—

from standalone products like Figma Make to native AI features that automate rote, repetitive

tasks in FigJam and Figma Design, to our Dev Mode MCP server, which allows developers to

bring context from Figma into agentic coding tools, resulting in a more efficient and accurate

design-to-code workflow.

We have also added powerful features and functionality within existing products like widgets and

improved diagramming in FigJam; auto layout, grids, multi-edit, variables, and interactive

components in Figma Design; Code Connect, annotations, and status updates in Dev Mode; as

well as object animations and video capabilities, and code layers to bring AI into Figma Sites. In

2024 alone, we shipped 180 new features and updates. At the same time, we have worked to

improve the speed, reliability, and overall performance of our underlying infrastructure.For

example, we improved the median load time for the largest files on our platform by approximately

45% between the quarters ended March 31, 2023 and March 31, 2025. Our proven pace of

innovation and commitment to continuous improvement help our customers do even more, faster

in Figma.

Approximately 46% of employees were in research and development as of March 31, 2025. We

will continue investing significantly in our platform and team so that we can continue to deliver

new products and capabilities to customers.

• **Converting new and existing users into Paid Customers:** We believe companies of all sizes

need to interact with their customers through software and other digital products to stay

competitive. Customers are building apps and websites, and in many cases their entire digital

relationship with their customers in Figma. Companies have also used Figma to design and build

internal software applications and tools for frontline employees, in-office knowledge workers, and

everyone in between.

Our range of plans offer options for all types of users, including a free Starter plan. We also have

a free offering for students and educators. Our Starter plan makes it easy for anyone to quickly

get started with Figma and experience the benefits of our platform. More advanced functionality is

available on our paid plans, including features like shared libraries and custom workspaces.

These features are designed to meet the specific and complex needs of teams, creating a

compelling reason for our free users to convert into paying customers.

• **Growing within current customers:** Figma's user base grew organically as more people began

to participate in the design and broader product development process. We have also been able to

grow and expand within our existing customer base by introducing new products that meet

specific user needs and serve different parts of the product development process. For example,

while developers made up a large portion of Figma's user base since the beginning, we knew that

Figma was not fully meeting their needs. In response, we built Dev Mode, which is tailor-made for

developer audiences and built with their specific ways of working in mind. Marketers have long

used Figma, and we introduced Figma Buzz to allow them to create on-brand assets at scale.

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Our Net Dollar Retention Rate of 132% as of March 31, 2025 shows the natural expansion of our

platform and the adoption of new products by our customers. While 78% of the Forbes Global

2000 used Figma in March 2025, only 24% spend more than $100,000 in ARR on Figma as of

March 31, 2025. This represents a significant opportunity for growth moving forward.

• **Extending our platform:** We continue to invest in the extensibility of Figma's platform as a way

to create more value for our users. In 2019, we introduced the ability to build plugins in Figma

Design that help teams fully connect their workflows, bring in real data, and accelerate their

design process. In 2021, we expanded this plugin capability to FigJam, along with the ability to

build custom interactive widgets that enable collaborative and interactive experiences, like voting,

polls, and on-canvas games. In 2025, we made plugins available for Figma Slides. Our

Community platform invites Figma users to share and use widgets and plugins that help extend

the power and functionality of Figma. And we have a number of product integrations that make

users' workflows more seamless and in line with their needs.

• **Expanding our international footprint:** Our business has been global from the start. During the

three months ended March 31, 2025, approximately 85% of our monthly active users were based

outside of the United States but only 53% of our revenue came from non-U.S. markets during the

same period, which we believe represents an opportunity for us to continue to drive growth and

expansion. As of March 31, 2025, our product is currently available in English, Japanese,

Spanish, Korean, and Portuguese; we accept five currencies; our marketing and support

channels are available in six languages; and we had nine offices in seven countries, with local

staff spread across 13 countries and five continents. We will continue to invest in localizing our

products and in our international operations to meet our customers where they are.

• **Making strategic acquisitions and investments:** We have made more than ten acquisitions

since Figma's founding. Our corporate development framework evaluates opportunities from

small acqui-hires to scaled product acquisitions. We have a history of integrating our acquisitions

to accelerate growth. For example, an acquisition we made in 2021 seeded the team that built

Dev Mode. We will build on our track record of integrating teams to accelerate our roadmap and

to expand our platform.

We also created Figma Ventures as a way to invest in teams building incredible products. In

addition to supporting great companies, we believe that Figma Ventures can help grow the

broader ecosystem and allows us to learn about new tools and ways of working, continuing to

push how we can partner with these companies. As of March 31, 2025, Figma Ventures had

invested in 18 companies.

Security, Privacy, and Data Protection

We have worked hard to build deep ties and trust with our users, and we invest significant time and

resources to protect the privacy and security of our customers' data.

Security

We devote considerable resources to our security program so that organizations on our platform have

confidence in our custodianship of their data. Our security program is regularly audited by qualified

independent external auditors against recognized audit standards such as ISO 27001 and SOC 2 Type II

(each defined below), as well as by the organizations on our platform.

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Our security program consists of the following:

• organizational security including personnel security, security and privacy training, a team of

dedicated security professionals, policies and standards, separation of duties, regular audits,

compliance activities, and third-party assessments;

• secure-by-design principles by which we assess the security risk of each software development

project according to our secure development lifecycle and create a set of requirements that must

be met before the resulting change may be released to production; and

• a public bug bounty program to facilitate responsible disclosure of potential security vulnerabilities

identified by external researchers and reward them for their verified findings.

The focus of our security program is to prevent unauthorized access to the data of organizations on our

platform. Our team of security practitioners, working in partnership with peers across Figma, work to

identify and mitigate risks, implement best practices, and continue to evaluate ways to improve. These

steps include data encryption in transit and storage, network security, classifying and inventorying data,

limiting and authorizing access controls, and multi-factor authentication for access to systems used to

provide our platform to customers. We also employ regular system monitoring, logging, and alerting to

retain and analyze the security state of our technology infrastructure.

In addition, our security program has achieved several internationally-recognized certifications and

industry standard audited attestations of our security controls and maintains a number of compliance

programs.

The International Organization for Standardization ("ISO") has developed a series of standards for

information security and related areas, and we have received the following ISO certifications:

• ISO/IEC 27001 (Information Security Management);

• ISO/IEC 27701 (Privacy Information Management);

• ISO/IEC 27017 (Security Controls for the Provisions and Use of Cloud Services); and

• ISO/IEC 27018 (Protection of Personally Identifiable Information).

Service Organization Controls ("SOC") are standards established by the American Institute of Certified

Public Accountants for reporting on internal control environments implemented within an organization. We

have completed SOC 2 and SOC 3 examinations.

We are a member of the Cloud Security Alliance (the "CSA"). The CSA Security, Trust, Assurance, and

Risk Registry (the "STAR") is a publicly-accessible registry that offers a security assurance program for

cloud services, helping organizations assess the security posture of cloud providers they currently use or

are considering using. We meet the requirements of the STAR Level 1 Self-Assessment.

FedRAMP is a U.S. government program that provides a standardized approach to security assessment,

authorization, and continuous monitoring for cloud products and services and allows federal agencies to

accelerate cloud adoption initiatives. We have achieved a FedRAMP Authority to Operate at the

moderate impact level, issued by the General Services Administration, for our Figma for Government

offering.

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Privacy and Data Protection

The privacy and protection of customer and employee data is important to our platform's continued

growth and success. Privacy is a shared responsibility among all our employees, but we also have a

dedicated privacy team that builds and executes on our privacy program, including the management of

data protection impact assessments, and periodic privacy and security training for our employees. Our

privacy, security, and legal teams work together to conduct product and feature reviews, data inventory,

and support for data protection and privacy-related requests.

We receive, store, process, share, and transfer personal data from individuals including our employees,

customers, and the employees of our customers and third-party vendors including payment card

information. We are therefore subject to U.S. (federal, state, local) and international laws and regulations,

including in the EEA and the UK, regarding data privacy, security, and our use of such data.

In relation to Figma Design and FigJam, we certify ourselves against Level 2 of the EU Cloud Code of

Conduct, and our assessment report is available for download on both the EU Cloud Code of Conduct

Registry and CSA STAR Registry. The EU Cloud Code of Conduct translates GDPR requirements into

practical guidelines for Cloud Service Providers, offering cloud-specific approaches, recommendations,

and a roadmap that aligns with GDPR and international standards like ISO 27001 and ISO 27018. We

also maintain a self-certification under the EU-US DPF, the UK Extension to the EU-US DPF, and Swiss-

US Data Privacy Framework and also put in place the SCCs and/or the UK Information Commissioner's

Officer's Addendum to the SCCs as required for the transfer of personal data.

Our Employees

As of March 31, 2025, we had a total of 1,646 Figmates, a substantial majority of whom work in the

United States, in addition to employees working in Australia, Canada, Japan, Singapore, the UK, France,

Germany, and other locations across Europe. To our knowledge, none of our employees are currently

represented by a labor union. In certain countries in which we operate, we are subject to, and comply

with, local labor law requirements which may automatically make our employees subject to industry-wide

collective bargaining agreements. We supplement our workforce with contractors and consultants. We

have not experienced any work stoppages.

Figma has invested substantial time and resources into building a highly-talented team. Our success is

highly dependent on our management and employees, and it is crucial that we continue to attract and

retain top talent. To facilitate the attraction and retention of top talent, we strive to make Figma a place

where everyone can do their best work, with opportunities for our employees to grow and develop in their

careers.

Competition

Our industry is growing, highly competitive, and rapidly evolving. Our platform addresses a broad range of

needs for designing and building software. We face competition from a number of companies. This

ranges from companies that cater to multiple stages of the design and development process to point tools

that address specific parts of the process but can expand to cover more. Our competitive set also

includes design-to-code and AI-driven companies and tools that compress or accelerate steps in the

workflow or take a different approach to building digital experiences, as well as customized or internal

solutions used by our customers or potential customers.

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We believe that the principal competitive factors in our industry include:

• breadth of platform and product offerings;

• ease of deployment and use of applications;

• ability to collaborate with other users;

• product features, quality, and functionality;

• ability to automate processes;

• ability to integrate with other applications and systems;

• capability for customization, configurability, integration, security, compliance, scalability, and

reliability of applications and solutions;

• vision for the market;

• speed and consistency of product innovation;

• size of customer base and level of user adoption;

• pricing and total cost of ownership;

• strength of sales and marketing efforts;

• brand awareness and reputation;

• an engaged global community of users; and

• customer experience, including support.

We believe we compete favorably with our competitors on the basis of the factors described above.

Intellectual Property

Our intellectual property is an important aspect of our business and helps us to maintain our competitive

position. To establish and protect our rights in our proprietary technology, we rely on a combination of

patent, copyright, trade secret, and trademark laws, and contractual restrictions such as confidentiality

agreements, licenses, and intellectual property assignment agreements.

As of March 31, 2025, we owned the following issued patents and patent applications related to the

business: 15 issued U.S. patents, 64U.S. patent applications, and 62 non-U.S. pending patent

applications. Our issued U.S. patents, and any patents that may issue from our pending U.S. patent

applications, are scheduled or likely to expire at dates ranging between 2034 and 2044, which may

exclude any additional term for patent term adjustments or extensions. To protect our brand, as of March

31, 2025, we owned a trademark portfolio comprised of 89 registered trademarks and 16 trademark

applications pending with filings in 27 countries, Hong Kong, and the EU. Finally, we have registered

domain names for websites that we use or hold for use in our business, including our primary website

www.figma.com.

Figma controls access to our intellectual property and confidential information through internal and

external controls. We maintain a policy requiring our employees, contractors, consultants, and other third

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parties to enter into confidentiality and proprietary rights agreements. These agreements control access

to, use of, and non-disclosure of, our proprietary information. No assurance can be given that these

agreements will be effective in controlling access to, and non-disclosure and use of, our proprietary

information. We intend to pursue additional intellectual property protection to the extent we believe it

would be beneficial and cost effective. Despite our efforts to protect our intellectual property rights, they

may not be sufficient, effective, or respected in the future, or may be circumvented or challenged, which

could result in such rights being narrowed in scope or declared invalid or unenforceable. In addition, the

laws of various foreign countries where our products are distributed may not protect our intellectual

property rights to the same extent as laws in the United States.

Regulatory Matters

We are subject to the laws and regulations of various jurisdictions and governmental agencies affecting

our operations and the sale of our platform in areas including, but not limited to: intellectual property; data

privacy and security requirements; AI; tax; import and export controls; anti-bribery and corruption;

economic and trade sanctions; national security and foreign investment; competition; advertising;

employment; product regulations; and consumer laws.

See the section titled "Risk Factors" for additional information regarding risks we face related to regulatory

matters.

Facilities

We are headquartered in San Francisco, California, where we occupy approximately 98,000 square feet

of office space pursuant to a lease that is expected to expire in 2028, subject to the terms thereof. We

also lease or purchase service memberships to additional facilities in New York, New York; London, U.K.;

Berlin, Germany; Tokyo, Japan; Paris, France; Singapore; Seattle, Washington; and Sydney, Australia.

These offices are leased and we do not own any real property.

We believe that our current facilities are adequate to meet our current needs and that, should it be

needed, suitable additional or alternative space will be available to accommodate our operations.

Legal Proceedings

We are not currently a party to any material pending legal proceedings, including unresolved regulatory

investigations and inquiries. From time to time, we may be subject to legal proceedings and claims arising

in the ordinary course of business. The results of any current or future litigation cannot be predicted with

certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense

and settlement costs, diversion of management resources, and other factors.

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Management

## Executive Officers and Non-Employee
Directors

The following table provides information regarding our executive officers and non-employee directors as

of July 21, 2025:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| ***Executive Officers:*** |  |  |
| Dylan Field......................................... | 33 | Chair of our Board of Directors, Chief Executive Officer, <br>and President<br>|
| Praveer Melwani................................ | 35 | Chief Financial Officer and Treasurer |
| Brendan Mulligan.............................. | 42 | General Counsel and Secretary |
| Kris Rasmussen................................ | 42 | Chief Technology Officer |
| Shaunt Voskanian............................. | 42 | Chief Revenue Officer |
| ***Non-Employee Directors:*** |  |  |
| Mamoon Hamid<sup>(1)(2)</sup>........................... | 47 | Director |
| Kelly A. Kramer<sup>(1)(2)</sup>........................... | 57 | Director |
| Michel Krieger.................................... | 39 | Director |
| John Lilly<sup>(1)(3)(4)</sup>................................... | 54 | Director |
| William R. McDermott ...................... | 63 | Director |
| Andrew Reed<sup>(3)</sup>.................................. | 35 | Director |
| Danny Rimer<sup>(2)(3)</sup>................................ | 54 | Director |
| Lynn Vojvodich Radakovich<sup>(1)(2)</sup>...... | 57 | Director |
| Luis von Ahn...................................... | 46 | Director |

---

__________________

(1)Member of the audit committee.

(2)Member of the compensation committee.

(3)Member of the nominating and corporate governance committee.

(4)Lead independent director.

Executive Officers

***Dylan Field*** is our Co-Founder and has served as our Chief Executive Officer, President, and a member

of our Board of Directors since October 2012, and Chair of our Board of Directors since April 2025. Mr.

Field attended Brown University for two and a half years before accepting a Thiel Fellowship to pursue

entrepreneurial projects. We believe Mr. Field is qualified to serve as a member of our Board of Directors

because of his operational expertise, industry knowledge, leadership, and the continuity that he brings to

our Board of Directors as our Co-Founder, Chief Executive Officer, and President.

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***Praveer Melwani*** has served as our Chief Financial Officer since March 2022 and Treasurer since

February 2024. Mr. Melwani previously served as our Head of Business Operations and Finance from

July 2017 to March 2022. Mr. Melwani previously held positions in Business Operations at NerdWallet,

Inc., a financial technology company, from September 2016 to June 2017, in Strategic Finance at

Dropbox, Inc., a cloud-based data technology platform, from February 2014 to September 2016, and in

investment banking at Union Square Advisors, an investment bank, from July 2012 to January 2014. Mr.

Melwani holds a B.A. in Business Administration from Ivey Business School at Western University.

***Brendan Mulligan*** has served as our General Counsel and Secretary since February 2024. Mr. Mulligan

previously served as our VP of Legal from April 2022 to January 2024 and as our Director of Legal from

July 2019 to March 2022. Prior to that, Mr. Mulligan held legal positions of increasing responsibility at

Uber Technologies, Inc., a technology platform company, from September 2014 to July 2019. From

November 2010 to September 2014, Mr. Mulligan served as an Associate at Morrison & Foerster LLP, a

global law firm. Mr. Mulligan holds a J.D. from Columbia Law School and a B.S. in Animal Physiology and

Neuroscience from the University of California, San Diego.

***Kris Rasmussen*** has served as our Chief Technology Officer since March 2022. Mr. Rasmussen

previously served as our Vice President of Engineering from April 2017 to March 2022. Prior to that, Mr.

Rasmussen served as an Engineering Lead at Asana, Inc., a software development company, from April

2010 to June 2013, as Co-Founder of RivalSoft Inc., a business-to-business mobile application company,

from February 2007 to June 2010 and as Chief Architect at Aptana, Inc., a web application company,

from August 2008 to April 2010. Mr. Rasmussen holds a B.A. in Computer Science from the University of

California, Los Angeles.

***Shaunt Voskanian*** has served as our Chief Revenue Officer since October 2021. From January 2018 to

October 2021, Mr. Voskanian served in various sales leadership roles at Datadog, Inc., a cloud

technology company, including as Senior Vice President of Global Sales from January 2021 to October

2021, Vice President of Sales, America and EMEA, from January 2020 to January 2021, and as Vice

President of Sales, Americas, from January 2018 to January 2020. From August 2014 to January 2018,

Mr. Voskanian served in various sales roles at Oracle Corporation, a computer technology company. His

prior experience also includes sales roles at Google Inc., a technology company, Citrix Systems, Inc., a

computer technology company, and Experian plc, a data analytics and consumer credit reporting

company. Mr. Voskanian holds a B.S. in Communications from Boston University.

Non-Employee Directors

***Mamoon Hamid*** has served as a member of our Board of Directors since December 2017. Mr. Hamid

has served as a Managing Member at Kleiner Perkins, a venture capital firm, since August 2017. Prior to

joining Kleiner Perkins, Mr. Hamid was Co-Founder and General Partner at Social Capital LP, a venture

capital fund, from October 2011 to August 2017. He currently serves on the boards of directors of several

privately held companies. Mr. Hamid holds a B.Sc. in Electrical and Computer Engineering from Purdue

University, an M.Sc. in Management Science & Engineering from Stanford University, and an M.B.A. from

Harvard Business School. We believe Mr. Hamid is qualified to serve as a member of our Board of

Directors because of his extensive experience in the technology and venture capital fields, including his

experience as a director of several privately held companies in the technology industry.

***Kelly A. Kramer*** has served as a member of our Board of Directors since December 2021. From January

2015 to December 2020, Ms. Kramer served as Executive Vice President & Chief Financial Officer of

Cisco Systems, Inc. ("Cisco"), a technology company, where she previously served in finance roles of

increasing responsibility from January 2012 to January 2015. From February 2002 to February 2012, Ms.

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Kramer served in various finance roles at GE Healthcare Systems, including as Vice President & Chief

Financial Officer, as well as in various finance roles at GE Healthcare Diagnostic Imaging and GE

Healthcare Biosciences, all divisions of General Electric Company, a multinational conglomerate focusing

on aviation, power, renewable energy, and digital industry. Ms. Kramer also has served on the boards of

directors of Coinbase Global, Inc., a technology company, since December 2020, Snowflake, Inc., a

cloud-data platform company, since January 2020, and Gilead Sciences, Inc., a biopharmaceutical

company, since August 2016. Ms. Kramer holds a B.S. in Mathematics from Purdue University. We

believe Ms. Kramer is qualified to serve as a member of our Board of Directors because of her extensive

financial and management experience.

***Michel Krieger*** has served as a member of our Board of Directors since July 2025. Mr. Krieger has

served as Chief Product Officer at Anthropic PBC, an AI safety and research company, since May 2024.

Prior to that, Mr. Krieger served as Co-Founder and Chief Technology Officer at Nokto, Inc., developer of

Artifact, an AI-driven news aggregation application (acquired by Yahoo! in March 2024), from June 2021

to May 2024, and as Co-Founder and Chief Technology Officer at Instagram, Inc., a social media

application (acquired by Meta Platforms, Inc. in August 2012), from June 2010 to October 2018. Mr.

Krieger holds a B.S. and M.S. in Symbolic Systems from Stanford University and participated in Stanford

University's Mayfield Fellows Program. We believe Mr. Krieger is qualified to serve as a member of our

Board of Directors because of his extensive experience building and scaling innovative products and user

experiences.

***John Lilly*** has served as a member of our Board of Directors since December 2014. Mr. Lilly has served

as a General Partner and Venture Partner at Greylock Partners, a venture capital firm, since January

2011. Prior to joining Greylock Partners, Mr. Lilly held roles of increasing seniority at the Mozilla

Corporation, a technology company, from 2005 to 2010, including as Chief Executive Officer from

January 2008 to December 2010. Prior to joining Mozilla Corporation, he co-founded and held executive

leadership positions at Reactivity, a software company acquired by Cisco in August 2007. Previously, he

held staff positions at Apple, Sun Microsystems, and Trilogy Software. He currently serves on the board

of directors of Duolingo, Inc., an education technology company. Mr. Lilly is also a Lecturer at Stanford's

Graduate School of Business. Mr. Lilly holds a B.Sc. in Computer Systems Engineering and an M.Sc. in

Computer Science, both from Stanford University. We believe Mr. Lilly is qualified to serve as a member

of our Board of Directors because of his executive leadership experience and extensive experience with

the venture capital and technology industries.

***William R. McDermott*** has served as a member of our Board of Directors since July 2025. Mr.

McDermott has served as Chief Executive Officer and President at ServiceNow, Inc., a public digital

workflow company ("ServiceNow"), since November 2019. Prior to joining ServiceNow, Mr. McDermott

served as Co-Chief Executive Officer from 2010 to 2014, and as sole Chief Executive Officer from May

2014 until October 2019 of SAP SE ("SAP"), a multinational software company that provides enterprise

software. Mr. McDermott joined SAP in 2002 as Chief Executive Officer of SAP America, Inc., and served

on the SAP Executive Board from 2010 until October 2019. Prior to joining SAP, Mr. McDermott served

as Executive Vice President of Worldwide Sales and Operations at Siebel CRM Systems, Inc. from 2001

to 2002 and served as President of Gartner, Inc. from 2000 to 2001. Mr. McDermott has also served on

the boards of directors of ServiceNow since November 2019, including as Chairman since October 2022,

and Zoom Communications, Inc., a cloud video communications company, since March 2022. Mr.

McDermott previously served on the boards of directors of Fisker Inc., an automotive technology

company, Under Armour, Inc., a sporting goods company, ANSYS, Inc., a provider of engineering and

simulation software and technologies, and SecureWorks Corp., a provider of intelligence-driven

information security solutions. Mr. McDermott holds a B.A. in business management from Dowling

College and an M.B.A from Northwestern University's Kellogg School of Management, and has completed

the Executive Development Program at the Wharton School of Business. We believe Mr. McDermott is

qualified to serve as a member of our Board of Directors because of his executive leadership experience,

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extensive experience with publicly traded technology companies as well as his service on the boards of

directors of other publicly held companies.

***Andrew Reed*** has served as a member of our Board of Directors since February 2024. Mr. Reed has

served as a Partner at Sequoia Capital, a venture capital firm, since February 2014. Prior to joining

Sequoia, he served as an Analyst at Goldman Sachs, an investment bank, from July 2012 to February

2014. Mr. Reed also currently serves on the board of directors of several privately held companies

including Klarna Group plc, Vanta Inc., Bolt Technology OU, Strava, Inc., and others. Mr. Reed was

previously involved in Sequoia's investments in Robinhood Markets, Inc., Loom, Inc., and GitHub, Inc. Mr.

Reed holds a B.A. in Economics and Classics from Amherst College. We believe Mr. Reed is qualified to

serve as a member of our Board of Directors because of his extensive experience in the technology and

venture capital fields, including his experience as a director of several privately held companies in the

technology industry.

***Danny Rimer*** has served as a member of our Board of Directors since December 2014. Mr. Rimer is a

Partner at Index Ventures, a venture capital firm, where he has been a Partner since March 2002. Prior to

joining Index Ventures, Mr. Rimer served as General Partner at Barksdale Group, an investment firm,

from 2000 to 2002. Mr. Rimer currently serves on the boards of directors of several privately held

companies. He previously served on the board of directors of Farfetch Limited, a publicly traded e-

commerce company, from February 2015 to August 2020, in addition to several other privately held

companies. Mr. Rimer holds a B.A. in History and Literature from Harvard University. We believe Mr.

Rimer is qualified to serve as a member of our Board of Directors because of his extensive leadership

and business experience within the venture capital and technology industries, as well as his service on

the boards of directors of other privately and publicly held companies.

***Lynn Vojvodich Radakovich*** has served as a member of our Board of Directors since December 2019.

From September 2013 to February 2017, Ms. Vojvodich Radakovich served as Executive Vice President

and Chief Marketing Officer for Salesforce, Inc., a cloud-based software company. Prior to that, from 2006

to 2016, she founded and served as Chief Executive Officer and Chair of Take3 LLC, a marketing

strategy company. From 2012 to August 2013, Ms. Vojvodich Radakovich served as a Partner at

Andreessen Horowitz, a venture capital firm. Ms. Vojvodich Radakovich has also served on the board of

directors of Dell Technologies Inc., a technology company, since April 2019, Ford Motor Company, an

automobile company, since April 2017, and Booking Holdings Inc., a travel company, since January 2016.

Ms. Vojvodich Radakovich holds a B.S in Product Design from Stanford University and an M.B.A. from

Harvard Business School. We believe Ms. Vojvodich Radakovich is qualified to serve as a member of our

Board of Directors because of her business expertise in marketing and sales, and her extensive

experience as a director of public companies.

***Luis von Ahn*** has served as a member of our Board of Directors since July 2025. Mr. von Ahn has

served as Co-Founder, Chief Executive Officer, and Chairman of the board of directors at Duolingo, Inc.,

an education technology company, since August 2011. From 2007 to 2009, he served as Chief Executive

Officer of reCAPTCHA, Inc., a fraud detection technology company, until its acquisition by Google, LLC in

2009. Mr. von Ahn previously served on the board of directors of Root, Inc., a technology company

focusing on personal insurance, from October 2020 to October 2022. He also previously served as a

professor in the Computer Science department at Carnegie Mellon University from 2006 to 2021. Mr. von

Ahn holds a B.S. in Mathematics from Duke University and a Ph.D. in Computer Science from Carnegie

Mellon University. We believe Mr. von Ahn is qualified to serve as a member of our Board of Directors

because of his technical expertise and executive leadership experience within the technology industry.

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Family Relationships

There are no family relationships among any of our executive officers or directors.

Code of Business Conduct and Ethics

Our Board of Directors has adopted a code of conduct that applies to all of our employees, officers, and

directors, including our Chief Executive Officer, Chief Financial Officer, and other executive and senior

financial officers. The full text of our code of conduct will be posted on the investor relations page on our

website. We intend to disclose any amendments to our code of conduct, or waivers of its requirements,

on our website or in filings under the Exchange Act.

Board of Directors

Our business and affairs are managed under the direction of our Board of Directors. Our Board of

Directors currently consists of ten directors. Pursuant to our restated certificate of incorporation, as

amended and currently in effect, and the amended and restated voting agreement by and among us and

other parties, dated May 15, 2024, and as amended on July 17, 2025 (the "Voting Agreement"), our

current directors were elected as follows:

• Mr. Field and Mr. Reed were elected by holders of our Class B common stock as the designees

nominated by certain holders of Class A common stock, Class B common stock, and options,

warrants, or other rights to acquire common stock identified as Key Holders in the Voting

Agreement;

• Mr. Rimer was elected by holders of our Series Seed convertible preferred stock as the designee

nominated by Index Ventures;

• Mr. Lilly was elected by holders of Series A convertible preferred stock as the designee

nominated by Greylock Partners;

• Mr. Hamid was elected by holders of Series B convertible preferred stock as the designee

nominated by Kleiner Perkins; and

• Ms. Vojvodich Radakovich, Ms. Kramer, Mr. McDermott, Mr. Krieger, and Mr. von Ahn were

elected as independent directors nominated by unanimous approval of each other member of our

Board of Directors.

Our Voting Agreement will terminate and the provisions of our current restated certificate of incorporation

by which our directors were elected will be amended and restated in connection with this offering and,

following this offering, these contractual obligations regarding the election of our directors will no longer

be effective. After this offering, the number of directors will be fixed by our Board of Directors, subject to

the terms of our restated certificate of incorporation and restated bylaws that will become effective

immediately prior to the completion of this offering. Each of our current directors will continue to serve as

a director until the election and qualification of their successor, or until their earlier death, resignation, or

removal.

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Classified Board of Directors

Upon the completion of this offering, our Board of Directors will consist of ten members who each shall

serve for a term expiring at the next annual meeting of stockholders following their election, subject to the

rights of the holders of any preferred stock or blockchain common stock then-outstanding to elect

directors. Each director's term continues until the election and qualification of his or her successor, or his

or her earlier death, resignation, or removal.

On the date on which the voting power of all of the then-outstanding shares of our Class B common stock

represents less than a majority of the total voting power of all of the then-outstanding shares of our capital

stock (such date, the "Trigger Date"), our Board of Directors shall be divided into three classes of

directors that will serve staggered three-year terms. At each annual meeting of stockholders following the

Trigger Date, a class of directors will be elected for a three-year term to succeed the same class whose

term is then expiring. As a result, following the Trigger Date, only one class of directors will be elected at

each annual meeting of our stockholders, with the other classes continuing for the remainder of their

respective three-year terms. Upon the Trigger Date, the Board of Directors will be authorized to assign

directors already in office to among three classes as follows:

• Class I directors will serve terms that expire at the first annual meeting of stockholders to be held

after the Trigger Date;

• the Class II directors will serve terms that expire at the second annual meeting of stockholders to

be held after the Trigger Date; and

• the Class III directors (who will include Dylan Field pursuant to the terms of the Nominating

Agreement described below) will serve terms that expire at the third annual meeting of

stockholders to be held after the Trigger Date.

Once in effect, the classification of our Board of Directors may have the effect of delaying or preventing

changes in control of our company. See the section titled "Description of Capital Stock—Anti-Takeover

Provisions."

Pursuant to our restated certificate of incorporation and restated bylaws that will become effective

immediately prior to the completion of this offering, upon the Trigger Date, subject to the special rights of

the holders of any preferred stock or blockchain common stock then-outstanding, only our Board of

Directors may fill vacancies on our Board of Directors. Prior to the Trigger Date, vacancies or newly

created directorships may also be filled by the affirmative vote of the holders of a majority of the voting

power of all of the then-outstanding shares of our capital stock.

Nominating Agreement

In connection with this offering, we intend to enter into a nominating agreement (the "Nominating

Agreement") with Dylan Field, our Chair of our Board of Directors, Chief Executive Officer, and President.

Pursuant to the Nominating Agreement, we have agreed to include Mr. Field in the slate of nominees

recommended by our Board of Directors for election or re-election at each stockholder meeting following

this offering, and to include Mr. Field in the proxy statement for each such stockholder meeting. If our

Board of Directors is classified at the time of such stockholder meeting, Mr. Field is to be nominated as a

Class III director. The Nominating Agreement also provides that, subject to any limitations imposed by

applicable law and our Board of Directors' fiduciary duties to our stockholders, our Board of Directors and

the Nominating and Corporate Governance Committee of our Board of Directors will take all necessary

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action to recommend in favor of Mr. Field's election or re-election as a director and to solicit proxies or

consents in favor thereof. The Nominating Agreement shall automatically terminate upon the earliest of

(a) Mr. Field's resignation as a director, (b) Mr. Field's death, (c) Mr. Field's removal from the Board of

Directors for cause by our stockholders, (d) the expiration of Mr. Field's term as director if he has given

notice of his intention not to stand for re-election, (e) the date upon which Mr. Field fails to satisfy his

Minimum Class B Share Ownership Condition (as defined below), (f) the Final Conversion Date (as

defined below) and (g) immediately prior to the sale of all or substantially all of our assets, our liquidation

or dissolution, or a merger or consolidation where our stockholders cease to hold a majority of the voting

power of the surviving entity or its parent.

Director Independence

In connection with this offering, we have applied to list our Class A common stock on the NYSE. Under

the rules of the NYSE, independent directors must comprise a majority of a listed company's board of

directors within a specified period after the completion of this offering. In addition, the rules of the NYSE

require that, subject to specified exceptions, each member of a listed company's audit, compensation,

and nominating and corporate governance committees be independent. Under the rules of the NYSE, a

director will only qualify as an "independent director" if, in the opinion of that company's board of directors,

that person does not have a relationship that would interfere with the exercise of independent judgment in

carrying out the responsibilities of a director.

Additionally, compensation committee members must not have a relationship with us that is material to

the director's ability to be independent from management in connection with the duties of a compensation

committee member.

Audit committee members must also satisfy the independence criteria set forth in Rule 10A-3 under the

Exchange Act. In order to be considered independent for purposes of Rule 10A-3, a member of an audit

committee of a listed company may not, other than in his or her capacity as a member of the audit

committee, the board of directors, or any other board committee: accept, directly or indirectly, any

consulting, advisory, or other compensatory fee from the listed company or any of its subsidiaries; or be

an affiliated person of the listed company or any of its subsidiaries. We intend to satisfy the audit

committee independence requirements of Rule 10A-3 as of the completion of this offering.

Our Board of Directors has undertaken a review of the independence of each director and considered

whether each director has a material relationship with us that could compromise his or her ability to

exercise independent judgment in carrying out his or her responsibilities. As a result of this review, our

Board of Directors determined that each director other than Dylan Field is an "independent director" as

defined under the applicable rules and regulations of the SEC and the listing requirements and rules of

the NYSE. In making these determinations, our Board of Directors reviewed and discussed information

provided by the directors and by us with regard to each director's business and personal activities and

relationships as they may relate to us and our management, including the beneficial ownership of our

common stock by each non-employee director and the transactions involving them described in the

section titled "Certain Relationships and Related Party Transactions."

Lead Independent Director

Our Board of Directors has adopted corporate governance guidelines which will become effective upon

the effectiveness of this registration statement that provide that one of our independent directors will

serve as our lead independent director. Our Board of Directors has appointed John Lilly to serve as our

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lead independent director. As lead independent director, Mr. Lilly will provide leadership to our Board of

Directors if circumstances arise in which the role of Chief Executive Officer and chair of our Board of

Directors may be, or may be perceived to be, in conflict, and perform such additional duties as our Board

of Directors may otherwise determine and delegate.

Role of Board in Risk Oversight

Risk assessment and oversight are an integral part of our governance and management processes. Our

Board of Directors encourages management to promote a culture that incorporates risk management into

our corporate strategy and day-to-day business operations. Management discusses strategic and

operational risks at regular management meetings and conducts specific strategic planning and review

sessions during the year that include a focused discussion and analysis of the risks we face. Throughout

the year, senior management reviews these risks with our Board of Directors at regular board meetings

as part of management presentations that focus on particular business functions, operations, or

strategies, and presents the steps taken by management to mitigate or eliminate such risks.

Our Board of Directors does not have a standing risk management committee. Our Board of Directors

administers this oversight function directly and through various standing committees that address risks in

their respective areas of oversight. While our Board of Directors is responsible for monitoring and

assessing strategic risk exposure, our audit committee is responsible for overseeing our major financial

risk exposures and the steps our management has taken to monitor and control these exposures. The

audit committee also reviews any related person transactions. Our nominating and corporate governance

committee monitors the effectiveness of our corporate governance guidelines. Our compensation

committee assesses and monitors whether any of our compensation policies and programs has the

potential to encourage excessive risk-taking.

Committees of the Board of Directors

Our Board of Directors has an audit committee, a compensation committee, and a nominating and

corporate governance committee, each of which, pursuant to its respective charter, will have the

composition and responsibilities described below upon the completion of this offering. Following the

completion of this offering, copies of the charters for each committee will be available on the investor

relations portion of our website. Members serve on these committees until their resignation or until

otherwise determined by our Board of Directors.

Audit Committee

Our audit committee is composed of Kelly Kramer, John Lilly, Mamoon Hamid, and Lynn Vojvodich

Radakovich. Ms. Kramer is the chair of our audit committee. The members of our audit committee meet

the independence requirements under NYSE and SEC rules. Each member of our audit committee is

financially literate. In addition, our Board of Directors has determined that Ms. Kramer is an "audit

committee financial expert" as that term is defined in Item 407(d)(5)(ii) of Regulation S-K promulgated

under the Securities Act, and that simultaneous service by Ms. Kramer on the audit committees of more

than three public companies does not impair her ability to effectively serve on our audit committee. The

designation as an "audit committee financial expert" does not, however, impose on her any supplemental

duties, obligations, or liabilities beyond those that are generally applicable to the other members of our

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audit committee and Board of Directors. Our audit committee's principal functions are to assist our Board

of Directors in its oversight of:

• selecting a firm to serve as our independent registered public accounting firm to audit our

consolidated financial statements;

• ensuring the independence of the independent registered public accounting firm;

• discussing the scope and results of the audit with the independent registered public accounting

firm, and reviewing, with management and that firm, our interim and year-end operating results;

• establishing procedures for employees to anonymously submit concerns about questionable

accounting or audit matters;

• considering the adequacy of our internal controls and internal audit function;

• reviewing related party transactions that are material or otherwise implicate disclosure

requirements;

• approving, or as permitted, pre-approving all audit and non-audit services to be performed by the

independent registered public accounting firm; and

• overseeing any program relating to corporate responsibility and sustainability, including

environmental, social, and governance matters.

Compensation Committee

Our compensation committee is composed of Kelly Kramer, Mamoon Hamid, Danny Rimer, and Lynn

Vojvodich Radakovich. Ms. Vojvodich Radakovich is the chair of our compensation committee. The

members of our compensation committee meet the independence requirements under NYSE and SEC

rules. Our compensation committee is responsible for, among other things:

• reviewing and approving, or recommending that our Board of Directors approve, the

compensation of our executive officers;

• reviewing and recommending to our Board of Directors to approve the compensation of our non-

employee directors;

• reviewing and approving, or recommending that our Board of Directors approve, the terms of any

compensatory agreements with our executive officers;

• administering our stock and equity incentive plans;

• reviewing and approving, or making recommendations to our Board of Directors with respect to,

incentive compensation and equity plans; and

• reviewing our overall compensation philosophy.

Nominating and Corporate Governance Committee

Our nominating and corporate governance committee is composed of John Lilly, Andrew Reed, and

Danny Rimer. Mr. Lilly is the chair of our nominating and corporate governance committee. The members

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of our nominating and corporate governance committee meet the independence requirements under

NYSE and SEC rules. Our nominating and corporate governance committee's principal functions include:

• identifying and recommending candidates for membership on our Board of Directors;

• recommending directors to serve on board committees;

• reviewing and recommending to our Board of Directors any changes to our corporate governance

guidelines;

• reviewing proposed waivers of the code of conduct for directors and executive officers;

• overseeing the process of evaluating the performance of our Board of Directors; and

• advising our Board of Directors on corporate governance matters.

Compensation Committee Interlocks and

Insider Participation

None of the members of the compensation committee is currently, or has been at any time, one of our

officers or employees. None of our executive officers has served as a member of the board of directors,

or as a member of the compensation or similar committee, of any entity that has one or more executive

officers who served on our Board of Directors or compensation committee during the year ended

December 31, 2024.

Director Compensation

The table below provides information regarding the total compensation of the non-employee directors who

served on our Board of Directors during the year ended December 31, 2024. All compensation paid to

Dylan Field, our only employee director, is set forth below in the section titled "Executive Compensation—

2024 and 2023 Summary Compensation Table."

During the year ended December 31, 2024, we did not pay any fees or provide any other compensation

to the non-employee members of our Board of Directors, other than certain equity awards as described in

the footnotes to table below.

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| | | |
|:---|:---|:---|
| **Name** | **Stock Awards** <br>**($)** | **Total** |
| Mamoon Hamid...................................................................................................... |  |  |
| Kelly A. Kramer...................................................................................................... | —<br><sup>(1)</sup> |  |
| John Lilly................................................................................................................. |  |  |
| Andrew Reed.......................................................................................................... |  |  |
| Danny Rimer........................................................................................................... |  |  |
| Lynn Vojvodich Radakovich................................................................................. | —<br><sup>(1)</sup> |  |

---

__________________

(1)In December 2024, Msses. Kramer and Vojvodich Radakovich were each granted 13,292 RSUs that are subject to (i) a

service-based vesting condition which will be satisfied as to 100% of the shares subject to the award so long as Ms. Kramer or

Ms. Vojvodich Radakovich, as applicable, remains in continuous service to us through December 1, 2025 and (ii) a

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performance-based vesting condition, which we expect will be satisfied upon the completion of this offering. Additionally, the

RSUs, granted to Msses. Kramer and Vojvodich Radakovich will fully vest upon a change of control of our company. As of the

applicable grant date, we had not recognized stock-based compensation expense for these RSUs because achievement of the

performance-based vesting condition was not deemed probable. As a result, no value is included in the table for these awards.

Assuming achievement of the performance-based vesting condition, which we expect will occur in connection with this offering,

the aggregate grant-date fair values of the RSUs for each of Msses. Kramer and Vojvodich Radakovich would have been

$372,176, computed in accordance with ASC Topic 718 ("ASC 718"). See Note 1 to our consolidated financial statements

included elsewhere in this prospectus for the assumptions used in calculating the fair value of these awards.

The table below shows the aggregate numbers of shares of Class A common stock underlying

outstanding RSUs and options held by each of our non-employee directors as of December 31, 2024.

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| | | |
|:---|:---|:---|
| **Name** | **Number of** <br>**Shares**<br>**Underlying** <br>**RSUs** | **Number of** <br>**Shares** <br>**Underlying** <br>**Options** |
| Mamoon Hamid...................................................................................................... |  |  |
| Kelly A. Kramer...................................................................................................... | 69638<br><sup>(1)</sup> |  |
| John Lilly................................................................................................................. |  |  |
| Andrew Reed.......................................................................................................... |  |  |
| Danny Rimer........................................................................................................... |  |  |
| Lynn Vojvodich Radakovich................................................................................. | 69638<br><sup>(1)</sup> | 572001<br><sup>(2)</sup> |

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__________________

(1)Consists of (i) an RSU for 13,292 shares of Class A common stock, which vests subject to (a) a service-based vesting

condition which will be satisfied as to 100% of the shares subject to the award so long as Ms. Kramer or Ms. Vojvodich

Radakovich, as applicable, remains in continuous service to us between December 1, 2024 and December 1, 2025 and (b) a

performance-based vesting condition, which we expect will be satisfied upon the completion of this offering, and (ii) an RSU for

56,346 shares of Class A common stock, which vests subject to (a) a service-based vesting condition which has been satisfied

as to 100% of the shares subject to the award and (b) a performance-based vesting condition, which we expect will be satisfied

upon the completion of this offering. Each of the RSUs reflected in the table above will fully vest upon a change of control of our

company.

(2)Consists of a stock option for 572,001 shares of Class A common stock, which was fully vested as of December 31, 2024.

William R. McDermott was appointed to our Board of Directors in July 2025. In addition to any awards that

he will be granted as described below under "—Outside Director Compensation Policy," Mr. McDermott

has been granted an RSU award for 48,179 shares of Class A common stock as compensation for Mr.

McDermott's service as a member of our Board of Directors. This award will vest in accordance with the

vesting schedule applicable to initial awards, as described below under "—Outside Director

Compensation Policy—Equity Compensation—Initial Award."

Michel Krieger was appointed to our Board of Directors in July 2025. In addition to any awards that he will

be granted as described below under "—Outside Director Compensation Policy," Mr. Krieger has been

granted an RSU award for 48,179 shares of Class A common stock as compensation for Mr. Krieger's

service as a member of our Board of Directors. This award will vest as to 1/3rd of the RSUs subject to the

award on each of the first, second and third annual anniversaries of August 1, 2025, so long as Mr.

Krieger provides continuous service to us through each vesting date.

Luis von Ahn was appointed to our Board of Directors in July 2025. In addition to any awards that he will

be granted as described below under "—Outside Director Compensation Policy," Mr. von Ahn has been

granted an RSU award for 48,179 shares of Class A common stock as compensation for Mr. von Ahn's

service as a member of our Board of Directors. This award will vest as to 1/3rd of the RSUs subject to the

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award on each of the first, second and third annual anniversaries of August 1, 2025, so long as Mr. von

Ahn provides continuous service to us through each vesting date.

Outside Director Compensation Policy

Before this offering, we did not have a formal policy to provide any cash or equity compensation to our

non-employee directors for their service on our Board of Directors or committees of our Board of

Directors. Employee directors will receive no additional compensation for their service as a director. See

the section titled "Director Compensation" above for a description of compensation paid to our non-

employee directors during the year ended December 31, 2024.

In connection with this offering, our Board of Directors approved a non-employee director compensation

policy, pursuant to which our non-employee directors will be eligible to receive the fees and equity awards

described below. Compensation payable to non-employee directors under the non-employee director

compensation policy will also be subject to the annual limitations set forth in the 2025 Plan.

*Cash Compensation*

Following the completion of this offering, each non-employee director will be entitled to receive the annual

cash compensation set forth below, payable quarterly in arrears and prorated for partial quarters of

service, provided the non-employee director provides services for at least one month of such quarter.

*General Board Service Fee*: $40,000

*Lead Independent Director Fee (in addition to the General Board Service Fee)*: $20,000

*Committee Chair Service Fee (in addition to the General Board Service Fee)*:

• Audit Committee Chair: $25,000

• Compensation Committee Chair: $20,000

• Nominating and Corporate Governance Committee Chair: $12,000

Committee Member Service Fee (in addition to the General Board Service Fee, not in addition to the

Committee Chair Service Fee)

• Audit Committee Member: $12,500

• Compensation Committee Member: $10,000

• Nominating and Corporate Governance Committee Member: $6,000

*Equity Compensation*

Following the completion of this offering, each non-employee director will be entitled to receive certain

equity awards as set forth below. All such equity awards will be granted under the 2025 Plan and subject

to the terms of the 2025 Plan.

*Initial Award.* Each non-employee director who initially joins our Board of Directors following the

completion of this offering (other than any person who transitions from an employee role to a non-

employee director role) will be granted, upon the date of his or her initial election or appointment to be a

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non-employee director (or, if such date is not a trading day, the first trading day thereafter), an initial

award of a number of restricted stock units determined by dividing (i) $530,000 by (ii) by the average

closing price of our Class A common stock for the last completed full calendar month occurring

immediately prior to the calendar month in which the initial award is granted, rounded down to the nearest

whole share. The initial award will vest as to 1/3rd of the RSUs subject to the initial award on each of the

first, second and third annual anniversaries of the date of grant, so long as the non-employee director

provides continuous service to us through each vesting date.

*Annual Award*. On the date of each annual meeting of our stockholders that occurs following the

completion of this offering, each non-employee director who has provided at least six (6) months of

service as a non-employee director as of such date, and will continue to serve on our Board of Directors,

will be granted an annual award of a number of RSUs determined by dividing (i) $265,000 by (ii) by the

average closing price of our Class A common stock for the last completed full calendar month occurring

immediately prior to the calendar month in which the annual award is granted, rounded down to the

nearest whole share. The annual award shall vest in full on the earlier of (i) the one-year anniversary of

the grant date and (ii) the date of the next annual meeting of our stockholders, in each case subject to the

non-employee director's continuous service through such date.

*Bridge Awards*. Outside of the non-employee director compensation policy, on December 1, 2025,

subject to the effectiveness of this offering, each of Lynn Vojvodich Radakovich and Kelly Kramer will be

granted an award of a number of RSUs determined by dividing (i) $110,417 by (ii) by the average closing

price of our Class A common stock for the full month of November 2025, rounded down to the nearest

whole share. The bridge award shall vest in full on May 1, 2026, in each case subject to the non-

employee director's continuous service through such date.

*Change in Control*. Each non-employee director's then-outstanding equity awards granted under the non-

employee director compensation policy, and the bridge awards granted to each of Lynn Vojvodich

Radakovich and Kelly Kramer, will become fully vested upon a corporate transaction (as defined in the

2025 Plan), subject to the non-employee director remaining in continuous service until immediately prior

to the closing of the corporate transaction.

*Reimbursements*. We will reimburse non-employee directors for reasonable out-of-pocket expenses

incurred to travel to and from and participate in meetings of our Board of Directors and committees, in

accordance with our applicable travel and expense policy, as in effect from time to time.

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Executive Compensation

Our named executive officers, consisting of our principal executive officer and the next two most highly

compensated executive officers, as of December 31, 2024, were:

• Dylan Field, Chair of our Board of Directors, Chief Executive Officer, and President;

• Praveer Melwani, Chief Financial Officer and Treasurer; and

• Shaunt Voskanian, Chief Revenue Officer.

2024 and 2023 Summary Compensation

Table

The following table presents summary information regarding the total compensation for services rendered

in all capacities that was awarded to, earned by, or paid to our named executive officers in 2024 and

2023. The compensation data for 2023 is provided for informational purposes only.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Stock Awards**<sup>(1)</sup> | **Stock Awards**<sup>(1)</sup> | | | | | |
| <br>**Name and** <br>**Principal** <br>**Position**<br>| <br>**Fiscal** <br>**Year**<br>| <br>**Salary**<br>**($)**<br>| <br>**Bonus** <br>**($)**<sup>(2)</sup><br>| **New Stock**<br>**Awards ($)** | **Modification** <br>**of Previously** <br>**Granted** <br>**Stock** <br>**Awards in** <br>**Connection** <br>**with May** <br>**2024 RSU** <br>**Release ($)**<br>| <br>**Option** <br>**Awards**<br>**($)**<sup>(3)</sup><br>| <br>**Non-Equity**<br>**Incentive Plan**<br>**Compensation** <br>**($)** | <br>**All Other** <br>**Compensation** <br>**($)**<sup>(4)</sup><br>| <br>**Total per** <br>**SEC Rules** <br>**($)**<br>| <br>**Total** <br>**Excluding** <br>**Amounts** <br>**Relating to** <br>**May 2024** <br>**RSU** <br>**Release** <br>**($)**<sup>(5)</sup><br>|
| Dylan Field<br>*Chief Executive* <br>*Officer and* <br>*President*........<br>| 2024 | 495833 | 5000000 |  | 78276375 | 6901116 |  | 10350 | 90683674 | 5506183 |
|  | 2023 | 450000 |  |  | N/A |  |  | 9900 | 459900 | 459900 |
| Praveer Melwani <br>*Chief Financial* <br>*Officer and* <br>*Treasurer*........<br>| 2024 | 470833 | 1000000 | —<br><sup>(6)</sup> | 17064690 | 3361563 |  | 10350 | 21907436 | 1481183 |
|  | 2023 | 425000 |  |  | N/A |  |  | 9900 | 434900 | 434900 |
| Shaunt <br>Voskanian <br>*Chief Revenue* <br>*Officer*.............<br>| 2024 | 393750 | 150000 | —<br><sup>(6)</sup> | 28630251 | 3551258 | 478382<br><sup>(7)</sup> | 10350 | 33213991 | 1032482 |
|  | 2023 | 325000 |  |  | N/A |  | 295550<br><sup>(7)</sup> | 9900 | 630450 | 630450 |

---

__________________

(1)Our named executive officers did not receive stock awards or RSU awards in 2023. For 2024, the amounts reflected in the

Modification of Previously Granted Stock Awards In Connection with May 2024 RSU Release column represent the fair value

of RSU awards that were released to our named executive officers in May 2024, which was determined based on the fair value

of the RSUs as of the date of the modification in accordance with ASC 718 (given the original award fair value was no longer

relevant as of the date of modification in accordance with ASC 718). In order to allow holders of RSUs, including our named

executive officers, to participate in the 2024 Tender Offer we modified all RSUs held by employees and former employees for

which the service-based condition was satisfied, to remove the performance-based vesting condition as further described

below under the section titled "—RSU Modifications In Connection With 2024 Tender Offer." These amounts reflect the

accounting cost for these RSU awards and do not necessarily represent the actual economic value that may be realized by the

named executive officer from the RSU awards. For information on the assumptions used to calculate the grant date fair value of

the RSU awards, refer to Note 10 to our consolidated financial statements included elsewhere in this prospectus. For Mr. Field,

the RSU awards that were released in May 2024 and reflected in this column are a part of Mr. Field's 2021 CEO Service Award

that was granted by our Board of Directors, including all of the disinterested directors, in October 2021, as described in further

detail below. See the section titled "—CEO Equity Awards—2021 CEO Service Award." For Mr. Melwani, the RSU awards that

were released in May 2024 and reflected in this column relate to RSUs that were granted to Mr. Melwani by our Board of

Directors in January 2021, April 2021, March 2022, May 2022, and February 2024. For Mr. Voskanian, the RSU awards that

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were released in May 2024 and reflected in this column relate to RSUs that were granted to Mr. Voskanian by our Board of

Directors in October 2021 and February 2024.

(2)The amounts presented represent discretionary bonuses that were recommended by the disinterested members of our Board

of Directors, and paid for the named executive officers' efforts in connection with the Abandoned Merger with Adobe. For more

information regarding these bonuses see the section titled "—Narrative to 2024 and 2023 Summary Compensation Table—

Special Bonuses."

(3)Our named executive officers did not receive stock option grants in 2023. For 2024, the amounts in this column represent the

grant date fair value of the stock options granted to our named executive officers in August 2024. The stock options granted in

2024 to eligible employees, including our named executive officers, were granted to compensate them for the shares that were

withheld by us to satisfy tax withholding liabilities in connection with the May 2024 RSU Release. The stock options granted to

our named executive officers were granted on the same terms, using the same formula to calculate the size of the option grant,

as those granted to all eligible employees. For additional information on the stock option granted to Mr. Field, see the section

titled "—CEO Equity Awards—2024 CEO Option Award." These amounts reflect the accounting cost for these option awards

and do not necessarily represent the actual economic value that may be realized by the named executive officer from the

option awards. For information on the assumptions used to calculate the grant date fair value of the option awards, refer to

Note 10 to our consolidated financial statements included elsewhere in this prospectus.

(4)Amounts reported in this column for each of Messrs. Field, Melwani, and Voskanian represent our contributions to each named

executive officer's 401(k) plan.

(5)The amounts in this column exclude payments made to our named executive officers related to the impacts of the RSU

modifications and the stock options granted in connection with the May 2024 RSU Release. The amounts in this column are

calculated by subtracting the 2024 values reported in the Modifications of Previously Granted Stock Awards In Connection with

May 2024 RSU Release and the Option Awards columns, from the Total per SEC Rules column. The amounts reported in this

column differ substantially from, and are not a substitute for, the amounts reported in the Total per SEC Rules column.

(6)In 2024, Mr. Melwani and Mr. Voskanian were each granted RSUs that were subject to service-based vesting conditions and

performance-based vesting conditions. As of the applicable grant date, we had not recognized stock-based compensation

expense for these awards because achievement of the performance-based vesting component was not deemed probable. As a

result, no value is included in the table for these awards other than with respect to any such awards that were granted in 2024

and which were modified in connection with the May 2024 RSU Release as described in footnote (1) above. Assuming

achievement of the performance-based vesting condition, the aggregate grant-date fair values of the RSU awards for each of

Mr. Melwani and Mr. Voskanian for 2024 would have been $15,207,438 and $25,383,926, respectively, computed in

accordance with ASC 718. For information on the assumptions used to calculate the grant date fair value of the equity awards,

refer to Note 1 to our consolidated financial statements included elsewhere in this prospectus.

(7)Amounts reported in this column for Mr. Voskanian represent commissions earned pursuant to an incentive sales commission

program. For additional information, see the section titled "—Narrative to 2024 and 2023 Summary Compensation Table—Non-

Equity Incentive Plan Compensation."

Narrative to Summary Compensation Table

Base Salaries

Our named executive officers receive a base salary to provide a fixed component of compensation

reflecting the executive's skill set, experience, role, and responsibilities. In February 2024, our Board of

Directors, including all of the disinterested directors, approved an increase in Mr. Field's annual base

salary from $450,000 to $500,000, an increase in Mr. Melwani's annual base salary from $425,000 to

$475,000, and an increase in Mr. Voskanian's annual base salary from $325,000 to $400,000, in each

case effective February 1, 2024.

Special Bonuses

In 2024, following the recommendation and approval by our Board of Directors, including all of the

disinterested directors, we awarded each of our named executive officers a one-time cash bonus in

recognition of their efforts with respect to the Abandoned Merger with Adobe. Messrs. Field, Melwani, and

Voskanian received special bonuses of $5.0 million, $1.0 million, and $150,000, respectively.

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Equity Compensation

From time to time, we have granted equity awards in the form of RSUs to our named executive officers.

The RSUs which are subject to vesting based on service-based and performance-based vesting

conditions. In addition, Mr. Field has been granted RSUs with market-based vesting conditions in addition

to service-based and performance-based vesting conditions.

In August 2024, we granted stock options to all of our employees, including our named executive officers,

who had shares withheld in connection with the May 2024 RSU Release to compensate them for the

shares that were withheld by us to satisfy tax withholding liabilities. These stock options granted to our

named executive officers were granted on the same terms, using the same formula to calculate the size

of the option grant, as those granted to all eligible employees, and they were fully vested at grant. For

additional information regarding the stock options granted to Mr. Field, see the section below titled "—

CEO Equity Awards—2024 CEO Option Award."

For additional information regarding equity compensation to our named executive officers, see the

sections below titled "—Outstanding Equity Awards at Fiscal 2024 Year-End" and, with respect to Mr.

Field, "—CEO Equity Awards."

Non-Equity Incentive Plan Compensation

In 2024, Mr. Voskanian participated in an incentive sales commission program based on the achievement

of certain sales targets. The amount earned by Mr. Voskanian for 2024 under the incentive sales

commission program is set forth in the 2024 and 2023 Summary Compensation Table above in the Non-

Equity Incentive Plan Compensation column.

Other Elements of Compensation

Welfare and Other Benefits

We provide health, dental, vision, life, and disability insurance benefits to our named executive officers,

on the same terms and conditions as provided to all other eligible U.S. employees.

We also sponsor a broad-based 401(k) plan intended to provide eligible U.S. employees with an

opportunity to defer eligible compensation up to certain annual limits. As a tax-qualified retirement plan,

contributions (if any) made by us are deductible by us when made, and contributions and earnings on

those amounts are generally not taxable to the employees until withdrawn or distributed from the 401(k)

plan, unless contributions are made to a Roth 401(k). Our named executive officers are eligible to

participate in our employee benefit plans, including our 401(k) plan, on the same basis as our other

eligible employees. We currently automatically contribute 3% of each employee's eligible compensation,

not to exceed $10,500 per plan year and with such amount not counting against an employee's annual

limit. Participants vest 50% of the employer contributions following one year of service and the remaining

50% after two years of service. Contributions to our named executive officers' 401(k) plans in 2024 are

disclosed in the section titled "—2024 and 2023 Summary Compensation Table."

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Outstanding Equity Awards at Fiscal 2024

Year-End

The following table presents, for each of our named executive officers, information regarding outstanding

equity awards held as of December 31, 2024.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Option Awards**<sup>(1)</sup> | **Option Awards**<sup>(1)</sup> | **Stock Awards**<sup>(1)</sup> | **Stock Awards**<sup>(1)</sup> |
| <br>**Name** | <br>**Vesting** <br>**Commencement** <br>**Date** | <br>**Grant Date** | <br>**Number of** <br>**Securities** <br>**Underlying** <br>**Unexercised** <br>**Options (#)** <br>**Exercisable**<br>| **Option** <br>**Exercise** <br>**Price($)**<br>| **Option** <br>**Expiration** <br>**Date**<br>| **Equity** <br>**Incentive** <br>**Plan Awards:** <br>**Number of** <br>**Unearned** <br>**Shares, Units** <br>**or Other** <br>**Rights That** <br>**Have Not** <br>**Vested**<br>**(#)**<br>| **Equity** <br>**Incentive** <br>**Plan Awards:** <br>**Market or** <br>**Payout Value** <br>**of Unearned** <br>**Shares, Units** <br>**or Other** <br>**Rights That** <br>**Have Not** <br>**Vested**<br>**($)**<sup>(2)</sup><br>|
| Dylan Field<sup>(3)</sup>............. | 6/23/2021<br><sup>(4)</sup> | 10/27/2021 |  |  |  | 11250000 | 298125000 |
|  | 7/1/2021<br><sup>(5)</sup> | 10/27/2021 |  |  |  | 7875000 | 208687500 |
|  | 8/22/2024<br><sup>(6)</sup> | 8/22/2024 | 811896 | $23.19 | 08/21/2029 |  |  |
| Praveer Melwani...... | 2/1/2021<br><sup>(7)</sup> | 1/20/2021 |  |  |  | 5391 | 142862 |
|  | 3/1/2021<br><sup>(7)</sup> | 4/12/2021 |  |  |  | 41667 | 1104176 |
|  | 3/1/2022<br><sup>(7)</sup> | 3/2/2022 |  |  |  | 430427 | 11406316 |
|  | 12/1/2022<br><sup>(8)</sup> | 5/27/2022 |  |  |  | 191736 | 5081004 |
|  | 2/1/2024<br><sup>(8)</sup> | 2/5/2024 |  |  |  | 91563 | 2426420 |
|  | 8/22/2024<br><sup>(6)</sup> | 8/22/2024 | 395478 | $23.19 | 08/21/2029 |  |  |
|  | 2/1/2025<br><sup>(7)</sup> | 12/29/2024 |  |  |  | 134995 | 3577368 |
|  | 2/1/2025<br><sup>(8)</sup> | 12/29/2024 |  |  |  | 332294 | 8805791 |
| Shaunt Voskanian... | 11/1/2021<br><sup>(9)</sup> | 10/27/2021 |  |  |  | 739253 | 19590205 |
|  | 2/1/2024<br><sup>(8)</sup> | 2/5/2024 |  |  |  | 91563 | 2426420 |
|  | 8/22/2024<br><sup>(6)</sup> | 8/22/2024 | 417795 | $23.19 | 08/21/2029 |  |  |
|  | 2/1/2025<br><sup>(8)</sup> | 12/29/2024 |  |  |  | 519209 | 13759039 |
|  | 2/1/2025<br><sup>(7)</sup> | 12/29/2024 |  |  |  | 311526 | 8255439 |

---

__________________

(1)All of the outstanding stock options and stock awards held by Mr. Field were granted under the 2021 Plan and are for shares of

Class B common stock. All of the outstanding stock options and stock awards held by Mr. Melwani and Mr. Voskanian were

granted under the 2012 Plan and are for shares of Class A common stock.

(2)There was no public market for our Class A common stock or Class B common stock as of December 31, 2024. As there was

no public market for our common stock on December 31, 2024, we have assumed that the fair market value on such date was

$26.50, which represents the midpoint of the estimated price range set forth on the cover page of this prospectus.

(3)For additional detail on each of the awards granted to Mr. Field by our Board of Directors, including all of the disinterested

directors, see the section below titled "—CEO Equity Awards."

(4)Comprised of three tranches that vest on satisfaction of a service-based, a market-based, and a performance-based vesting

condition as described further under the section titled "—CEO Equity Awards—2021 CEO Market Award."

(5)Comprised of four tranches that vest on satisfaction of (i) a service-based vesting condition and (ii) a performance-based

vesting condition. The service-based vesting condition is satisfied as to 10%, 20%, 30%, and 40% of the shares subject to the

award on each of July 1, 2022, July 1, 2023, July 1, 2024, and July 1, 2025, respectively, subject to Mr. Field's continued

service to us through each applicable vesting date. The performance-based vesting condition is expected to be satisfied upon

the completion of this offering.

(6)The stock option was fully vested at grant. The stock option expires on the earlier of (i) August 21, 2029 and (ii) the date that is

one year after the completion of this offering.

(7)Vests on satisfaction of a service-based vesting condition and a performance-based vesting condition. The service-based

vesting condition is satisfied as follows: vests as to 1/48<sup>th</sup>of the total award on each monthly anniversary of the vesting

commencement date, subject to the executive's continued service on each such vesting date. We expect the performance-

based vesting condition will be satisfied in connection with this offering.

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(8)Vests on satisfaction of a service-based vesting condition and a performance-based vesting condition. The service-based

vesting condition is satisfied as follows: (i) 10% of the total award in the first year following the vesting commencement date in

equal monthly installments, (ii) 20% of the total award in the second year following the vesting commencement date in equal

monthly installments, (iii) 20% of the total award in the third year following the vesting commencement date in equal monthly

installments, (iv) 20% of the total award in the fourth year following the vesting commencement date in equal monthly

installments, and (v) 30% of the total award in the fifth year following the vesting commencement date in equal monthly

installments, in each case subject to the executive's continued service on each such vesting date, such that on the five-year

anniversary of the vesting commencement date the award will be fully vested. We expect the performance-based vesting

condition will be satisfied in connection with this offering.

(9)Vests on satisfaction of a service-based vesting condition and a performance-based vesting condition. The service-based

vesting condition is satisfied as follows: vested as to 25% of the shares subject to the award on November 1, 2022 and vests

as to 1/48thof the total remaining award on each monthly anniversary of the vesting commencement date thereafter, subject to

the executive's continued service on each such vesting date. We expect the performance-based vesting condition will be

satisfied in connection with this offering.

RSU Modifications In Connection With 2024

Tender Offer

In May 2024, to permit eligible RSU holders to participate in the 2024 Tender Offer, we modified and

released 34.6 million RSUs held by employees and former employees, including our named executive

officers, by removing the performance-based vesting condition, resulting in their remeasurement as of the

modification date. The service-based vesting condition related to these RSUs had been met as of the

modification date. Accordingly, these RSUs were fully vested as of the modification date, resulting in the

recognition of stock-based compensation expense, net of amounts capitalized, of $801.2 million during

the year ended December 31, 2024, and the release of the underlying shares of Class A common stock

and Class B common stock, as applicable. In connection with the foregoing, the performance-based

vesting condition was removed from 3,375,000 RSUs held by Mr. Field, 735,769 RSUs held by Mr.

Melwani, and 1,234,435 RSUs held by Mr. Voskanian, resulting in the recognition of $78,276,375,

$17,064,690, and $28,630,251 in stock-based compensation expense, respectively.

CEO Equity Awards

2021 CEO Market Award

In October 2021, our Board of Directors, including all of the disinterested directors, approved the grant to

Mr. Field, our Chair of our Board of Directors, Chief Executive Officer, and President, of RSUs with

respect to 11,250,000 shares of Class B common stock (the "2021 CEO Market Award") under our 2021

Plan. We believe the 2021 CEO Market Award serves to align Mr. Field's interests with those of our

stockholders by creating a strong and visible link between Mr. Field's incentives and our performance.

The term of the 2021 CEO Market Award is seven years. The vesting of the 2021 CEO Market Award is

conditioned on satisfaction of (i) a service-based vesting condition, (ii) a market-based vesting condition,

and (iii) a performance-based vesting condition. For so long as Mr. Field remains in continuous service on

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the date we exceed the public market capitalization targets set forth in the table below, the service-based

and market-based vesting conditions will be satisfied as to the number of RSUs allocable to such tranche:

---

| | | |
|:---|:---|:---|
| **Tranche** | **Public market capitalization targets**<sup>(1)</sup> | **Shares of Class B common stock vested** |
| 1 | $15 billion | 1875000 |
| 2 | $20 billion | 3750000 |
| 3 | $25 billion | 5625000 |
|  |  | 11250000 |

---

__________________

(1)Calculated on a fully-diluted basis implied by the volume weighted-average price for any 30-day trading period after the

completion of this offering. In the case of an acquisition of our company, the public market capitalization will be the aggregate

amount actually distributed to holders of our capital stock; provided that (i) to the extent that any consideration is subjected to

an escrow or holdback as security for indemnification obligations or purchase price obligations, the total proceeds of an

acquisition will be valued as though such consideration were paid at closing; and (ii) any non-cash transaction proceeds or

other contingent proceeds will be valued reasonably and in good faith by our Board of Directors, and without discounts for lack

of marketability or liquidity in the case of consideration that consists of securities of a class that is publicly traded,

notwithstanding that the securities received as consideration may not be freely traded as of the closing of the acquisition.

Achievement will be determined as a step function, meaning that there will be no interpolated or additional vesting to the extent

our company achieves a public market capitalization hurdle that is in between the hurdle valuations specified in the tranches

above. However, solely with respect to an acquisition, vesting will be determined based on the public market capitalization

hurdle achieved in such acquisition and if the public market capitalization achieved in the acquisition falls between two hurdles,

a pro rata portion of the shares associated with the next tranche to vest will be deemed to satisfy the service-based vesting

requirement based on linear interpolation.

The performance period for each tranche begins on the first trading day following the later of (a) the date

of this offering, or (b) October 27, 2021 and ends on the earliest to occur of (i) the date on which all

shares subject to the 2021 CEO Market Award vests, (ii) the date Mr. Field ceases to satisfy the service-

based vesting condition, (iii) the seventh anniversary of the grant date, or (iv) the occurrence of an

acquisition of our company prior to the date of this offering.

The performance-based vesting condition will be satisfied upon the completion of this offering.

2021 CEO Service Award

In October 2021, our Board of Directors, including all of the disinterested directors, approved a second

grant to Mr. Field of RSUs with respect to 11,250,000 shares of Class B common stock (the "2021 CEO

Service Award") under our 2021 Plan. We believe the 2021 CEO Service Award serves to further align

Mr. Field's interests with those of our stockholders.

The term of the 2021 CEO Service Award is seven years. The vesting of the 2021 CEO Service Award is

conditioned on satisfaction of (i) a service-based vesting condition and (ii) a performance-based vesting

condition. The 2021 CEO Service Award is comprised of four tranches, equaling 10%, 20%, 30%, and

40% of the award, respectively, that vest annually beginning on July 1, 2022, so long as Mr. Field is in

continuous service to us through each applicable vesting date.

As of December 31, 2024, RSUs with respect to 7,875,000 shares of Class B common stock remained

outstanding under the 2021 CEO Service Award. The performance-based vesting condition in respect of

these RSUs will be satisfied upon the completion of this offering.

In May 2024, we modified all outstanding RSU awards held by our current and former employees,

including the 2021 CEO Service Award, to remove the performance-based vesting condition satisfied

upon the completion of our initial public offering or change in control date for RSUs for which the service-

based vesting condition had been met as of the modification date. Accordingly, the RSUs subject to the

2021 CEO Service Award that were modified were re-measured and fully vested as of the modification

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date, resulting in the recognition of stock-based compensation expense of $78.3 million, and the release

of 3,375,000 shares of Class B common stock. The remaining outstanding RSU awards were not

modified and continue to be subject to both a service-based vesting condition and a performance-based

vesting condition. We had $84.1 million of total remaining unrecognized stock-based compensation

related to the 2021 CEO Service Award as of December 31, 2024 that will continue to be deferred until

the performance-based vesting condition is deemed probable of being achieved.

2024 CEO Option Award

In connection with the May 2024 RSU Release, we determined to grant stock options to eligible

employees, including our named executive officers, who had shares withheld for tax purposes in

connection with the May 2024 RSU Release to compensate them for the shares that were withheld by us

to satisfy tax withholding liabilities. These stock options granted to our named executive officers were

granted on the same terms, using the same formula to calculate the size of the option grant, as those

granted to all eligible employees. In August 2024, our Board of Directors, including all of the disinterested

directors, approved the stock option grants to eligible employees, including Mr. Field. Mr. Field was

granted an option to purchase 811,896 shares of Class B common stock (the "2024 CEO Option Award").

As with other employees, 100% of the shares subject to the 2024 CEO Option Award were vested and

exercisable as of the grant date of the 2024 CEO Option Award. The award expires on the earlier of (i)

August 21, 2029 and (ii) the date that is one year after the completion of this offering. The 2024 CEO

Option Award was fully exercised in June 2025.

2025 CEO Stock Price Award

In June 2025, our Compensation Committee approved a grant to Mr. Field of RSUs with respect to

14,480,169 shares of Class B common stock (the "2025 CEO Stock Price Award") under our 2021 Plan.

We believe the 2025 CEO Stock Price Award serves to align Mr. Field's interests with those of our

stockholders by creating a strong, direct and visible link between Mr. Field's incentives and our

performance.

The performance period of the 2025 CEO Stock Price Award is ten years. The vesting of the 2025 CEO

Stock Price Award is conditioned on satisfaction of certain service-based and stock price-based vesting

conditions.

The stock price-based vesting conditions are comprised of seven tranches that are eligible to vest based

on the achievement of certain specified stock price targets, set forth in the table below:

---

| | | |
|:---|:---|:---|
| **Tranche** | **Stock Price Target** <sup>(1)</sup> | **Percentage of 2025**<br>**CEO Stock Price Award That Will Vest on** <br>**Satisfaction of Stock Price Condition**<br>|
| 1 | $60 per share | 15% |
| 2 | $70 per share | 15% |
| 3 | $80 per share | 15% |
| 4 | $90 per share | 15% |
| 5 | $100 per share | 14.5% |
| 6 | $110 per share | 13.5% |
| 7 | $130 per share | 12% |

---

__________________

(1)Calculated based on the volume-weighted average trading price of our Class A common stock over any consecutive 60-day

period during the term of the 2025 CEO Stock Price Award. In the case of a change in control of our company, the stock price

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will be the price per share of our Class A common stock paid in accordance with the definitive agreement providing for the

change in control. Achievement will be determined as a step function, meaning that there will be no interpolated or additional

vesting to the extent our stock price is in between the values set forth above. However, solely with respect to a change in

control, vesting will be determined based on the price per share payable in such change in control and if the price per share

falls between two values, a pro rata portion of the shares associated with the next tranche to vest will be eligible to vest based

on linear interpolation.

The performance period for each tranche begins upon our initial public offering and ends on the earlier of

(i) the tenth anniversary of our initial public offering or (ii) the occurrence of a change in control (as

defined in the award agreement governing the 2025 CEO Stock Price Award).

As to any portion of the 2025 CEO Stock Price Award that satisfies the stock price-based vesting

condition, the service based vesting condition will be satisfied in seven substantially equal installments on

each of the first seven anniversaries of the vesting commencement date, so long as Mr. Field is in

continuous service through each applicable vesting date as our chief executive officer or in an Eligible

Position.

In the event of a change in control of our company, subject to Mr. Field's continued service in an Eligible

Position through the closing of such change in control, the degree of achievement of the stock price-

based vesting condition will be based on the per-share deal consideration paid in the transaction. Any

portions of the 2025 CEO Stock Price Award for which the stock price-based vesting condition is met prior

to or in connection with a change in control will be deemed to have satisfied the service-based vesting

condition with respect to the vesting dates that have elapsed plus a pro rata portion of such portion of the

2025 CEO Stock Price Award, determined based on the number of days elapsed since the most recent

vesting date, and will vest. Any portions of the 2025 CEO Stock Price Award that do not meet the stock

price-based vesting condition prior to or in connection with a change in control will remain outstanding

and will vest subject to only the achievement of the service-based vesting on the original schedule

following the closing of the transaction (referred to as "converted RSUs").

In the event that Mr. Field's employment is terminated without cause or Mr. Field resigns employment for

good reason not in connection with a change in control, as described below (in each case, as defined in

the award agreement governing the 2025 CEO Stock Price Award), then subject to Mr. Field's timely

execution and non-revocation of a release of claims, the service-based vesting condition for the 2025

CEO Stock Price Award will be deemed satisfied as to all portions of the 2025 CEO Stock Price Award

that have satisfied the stock price-based vesting condition as of the date of Mr. Field's cessation of

employment.

In the event that Mr. Field's employment is terminated without cause or Mr. Field resigns employment for

good reason, in either case within the three month period prior to, or the twenty-four month period

following, a change in control (in each case, as defined in the applicable award agreement), then, subject

to Mr. Field's timely execution and non-revocation of a release of claims, the vesting of the converted

RSUs, as described above, will accelerate in full.

In the event that Mr. Field's employment ends due to his death or disability (as defined in our 2021 Plan)

then the service-based vesting condition for the 2025 CEO Stock Price Award will be deemed satisfied in

full and the 2025 CEO Stock Price Award will remain outstanding and eligible to satisfy the stock price-

based vesting condition for twelve months following the date of such death or disability.

In the event that an acquiror in a change in control refuses to assume, convert, continue, replace, or

substitute the 2025 CEO Stock Price Award, then the vesting of the 2025 CEO Stock Price Award will

accelerate in full.

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2025 CEO Service Award

In June 2025, our Compensation Committee approved the grant to Mr. Field of RSUs with respect to

14,480,169 shares of Class B common stock (the "2025 CEO Service Award") under our 2021 Plan. We

believe the 2025 CEO Service Award serves to further align Mr. Field's interests with those of our

stockholders.

The 2025 CEO Service Award is conditioned on satisfaction of a service-based vesting condition over a

five year period and is comprised of five tranches, equaling 10%, 20%, 20%, 20%, and 30% of the award,

respectively, that vest annually beginning on the first anniversary of the vesting commencement date, so

long as Mr. Field is in continuous service through each applicable vesting date as our chief executive

officer or in an Eligible Position.

In the event that Mr. Field's employment is terminated without cause or Mr. Field resigns employment for

good reason, in either case within the three month period prior to, or the twenty-four month period

following, a change in control (in each case, as defined in the applicable award agreement), then, subject

to Mr. Field's timely execution and non-revocation of a release of claims, the vesting of the 2025 CEO

Service Award will accelerate in full.

In the event that Mr. Field's employment ends due to his death or disability (as defined in our 2021 Plan)

then the next vesting tranche of the 2025 CEO Service Award will be subject to prorated vesting based on

Mr. Field's actual period of employment.

In the event that an acquiror in a change in control refuses to assume, convert, continue, replace, or

substitute the 2025 CEO Service Award, then the vesting of the 2025 CEO Service Award will accelerate

in full.

Executive Compensation Arrangements

Executive Offer Letters

In connection with this offering, we have entered into amended and restated executive offer letters with

our officers, including our named executive officers. Each of these agreements provide for at-will

employment, continued payment of his or her annual base salary and standard employee benefit plan

participation on the same terms and conditions as provided to all other eligible U.S. employees. Mr.

Voskanian is also eligible to receive additional variable cash compensation in accordance with our sales

compensation plans then in effect.

Change of Control and Severance Agreements

In connection with this offering, we have entered into change in control and severance agreements ("CIC

Severance Agreements"), with our officers, including our named executive officers. The CIC Severance

Agreements will become effective upon the completion of this offering.

*Mr. Field*. Under his CIC Severance Agreement with us, if Mr. Field is terminated by us without

"cause" (as defined in his CIC Severance Agreement) or he resigns for "good reason" (as defined in his

CIC Severance Agreement), he will receive (i) a lump sum payment equal to 18 months of his base salary

and (ii) continued payment of Consolidated Omnibus Budget Reconciliation Act ("COBRA") premiums for

18 months (or, if earlier, until the date that he is eligible for substantially equivalent coverage under a

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subsequent employer's plan). If Mr. Field is terminated by us without "cause" or he resigns for "good

reason," in each case within three months prior to, or 12 months following, a "change in control" (as

defined in his CIC Severance Agreement), he will instead receive (i) a lump sum payment equal to 18

months of base salary, (ii) 150% of his target bonus opportunity, (iii) continued payment of COBRA

premiums for 18 months (or, if earlier, when he is eligible for substantially equivalent coverage under a

subsequent employer's plan), and (iv) full accelerated vesting of all outstanding and unvested equity

awards held by him, provided that any outstanding and unvested equity awards subject to the 2021 CEO

Market Award, 2021 CEO Service Award, 2025 CEO Stock Price Award, and 2025 CEO Service Award

will instead be subject to the terms set forth in the applicable award agreements. In addition, in the event

of a change in control in which the successor or acquiring corporation does not assume, convert,

continue, replace or substitute unvested equity awards then, such equity awards accelerate vesting in full

immediately prior to such change in control, with any performance-based equity awards to be subject to

the treatment set forth in the grant agreement.

In addition, as discussed above in the section titled "CEO Equity Awards," the 2025 CEO Service Award

and the 2025 CEO Stock Price Award may be subject to vesting acceleration in connection with certain

events relating to Mr. Field's termination of service with us without cause or due to a resignation for good

reason, a change in control of our company, and/or a combination thereof.

*Mr. Melwani and Mr. Voskanian*. Under their respective CIC Severance Agreements with us, if Mr.

Melwani or Mr. Voskanian is terminated by us without "cause" (as defined in the applicable CIC

Severance Agreement), he will receive (i) a lump sum payment equal to 12 months of his base salary and

(ii) continued payment of COBRA premiums for 12 months (or, if earlier, until the date that he is eligible

for substantially equivalent coverage under a subsequent employer's plan). If Mr. Melwani or Mr.

Voskanian is terminated by us without "cause" or he resigns for "good reason" (as defined in the

applicable CIC Severance Agreement), in each case within three months prior to, or 12 months following,

a "change in control" (as defined in the applicable CIC Severance Agreement), he will instead receive (i) a

lump sum payment equal to 12 months of base salary, (ii) 100% of his target bonus opportunity, (iii)

continued payment of COBRA premiums for 12 months (or, if earlier, when he is eligible for substantially

equivalent coverage under a subsequent employer's plan), and (iv) full accelerated vesting of all

outstanding and unvested equity awards held by him, provided that any outstanding and unvested equity

awards subject to performance conditions will instead be subject to the terms set forth in the applicable

award agreements. In addition, in the event of a change in control in which the successor or acquiring

corporation does not assume, convert, continue, replace or substitute unvested equity awards then, such

equity awards accelerate vesting in full immediately prior to such change in control, with any

performance-based equity awards to be subject to the treatment set forth in the grant agreement.

The benefits provided under the CIC Severance Agreements supersede and replace any benefits to

which our named executive officers are entitled to under other arrangements or agreements with us,

except for equity vesting acceleration provisions applicable to performance based awards, as described

above. All such severance payments and benefits under the CIC Severance Agreements are subject to

each executive's execution of a general release of claims against us.

Stock Plans

We believe that our ability to grant equity-based awards is a valuable compensation tool that enables us

to attract, retain, and motivate our employees, consultants, and members of our Board of Directors by

aligning their financial interests with those of our stockholders. The principal features of our equity

incentive plans are summarized below. These summaries are qualified in their entirety by reference to the

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actual text of the plans, which are filed as exhibits to the registration statement of which this prospectus is

a part.

Amended & Restated 2012 Equity Incentive Plan

In October 2012, we adopted our 2012 Plan, which was amended and restated in December 2022, and

most recently amended in February 2025. The purpose of the 2012 Plan is to attract, retain, and motivate

eligible employees, directors, and consultants whose contributions are important to the success of our

business.

*Share Reserve.* As of March 31, 2025, we had 196,359,256 shares of our Class A common stock

reserved for issuance pursuant to grants under our 2012 Plan of which 14,451,482 shares remained

available for grant. As of March 31, 2025, options to purchase 85,979,097 shares had been exercised

and options to purchase 23,057,048 shares remained outstanding, with a weighted-average exercise

price of $9.77 per share. As of March 31, 2025, awards of RSUs covering 103,703,536 shares of our

Class A common stock had been granted under the 2012 Plan and awards of RSUs covering 58,739,038

shares of our Class A common stock remained outstanding. As of March 31, 2025, no shares of restricted

stock or stock appreciation rights ("SARs") were granted under the 2012 Plan, and no such awards are

expected to be granted prior to this offering. No new awards will be granted under the 2012 Plan after this

offering.

*Administration.* Our 2012 Plan is administered by our Board of Directors or a committee appointed by our

Board of Directors, referred to herein as the "administrator." Subject to the terms of the 2012 Plan, the

administrator has the authority to, among other things, select the persons to whom awards will be

granted, construe and interpret our 2012 Plan as well as to prescribe, amend, and rescind the 2012 Plan

and awards granted thereunder. The administrator may modify awards subject to the terms of the 2012

Plan.

*Eligibility.* Pursuant to the 2012 Plan, we may grant incentive stock options ("ISOs") only to our

employees or the employees of our parent or subsidiaries, as applicable (including officers and directors

who are also employees). We may grant non-statutory stock options ("NSOs"), RSUs, SARs, and shares

of restricted stock to our employees (including officers and directors who are also employees), non-

employee directors, and consultants, or the employees, directors, and consultants of our parent and

subsidiaries, as applicable.

*Stock Options.* The 2012 Plan provides for the grant of both (i) ISOs, which are intended to qualify for tax

treatment as set forth under Section 422 of the Code and (ii) NSOs to purchase shares of our Class A

common stock. The exercise price of each option is determined by the administrator and must equal at

least the fair market value of our Class A common stock on the date of grant, unless otherwise

determined by the administrator. However, the exercise price of ISOs granted to an individual who owns

more than ten percent of the total combined voting power of all classes of our capital stock must be at

least equal to 110% of the fair market value of our common stock on the date of grant. The administrator

will determine the vesting schedule applicable to each option. The maximum term of options granted

under our 2012 Plan is ten years from the date of grant, except that the maximum permitted term of ISOs

granted to an individual who owns more than ten percent of the total combined voting power of all classes

of our capital stock is five years from the date of grant.

*Restricted Stock Units.* The 2012 Plan also allows for the grant of RSUs with terms as generally

determined by the administrator in accordance with the 2012 Plan and set forth in an award agreement.

RSUs granted under the 2012 Plan represent the right to receive shares of our Class A common stock at

a specified date in the future, subject to satisfaction of certain vesting conditions.

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*Restricted Stock Awards.* Awards of restricted stock represent an offer by us to sell shares of our

common stock subject to restrictions which may lapse based on terms and conditions determined by our

Board of Directors or applicable committee. Holders of restricted stock are entitled to vote and, unless

otherwise determined by our Board of Directors, are entitled to receive all dividends and distributions with

respect to such shares. Any dividends or stock distributions paid pursuant to any unvested shares of

restricted stock will be subject to the same restrictions on transferability and forfeiture as the restricted

stock.

*Other Awards.* The 2012 Plan also provides for the grant of SARs, which may be settled in cash, shares

of common Class A common stock, RSUs, or a combination thereof. SARs must be granted with an

exercise price not lower than fair market value at the grant date, as determined by the administrator, and

for a term no longer than ten years from the grant date. We have not granted SARs as of March 31, 2025.

*Limited Transferability*. Unless otherwise determined by the administrator, awards granted under the 2012

Plan generally may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any

manner other than by will, the laws of descent and distribution and, with respect to NSOs, by instrument

to an inter vivos or testamentary trust in which the NSOs are to be passed to beneficiaries upon the death

of the trustor, or by gift to a qualified family member.

*Acquisition or Other Combination.* In the event of an acquisition or other combination (each as defined in

the 2012 Plan), the 2012 Plan provides that outstanding awards will be treated in the manner provided in

the acquisition agreement, and may (i) be continued, assumed, or substituted with substantially

equivalent awards of any successor corporation or affiliate, with appropriate adjustments as to the

number of shares and exercise or purchase prices; (ii) become vested or exercisable, in full or in part; (iii)

be terminated for no consideration or in exchange for an amount of cash or securities followed by the

cancellation of such awards; or (iv) any combination of the foregoing. After giving effect to the foregoing,

any awards outstanding under the 2012 Plan that are not assumed or substituted will terminate if not

exercised, as applicable, immediately following the consummation of the acquisition or other combination.

*Adjustments*. In the event that the number of outstanding shares of our Class A common stock is

changed by a stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination,

reclassification, or other change in our capital structure affecting our shares without consideration, then in

order to prevent diminution or enlargement of the benefits or potential benefits intended to be made

available under the 2012 Plan (i) the number and class of shares reserved for issuance under the 2012

Plan, (ii) the exercise prices of and number and class of shares subject to outstanding options and SARs,

and (iii) the purchase prices of and/or number and class of shares subject to other outstanding awards will

(to the extent appropriate) be proportionately adjusted (subject to any required action by our Board of

Directors or stockholders).

*Exchange, repricing and buyout of awards*. The administrator may modify, extend, or renew awards or

issue new awards in exchange for the surrender and cancellation of any or all outstanding awards,

provided that any such action will require the consent of the respective participants to the extent that any

such action would impair any of the participants' existing rights. The administrator may, without prior

stockholder approval, reduce the exercise price of options or SARs or buy an award previously granted

with payment in cash, shares, or other consideration, in each case, subject to the terms of the 2012 Plan.

*Amendment; Termination.* Our Board of Directors may amend or terminate the 2012 Plan at any time and

may terminate any and all outstanding options, RSUs, or SARs upon a dissolution or liquidation of us,

provided that certain amendments will require stockholder approval or participant consent. We expect to

terminate the 2012 Plan and will cease issuing awards thereunder upon the effectiveness of our 2025

Plan (described below), which will occur on the date immediately prior to the date of the effectiveness of

the registration statement of which this prospectus forms a part. Any outstanding awards granted under

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the 2012 Plan will remain outstanding following this offering, subject to the terms of our 2012 Plan and

applicable award agreements, until such awards are exercised, terminate, or expire by their terms.

2021 Executive Equity Incentive Plan

In June 2021, we adopted our 2021 Plan. The purpose of the 2021 Plan is to attract, retain, and motivate

eligible executives whose contributions are important to the success of our business.

*Share Reserve.*As of March 31, 2025, we had 22,500,000 shares of our Class B common stock reserved

for issuance pursuant to grants under our 2021 Plan of which 1,002,167 shares remained available for

grant. As of March 31, 2025 and before giving effect to the CEO Option Exercise, no options to purchase

shares had been exercised and options to purchase 811,896 shares remained outstanding, with an

exercise price of $23.19 per share. As of March 31, 2025, awards of RSUs covering 22,500,000 shares of

our Class B common stock had been granted under the 2021 Plan and awards of RSUs covering

19,125,000 shares of our Class B common stock remained outstanding. As of March 31, 2025, no RSAs

or SARs were granted under the 2021 Plan, and no such awards are expected to be granted prior to this

offering. No new awards will be granted under the 2021 Plan after this offering. On June 30, 2025, our

Compensation Committee approved an increase in the share reserve under our 2021 Plan by 28,960,338

additional shares of our Class B common stock. Following this increase, our Compensation Committee

approved the grant of the 2025 CEO Service Award and the 2025 CEO Stock Price Award to Mr. Field,

covering an aggregate of 28,960,338 shares of our Class B common stock, each as defined and further

described in the section titled "Executive Compensation—CEO Equity Awards."

*Administration.* Our 2021 Plan is administered by our Board of Directors or a committee appointed by our

Board of Directors, referred to herein as the "administrator." Subject to the terms of the 2021 Plan, the

administrator has the authority to, among other things, select the persons to whom awards will be

granted, construe and interpret our 2021 Plan as well as to prescribe, amend, and rescind rules and

regulations relating to the 2021 Plan and awards granted thereunder. The administrator may modify

awards, including amending the vesting schedules of awards, subject to the terms of the 2021 Plan.

*Eligibility.* Pursuant to the 2021 Plan, we may grant ISOs only to our employees or the employees of our

parent or subsidiaries, as applicable (including officers and directors who are also employees). We may

grant NSOs, RSUs, SARs, and shares of restricted stock to our employees (including officers and

directors who are also employees), non-employee directors, and consultants, or the employees, directors,

and consultants of our parent and subsidiaries, as applicable.

*Stock Options.* The 2021 Plan provides for the grant of both (i) ISOs, which are intended to qualify for tax

treatment as set forth under Section 422 of the Code and (ii) NSOs to purchase shares of our Class B

common stock. The exercise price of each option is determined by the administrator and must equal at

least the fair market value of our Class B common stock on the date of grant (unless otherwise

determined by the administrator). However, the exercise price of ISOs granted to an individual who owns

more than ten percent of the total combined voting power of all classes of our capital stock must be at

least equal to 110% of the fair market value of our common stock on the date of grant. The administrator

will determine the vesting schedule applicable to each option. The maximum term of options granted

under our 2021 Plan is ten years from the date of grant, except that the maximum term of ISOs granted to

an individual who owns more than ten percent of the total combined voting power of all classes of our

capital stock is five years from the date of grant.

*Restricted Stock Units.* The 2021 Plan also allows for the grant of RSUs with terms as generally

determined by the administrator in accordance with the 2021 Plan and set forth in an award agreement.

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RSUs granted under the 2021 Plan represent the right to receive shares of our Class B common stock at

a specified date in the future, subject to satisfaction of certain vesting conditions.

*Other Awards.* The 2021 Plan also provides for the grant of RSAs and SARs, with terms as generally

determined by the administrator (in accordance with the 2021 Plan) and to be set forth in an award

agreement. SARs granted under the 2021 Plan may be settled in cash, shares of common Class B

common stock, restricted stock, RSUs, or a combination thereof. SARs must be granted with an exercise

price not lower than fair market value at the grant date, as determined by the administrator, and for a term

no longer than ten years from the grant date. We have not granted any shares of restricted stock or any

SARs under the 2021 Plan and no such awards are expected to be granted prior to this offering.

*Limited Transferability.* Unless otherwise determined by the administrator, awards granted under the 2021

Plan generally may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any

manner other than by will, the laws of descent and distribution, and, with respect to NSOs, by instrument

to an inter vivos or testamentary trust in which the NSOs are to be passed to beneficiaries upon the death

of the trustor, or by gift to a qualified family member.

*Acquisition or Other Combination.* In the event of an acquisition or other combination (each as defined in

the 2021 Plan), the 2021 Plan provides that outstanding awards will be treated in the manner determined

by our Board of Directors, and may (i) be continued, assumed, or substituted with substantially equivalent

awards of any successor corporation or affiliate, with appropriate adjustments as to the number of shares

and exercise or purchase prices; (ii) become vested or exercisable, in full or in part; (iii) be terminated for

no consideration or in exchange for an amount of cash or securities followed by the cancellation of such

awards; or (iv) any combination of the foregoing. After giving effect to the foregoing, any awards

outstanding under the 2021 Plan that are not assumed or substituted will terminate if not exercised, as

applicable, immediately following the consummation of the acquisition or other combination.

*Adjustments*. In the event that the number of outstanding shares of our Class B common stock is

changed by a stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination,

reclassification, or other change in our capital structure affecting our shares without consideration, then in

order to prevent diminution or enlargement of the benefits or potential benefits intended to be made

available under the 2021 Plan (i) the number and class of shares reserved for issuance under the 2021

Plan, (ii) the exercise prices of and number and class of shares subject to outstanding options and SARs,

and (iii) the purchase prices of and/or number and class of shares subject to other outstanding awards will

(to the extent appropriate) be proportionately adjusted(subject to any required action by our Board of

Directors or stockholders).

*Exchange, repricing, and buyout of awards*. The administrator may modify, extend, or renew awards or

issue new awards in exchange for the surrender and cancellation of any or all outstanding awards,

provided that any such action will require the consent of the respective participants to the extent that any

such action would impair any of the participants' existing rights. The administrator may, without prior

stockholder approval, reduce the exercise price of options or SARs or buy an award previously granted

with payment in cash, shares, or other consideration, in each case, subject to the terms of the 2021 Plan.

*Amendment; Termination*. Our Board of Directors may amend or terminate the 2021 Plan at any time and

may terminate any and all outstanding options, RSUs, or SARs upon a dissolution or liquidation of us,

provided that certain amendments will require stockholder approval or participant consent. We expect to

terminate the 2021 Plan and will cease issuing awards thereunder upon the effectiveness of our 2025

Plan (described below), which will occur on the date immediately prior to the date of the effectiveness of

the registration statement of which this prospectus forms a part. Any outstanding awards granted under

the 2021 Plan will remain outstanding following this offering, subject to the terms of our 2021 Plan and

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applicable award agreements, until such awards are exercised or until they terminate or expire by their

terms.

2025 Equity Incentive Plan

In June 2025, our Board of Directors and our stockholders approved our 2025 Plan as a successor to our

2012 Plan and 2021 Plan, which will become effective on the date immediately prior to the effectiveness

of the registration statement of which this prospectus forms a part. The 2025 Plan authorizes the award of

both ISOs, which are intended to qualify for tax treatment under Section 422 of the Code, and NSOs, as

well for the award of RSAs, SARs, RSUs, and performance and stock bonus awards. Pursuant to the

2025 Plan, ISOs may be granted only to our employees. We may grant all other types of awards to our

employees, directors, and consultants.

*Share Reserve*. We have initially reserved 58,000,000 shares of our Class A common stock, plus (i) any

reserved shares of Class A common stock not issued or subject to outstanding grants under the 2012

Plan on the effective date of the 2025 Plan and (ii) any reserved shares of Class B common stock not

issued or subject to outstanding grants under the 2021 Plan on the effective date of the 2025 Plan, for

issuance as Class A common stock pursuant to awards granted under our 2025 Plan. The number of

shares reserved for issuance under our 2025 Plan will increase automatically on January 1 of each of

2026 through 2035 by the number of shares equal to the lesser of (A) 5% of the aggregate number of

outstanding shares of all classes of our common stock as of the immediately preceding December 31 or

(B) a number as may be determined by our Board of Directors (the "2025 Plan Evergreen Provision"). The

2025 Plan Evergreen Provision is calculated using the number of legally outstanding shares of common

stock and includes shares, such as unvested shares pursuant to early exercised stock options, that are

not considered outstanding for accounting purposes.

In addition, the shares set forth below will again be available for issuance pursuant to awards granted

under our 2025 Plan:

• shares subject to options or SARs granted under our 2025 Plan that cease to be subject to the

option or SAR for any reason other than exercise of the option or SAR;

• shares subject to awards granted under our 2025 Plan that are subsequently forfeited or

repurchased by us at the original issue price;

• shares subject to awards granted under our 2025 Plan that otherwise terminate without such

shares being issued;

• shares subject to awards granted under our 2025 Plan that are surrendered, canceled, or

exchanged for cash or a different award (or combination thereof);

• shares issuable upon the exercise of options granted under our 2012 Plan and 2021 Plan that,

after the effective date of the 2025 Plan, are forfeited;

• shares subject to awards granted under our 2012 Plan and 2021 Plan that are forfeited or

repurchased by us at the original price after the effective date of the 2025 Plan; and

• shares subject to awards under our 2012 Plan, 2021 Plan, or our 2025 Plan that are used to pay

the exercise price of an option or withheld to satisfy the tax withholding and remittance obligations

related to any award.

Shares of our common stock that were either reserved, but not issued under the 2012 Plan and 2021

Plan as of the date of this prospectus, or issued under the 2012 Plan and 2021 Plan and later become

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available for grant under our 2025 Plan, either as set forth above, shall be issued under the 2025 Plan

only as shares of Class A common stock.

*Administration.* Our 2025 Plan will be administered by our compensation committee or by our Board of

Directors acting in place of our compensation committee. Subject to the terms and conditions of the 2025

Plan, the administrator will have the authority, among other things, to select the persons to whom awards

may be granted, construe and interpret our 2025 Plan as well as to determine the terms of such awards

and prescribe, amend, and rescind the rules and regulations relating to the plan or any award granted

thereunder. The 2025 Plan provides that the administrator may delegate its authority, including the

authority to grant awards, to one or more executive officers to the extent permitted by applicable law,

provided that awards granted to non-employee directors may only be determined by our Board of

Directors.

*Options.* The 2025 Plan provides for the grant of both ISOs intended to qualify under Section 422 of the

Code, and NSOs to purchase shares of our Class A common stock at a stated exercise price. ISOs may

only be granted to employees, including officers and directors who are also employees. The exercise

price of stock options granted under the 2025 Plan must be at least equal to the fair market value of our

Class A common stock on the date of grant. ISOs granted to an individual who holds, directly or by

attribution, more than ten percent of the total combined voting power of all classes of our capital stock

must have an exercise price of at least 110% the fair market value of our Class A common stock on the

date of grant.

Options may vest based on service and/or achievement of performance conditions, as determined by the

administrator. The administrator may provide for options to be exercised only as they vest or to be

immediately exercisable, with any shares issued on exercise being subject to our right of repurchase that

lapses as the shares vest. No more than 58,000,000 shares may be issued pursuant to ISOs. The

maximum term of options granted under our 2025 Plan is ten years from the date of grant, except that the

maximum permitted term of ISOs granted to an individual who holds, directly or by attribution, more than

ten percent of the total combined voting power of all classes of our capital stock is five years from the

date of grant.

*Restricted Stock Awards.* An RSA is an offer by us to grant or sell shares of our Class A common stock

subject to restrictions, which may lapse based on the satisfaction of service and/or achievement of

performance conditions. The price, if any, of an RSA will be determined by the administrator. Holders of

RSAs, unlike holders of options, will have the right to vote and any dividends or distributions paid with

respect to such shares will be subject to the same vesting terms and other restrictions as the RSA and

will be accrued and paid when the vesting terms on such shares lapse. Unless otherwise determined by

the administrator, vesting will cease on the date the participant no longer provides services to us and

unvested shares may be forfeited to or repurchased by us.

*Stock Appreciation Rights.* A SAR provides for a payment, in cash or shares of our Class A common

stock up to a specified maximum of shares, if determined by the administrator, to the participant based

upon the difference between the fair market value of our Class A common stock on the date of exercise

and a predetermined exercise price, multiplied by the number of shares. SARs may vest based on service

and/or achievement of performance conditions. No SAR may have a term that is longer than ten years

from the date of grant.

*Restricted Stock Units.* RSUs represent the right to receive shares of our Class A common stock at a

specified date in the future and may be subject to vesting based on service and/or achievement of

performance conditions. RSUs may be settled in cash, shares of our Class A common stock, or a

combination of both as soon as practicable following vesting or on a later date subject to the terms of the

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2025 Plan and any applicable award agreement, which may provide for settlement only in shares. No

RSU may have a term that is longer than ten years from the date of grant.

*Performance Awards.* Performance awards granted pursuant to the 2025 Plan may be in the form of a

cash bonus, or an award of performance shares or performance units denominated in shares of our Class

A common stock that may be settled in cash, property, or by issuance of those shares, subject to the

satisfaction or achievement of specified performance conditions.

*Stock Bonus Awards.* A stock bonus award provides for payment in the form of cash, shares of our Class

A common stock or a combination thereof, based on the fair market value of shares subject to such award

as determined by the administrator. The awards may be granted as consideration for services already

rendered, or at the discretion of the administrator, may be subject to vesting restrictions based on

continued service and/or performance conditions.

*Dividend Equivalent Rights.* Dividend equivalent rights may be granted at the discretion of the

administrator and represent the right to receive the value of dividends, if any, paid by us in respect of the

number of shares of our Class A common stock underlying an award. Dividend equivalent rights will be

subject to the same vesting or performance conditions as the underlying award and will be paid only when

the underlying award becomes vested or may be deemed to have been reinvested by us.

*Change of Control.* Our 2025 Plan provides that, in the event of a corporate transaction that constitutes a

change of control of our company under the terms of the plan, outstanding awards will be subject to the

agreement evidencing the change of control, which need not treat all outstanding awards in an identical

manner, and may include one or more of the following: (1) the continuation of the outstanding awards,

(2) the assumption of the outstanding awards by the surviving corporation or its parent, (3) the

substitution by the surviving corporation or its parent of new options or equity awards for the outstanding

awards, (4) the full or partial acceleration of exercisability or vesting or lapse of our right to repurchase or

other terms of forfeiture and accelerated expiration of the award, (5) the settlement of the full value of the

outstanding awards, whether or not then vested or exercisable, in cash, cash equivalents, or securities of

the successor entity with a fair market value equal to the required amount, as determined in accordance

with the 2025 Plan, which payments may be deferred until the date or dates the award would have

become exercisable or vested, or (6) the cancellation of outstanding awards for no consideration.

Notwithstanding the foregoing, upon a change of control the vesting of all awards granted to our non-

employee directors will accelerate and such awards will become exercisable, to the extent applicable, and

vested in full immediately prior to the consummation of the change of control. In the event the successor

refuses to assume, convert, replace, or substitute awards as provided above pursuant to a corporate

transaction, our compensation committee will notify each participant that such award will, if exercisable,

be exercisable or vested for a period of time determined by the committee and expire after such period.

*Adjustment.* In the event of a change in the number or class of outstanding shares of our Class A

common stock by reason of a stock dividend, extraordinary dividend or distribution (other than a regular

cash dividend), recapitalization, stock split, reverse stock split, subdivision, combination, consolidation

reclassification, spin-off, or similar change in our capital structure, proportional adjustments will be made

to (1) the number and class of shares reserved for issuance under our 2025 Plan, (2) the exercise prices,

number, and class of shares subject to outstanding options or SARs, (3) the number and class of shares

subject to other outstanding awards, and (4) the maximum number of shares that may be issued as ISOs

under the 2025 Plan, subject to any required action by the board or our stockholders and compliance with

applicable laws.

*Exchange, Repricing, and Buyout of Awards*. The administrator may, without prior stockholder approval,

(1) reduce the exercise price of outstanding options or SARs without the consent of any participant and

(2) pay cash or issue new awards in exchange for the surrender and cancellation of any, or all,

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outstanding awards, subject to the consent of any affected participant to the extent required by the terms

of the 2025 Plan.

*Director Compensation Limits*. No non-employee director may receive awards under our 2025 Plan with a

grant date value that when combined with cash compensation received for his or her service as a director,

exceed $875,000 in a calendar year or $1,750,000 in the calendar year of his or her initial service as a

non-employee director on our Board of Directors.

*Clawback; Transferability*. All awards will be subject to clawback or recoupment pursuant to any

compensation clawback or recoupment policy adopted by our Board of Directors or required by law, to the

extent set forth in such policy or applicable agreement. Except in limited circumstances, awards granted

under our 2025 Plan may generally not be transferred in any manner other than by will or by the laws of

descent and distribution.

*Sub-plans*. Subject to the terms of the 2025 Plan, the plan administrator may establish a sub-plan under

the 2025 Plan and/or modify the terms of awards granted to participants outside of the United States to

comply with any laws or regulations applicable to any such jurisdiction.

*Amendment; Termination.* Our Board of Directors or compensation committee may amend our 2025 Plan

at any time, subject to stockholder approval as may be required. Our 2025 Plan will terminate ten years

from the date our Board of Directors adopts the plan, unless it is terminated earlier by our Board of

Directors. No termination or amendment of the 2025 Plan may adversely affect any then-outstanding

award without the consent of the affected participant, except as is necessary to comply with applicable

laws or as otherwise provided by the terms of the 2025 Plan.

***2025 Employee Stock Purchase Plan***

In June 2025, our Board of Directors and our stockholders approved our 2025 ESPP, which will become

effective upon the date the registration statement of which this prospectus forms a part becomes effective

to enable eligible employees to purchase shares of our Class A common stock with accumulated payroll

deductions.

The 2025 ESPP includes two components: a "423 Component" and a "Non-423 Component." We intend

the 423 Component to qualify as options issued under an "employee stock purchase plan" as that term is

defined in Section 423(b) of the Code. Except as otherwise provided in the 2025 ESPP or determined by

our Board of Directors or the compensation committee, the Non-423 Component (if any) will operate and

be administered in the same manner as the 423 Component.

*Share Reserve*. We have initially reserved 11,600,000 shares of our Class A common stock for issuance

and sale under our 2025 ESPP. The number of shares reserved for issuance and sale under our 2025

ESPP will increase automatically on January 1 of each of 2026 through 2035 by the number of shares

equal to 1% of the aggregate number of outstanding shares of all classes of our common stock as of the

immediately preceding December 31, or a lesser number as may be determined by our Board of Directors

(the "2025 ESPP Evergreen Provision"). The 2025 ESPP Evergreen Provision is calculated using the

number of legally outstanding shares of common stock and includes shares, such as unvested shares

pursuant to early exercised stock options, that are not considered outstanding for accounting purposes.

Subject to stock splits, recapitalizations, or similar events, no more than 100,000,000 shares of our Class

A common stock may be issued over the term of our 2025 ESPP.

*Administration*. Our 2025 ESPP will be administered by our compensation committee or by our Board of

Directors acting in place of our compensation committee, subject to the terms andconditions of our 2025

ESPP. Among other things, the administrator will have the authority to determine eligibility for participation

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in our 2025 ESPP (to the extent permitted by applicable law), designate separate offerings under the

plan, determine the length of such offerings, and construe, interpret, and apply the terms of the plan.

*Eligibility.* Employees eligible to participate in any offering pursuant to our 2025 ESPP generally include

any employee that is employed by us or certain of our designated subsidiaries at the beginning of the

offering period. However, the administrator may exclude employees who have been employed for less

than two years, are customarily employed for 20 hours or less per week, are customarily employed for

five months or less in a calendar year, certain highly compensated employees as determined in

accordance with applicable tax laws, and certain employees who are citizens or residents of a foreign

jurisdiction if such participation is prohibited under applicable local laws or would violate the requirements

of Section 423 of the Code (with respect to an offering under a 423 Component). In addition, any

employee who owns, or is deemed to own because of attribution rules, 5% or more of the total combined

voting power or value of all classes of our capital stock, or the capital stock of one of our qualifying

subsidiaries, or who will own such amount because of participation in our 2025 ESPP, will not be eligible

to participate in our 2025 ESPP. The administrator may impose additional restrictions on eligibility from

time to time.

*Offerings.* Under our 2025 ESPP, eligible employees will be offered the option to purchase shares of our

Class A common stock at a discount over a series of offering periods through accumulated payroll

deductionsover the period. Each offering period may itself consist of one or more purchase periods. No

offering period may be longer than 27 months. The purchase price for shares purchased under our 2025

ESPP during any given purchase period will be 85% of the lesser of the fair market value of our Class A

common stock on (1) the first trading day of the applicable offering period or (2) the last trading day of the

applicable purchase period.

No participant may purchase more than 2,500 shares of our Class A common stock during any one

purchase period and may not subscribe for more than $25,000 in fair market value of shares of our Class

A common stock, determined as of the date the offering period commences, in any calendar year in which

the offering is in effect. The administrator in its discretion may set a lower maximum number of shares

which may be purchased.

*Adjustments Upon Recapitalization.* If the number or class of outstanding shares of our Class A common

stock is changed by stock dividend, recapitalization, stock split, reverse stock split, subdivision,

combination,reclassification or similar change in our capital structure without consideration, then the

administrator will proportionately adjust the number or class of shares of our Class A common stock that

are available under our 2025 ESPP, the purchase price and number or class of shares any participant

has elected to purchase as well as the maximum number of shares which may be purchased by

participants.

*Change of Control.* If we experience a change of control transaction as determined under the terms of our

2025 ESPP, any offering period then in effect will be shortened and terminated on a final purchase date

established by the administrator. The final purchase date will occur on or prior to the effective date of the

change of control transaction, and our 2025 ESPP will terminate on the closing of the change of control.

*Transferability.* Participants may generally not assign, transfer, pledge, or otherwise dispose of payroll

deductions credited to their account or any rights regarding an election to purchase sharespursuant to

our 2025 ESPP other than by will or the laws of descent or distribution.

*Amendment; Termination.* Our Board of Directors or compensation committee may amend, suspend, or

terminate our 2025 ESPP at any time without stockholder consent, except as required by law. Unless

earlier terminated, our 2025 ESPP will terminate upon the earlier to occur of the issuance of all shares of

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Class A common stock reserved for issuance under our 2025 ESPP, or the tenth anniversary of the

effective date.

Compensation Recovery Policy

In June 2025, we adopted a Compensation Recovery Policy (the "Compensation Recovery Policy") which

will become effective upon the effectiveness of this registration statement. The Compensation Recovery

Policy is in accordance with the final rules regarding recovery of erroneously awarded executive officer

compensation in connection with an accounting restatement, as adopted by the SEC in October 2022,

and consistent with the corresponding listing standards (together, the "Clawback Rules").Pursuant to the

Compensation Recovery Policy, and subject to certain limited exceptions in the Clawback Rules, in the

event we are required to restate our financial statements, we are required to recoup erroneously awarded

incentive-based compensation (as described in the Clawback Rules), including both cash and equity

compensation paid to any current or former executive officer (as described in the Clawback Rules) during

the three completed fiscal years immediately prior to the date the accounting restatement was required.

The amount recoverable is the amount of any incentive-based compensation received by the executive

officer based on the financial statements prior to the restatement that exceeds the amount that such

executive officer would have received had the incentive-based compensation been determined based on

the financial restatement.

Limitations on Liability and Indemnification

Matters

Our restated certificate of incorporation that will become effective immediately prior to the completion of

this offering contains provisions that will limit the liability of our directors and officers for monetary

damages to the fullest extent permitted by the DGCL. Consequently, our directors and officers will not be

personally liable to us or our stockholders for monetary damages for any breach of fiduciary duties as

directors or officers, except liability for:

• any breach of the director's or officer's duty of loyalty to us or our stockholders;

• any act or omission not in good faith or that involves intentional misconduct or a knowing violation

of law;

• unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in

Section 174 of the DGCL;

• any transaction from which the director or officer derived an improper personal benefit; and

• with respect to officers, any action by or in the right of the corporation.

Our restated certificate of incorporation and our restated bylaws that will become effective immediately

prior to the completion of this offering will require us to indemnify our directors and officers to the

maximum extent not prohibited by the DGCL and allow us to indemnify other employees and agents as

set forth in the DGCL. Subject to certain limitations, our restated bylaws will also require us to advance

expenses incurred by our directors and officers for the defense of any action for which indemnification is

required or permitted, subject to very limited exceptions.

We have entered, and intend to continue to enter, into separate indemnification agreements with our

directors, officers, and certain of our other employees. These agreements, among other things, require us

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to indemnify our directors, officers, and key employees for certain expenses, including attorneys' fees,

judgments, fines, and settlement amounts actually and reasonably incurred by such director, officer, or

key employee in any action or proceeding arising out of their service to us or any of our subsidiaries or

any other company or enterprise to which the person provides services at our request. Subject to certain

limitations, our indemnification agreements also require us to advance expenses incurred by our

directors, officers, and key employees for the defense of any action for which indemnification is required

or permitted.

We believe that these provisions in our restated certificate of incorporation and indemnification

agreements are necessary to attract and retain qualified persons such as directors, officers, and key

employees. We also maintain directors' and officers' liability insurance.

The limitation of liability and indemnification provisions in our restated certificate of incorporation and

restated bylaws may discourage stockholders from bringing a lawsuit against our directors and officers for

breaches of their fiduciary duties. They may also reduce the likelihood of derivative litigation against our

directors and officers, even though an action, if successful, might benefit us and other stockholders.

Further, a stockholder's investment may be adversely affected to the extent that we pay the costs of

settlement and damage awards against directors and officers as required by these indemnification

provisions.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,

executive officers, or persons controlling us, we have been informed that in the opinion of the SEC such

indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

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Certain Relationships And Related

Party Transactions

In addition to the compensation arrangements discussed in the sections titled "Management" and

"Executive Compensation," the following is a description of each transaction since January 1, 2022 and

each currently proposed transaction in which:

• we have been or are to be a participant;

• the amount involved exceeded or will exceed $120,000; and

• any of our directors, executive officers, or holders of more than 5% of our outstanding capital

stock, or any immediate family member of, or person sharing the household with, any of these

individuals, had or will have a direct or indirect material interest.

2024 Class A Common Stock Financing

In May and June 2024 in connection with the RSU Release, we sold an aggregate of 18,064,377 shares

of our Class A common stock at a purchase price of $23.19 per share for an aggregate purchase price of

approximately $419.0 million.

The following table summarizes the Class A common stock purchased by entities affiliated with certain of

our directors and holders of more than 5% of our outstanding capital stock:

---

| | | |
|:---|:---|:---|
| **Stockholder** | **Shares of Class** <br>**A Common** <br>**Stock**<br>| **Total Purchase** <br>**Price**<br>|
| Entities Affiliated with Kleiner Perkins<sup>(1)</sup>............................................................. | 172465 | $3999981 |
| Entities Affiliated with Sequoia<sup>(2)</sup>......................................................................... | 269477 | $6249980 |

---

__________________

(1)Consists of shares held by affiliates of Kleiner Perkins. Kleiner Perkins and certain of its affiliates beneficially own more than

5% of our capital stock. Mamoon Hamid, a member of our Board of Directors, is a Partner at Kleiner Perkins, and as such may

be deemed to have voting and dispositive power with respect to shares held by Kleiner Perkins and its affiliates.

(2)Consists of shares held by certain affiliates of Sequoia. Certain entities affiliated with Sequoia beneficially own more than 5% of

our outstanding capital stock. Andrew Reed, a member of our Board of Directors, is a General Partner of Sequoia, and as such

may be deemed to have voting and dispositive power with respect to shares held by such entities.

2024 Tender Offer

In June 2024, following the May 2024 RSU Release, we facilitated the 2024 Tender Offer whereby certain

existing stockholders and new stockholders commenced a tender offer to purchase shares of our Class A

common stock, including certain shares of common stock issued upon exercise of vested options to

purchase common stock and certain shares of common stock issued upon conversion of shares of our

convertible preferred stock from certain of our security holders for $23.19 per share in cash. An aggregate

of 24,435,280 shares of our Class A common stock were tendered pursuant to the 2024 Tender Offer for

an aggregate purchase price of approximately $566.7 million. Included in the shares of Class A common

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stock sold were 1.8 million shares of convertible preferred stock, which were converted to Class A

common stock at a 1:1 ratio immediately prior to closing of the 2024 Tender Offer.

We did not receive any consideration from the sale proceeds of the 2024 Tender Offer, except for

amounts received upon the net exercise of employee stock options by certain of our employees who

concurrently exercised vested options to sell in the 2024 Tender Offer.

Certain entities affiliated with certain of our directors and holders of more than 5% of our outstanding

capital stock participated in the 2024 Tender Offer as purchasers of our Class A common stock. The

following table summarizes the shares of Class A common stock purchased by holders of more than 5%

of our outstanding capital stock:

---

| | | |
|:---|:---|:---|
| **Stockholder** | **Shares of Class** <br>**A Common** <br>**Stock**<br>| **Total Purchase** <br>**Price**<br>|
| Entities Affiliated with Kleiner Perkins<sup>(1)</sup>............................................................................ | 1121028 | $26000002 |
| Entities Affiliated with Sequoia<sup>(2)</sup>........................................................................................ | 2779449 | $64463761 |

---

__________________

(1)Consists of shares held by affiliates of Kleiner Perkins. Kleiner Perkins and certain of its affiliates beneficially own more than

5% of our capital stock. Mamoon Hamid, a member of our Board of Directors, is a Partner at Kleiner Perkins, and as such may

be deemed to have voting and dispositive power with respect to shares held by Kleiner Perkins and its affiliates.

(2)Consists of shares held by certain affiliates of Sequoia. Certain entities affiliated with Sequoia beneficially own more than 5% of

our outstanding capital stock. Andrew Reed, a member of our Board of Directors, is a General Partner of Sequoia, and as such

may be deemed to have voting and dispositive power with respect to shares held by such entities.

Certain of our directors and executive officers and their affiliates participated as sellers in the 2024

Tender Offer.

The following table summarizes the shares of common stock sold by our directors and executive officers

and their affiliated parties in the 2024 Tender Offer. The amounts set forth in the column titled "Total

Sales Price" represent the gross sales proceeds realized by the seller, before any reduction for

transaction costs, tax withholding, or amounts remitted to us in respect of the net exercise of employee

stock options:

---

| | | |
|:---|:---|:---|
| **Stockholder** | **Shares of** <br>**Common Stock**<br>| **Total Sales** <br>**Price**<br>|
| Dylan Field<sup>(1)</sup>......................................................................................................................... | 862329 | $19999997 |
| Praveer Melwani<sup>(2)</sup>................................................................................................................ | 310570 | $7203050 |
| Brendan Mulligan<sup>(3)</sup>.............................................................................................................. | 220675 | $5118115 |
| Kris Rasmussen<sup>(4)</sup>................................................................................................................ | 862329 | $19999997 |
| Shaunt Voskanian<sup>(5)</sup>............................................................................................................. | 191275 | $4436241 |

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__________________

(1)Consists of shares of Class B common stock directly held of record and sold by Dylan Field, which were converted into 862,329

shares of Class A common stock in connection with the transfer. Mr. Field is our Chair of our Board of Directors, Chief

Executive Officer, and President, and he and certain entities and individuals affiliated with him beneficially own more than 5%

of our issued and outstanding equity securities.

(2)Consists of shares of Class A common stock directly held of record and sold by Praveer Melwani. Mr. Melwani is our Chief

Financial Officer and Treasurer.

(3)Consists of shares of Class A common stock directly held of record and sold by Brendan Mulligan. Mr. Mulligan is our General

Counsel and Secretary.

(4)Consists of shares of Class A common stock directly held of record and sold by Kris Rasmussen. Mr. Rasmussen is our Chief

Technology Officer.

(5)Consists of shares of Class A common stock directly held of record and sold by Shaunt Voskanian. Mr. Voskanian is our Chief

Revenue Officer.

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Commercial Arrangements

We have a commercial relationship with Modern Life, Inc. ("Modern Health"). Kleiner Perkins, a beneficial

owner of greater than 5% of our Class A common stock, holds a greater than 10% equity interest in

Modern Health. Mamoon Hamid, a member of our Board of Directors, is a Partner at Kleiner Perkins, and

as such may be deemed to have voting and dispositive power with respect to shares held by Kleiner

Perkins and its affiliates. Mr. Hamid's wife also holds an equity interest in Modern Health through an

investment that pre-dated Kleiner Perkins' investment. Mr. Hamid has not been involved in any

discussions regarding the commercial relationship between us and Modern Health. During the years

ended December 31, 2023 and 2024 and the three months ended March 31, 2025, we made payments to

Modern Health of approximately $165,000, $245,000, and $270,000, respectively.

We have a commercial relationship with Common Room, Inc. ("Common Room"). Index Ventures, a

beneficial owner of greater than 5% of our Class A common stock, holds a greater than 10% equity

interest in Common Room. Danny Rimer, a member of our Board of Directors, is a member of the

Common Room Board of Directors and a Partner within the Index Ventures Group but does not hold

voting or dispositive power over the shares held by the Index Ventures funds. Mr. Rimer has not been

involved in any discussions regarding the commercial relationship between us and Common Room.

During the years ended December 31, 2023 and 2024, we made payments to Common Room of

approximately $135,000 and $150,000, respectively. We made no payments to Common Room during

the three months ended March 31, 2025.

We have a commercial relationship with Loom, Inc. ("Loom"). Sequoia, which, together with its affiliates, is

a beneficial owner of greater than 5% of our Class A common stock, held a greater than 10% equity

interest in Loom prior to Loom's acquisition in December 2024. Andrew Reed, a member of our Board of

Directors, is a Partner at Sequoia, and as such may be deemed to have voting and dispositive power with

respect to shares held by Sequoia and its affiliates. Mr. Reed has not been involved in any discussions

regarding the commercial relationship between us and Loom. During the years ended December 31, 2023

and 2024 and the three months ended March 31, 2025, we made payments to Loom of approximately

$155,000, $198,000, and $203,000, respectively.

We have a commercial relationship with Klarna Group plc ("Klarna"). Sequoia, which, together with its

affiliates, is a beneficial owner of greater than 5% of our Class A common stock, holds a greater than 10%

equity interest in Klarna. Andrew Reed, a member of our Board of Directors, is a Partner at Sequoia, and

as such may be deemed to have voting and dispositive power with respect to shares held by Sequoia and

its affiliates. Mr. Reed has not been involved in any discussions regarding the commercial relationship

between us and Klarna. During the years ended December 31, 2023 and 2024 and the three months

ended March 31, 2025, Klarna made payments to us of approximately $246,000, $218,000, and $84,000,

respectively.

Stock Transfers

In April 2022, entities affiliated with Greylock Partners, a holder of more than 5% of our outstanding

capital stock and where John Lilly, a member of our Board of Directors, serves as a Venture Partner,

purchased an aggregate of 78,125 shares of our outstanding Series C preferred stock from an existing

stockholder, at a purchase price of $32.00 per share, for an aggregate purchase price of $2.5 million.

In April 2022, entities affiliated with Kleiner Perkins, a holder of more than 5% of our outstanding capital

stock and where Mamoon Hamid, a member of our Board of Directors, is a Partner, purchased an

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aggregate of 78,125 shares of our outstanding Series C preferred stock from an existing stockholder, at a

purchase price of $32.00 per share, for an aggregate purchase price of $2.5 million.

In April 2022, entities affiliated with Sequoia, a holder of more than 5% of our outstanding capital stock

and where Andrew Reed, a member of our Board of Directors, is a General Partner, purchased an

aggregate of 78,125 shares of our outstanding Series C preferred stock from an existing stockholder, at a

purchase price of $32.00 per share, for an aggregate purchase price of $2.5 million.

Figma Ventures

From time to time, through Figma Ventures, we invest in companies identified by Figma Ventures. Certain

of those investments are into companies in which entities affiliated with our directors, executive officers or

holders of more than 5% of our capital stock have also invested or otherwise have a material interest.

Below is a list of our investments with an amount involved that exceeded $120,000 in companies in which

entities affiliated with our directors, executive officers, or holders of more than 5% of our capital stock

hold, in the aggregate, a 10% or greater equity interest.

In April 2022, we entered into a Series A Preferred Stock Purchase Agreement with Stackblitz, Inc.

("Stackblitz"), pursuant to which we invested an aggregate of approximately $200,000 in Stackblitz.

Greylock Partners, a holder of more than 5% of our outstanding capital stock and where John Lilly, a

member of our Board of Directors, serves as a Venture Partner, is an investor in Stackblitz.

Investors' Rights Agreement

We are party to an amended and restated investors' rights agreement, dated May 15, 2024 (the "Rights

Agreement"), which provides, among other things, that certain holders of our capital stock, including

entities affiliated with Sequoia Capital, Index Ventures, Greylock Partners, and Kleiner Perkins, which

each hold more than 5% of our outstanding capital stock, have the right to demand that we file a

registration statement or request that their shares of our capital stock be included on a registration

statement that we are otherwise filing. See the section titled "Description of Capital Stock—Registration

Rights" for more information regarding these registration rights.

Voting Agreement

Pursuant to the Voting Agreement, certain holders of our capital stock have agreed to vote their shares

on certain matters, including with respect to the election of members of our Board of Directors. See the

section titled "Management—Board of Directors" for more information regarding the election of members

of our Board of Directors pursuant to our Voting Agreement. Holders of our capital stock, including entities

affiliated with Sequoia, Index Ventures, Greylock Partners, and Kleiner Perkins, which each hold more

than 5% of our outstanding capital stock, as well as Dylan Field and certain other stockholders of which

Dylan Field is an affiliate, are parties to our Voting Agreement. The Voting Agreement will terminate upon

the completion of this offering.

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Nominating Agreement

In connection with this offering, we intend to enter into the Nominating Agreement with Dylan Field, our

Chair of our Board of Directors, Chief Executive Officer, and President. Pursuant to the Nominating

Agreement, we have agreed to include Mr. Field in the slate of nominees recommended by our Board of

Directors for election or re-election at each stockholder meeting following this offering, and to include Mr.

Field in the proxy statement for each such stockholder meeting. The Nominating Agreement also provides

that, subject to any limitations imposed by applicable law and our Board of Directors' fiduciary duties to

our stockholders, we will take all necessary action to support Mr. Field's election or re-election as a

director, including by soliciting proxies or consents in his favor. The Nominating Agreement and Mr.

Field's right to be nominated to serve on our Board of Directors shall automatically terminate upon the

earliest of (a) Mr. Field's resignation as a director, (b) Mr. Field's death, (c) Mr. Field's removal from the

Board of Directors for cause by our stockholders, (d) the expiration of Mr. Field's term as director if he has

given notice of his intention not to stand for re-election, (e) the date upon which Mr. Field fails to satisfy

his Minimum Class B Share Ownership Condition, (f) the Final Conversion Date and (g) immediately prior

to the sale of all or substantially all of our assets, our liquidation or dissolution, or a merger or

consolidation where our stockholders cease to hold a majority of the voting power of the surviving entity

or its parent.

Indemnification Agreements

We have entered into, and intend to continue to enter into, separate indemnification agreements with

each of our executive officers and directors, including those affiliated with certain of our 5% stockholders.

The indemnification agreements and our restated bylaws will require us to indemnify our directors to the

fullest extent not prohibited by DGCL. Subject to very limited exceptions, our restated bylaws will also

require us to advance expenses incurred by our directors and officers. For more information regarding

these agreements, see the section titled "Executive Compensation—Limitations on Liability and

Indemnification Matters."

Policies and Procedures for Related Party

Transactions

Following the completion of this offering, our audit committee will have the primary responsibility for

reviewing and approving or disapproving "related party transactions," which are transactions between us

and related persons in which the aggregate amount involved exceeds or may be expected to exceed

$120,000 and in which a related person has or will have a direct or indirect material interest.

Upon completion of this offering, our policy regarding transactions between us and related persons will

provide that a related person is defined as a director, executive officer, nominee for director, or greater

than 5% beneficial owner of our securities, in each case since the beginning of the most recently

completed year, and any of their immediate family members. Our audit committee charter that will be in

effect upon completion of this offering will provide that our audit committee shall review and approve or

disapprove any related party transactions.

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## Principal and Selling Stockholders
The following table sets forth certain information with respect to the beneficial ownership of our common

stock as of June 15, 2025 and as adjusted to reflect the sale of our Class A common stock in this offering

for:

• each of our named executive officers;

• each of our directors;

• all of our current directors and executive officers as a group;

• each of the selling stockholders; and

• each person known by us to be the beneficial owner of more than 5% of the outstanding shares

of our Class A common stock or Class B common stock.

We have determined beneficial ownership in accordance with the rules of the SEC, and the information is

not necessarily indicative of beneficial ownership for any other purpose. Except as indicated by the

footnotes below, we believe, based on information furnished to us, that the persons and entities named in

the table below have sole voting and sole investment power with respect to all shares of common stock

that they beneficially owned, subject to applicable community property laws.

Applicable percentage ownership of our common stock before this offering is based on 392,790,668

shares of our Class A common stock, 79,897,343 shares of our Class B common stock, and no shares of

our Class C common stock outstanding as of June 15, 2025. For purposes of the table below, we have

assumed (i) the occurrence of the Capital Stock Conversion, the CEO Option Exercise, and the RSU Net

Settlement, in each case, as if such conversion, exercise, or settlement, as applicable, had occurred as of

June 15, 2025, (ii) the occurrence of the Class B Conversion upon this offering, and (iii)

that 12,472,657 shares of Class A common stock will be issued in this offering. The exact number of

shares of our Class A common stock that will be withheld from a stockholder in connection with the RSU

Net Settlement may differ based on the stockholder's personal tax rates. In computing the number of

shares of common stock beneficially owned by a person and the percentage ownership of that person, we

deemed to be outstanding all shares of common stock subject to options held by that person or entity that

are currently exercisable or that will become exercisable within 60 days of June 15, 2025 and RSUs that

are expected to vest and settle within 60 days of June 15, 2025 (without giving effect to any expected net

share settlement). Unless otherwise indicated, the address of each beneficial owner in the table below is

c/o Figma, Inc., 760 Market Street, Floor 10, San Francisco, California 94102.

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares Beneficially Owned Prior to this Offering** | **Shares Beneficially Owned Prior to this Offering** | **Shares Beneficially Owned Prior to this Offering** | **Shares Beneficially Owned Prior to this Offering** |  |  |  | **Shares Beneficially Owned After this Offering** <br>**Assuming No Exercise of Underwriters' Option** | **Shares Beneficially Owned After this Offering** <br>**Assuming No Exercise of Underwriters' Option** | **Shares Beneficially Owned After this Offering** <br>**Assuming No Exercise of Underwriters' Option** | **Shares Beneficially Owned After this Offering** <br>**Assuming No Exercise of Underwriters' Option** | **% Total** <br>**Voting Power** <br>**after this** <br>**Offering** <br>**Assuming No** <br>**Exercise of** <br>**Underwriters'** <br>**Option** | **Shares Beneficially Owned After this Offering** <br>**Assuming Full Exercise of Underwriters' Option** | **Shares Beneficially Owned After this Offering** <br>**Assuming Full Exercise of Underwriters' Option** | **Shares Beneficially Owned After this Offering** <br>**Assuming Full Exercise of Underwriters' Option** | **Shares Beneficially Owned After this Offering** <br>**Assuming Full Exercise of Underwriters' Option** | **% Total** <br>**Voting Power**<br>**After this**<br>**Offering**<br>**Assuming**<br>**Full Exercise**<br>**of**<br>**Underwriters'**<br>**Option** |
| | **Class A** | **Class A** | **Class B** | **Class B** | **% Total** <br>**Voting** <br>**Power** <br>**before** <br>**this** <br>**Offering** | **Number of Shares Being** <br>**Offered** | **Number of Shares Being** <br>**Offered** | **Class A** | **Class A** | **Class B** | **Class B** | **% Total** <br>**Voting Power** <br>**after this** <br>**Offering** <br>**Assuming No** <br>**Exercise of** <br>**Underwriters'** <br>**Option** | **Class A** | **Class A** | **Class B** | **Class B** | **% Total** <br>**Voting Power**<br>**After this**<br>**Offering**<br>**Assuming**<br>**Full Exercise**<br>**of**<br>**Underwriters'**<br>**Option** |
| <br>**Name of Beneficial Owner** | **Shares** | **%** | **Shares** | **%** | **% Total** <br>**Voting** <br>**Power** <br>**before** <br>**this** <br>**Offering** | **No**<br>**Exercise of**<br>**Underwriters'**<br>**Option**<br>| **Full**<br>**Exercise of**<br>**Underwriters'**<br>**Option**<br>| **Shares** | **%** | **Shares** | **%** | **% Total** <br>**Voting Power** <br>**after this** <br>**Offering** <br>**Assuming No** <br>**Exercise of** <br>**Underwriters'** <br>**Option** | **Shares** | **%** | **Shares** | **%** | **% Total** <br>**Voting Power**<br>**After this**<br>**Offering**<br>**Assuming**<br>**Full Exercise**<br>**of**<br>**Underwriters'**<br>**Option** |
| Dylan Field<sup>(1)</sup>....................................... |  |  | 56553591 | 67.0% | 51.1% | 2350000 | 2350000 |  |  | 54203591 | 66.1% | 49.6% |  |  | 54203591 | 66.1% | 49.6% |
| Shares subject to voting <br>proxy<sup>(2)</sup>....................................<br>| 10306 | \* | 26730324 | 33.5% | 25.2% |  |  | 10306 | \* | 26730324 | 34.5% | 25.5% | 10306 | \* | 26730324 | 34.5% | 25.5% |
| Total.............................................. | 10306 | \* | 83283915 | 98.7% | 75.3% | 2350000 | 2350000 | 10306 | \* | 80933915 | 98.7% | 74.1% | 10306 | \* | 80933915 | 98.7% | 74.1% |
| Praveer Melwani<sup>(3)</sup>.............................. | 1527125 | \* |  |  | \* | 47500 | 47500 | 1479625 | \* |  |  | \* | 1479625 | \* |  |  | \* |
| Shaunt Voskanian<sup>(4)</sup>........................... | 1268960 | \* |  |  | \* | 90000 | 90000 | 1178960 | \* |  |  | \* | 1178960 | \* |  |  | \* |
| Mamoon Hamid<sup>(5)</sup>............................... | 55120394 | 14.0% |  |  | 3.5% | 1346499 | 2756020 | 53773895 | 13.2% |  |  | 3.4% | 52364374 | 12.9% |  |  | 3.3% |
| Kelly A. Kramer<sup>(6)</sup>................................ | 56346 | \* |  |  | \* |  |  | 56346 | \* |  |  | \* | 56346 | \* |  |  | \* |
| Michel Krieger<sup>(7)</sup>.................................. | 127522 | \* |  |  | \* |  |  | 127522 | \* |  |  | \* | 127522 | \* |  |  | \* |
| John Lilly<sup>(8)</sup>........................................... |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| William R. McDermott........................ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Andrew Reed<sup>(9)</sup>................................... | 34186651 | 8.7% |  |  | 2.2% | 835123 | 1709334 | 33351528 | 8.2% |  |  | 2.1% | 32477317 | 8.0% |  |  | 2.1% |
| Danny Rimer<sup>(10)</sup>................................... |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Lynn Vojvodich Radakovich<sup>(11)</sup>......... | 628347 | \* |  |  | \* |  |  | 628347 | \* |  |  | \* | 628347 | 0.2% |  |  | \* |
| Luis von Ahn....................................... |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| All executive officers and directors <br>as a group (14 persons)<sup>(12)</sup>..........<br>| 98752544 | 25.0% | 83283915 | 98.7% | 81.2% | 4916392 | 7200124 | 96186152 | 23.5% | 80933915 | 98.7% | 79.8% | 93902420 | 22.9% | 80933915 | 98.7% | 79.8% |
| **Other 5% or Greater** <br>**Stockholders:**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Entities affiliated with Index <br>Ventures<sup>(13)</sup>....................................<br>| 65865525 | 16.8% |  |  | 4.1% | 1608982 | 3293276 | 64256543 | 15.8% |  |  | 4.1% | 62572249 | 15.3% |  |  | 4.0% |
| Entities affiliated with Greylock <br>Partners<sup>(14)</sup>.....................................<br>| 61495120 | 15.7% |  |  | 3.9% | 1502220 | 3074755 | 59992900 | 14.7% |  |  | 3.8% | 58420365 | 14.3% |  |  | 3.7% |
| KPCB Holdings, Inc., as <br>nominee<sup>(15)</sup>.....................................<br>| 55120394 | 14.0% |  |  | 3.5% | 1346499 | 2756020 | 53773895 | 13.2% |  |  | 3.4% | 52364374 | 12.9% |  |  | 3.3% |
| Entities affiliated with Sequoia <br>Capital<sup>(16)</sup>.......................................<br>| 34186651 | 8.7% |  |  | 2.2% | 835123 | 1709334 | 33351528 | 8.2% |  |  | 2.1% | 32477317 | 8.0% |  |  | 2.1% |
| Wu-Wallace Family Trust<sup>(17)</sup>............. |  |  | 26730324 | 33.5% | 25.2% |  |  |  |  | 26730324 | 34.5% | 25.5% |  |  | 26730324 | 34.5% | 25.5% |
| **Other Selling Stockholders** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Kristopher Rasmussen<sup>(18)</sup>.................. | 5104685 | 1.3% |  |  | \* | 217270 | 217270 | 4887415 | 1.2% |  |  | \* | 4887415 | 1.2% |  |  | \* |
| Brendan Mulligan<sup>(19)</sup>........................... | 722208 | \* |  |  | \* | 30000 | 30000 | 692208 | \* |  |  | \* | 692208 | \* |  |  | \* |
| MCF Gift Fund, Inc.<sup>(20)</sup>....................... | 13365162 | 3.4% |  |  | \* | 13365162 | 13365162 |  |  |  |  | \* |  |  |  |  |  |
| Other selling stockholders that <br>beneficially own less than <br>50,000 shares of Class A <br>common stock<sup>(21)</sup>..........................<br>| 3192778 | \* |  |  | \* | 795742 | 795742 | 2397036 | \* |  |  | \* | 2397036 | \* |  |  | \* |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Other selling stockholders that <br>beneficially own between <br>50,001 and 120,000 shares of <br>Class A common stock<sup>(21)</sup>...........<br>| 2860335<br>\* | 850000 | 1.1%<br>\* | 797007 | 2063328<br>\* | 811946 | 1.0%<br>\* | 2063328<br>\* | 1.0%<br>\* |
| Other selling stockholders that <br>beneficially own between <br>120,001 and 205,000 shares of <br>Class A common stock<sup>(21)</sup>...........<br>| 3828172<br> \* |  | —<br> \* | 717289 | 3110883<br> \* |  | —<br> \* | 3110883<br> \* | —<br> \* |
| Other selling stockholders that <br>beneficially own between <br>205,001 and 600,000 shares of <br>Class A common stock<sup>(21)</sup>...........<br>| 3557074<br> \* |  | —<br> \* | 436141 | 3120933<br> \* |  | —<br> \* | 3120933<br> \* | —<br> \* |
| Other selling stockholders that <br>beneficially own between <br>600,001 and 2,000,000 shares <br>of Class A common stock<sup>(21)</sup>.......<br>| 3055712<br> \* |  | —<br> \* | 205488 | 2850224<br> \* |  | —<br> \* | 2850224<br> \* | —<br> \* |
| Other selling stockholders that <br>beneficially own between <br>2,000,001 and 2,500,000 <br>shares of Class A common <br>stock<sup>(21)</sup>...........................................<br>| 2302904<br> \* |  | —<br> \* | 120000 | 2182904<br> \* |  | —<br> \* | 2182904<br> \* | —<br> \* |

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__________________

\*Represents beneficial ownership of less than one percent of the shares of our common stock.

(1)Consists of (i) 32,337,816 shares of Class B common stock held directly by Mr. Field; (ii) 1,703,025 shares of Class B common stock issuable upon net settlement of RSUs for which the service-

based condition has been satisfied and for which the performance-based condition will be satisfied in connection with this offering as of June 15, 2025; (iii) 1,135,325 shares of Class B common stock

held by the Dylan Field 2024 Annuity Trust, of which Mr. Field is the trustee; (iv) 1,122,908 shares of Class B common stock held by Field 2021 Descendants Trust, of which Bryn Mawr Trust

Company of Delaware is the trustee and may be replaced as trustee at Mr. Field's discretion; (v) 15,754,517 shares of Class B common stock held of record by LLL Investments LLC which is

associated with Mr. Field; and (vi) 4,500,000 shares of Class B common stock that may be acquired upon the settlement of vested RSUs within 60 days of June 15, 2025. Any potential shares that

may vest after this offering pursuant to Mr. Field's 2021 CEO Market Award based on market capitalization are not included in this table.

(2)Consists of (i) 26,730,324 shares of Class B common stock held by the Wu-Wallace Family Trust and (ii) 10,306 shares of Class A common stock subject to options that are exercisable within 60

days of June 15, 2025 held by Mr. Wallace over which Mr. Field holds an irrevocable proxy pursuant to the Wallace Proxy. See "Description of Capital Stock—Wallace Proxy" for more information.

We do not believe that the parties to the Irrevocable Proxy Agreements constitute a "group" under Section 13 of the Exchange Act, as Mr. Field exercises voting control over these shares.

(3)Consists of (i) 724,663 shares of Class A common stock held directly by Mr. Melwani; (ii) 195,734 shares of Class A common stock issuable upon net settlement of RSUs for which the service-based

condition has been satisfied and for which the performance-based condition will be satisfied in connection with this offering as of June 15, 2025; (iii) 150,000 shares of Class A common stock held by

APM33, LLC of which Mr. Melwani is a manager; (iv) 395,478 shares underlying stock options to purchase Class A Common Stock that are exercisable within 60 days of June 15, 2025; and (v)

61,250 shares of Class A common stock that may be acquired upon the settlement of vested RSUs within 60 days of June 15, 2025.

(4)Consists of (i) 446,309 shares of Class A common stock held directly by Mr. Voskanian; (ii) 297,954 shares of Class A common stock issuable upon net settlement of RSUs for which the service-

based condition has been satisfied and for which the performance-based condition will be satisfied in connection with this offering as of June 15, 2025; (iii) 417,795 shares underlying stock options to

purchase Class A common stock that are exercisable within 60 days of June 15, 2025; and (iv) 106,902 shares of Class A common stock that may be acquired upon the settlement of vested RSUs

within 60 days of June 15, 2025.

(5)Consists of the shares described in footnote 15 below. Mamoon Hamid, who is a member of our Board of Directors, is a managing member of KPCB XVII Associates and KP Select Associates, and

as such may be deemed to have voting and dispositive power with respect to such shares.

(6)Consists of 56,346 shares of Class A common stock issuable upon settlement of RSUs for which the time-based vesting condition is expected be satisfied within 60 days of June 15, 2025.

(7)Consists of 127,522 shares of Class A common stock held by The Michel Krieger Revocable Trust of which Mr. Krieger is the Trustee.

(8)Mr. Lilly, who is a member of our Board of Directors, is an affiliate of Greylock Partners, but does not have voting or dispositive power with respect to any of the shares described in footnote 14 below.

(9)Mr. Reed, who is a member of our Board of Directors, shares voting and dispositive power with respect to the shares held by entities affiliated with Sequoia Capital, as described in footnote 16 below.

Mr. Reed expressly disclaims beneficial ownership of the shares held by these entities, except to the extent of his pecuniary interest in such shares.

(10)Mr. Rimer, who is a member of our Board of Directors, is a partner within the Index Ventures Group, but does not hold voting or dispositive power over the shares held by the Index funds. The

address for each of these entities is 44 Esplanade, St. Helier, Jersey, Channel Islands JE4 9WG.

(11)Consists of (i) 56,346 shares of Class A common stock issuable upon settlement of RSUs for which the time-based vesting condition is expected to be satisfied within 60 days of June 15, 2025; and

(ii) 572,001 shares underlying stock options to purchase Class A common stock that are exercisable within 60 days of June 15, 2025.

(12)The reported amounts represent the total of all securities beneficially owned by our directors and officers, consisting of (i) 64,457,870 shares of our Class A common stock; (ii) 76,268,994 shares of

our Class B common stock; (iii) 858,392 shares of Class A common stock issuable upon net settlement of RSUs for which the service-based condition has been satisfied and for which the

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performance-based condition will be satisfied in connection with this offering as of June 15, 2025; (iv) 112,692 shares of Class A common stock issuable upon settlement of RSUs for which the time-

based vesting condition is expected to be satisfied within 60 days of June 15, 2025; (v) 1,703,025 shares of Class B common stock issuable upon net settlement of RSUs for which the service-based

condition has been satisfied and for which the performance-based condition will be satisfied in connection with this offering as of June 15, 2025; (vi) 1,761,958 shares of our Class A common stock

issuable upon the exercise of stock options that are exercisable within 60 days of June 15, 2025; (vii) 811,896 shares of our Class B common stock issuable upon the exercise of stock options that

are exercisable within 60 days of June 15, 2025; (viii) 296,385 shares of Class A common stock that may be acquired upon the settlement of vested RSUs within 60 days of June 15, 2025; and (ix)

4,500,000 shares of Class B common stock that may be acquired upon the settlement of vested RSUs within 60 days of June 15, 2025.

(13)Consists of (i) 58,998,575 shares of Class A common stock held by Index Ventures VI (Jersey), L.P.("Index VI"); (ii) 2,521,618 shares of Class A common stock held by Index Ventures Growth IV

(Jersey), L.P. ("Index Growth IV"); (iii) 2,278,486 shares of Class A common stock held by Index Ventures Growth V (Jersey), L.P. ("Index Growth V"); (iv) 1,190,880 shares of Class A common stock

held by Index Ventures VI Parallel Entrepreneur Fund (Jersey), L.P. ("Index VI Parallel"); (v) 761,890 shares of Class A common stock held by Yucca (Jersey) SLP on behalf of the Index Co-

Investment Scheme ("Yucca IV VI"); (vi) 70,469 shares of Class A common stock held by Yucca (Jersey) SLP on behalf of Index Growth V Coinvestment Scheme ("Yucca IG V"); and (vii) 43,607

shares of Class A common stock held by Yucca (Jersey) SLP on behalf of Index Growth IV Coinvestment Scheme ("Yucca IG IV"). Index Venture Associates VI Limited ("IVA VI") is the managing

general partner of Index VI and Index VI Parallel and may be deemed to have voting and dispositive power over the shares held by those funds. Yucca IV VI is the administrator of the Index co-

investment vehicles that are contractually required to mirror the relevant Index funds' investment, and IVA VI may be deemed to have voting and dispositive power over their respective allocation of

shares held by Yucca IV VI. Index Venture Growth Associates IV Limited ("IGA IV") is the managing general partner of Index Growth IV and may be deemed to have voting and dispositive power over

the shares held by such fund. Yucca IG IV is the administrator of the Index co-investment vehicles that are contractually required to mirror the relevant Index funds' investment, and IGA IV may be

deemed to have voting and dispositive power over their respective allocation of shares held by Yucca IG IV. Index Ventures Growth Associates V Limited ("IGA V") is the managing general partner of

Index Growth V and may be deemed to have voting and dispositive power over the shares held by those funds. Yucca IG V is the administrator of the Index co-investment vehicles that are

contractually required to mirror the relevant Index funds' investment, and IGA V may be deemed to have voting and dispositive power over their respective allocation of shares held by Yucca IG V.

David Hall, Phil Balderson, Brendan Boyle and Nigel Greenwood are the members of the board of directors of IVA VI, IGA IV and IGA V, and investment and voting decisions with respect to the

shares over which IVA VI, IGA IV and IGA V may be deemed to have voting and dispositive power are made by such directors collectively. Danny Rimer, a member of the Company's Board of

Directors, is a partner within the Index Ventures Group but does not hold voting or dispositive power over the shares held by the Index Ventures funds. The address for each of these entities is 44

Esplanade, St. Helier, Jersey, Channel Islands JE4 9WG.

(14)Consists of (i) 55,345,586 shares of Class A common stock held by Greylock XIV Limited Partnership ("Greylock XIV"); (ii) 3,074,767 shares of Class A common stock held by Greylock XIV-A Limited

Partnership ("Greylock XIV-A"); and (iii) 3,074,767 shares of Class A common stock held by Greylock XIV Principals LLC ("Greylock XIV Principals"). Greylock XIV GP LLC ("Greylock XIV GP") is the

general partner of Greylock XIV and Greylock XIV-A, and the manager of Greylock XIV Principals. Greylock XIV GP may be deemed to share voting and dispositive power with regard to the shares

held directly by Greylock XIV, Greylock XIV-A, and Greylock XIV Principals and may be deemed to have indirect beneficial ownership of an indeterminate number of such shares. William W. Helman,

Reid Hoffman, Donald A. Sullivan, and David Sze, share voting and investment power over the shares held by Greylock XIV, Greylock XIV-A and Greylock XIV Principals. The address for the

Greylock entities is 2550 Sand Hill Road, Menlo Park, CA 94025.

(15)Consists of (i) 50,308,466 shares of Class A common stock held by Kleiner Perkins Caufield & Byers XVII, LLC ("KPCB XVII"); (ii) 1,646,988 shares of Class A common stock held by KPCB XVII

Founders Fund, LLC ("KPCB XVII Founders"); (iii) 3,086,524 shares of Class A common stock held by Kleiner Perkins Select Fund, LLC ("KP Select"); and (iv) 78,416 shares of Class A common

stock held by Kleiner Perkins Select Founders, LLC ("KP Select Founders"). All shares are held for convenience in the name of "KPCB Holdings, Inc., as nominee" for the accounts of such individuals

and entities. The Managing Member of KPCB XVII and KPCB XVII Founders is KPCB XVII Associates, LLC ("KPCB XVII Associates"). Theodore E. Schlein, Beth Seidenberg, Mamoon Hamid, and

Ilya Fushman, the Managing Members of KPCB XVII Associates, exercise shared voting and dispositive control over the shares held by KPCB XVII and KPCB XVII Founders. Such Managing

Members disclaim beneficial ownership of all shares held by KPCB XVII and KPCB XVII Founders except to the extent of their pecuniary interest therein. The Managing Member of KP Select and KP

Select Founders is Kleiner Perkins Select Associates, LLC ("KP Select Associates"). Ilya Fushman and Mamoon Hamid, the Managing Members of KP Select Associates, exercise shared voting and

dispositive control over the shares held by KP Select and KP Select Founders. Such Managing Members disclaim beneficial ownership of all shares held by KP Select and KP Select Founders except

to the extent of their pecuniary interest therein. The principal business address for all entities and individuals affiliated with Kleiner Perkins Caufield & Byers is 2750 Sand Hill Road, Menlo Park, CA

94025. (16)Consists of (i) 23,439,105 shares of Class A common stock held by Sequoia Capital U.S. Growth Fund VIII, L.P. ("GFVIII"); (ii) 1,971,015 shares of Class A common stock held by SC US/E GROWTH

FUND X MANAGEMENT, L.P. ("GFX MGMT"); (iii) 1,077,911 shares of Class A common stock held by SC U.S. GROWTH IX MANAGEMENT, L.P. ("GFIX MGMT") (iv) 7,544,850 shares of Class A

common stock held by Sequoia Grove II, LLC ("Grove II"); and (v) 153,770 shares of Class A common stock held by Sequoia Grove UK, L.P. ("Grove UK"). SC US (TTGP), Ltd. is (i) the general

partner of SC U.S Growth VIII Management, L.P. which is the general partner of GFVIII, (ii) the general partner of GFX MGMT, and (iii) the general partner of GFIX MGMT. As a result, SC US

(TTGP), Ltd. may be deemed to share voting and dispositive power with respect to the shares held by GFVIII, GFX MGMT, and GFIX MGMT. Sequoia Grove Manager, LLC is the manager of Grove II

and the general partner of Grove UK. As a result, Sequoia Grove Manager, LLC may be deemed to share voting and beneficial ownership with respect to the shares held by Grove II and Grove UK.

The address for each of the Sequoia entities is 2800 Sand Hill Road, Suite 101 Menlo Park, CA 94025.

(17)Consists of 26,730,324 shares of Class B common stock over which Mr. Field holds an irrevocable proxy, pursuant to an irrevocable proxy and power of attorney between Mr. Field, Evan Wallace,

and the Wu-Wallace Family Trust, referred to in footnote 2 above.

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(18)Consists of (i) 4,746,984 shares of Class A common stock held directly by Mr. Rasmussen; (ii) 251,078 shares of Class A common stock issuable upon net settlement of RSUs for which the service-

based condition has been satisfied and for which the performance-based condition will be satisfied in connection with this offering as of June 15, 2025; (iii) 15,428 shares underlying stock options to

purchase Class A common stock that are exercisable within 60 days of June 15, 2025; and (iv) 91,195 shares of Class A common stock that may be acquired upon the settlement of vested RSUs

within 60 days of June 15, 2025. Mr. Rasmussen serves as our Chief Technology Officer.

(19)Consists of (i) 220,594 shares of Class A common stock held directly by Mr. Mulligan; (ii) 113,626 shares of Class A common stock issuable upon net settlement of RSUs for which the service-based

condition has been satisfied and for which the performance-based condition will be satisfied in connection with this offering as of June 15, 2025; (iii) 350,950 shares underlying stock options to

purchase Class A common stock that are exercisable within 60 days of June 15, 2025; and (iv) 37,038 shares of Class A common stock that may be acquired upon the settlement of vested RSUs

within 60 days of June 15, 2025. Mr. Mulligan serves as our General Counsel and Secretary.

(20)Consists of 13,365,162 shares of Class A common stock held directly by MCF Gift Fund, Inc. ("MCF"). Lauren McClelland has voting and investment control of the shares held by MCF and may be

deemed to be the beneficial owner of such shares. The address for MCF Gift Fund, Inc. is 5 Hamilton Landing, Suite 200, Novato, CA 94949.

(21)Consists of stockholders not otherwise listed in this table who, within the groups indicated, collectively own less than 1% of our Class A common stock.

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## Description of Capital Stock
General

The following description summarizes the most important terms of our capital stock, as they will be in

effect following this offering. Because it is only a summary, it does not contain all the information that may

be important to you. We expect to adopt a restated certificate of incorporation and restated bylaws that

will become effective immediately prior to the completion of this offering, and this description summarizes

provisions that are expected to be included in these documents. For a complete description, you should

refer to our restated certificate of incorporation, restated bylaws, our Rights Agreement, and Nominating

Agreement, which are included as exhibits to the registration statement of which this prospectus forms a

part, and to the applicable provisions of Delaware law.

Upon the completion of this offering, our authorized capital stock will consist of (a) 11,350,000,000 shares

of common stock, $0.00001 par value per share, (i) of which 10,000,000,000 shares will be designated as

Class A common stock, $0.00001 par value per share, (ii) of which 350,000,000 shares will be designated

as Class B common stock, $0.00001 par value per share, and (iii) of which 1,000,000,000 shares will be

designated as Class C common stock, $0.00001 par value per share, (b) 200,000,000 shares of

undesignated preferred stock, $0.00001 par value per share, and (c) 100,000,000 shares of undesignated

blockchain common stock, $0.00001 par value per share. We have no current plans to issue shares of

our Class C common stock, shares of our undesignated blockchain common stock or shares of preferred

stock.

Assuming the occurrence of the Capital Stock Conversion, the Class B Conversion, the CEO Option

Exercise, and the RSU Net Settlement, as of March 31, 2025, there were outstanding:

• 395,208,257 shares of our Class A common stock, held by 2,031 stockholders of record;

• 79,779,989 shares of our Class B common stock, held by8 stockholders of record;

• 23,057,048 shares of our Class A common stock issuable upon the exercise of stock options,

with a weighted-average exercise price of $9.77 per share;

• 40,664,466 shares of our Class A common stock issuable upon the vesting and settlement of

RSUs outstanding;

• 11,250,000 shares of our Class B common stock issuable upon the vesting and settlement of

RSUs outstanding; and

• 260,580 shares of our Class A common stock issuable upon the exercise of a warrant to

purchase shares of our Class A common stock, with an exercise price of $0.08 per share.

Common Stock

We have three series of authorized common stock, Class A common stock, Class B common stock, and

Class C common stock. The rights of the holders of Class A common stock, Class B common stock, and

Class C common stock are identical, except with respect to voting and conversion.

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Dividend Rights

Subject to preferences that may apply to any shares of preferred stock or blockchain common stock

outstanding at the time, the holders of shares of our Class A common stock, Class B common stock, and

Class C common stock are entitled to receive dividends out of funds legally available if our Board of

Directors, in its discretion, determines to issue dividends and then only at the times and in the amounts

that our Board of Directors may determine. See the section titled "Dividend Policy."

Voting Rights

Holders of shares of our Class A common stock are entitled to one vote for each share of Class A

common stock held on all matters submitted to a vote of stockholders, holders of our Class B common

stock are entitled to 15 votes for each share of Class B common stock held on all matters submitted to a

vote of stockholders, and holders of our Class C common stock are not entitled to vote on all matters

submitted to a vote of stockholders, unless otherwise required by law.

Following this offering, Dylan Field, our Chair of our Board of Directors, Chief Executive Officer, and

President, will hold or have the ability to control approximately 73.6% of the voting power of our

outstanding capital stock, including 25.0% of the voting power pursuant to the Wallace Proxy.

Holders of shares of our Class A common stock and Class B common stock vote together as a single

class on all matters (including the election of directors) submitted to a vote of stockholders, unless

otherwise required by Delaware law. Delaware law could require either holders of our Class A common

stock, our Class B common stock, or our Class C common stock to vote separately as a single class if we

were to seek to amend our restated certificate of incorporation in a manner that alters or changes the

powers, preferences, or special rights of a series of our capital stock in a manner that affected its holders

adversely.

In addition, our restated certificate of incorporation will provide that a separate vote of the holders of our

Class B common stock will be required in connection with any amendment to the Certificate of

Incorporation that would alter the rights of the Class B common stock, reclassify any shares of Class A

common stock into shares senior to the Class B common stock, or authorize the issuance of any shares

of capital stock with voting rights greater than one vote per share (other than the Class B common stock).

We have not provided for cumulative voting for the election of directors in our restated certificate of

incorporation that will become effective immediately prior to the completion of this offering.

Wallace Proxy

In March 2022, Evan Wallace and the Wu-Wallace Family Trust (each a "Grantor" and together, the

"Grantors") and Dylan Field entered into the Wallace Proxy pursuant to which each Grantor irrevocably

appointed Mr. Field, with full power of substitution, as their proxy, agent, and attorney-in-fact, with

complete and unlimited authority to act, in his sole discretion, on their behalf, to vote any number of

Wallace Proxy Shares at any time and from time to time on all matters submitted to a vote of stockholders

at a meeting of stockholders or through the solicitation of a written consent of stockholders and for any

contractual voting rights that may be applicable to the Wallace Proxy Shares. Prior to any transfer, sale,

pledge, encumbrance, assignment, option, distribution, or disposition, or any agreement or commitment

providing therefor, of Wallace Proxy Shares or any interest in Wallace Proxy Shares, as a condition to

such transfer, the transferees shall execute an irrevocable proxy in the form and on the terms of the

Wallace Proxy. The Wallace Proxy shall not apply to any Wallace Proxy Shares transferred by a Grantor

if, at the time of the transfer, the Grantor is transferring (i) shares of Class B common stock that, upon

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completion of such transfer, automatically convert into shares of Class A common stock, or (ii) shares of

Class A common stock. The Wallace Proxy shall terminate upon the earlier of: (a) the liquidation,

dissolution, or winding up of the business operations of our company; (b) the explicit written consent of

Mr. Field; or (c) such time as no Wallace Proxy Shares are held by (x) the Grantors, (y) Mr. Wallace's

Family Members (as defined in our restated certificate of incorporation), or (z) the Grantors' Permitted

Entities (as defined in our restated certificate of incorporation).

No Preemptive or Similar Rights

Our Class A common stock, Class B common stock, and Class C common stock are not entitled to

preemptive rights and are not subject to redemption or sinking fund provisions.

Right to Receive Liquidation Distributions

Upon our liquidation, dissolution, or winding-up, the assets legally available for distribution to our

stockholders would be distributable ratably among the holders of our Class A common stock, Class B

common stock, and Class C common stock and any participating preferred stock or blockchain common

stock outstanding at that time, subject to prior satisfaction of all outstanding debt and liabilities and the

preferential rights of and the payment of liquidation preferences, if any, on any outstanding shares of

preferred stock or blockchain common stock.

Conversion

Each outstanding share of Class B common stock is convertible at any time at the option of the holder

into one share of Class A common stock. In addition, each share of Class B common stock will convert

automatically into one share of Class A common stock (i) upon any transfer by the holder, whether or not

for value, which occurs after the closing of this offering, except for certain permitted transfers described in

our restated certificate of incorporation, including transfers to family members, certain trusts, estate

planning vehicles or similar entities over which a Qualified Stockholder (as defined in our restated

certificate of incorporation) holds dispositive power and voting control with respect to the shares of Class

B common stock held thereby, certain Individual Retirement Accounts as defined in Section 408(a) of the

Code, and certain partnerships, corporations, and other entities over which a Qualified Stockholder holds

dispositive power and voting control with respect to the shares of Class B common stock held thereby and

(ii) upon the Final Conversion Date (the "Class B Automatic Conversion"). The Final Conversion Date is

(a) the date fixed by our Board of Directors, which date will be no less than 61 days and no more than

180 days following the first date on which the Co-Founders each fail to satisfy the requirement that the

applicable Founder, such Founder's family members, and certain of such Founder's permitted entities and

transferees hold at least 30% of the issued and outstanding shares of Class B common stock (excluding

any shares of Class B common stock that remain subject to vesting requirements at such time) owned of

record thereby on the date on which this registration statement is declared effective by the SEC (the

"Minimum Class B Share Ownership Condition"), it being understood that this clause (a) shall not be met

if only one Founder fails to satisfy his Minimum Class B Share Ownership Condition; (b) the date that is

twenty-four months after the death or Disability (as defined in our restated certificate of incorporation) of

Dylan Field, provided, that such date may be extended but not for a total period of longer than twelve

months, to a date approved by a majority of the independent directors then in office; (c) the date specified

by the holders of at least eighty percent (80%) of the then outstanding shares of Class B Common Stock,

voting as a separate class (the "Requisite Class B Holders"), or in the affirmative written election executed

by the Requisite Class B Holders; or (d) the date that is 24 months following the date on which the Co-

Founders each have ceased providing services to the corporation as a director, officer, employee, and/or

consultant on a continuous basis for period of more than three consecutive years; it being understood that

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this clause (d) shall not be met if only one Founder has ceased providing services to the corporation as a

director, officer, employee, and/or consultant on a continuous basis for a period of more than three

consecutive years.

Any and all outstanding shares of Class C common stock will convert automatically into Class A common

stock, on a share-for-share basis, following both (a) the earliest to occur of (i) the conversion or exchange

of all outstanding shares of our Class B common stock into shares of Class A common stock, (ii) the

Class B Automatic Conversion, and (iii) the affirmative vote of the holders of a majority of the outstanding

shares of Class B common stock, voting separately as a single class and (b) the date and time, or

occurrence of an event, specified by the holders of a majority of the outstanding shares of Class A

common stock, voting as a separate class.

Following such conversions, each share of Class A common stock will have one vote per share and the

rights of the holders of all outstanding common stock will be identical. Once converted into Class A

common stock, the Class B common stock, and Class C common stock may not be reissued.

Undesignated Blockchain Common Stock

Following this offering, our Board of Directors will be authorized, subject to limitations prescribed by

Delaware law, to issue blockchain common stock in one or more series, to establish from time to time the

number of shares to be included in each series and to fix the form, designation, powers, preferences, and

rights of the shares of each series and any of its qualifications, limitations, or restrictions, in each case

without further vote or action by our stockholders. Our Board of Directors can also increase or decrease

the number of shares of any series of blockchain common stock, but not below the number of shares of

that series then outstanding, without any further vote or action by our stockholders. The number of

authorized shares of our blockchain common stock may be increased or decreased (but not below the

number of shares thereof then outstanding) by a vote of the holders of stock entitled to vote thereon,

without a separate vote of the holders of the blockchain common stock, irrespective of the provisions of

Section 242(b)(2) of the DGCL, unless a separate vote of the holders of one or more series is required

pursuant to the terms of any applicable certificate of designation. Our Board of Directors may use the

undesignated blockchain common stock to issue common stock, or rights or options thereto, in the form of

blockchain-based tokens. Our Board of Directors may authorize the issuance of such blockchain common

stock with voting or conversion rights that could adversely affect the voting power or other rights of the

holders of our common stock. The issuance of such blockchain common stock, or any rights or options

thereto, while providing flexibility to us in connection with various corporate purposes, could, among other

things, adversely affect the market price of our Class A common stock and the voting and other rights of

the holders of our common stock. However, the authorization of any undesignated blockchain common

stock or preferred stock entitling the holder of such shares to the right to more than one vote per share

must be approved by the affirmative vote of 80% of the then-outstanding shares of Class B common

stock, voting as a separate class. We have no current plan to issue any shares of blockchain common

stock.

Preferred Stock

Pursuant to the provisions of our currently in effect restated certificate of incorporation, each currently

outstanding share of convertible preferred stock will automatically be converted into one share of Class A

common stock in connection with the closing of this offering. Following this offering, no shares of

convertible preferred stock will be outstanding.

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Following this offering, our Board of Directors will be authorized, subject to limitations prescribed by

Delaware law, to issue preferred stock in one or more series, to establish from time to time the number of

shares to be included in each series, and to fix the designation, powers, preferences, and rights of the

shares of each series and any of its qualifications, limitations, or restrictions, in each case without further

vote or action by our stockholders. Our Board of Directors can also increase or decrease the number of

shares of any series of preferred stock, but not below the number of shares of that series then

outstanding, without any further vote or action by our stockholders. The number of authorized shares of

our preferred stock may be increased or decreased (but not below the number of shares thereof then

outstanding) by a vote of the holders of stock entitled to vote thereon, without a separate vote of the

holders of the preferred stock, irrespective of the provisions of Section 242(b)(2) of the DGCL, unless a

separate vote of the holders of one or more series is required pursuant to the terms of any applicable

certificate of designation. Our Board of Directors may authorize the issuance of preferred stock with

voting or conversion rights that could adversely affect the voting power or other rights of the holders of

our common stock. The issuance of preferred stock, while providing flexibility in connection with possible

acquisitions and other corporate purposes, could, among other things, have the effect of delaying,

deferring, or preventing a change in our control and might adversely affect the market price of our Class A

common stock and the voting and other rights of the holders of our common stock. We have no current

plan to issue any shares of preferred stock.

Options

As of March 31, 2025, we had outstanding stock options to purchase an aggregate of23,057,048 shares

of our Class A common stock under our 2012 Plan, with a weighted-average exercise price of $9.77per

share.

As of March 31, 2025 (before giving effect to the CEO Option Exercise), we had outstanding stock

options to purchase an aggregate of811,896 shares of our Class B common stock under our 2021 Plan,

with an exercise price of $23.19per share.

Warrants

As of March 31, 2025, we had an outstanding warrant to purchase260,580 shares of our Class A

common stock, with a weighted-average exercise price of $0.08 per share.

RSUs

As of March 31, 2025, without giving effect to the RSU Net Settlement, we had outstanding RSUs that

may be settled for an aggregate of 58,739,038 shares of our Class A common stock under our 2012 Plan.

After March 31, 2025 (without giving effect to the RSU Net Settlement), we granted RSUs that may be

settled for an aggregate of14,671,852shares of our Class A common stock under our 2012 Plan.

As of March 31, 2025, without giving effect to the RSU Net Settlement, we had outstanding RSUs that

may be settled for an aggregate of 19,125,000 shares of our Class B common stock under our 2021 Plan.

After March 31, 2025 (without giving effect to the RSU Net Settlement), we granted RSUs that may be

settled for an aggregate of28,960,338shares of our Class B common stock under our 2021 Plan.

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In connection with the RSU Net Settlement, we will issue 9,142,791 shares of our Class A common stock

and 3,973,725 shares of our Class B common stock, after withholding an aggregate of 8,976,097 shares

of Class A common stock and aggregate of 3,901,275 shares of Class B common stock, respectively, to

satisfy associated estimated tax withholding and remittance obligations.

Registration Rights

Following the completion of this offering, certain holders of shares of our Class A common stock and

Class B common stock or their permitted transferees will be entitled to rights with respect to the

registration of their shares under the Securities Act. These rights are provided under the terms of our

Rights Agreement, which was entered into in connection with our convertible preferred stock financings,

and include demand registration rights, Form S-3 registration rights, and piggyback registration rights. In

any registration made pursuant to our Rights Agreement, all fees, costs, and expenses of underwritten

registrations will be borne by us and all selling expenses, including estimated underwriting discounts,

selling commissions, stock transfer taxes, and fees and disbursements of counsel for any holder will be

borne by the holders of the shares being registered, provided, however, that we will pay the reasonable

fees and disbursements of one counsel to any selling holders not to exceed $50,000.

The registration rights terminate (i) five years following the completion of this offering, (ii) upon a

Liquidation Event (as defined in our current restated certificate of incorporation), or (iii) with respect to any

particular stockholder, at the time that such stockholder (a) can sell all of its registrable securities (as

defined in our Rights Agreement) under Rule 144(b)(1)(i) of the Securities Act or any successor rule

thereto, or (b) owns less than 1% of our securities and can sell all of its registrable securities without any

restriction on volume or manner of sale in any three-month period pursuant to Rule 144 of the Securities

Act or any successor rule thereto.

Demand Registration Rights

Following the completion of this offering, holders of 304,990,838 shares of our Class A common stock

(including shares of our Class A common stock issuable upon conversion of shares of our Class B

common stock) will be entitled to demand registration rights at any time after 180 days after the effective

date of the registration statement of which this prospectus forms a part. Under the terms of our Rights

Agreement, we will be required, upon the request of holders representing a majority of the then-

outstanding shares that are entitled to registration rights under our Rights Agreement, to file a registration

statement on Form S-1 to register, as soon as practicable and in any event within 40 days of the date of

the request, all or a portion of these shares for public resale, if the aggregate price to the public of the

shares offered is at least $25.0 million, net of selling expenses. We are required to effect only two

registrations pursuant to this provision of the Rights Agreement. We may postpone the filing of a

registration statement no more than once during any twelve-month period for a period of not more than 90

days if our Board of Directors determines that the filing would be seriously detrimental to us. We are not

required to effect a demand registration under certain additional circumstances specified in our Rights

Agreement.

Form S-3 Registration Rights

Following the completion of this offering, holders of 304,990,838 shares of our Class A common stock

(including shares of our Class A common stock issuable upon conversion of shares of our Class B

common stock) will be entitled to Form S-3 registration rights. The holders representing at least 25% of

the then-outstanding shares having registration rights can request that we register all or part of their

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shares on Form S-3 if we are eligible to file a registration statement on Form S-3 and if the aggregate

price to the public of the shares offered is at least $5.0 million. The holders may only require us to effect

at most two registration statements on Form S-3 in any twelve-month period. We may postpone the filing

of a registration statement on Form S-3 no more than once during any twelve-month period for a period of

not more than 90 days if our Board of Directors determines that the filing would be seriously detrimental to

us.

Piggyback Registration Rights

If we register any of our securities for public sale, holders of 304,990,838 shares of our Class A common

stock (including shares of our Class A common stock issuable upon conversion of shares of our Class B

common stock) having registration rights will have the right to include their shares in the registration

statement. However, this right does not apply to a registration relating to employee benefit plans, a

registration relating to an SEC Rule 145 transaction, a registration on any form that does not include

substantially the same information as would be required to be included in a registration statement

covering the sale of our common stock, or a registration in which the only common stock being registered

is common stock issuable upon conversion of debt securities that are also being registered. The

underwriters of any underwritten offering will have the right to limit the number of shares registered by

these holders if they determine that marketing factors require limitation, in which case the number of

shares to be registered will be apportioned pro rata among these holders, according to the total amount of

securities entitled to be included by each holder. However, the number of shares to be registered by

these holders cannot be reduced (i) unless all other securities (other than securities to be sold by us) are

first excluded from the offering or (ii) below 30% of the total shares covered by the registration statement,

other than in the initial public offering.

Anti-Takeover Provisions

The provisions of the DGCL, our restated certificate of incorporation, and our restated bylaws that will

become effective immediately prior to the completion of this offering could have the effect of delaying,

deferring or discouraging another person from acquiring control of our company. These provisions, which

are summarized below, are expected to discourage certain types of coercive takeover practices and

inadequate takeover bids and encourage persons seeking to acquire control of our company to first

negotiate with our Board of Directors. We believe that the benefits of increased protection of our potential

ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a

proposal to acquire us because negotiation of these proposals could result in an improvement of their

terms.

Delaware Law

We are subject to the provisions of Section 203 of the DGCL regulating corporate takeovers. In general,

Section 203 prohibits a publicly held Delaware corporation from engaging in a "business combination"

with an "interested stockholder" for a three-year period following the time that this stockholder becomes

an interested stockholder, unless the business combination is approved in a prescribed manner. Under

Section 203, a business combination between a corporation and an interested stockholder is prohibited

unless it satisfies one of the following conditions:

• before the stockholder became interested, our Board of Directors approved either the business

combination or the transaction, which resulted in the stockholder becoming an interested

stockholder;

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• upon consummation of the transaction, which resulted in the stockholder becoming an interested

stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation

outstanding at the time the transaction commenced, excluding for purposes of determining the

voting stock outstanding, shares owned by persons who are directors and also officers, and

employee stock plans in some instances, but not the outstanding voting stock owned by the

interested stockholder; or

• at or after the time the stockholder became interested, the business combination was approved

by our Board of Directors and authorized at an annual or special meeting of the stockholders by

the affirmative vote of at least two-thirds of the outstanding voting stock, which is not owned by

the interested stockholder.

Section 203 defines a business combination to include:

• any merger or consolidation involving the corporation and the interested stockholder;

• any sale, transfer, lease, pledge, or other disposition involving the interested stockholder of 10%

or more of the assets of the corporation;

• subject to exceptions, any transaction that results in the issuance of transfer by the corporation of

any stock of the corporation to the interested stockholder;

• subject to exceptions, any transaction involving the corporation that has the effect of increasing

the proportionate share of the stock of any class or series of the corporation beneficially owned

by the interested stockholder; and

• the receipt by the interested stockholder of the benefit of any loans, advances, guarantees,

pledges, or other financial benefits provided by or through the corporation.

In general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15%

or more of the outstanding voting stock of the corporation and any entity or person affiliated with or

controlling or controlled by the entity or person.

Restated Certificate of Incorporation and Restated Bylaw Provisions

Our restated certificate of incorporation and our restated bylaws that will become effective immediately

prior to the completion of this offering will include a number of provisions that may have the effect of

deterring hostile takeovers, or delaying or preventing changes in control of our management team or

changes in our Board of Directors or our governance or policy, including the following:

• *Multi-Class Common Stock*. As described above in the section titled "—Common Stock—Voting

Rights," our restated certificate of incorporation will provide for a multi-class common stock

structure pursuant to which holders of our Class B common stock will have the ability to control

the outcome of matters requiring stockholder approval, even if they own significantly less than a

majority of the shares of our outstanding common stock, including the election of directors and

significant corporate transactions, such as a merger or other sale of our company or its assets or

a redomestication. As a result, Mr. Field will have the ability to exercise control over those

matters.

• *Board of Directors Vacancies*. Our restated certificate of incorporation and our restated bylaws

will authorize generally only our Board of Directors to fill vacant directorships resulting from any

Date, vacancies and newly created directorships may also be filled by our stockholders with the

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approval of a majority of the voting power of all of the then-outstanding shares of our capital

stock. In addition, the number of directors constituting our Board of Directors may be set only by

resolution adopted by a majority vote of our entire Board of Directors. These provisions prevent a

stockholder from increasing the size of our Board of Directors and, following the Trigger Date, will

prevent a stockholder from gaining control of our Board of Directors by filling the resulting

vacancies with its own nominees.

• *Classified Board*. Our restated certificate of incorporation and our restated bylaws will provide

that, prior to the Trigger Date, each director shall serve for a term expiring at the next annual

meeting of stockholders following such director's election. From and after the Trigger Date,

subject to the special rights of the holders of any preferred stock or blockchain common stock

then-outstanding, our Board of Directors will be divided into three classes of directors that will

serve staggered three-year terms. The existence of a classified Board of Directors could delay a

successful tender offeror from obtaining majority control of our Board of Directors, and the

prospect of that delay might deter a potential offeror. For additional information, see the section

titled "Management—Classified Board of Directors."

• *Directors Removed Only for Cause.* Our restated certificate of incorporation will provide that, prior

to the Trigger Date, stockholders may remove directors with or without cause by the affirmative

vote of the holders of a majority of the voting power of the then-outstanding shares of our capital

stock. From and after the Trigger Date, subject to the special rights of the holders of any

preferred stock or blockchain common stock then-outstanding, stockholders may remove

directors only "for cause" and only by the affirmative vote of the holders of at least two-thirds of

the voting power of all of the then-outstanding shares of our capital stock.

• *Supermajority Requirements for Amendments of Our Restated Certificate of Incorporation and* 

*Restated Bylaws.* Our restated certificate of incorporation will further provide that, from and after

the Trigger Date, the affirmative vote of holders of at least two-thirds of the voting power of all of

the then outstanding shares of capital stock will be required to amend certain provisions of our

restated certificate of incorporation, including provisions relating to the classified board, the size

of our Board of Directors, removal of directors, special meetings, actions by written consent, and

designation of our preferred stock or blockchain common stock. The affirmative vote of holders of

at least two-thirds of the voting power of all of the then outstanding shares of capital stock will be

required to amend or repeal our restated bylaws, although our restated bylaws may be adopted,

amended or repealed by a simple majority vote of our Board of Directors. Additionally, in the case

of any proposed adoption, amendment, or repeal of any provisions of the restated bylaws or

restated certificate of incorporation that is approved by our Board of Directors and submitted to

the stockholders for adoption, if two-thirds of our Board of Directors has approved such adoption,

amendment, or repeal of any provisions of our restated bylaws or restated certificate of

incorporation, then only the affirmative vote of a majority of the voting power of all of the then

outstanding shares of capital stock shall be required to adopt, amend, or repeal any provision of

our restated bylaws or restated certificate of incorporation. Prior to the Trigger Date, our restated

certificate of incorporation and restated bylaws may be amended by the affirmative vote of the

holders of a majority of the voting power of the then-outstanding shares of our capital stock.

• *Stockholder Action; Special Meetings of Stockholders.* Our restated certificate of incorporation

will provide that, from and after the Trigger Date, subject to the rights of the holders of any

preferred stock then-outstanding, our stockholders may not take action by written consent but

may only take action at annual or special meetings of our stockholders. As a result, holders of our

capital stock would not be able to amend our restated bylaws or remove directors without holding

a meeting of our stockholders called in accordance with our restated bylaws. Our restated

certificate of incorporation and our restated bylaws will provide that, from and after the Trigger

Date, special meetings of our stockholders may be called only by a majority of our Board of

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Directors, the chairperson of our Board of Directors, our chief executive officer or the lead

independent director thus prohibiting a stockholder from calling a special meeting. These

provisions might delay the ability of our stockholders to force consideration of a proposal or for

stockholders to take any action, including the removal of directors. Prior to the Trigger Date,

stockholders will be permitted to take action without a meeting if a majority of the voting power of

the then-outstanding shares of our capital stock consent thereto in writing or by electronic

transmission. In addition, prior the Trigger Date, special meetings of our stockholders may be

called by a majority of the voting power of the then-outstanding shares of our capital stock.

• *Advance Notice Requirements for Stockholder Proposals and Director Nominations.* Our

restated bylaws will provide advance notice procedures for stockholders seeking to bring

business before our annual meeting of stockholders or to nominate candidates for election as

directors at our annual meeting of stockholders. Our restated bylaws also will specify certain

requirements regarding the form and content of a stockholder's notice. These provisions may

preclude our stockholders from bringing matters before our annual meeting of stockholders or

from making nominations for directors at our annual meeting of stockholders. We expect that

these provisions might also discourage or deter a potential acquirer from conducting a solicitation

of proxies to elect the acquirer's own slate of directors or otherwise attempting to obtain control of

our company.

• *No Cumulative Voting.* The DGCL provides that stockholders are not entitled to the right to

cumulate votes in the election of directors unless a corporation's certificate of incorporation

provides otherwise. Our restated certificate of incorporation and restated bylaws will not provide

for cumulative voting.

• *Issuance of Undesignated Preferred Stock and Blockchain Common Stock.* After the filing of our

restated certificate of incorporation, our Board of Directors will have the authority, without further

action by the stockholders, to issue up to200,000,000 shares of undesignated preferred stock

and 100,000,000 shares of undesignated blockchain common stock with rights and preferences,

including voting rights, designated from time to time by our Board of Directors. The existence of

authorized but unissued shares of preferred stock and blockchain common stock enables our

Board of Directors to render more difficult or to discourage an attempt to obtain control of us by

means of a merger, tender offer, proxy contest, or otherwise.

• *Choice of Forum.* In addition, our restated bylaws will provide that, to the fullest extent permitted

by law, the Court of Chancery of the State of Delaware will be the exclusive forum for any

derivative action or proceeding brought on our behalf; any action asserting a breach of fiduciary

duty; any action asserting a claim against us arising pursuant to the DGCL, our restated

certificate of incorporation, or our restated bylaws; any action asserting a claim against us that is

governed by the internal affairs doctrine; any action to interpret, apply, enforce, or determine the

validity of the restated certificate of incorporation or restated bylaws or any action asserting an

internal corporate claim (as defined in the DGCL). The enforceability of similar choice of forum

provisions in other companies' certificates of incorporation has been challenged in legal

proceedings, and it is possible that a court could find these types of provisions to be inapplicable

or unenforceable. Our restated bylaws will also contain a Federal Forum Provision. While there

can be no assurance that federal or state courts will follow the holding of the Supreme Court of

the State of Delaware which recently found that such provisions are facially valid under Delaware

law or determine that the Federal Forum Provision should be enforced in a particular case,

application of the Federal Forum Provision means that suits brought by our stockholders to

cannot be brought in state court. As Section 22 of the Securities Act creates concurrent

jurisdiction for U.S. federal and state courts over all suits brought to enforce any duty or liability

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whether a court would enforce such provision. Further, Section 27 of the Exchange Act creates

Exchange Act or the rules and regulations thereunder. Accordingly, actions by our stockholders to

must be brought in federal court. Our stockholders will not be deemed to have waived our

compliance with the federal securities laws and the regulations promulgated thereunder. Any

person or entity purchasing or otherwise acquiring or holding any interest in any of our securities

shall be deemed to have notice of and consented to our exclusive forum provisions, including the

Federal Forum Provision. These provisions may limit a stockholder's ability to bring a claim in a

judicial forum of their choosing for disputes with us or our directors, officers, or other employees,

which may discourage lawsuits against us and our directors, officers, and other employees. If a

court were to find the Federal Forum Provision in our restated bylaws to be inapplicable or

unenforceable in an action, we may incur further significant additional costs associated with

resolving the dispute in other jurisdictions, all of which could harm our business.

Transfer Agent and Registrar

Upon the completion of this offering, the transfer agent and registrar for our Class A common stock, Class

B common stock, and Class C common stock will be Computershare Trust Company, N.A. The transfer

agent's address is 250 Royall Street, Canton, Massachusetts 02021.

Exchange Listing

We have applied to list our Class A common stock on the NYSE under the symbol "FIG."

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## Shares Eligible for Future Sale
Before this offering, there has been no public market for our Class A common stock, and we cannot

predict the effect, if any, that market sales of shares of our Class A common stock or the availability of

shares of our Class A common stock for sale will have on the market price of our Class A common stock

prevailing from time to time.

Nevertheless, sales of substantial amounts of our Class A common stock, including shares issued upon

exercise of outstanding stock options or settlement of RSUs, in the public market following this offering, or

the possibility of these sales or issuances occurring, could adversely affect market prices prevailing from

time to time and could impair our ability to raise equity capital.

Upon the completion of this offering, based on the 474,988,246 shares of our capital stock outstanding as

of March 31, 2025 after giving effect to (i) the filing and effectiveness of our restated certificate of

incorporation, which will occur immediately prior to the completion of this offering, (ii) the Capital Stock

Conversion, (iii) the Class B Conversion, (iv) the CEO Option Exercise, and (v) the RSU Net Settlement,

we will have a total of 407,680,914 shares of our Class A common stock outstanding, 79,779,989 shares

of our Class B common stock outstanding, and no shares of our Class C common stock outstanding. Of

these outstanding shares, all of the shares of the Class A common stock sold in this offering will be freely

tradable, except that any shares purchased in this offering by our affiliates, as that term is defined in Rule

144 under the Securities Act, only would be able to be sold in compliance with the Rule 144 limitations

described below. However, we may, from time to time, enter into separate lock-up agreements with some

of the investors in this offering. These separate lock-up agreements may provide for a restricted period

that is longer than the period described below that is applicable to existing stockholders. If there is a

separate lock-up agreement on certain shares sold in this offering, our shares available for sale in the

public market will be reduced during the term of these lock-up agreements.

The remaining outstanding shares of our Class A and Class B common stock will be deemed "restricted

securities" as defined in Rule 144. Restricted securities may be sold in the public market only if they are

registered under the Securities Act or if they qualify for an exemption from registration under Rule 144 or

Rule 701 promulgated under the Securities Act, which rules are summarized below.

As a result of the lock-up and market standoff agreements described herein and the provisions of our

Rights Agreement described in the section titled "Description of Capital Stock—Registration Rights," and

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subject to the provisions of Rule 144 or Rule 701, shares of our Class A common stock will be available

for sale in the public market as follows:

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| | |
|:---|:---|
| **Earliest Date Available for Sale in the Public** <br>**Market**<br>| **Number of Shares of Common Stock** |
| The commencement of trading on the second <br>trading day immediately following our public release <br>of earnings for the first quarter following the most <br>recent period for which financial statements are <br>included in this prospectus; provided that the closing <br>price of our Class A common stock on NYSE for at <br>least five trading days in any ten consecutive trading <br>day period, with at least one of such five trading <br>days occurring after the Initial Post-Offering <br>Earnings Release Date, is at least 25% greater than <br>the initial public offering price per share set forth on <br>the cover page of this prospectus.<br>| Approximately 11.4 million shares. Includes <br>shares held by our current employees and other <br>service providers (excluding our directors and any <br>officer within the meaning of Section 16 of the <br>Exchange Act).<br>|
| The earlier of (i) the commencement of trading on <br>the second trading day immediately following our <br>public release of earnings for the second quarter <br>following the most recent period for which financial <br>statements are included in this prospectus and (ii) <br>the 180th day after the date of this prospectus.<br>| All remaining shares held by our stockholders not <br>previously eligible for sale, subject to volume <br>limitations applicable to "affiliates" under Rule 144 <br>as described below.<br>|

---

Lock-Up and Market Standoff Agreements

**Lock-Up and Market Standoff Agreements** 

In connection with this offering, all of our directors and executive officers, the selling stockholders, and

certain other holders that together represent approximately 74% of our outstanding common stock and

securities directly or indirectly convertible into or exchangeable or exercisable for our common stock are

subject to lock-up agreements with the underwriters pursuant to which they have agreed, subject to

certain exceptions, that without the prior written consent of Morgan Stanley and Goldman Sachs, on

behalf of the underwriters, they will not, in accordance with the terms of such agreements during the

period ending on the earlier of (i) the commencement of trading on the second trading day after the date

that we publicly announce earnings for the second quarter following the most recent period for which

financial statements are included in this prospectus, and (ii) 180 days after the date of this prospectus:

(a)offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or

contract to sell, grant any option, right, or warrant to purchase, lend, or otherwise transfer or

dispose of, directly or indirectly, any shares of our common stock or any securities directly or

indirectly convertible into or exercisable or exchangeable for our common stock;

(b)enter into any swap, hedging transaction, or other arrangement that transfers to another, in whole

or in part, any of the economic consequences of ownership of our common stock, whether any

such transaction described above is to be settled by delivery of our common stock or such other

securities convertible into or exercisable or exchangeable for our common stock, in cash or

otherwise;

(c)publicly disclose the intention to take any of the actions restricted by clause (a) or (b) above; or

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(d)make any demand for, or exercise any right with respect to, the registration of any shares of our

common stock or any securities convertible into or exercisable or exchangeable for our common

stock.

Furthermore, (i) an additional approximately 9% of our outstanding common stock and securities directly

or indirectly convertible into or exchangeable or exercisable for our common stock are subject to the

market standoff provisions in our Rights Agreement, pursuant to which such holders agreed to not offer,

pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to

sell, grant any option, right, or warrant to purchase, lend, or otherwise transfer or dispose of, directly or

indirectly, any shares of our common stock or any securities convertible into or exercisable or

exchangeable for our common stock held immediately prior to the effectiveness of this registration

statement, or enter into any swap, hedging transaction, or other arrangement that transfers to another, in

whole or in part, any of the economic consequences of ownership of our common stock, whether any

such transaction described above is to be settled by delivery of our common stock or such other

securities convertible into or exercisable or exchangeable for our common stock, in cash or otherwise, or

publicly disclose the intention to take any of the foregoing actions, during the lock-up period and (ii) an

additional approximately 17% of our outstanding common stock and securities directly or indirectly

convertible into or exchangeable or exercisable for our common stock are subject to the market standoff

agreements with us, pursuant to which such holders agreed to not sell or otherwise dispose of any shares

of our common stock or any securities convertible into or exercisable or exchangeable for our common

stock held immediately prior to the effectiveness of this registration statement during the lock-up period.

The forms and specific restrictive provisions within these market standoff provisions vary among security

holders. For example, although some of these market standoff agreements do not specifically restrict

hedging transactions and others may be subject to different interpretations between us and security

holders as to whether they restrict hedging, our insider trading policy prohibits hedging, short sales, and

certain other transactions involving derivative securities by all of our current directors, officers,

employees, contractors, and consultants. Sales, short sales, or hedging transactions involving our equity

securities, whether before or after this offering and whether or not we believe them to be prohibited, could

adversely affect the price of our Class A common stock.

As a result of the foregoing, substantially all of our outstanding common stock and securities directly or

indirectly convertible into or exchangeable or exercisable for our common stock are subject to a lock-up

agreement or market standoff provisions during the lock-up period. We have agreed to enforce all such

market standoff restrictions on behalf of the underwriters and not to amend or waive any such market

standoff provisions during the lock-up period without the prior written consent of Morgan Stanley and

Goldman Sachs, on behalf of the underwriters, provided that we may release shares from such

restrictions to the extent such shares would be entitled to release under the form of lock-up agreement

with the underwriters entered into by our directors and executive officers, the selling stockholders, and

certain other holders of our securities as described herein.

We anticipate that we will net settle the IPO Vesting RSUs in the RSU Net Settlement. For RSUs that will

vest after the effectiveness of the registration statement of which this prospectus forms a part and prior to

the expiration of the lock-up period, we anticipate that we will continue to net settle the shares underlying

these RSUs. However, we will continue to have discretion to sell-to-cover rather than net settle shares

underlying these RSUs in order to satisfy tax withholding and remittance obligations. The lock-up

agreements and market standoff agreements permit sell-to-cover transactions to cover tax withholding

and remittance obligations in connection with the vesting and/or settlement of RSUs and stock options

during the lock-up period. If we decide to sell-to-cover rather than net settle shares underlying these

RSUs and stock options, up to approximately 8.0 million shares of our Class A common stock underlying

RSUs and stock options outstanding as of March 31, 2025 under the 2012 Plan will be eligible for sale in

the open market during the lock-up period in connection with such sell-to-cover transactions.

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Furthermore, approximately 11.4 million shares of our outstanding Class A common stock and securities

directly or indirectly convertible into or exchangeable or exercisable for our Class A common stock held

by our current employees and service providers (excluding our directors and any officer within the

meaning of Section 16 of the Exchange Act) may be sold at the commencement of trading of the second

trading day after the date that we publicly announce earnings for the first quarter following the most

recent period for which financial statements are included in this prospectus, if the closing price per share

of our Class A common stock on NYSE for at least five trading days in any ten consecutive trading day

period, with at least one of such five trading days occurring after the Initial Post-Offering Earnings

Release Date, is at least 25% greater than the initial public offering price of our Class A common stock

set forth on the cover of this prospectus.

The restrictions imposed by the lock-up agreements and market standoff provisions are subject to certain

exceptions, including with respect to:

(a)transactions relating to shares of our common stock or other securities convertible into or

exercisable or exchangeable for our common stock acquired in this offering or in open market

transactions after the completion of this offering, provided that no public announcement or filing

under Section 16(a) of the Exchange Act shall be required or shall be voluntarily made during the

lock-up period in connection with subsequent sales of our Class A common stock or other

securities convertible into or exercisable or exchangeable for our common stock acquired either

in this offering or in such open market or other transactions after the completion of this offering;

(b)transfers of shares of our common stock or any securities convertible into or exercisable or

exchangeable for shares of our common stock (i) as a bona fide gift or to a charitable

organization or educational institution or (ii) for bona fide estate planning purposes, in each case,

in a transfer not involving a disposition for value;

(c)transfers or dispositions of shares of our common stock or any securities convertible into or

exercisable or exchangeable for our common stock, if the lock-up party is a natural person, to any

member of the immediate family of the lock-up party or any trust for the direct or indirect benefit of

the lock-up party or the immediate family of the lock-up party, or if the lock-up party is a trust, to a

trustor, trustee or any beneficiary (including such trustor, trustee or beneficiary's estate) in a

transaction not involving a disposition for value;

(d)distributions, transfers or dispositions of shares of our common stock or other securities

convertible into or exercisable or exchangeable for our common stock to any corporation,

partnership, limited liability company, or other entity that is an affiliate of the lock-up party, or of

which all of the beneficial ownership interests are held by the lock-up party or the immediate

family of the lock-up party in a transaction not involving a disposition for value;

(e)transfers or dispositions of shares of our common stock or any securities convertible into or

exercisable or exchangeable for our common stock (i) by will, other testamentary document or

intestate succession and (ii) by operation of law including, without limitation, pursuant to orders of

a court or regulatory agency, in connection with a negotiated divorce settlement, pursuant to a

qualified domestic relations order or by other court order;

(f)to a nominee or custodian of a person or entity to whom a disposition or transfer would be

permissible under clauses (b) through (e) above;

(g)if the lock-up party is a corporation, partnership, limited liability company, trust or other entity, (x)

transfers or dispositions of shares of our common stock or other securities convertible into or

exercisable or exchangeable for our common stock to another corporation, member, managers,

partnership, limited liability company, trust or other entity (or in each case its nominee or

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custodian) that is a direct or indirect affiliate (as defined under Rule 12b-2 of the Exchange Act) of

the lock-up party, or to an investment fund or other entity that controls or is controlled by,

manages or is managed by, or is under common control with, the lock-up party or affiliates of the

lock-up party, or (y) distributions of shares of our common stock or any securities convertible into

or exercisable or exchangeable for our common stock to current or former partners (general or

limited), members, managers, stockholders, beneficiaries or other equity holders of the lock-up

party (or in each case its nominee or custodian) or to the estate of any such partners, members,

managers, stockholders, beneficiaries or other equity holders;

(h)the receipt by the lock-up party from us of shares of our common stock or any securities

convertible into or exercisable or exchangeable for common stock upon the exercise of options,

settlement of RSUs or other equity awards or the exercise of warrants which are outstanding as

of the date of this prospectus and are disclosed in this prospectus, or (ii) transfers or dispositions

to us in connection with the vesting, settlement or exercise of RSUs, options, warrants or other

rights to purchase shares of our common stock or any securities convertible into or exercisable or

exchangeable for our common stock (including, in each case, by way of "net" or "cashless"

exercise), including any transfer to us for the payment of tax withholdings or remittance payments

due as a result of the vesting, settlement or exercise of such RSUs, options, warrants or other

rights, or in connection with the conversion of convertible securities, in all such cases pursuant to

equity awards granted under a stock incentive plan or other equity award plan, or pursuant to the

terms of convertible securities, each as described in herein; provided that (1) any such shares of

our common stock or any securities convertible into or exercisable or exchangeable for our

common stock received by the lock-up party shall be subject to the terms of the lock-up

agreement, (2) except as set forth in (3), no public announcement or filing under Section 16(a) of

the Exchange Act, or any other public filing or disclosure reporting a reduction in beneficial

ownership of shares of our common stock, shall be voluntarily made during the lock-up period

and (3) to the extent a filing under Section 16(a) of the Exchange Act is required during the lock-

up period as a result of such transfers or dispositions pursuant to clause (h)(2), it shall clearly

indicate that the filing relates to the circumstances described in this clause (h)(2);

(i)sales in open market transactions during the lock-up period to generate such amount of net

proceeds to the lock-up party from such sales (after deducting commissions) in an aggregate

amount up to the total amount of taxes or estimated taxes (as applicable) that become due as a

result of the vesting and/or settlement of equity awards held by the lock-up party and issued

pursuant to a plan or arrangement described herein that vest and/or settle during the lock-up

period, provided that, for the avoidance of doubt, any shares of our common stock or other

securities convertible into or exercisable or exchangeable for our common stock retained by the

lock-up party after giving effect to this provision shall be subject to the terms of the lock-up

agreement; provided that in the case of any sale pursuant to this clause (i), filings under Section

16(a) of the Exchange Act shall only be permissible during the lock-up period if such filing clearly

indicates in the footnotes thereto that the filing relates to securities being sold to generate net

proceeds solely to cover taxes or estimated taxes (as applicable) that became due as a result of

the vesting and/or settlement of an equity award;

(j)transfers of shares of our common stock or any securities convertible into or exercisable or

exchangeable for our common stock to us pursuant to arrangements under which we have the

option to repurchase such shares of our common stock or any securities convertible into or

exercisable or exchangeable for our common stock or a right of first refusal with respect to such

securities; provided to the extent a public announcement or filing under the Exchange Act, if any,

is required of or voluntarily made by or on behalf of the lock-up party or by us regarding such

transfer, such announcement or filing shall include a statement to the effect such transfer was to

us in connection with the repurchase of shares of our common stock;

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(k)the conversion of the outstanding preferred stock or warrants to acquire preferred stock into

shares of our common stock or the exercise of warrants to acquire shares of our common stock

prior to or in connection with the consummation of this offering, or the conversion exchange,

retirement or reclassification of the outstanding shares of preferred stock or other classes of

capital stock into shares of our common stock, provided that any such shares of our common

stock received upon such conversion, exchange, retirement or reclassification shall be subject to

the terms of the lock-up agreement, provided further that for the avoidance of doubt, no transfers

are permitted under this clause (k) except for transfers to and from us;

(l)(i) transfers of shares of our common stock or any securities convertible into or exercisable or

exchangeable for our common stock pursuant to a bona fide third-party tender offer, merger,

consolidation or other similar transaction, that is approved by the Board of Directors, made to all

holders of our capital stock involving a Change of Control (as defined below) and (ii) entry into

any lock-up, voting or similar agreement pursuant to which the lock-up party may agree to

transfer, sell, tender or otherwise dispose of shares of our common stock or such other securities

convertible into or exercisable or exchangeable for our common stock in connection with a

transaction described in (i) above; provided, that, in the event that such tender offer, merger,

consolidation or other similar transaction is not completed, the shares of our common stock or

any securities convertible into or exercisable or exchangeable for our common stock beneficially

owned by the lock-up party shall remain subject to the restrictions contained in the lock-up

agreement. For purposes of this clause (l), "Change of Control" shall mean the transfer (whether

by tender offer, merger, consolidation or other similar transaction), in one transaction or a series

of related transactions, the result of which is that any "person" (as defined in Section 13(d)(3) of

the Exchange Act), or group of persons, other than us or an underwriter pursuant to this offering,

becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of more

than 50% of the total voting power of our voting stock (or the surviving entity);

(m)to the underwriters pursuant to the underwriting agreement;

(n)any transfer of shares of our common stock or any securities convertible into or exercisable or

exchangeable for our common stock pledged in a bona fide transaction to third parties as

collateral to secure obligations pursuant to lending or other arrangements in effect as of the date

the lock-up agreement is signed by the lock-up party between such third parties (or their affiliates

or designees) and the lock-up party and/or its affiliates or any existing or future similar

arrangement relating to a financing arrangement for the benefit of the lock-up party and/or its

affiliates, provided that in the case of pledges or similar arrangements under this clause (n), any

such pledgee or other party shall, upon foreclosure on the pledged securities, sign and deliver a

lock-up agreement substantially in the form of the lock-up agreement, and provided further that

no filing under the Exchange Act, or any other public filing or disclosure, of such transfer by or on

behalf of the lock-up party, shall be voluntarily made during the lock-up period and to the extent a

filing under Section 16(a) of the Exchange Act is required during the lock-up period as a result of

such transfers or dispositions pursuant to clause (n), it shall clearly indicate that the filing relates

to the circumstances described in this clause (n); or

(o)facilitating the establishment of a trading plan on behalf of a stockholder, officer or director

pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of our common stock,

provided that (i) such plan does not provide for the transfer of our common stock during the lock-

up period (except as otherwise allowed pursuant to clause (i) above) and (ii) to the extent a public

announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on

behalf of the lock-up party or us regarding the establishment of such plan, such announcement or

filing shall include a statement to the effect that no transfer of our common stock may be made

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under such plan during the lock-up period (except as otherwise allowed pursuant to clause (i)

above);

*provided*, in the case of any transfer, disposition or distribution pursuant to clauses (b) through (g), that (i)

each transferee, donee or distributee, as the case may be, shall sign and deliver a lock-up agreement

substantially in the form of the lock-up agreement and (ii) no public announcement or filing under Section

16(a) of the Exchange Act or any other public filing or disclosure reporting a reduction in beneficial

ownership of shares of our common stock, shall be required or shall be voluntarily made during the lock-

up period other than any Schedule 13G, 13D or Form 13F (or any amendments to such schedules or

forms) with respect to such transfer, disposition or distribution (other than, in the case of a transfer or

other disposition pursuant to clause (b), (e), (f), to the extent such transfer or other disposition is to a

nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under

clause (b) or (e), and (g), above, if the lock-up party is subject to Section 16 reporting with us under the

Exchange Act and any Form 4 or Form 5 is required to be filed under the Exchange Act, any such filing

will indicate by footnote disclosure or otherwise the nature of the transfer, disposition, or distribution).

Upon the expiration of the lock-up period, substantially all of the shares subject to such lock-up

restrictions will become eligible for sale, subject to the limitations discussed above. For a further

description of these lock-up agreements, please see "Underwriters (Conflicts of Interest)."

In connection with this offering, and during the period ending on the earlier of (i) the commencement of

trading on the second trading day immediately following our release of earnings for the second quarter

following the most recent period for which financial statements are included in this prospectus and (ii) 180

days after the lock-up period, we will be subject to certain restrictions on our ability to: (1) offer, pledge,

sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant

any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any

shares of our common stock or any securities convertible into or exercisable or exchangeable for

common stock or (2) enter into any swap or other arrangement that transfers to another, in whole or in

part, any of the economic consequences of ownership of our common stock, whether any such

transaction described in clause (1) or (2) above is to be settled by delivery of common stock or such other

securities convertible into or exercisable or exchangeable for our common stock, in cash or otherwise or

(3) file any registration statement with the SEC relating to the offering of any shares of our common stock

or any securities convertible into or exercisable or exchangeable for common stock, subject to certain

exceptions as described in "Underwriters (Conflicts of Interest)."

In addition, we may, from time to time, enter into separate lock-up agreements with some of the investors

in this offering. These separate lock-up agreements may provide for a restricted period that is longer than

the period described above that is applicable to existing stockholders. If there is a separate lock-up

agreement on certain shares sold in this offering, our shares available for sale in the public market will be

reduced during the term of these lock-up agreements.

The remaining holders of our outstanding common stock and securities directly or indirectly convertible

into or exchangeable or exercisable for our common stock, have not entered into lock-up agreements with

the underwriters and, therefore, are not subject to the restrictions described above. These holders are

subject to market standoff agreements with us that restrict their ability to transfer shares of our

outstanding common stock and securities directly or indirectly convertible into or exchangeable or

exercisable for our common stock, and we will not waive any of the restrictions of such market standoff

agreements with respect to our employees prior to the expiration of the lock-up period.

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Rule 144

In general, under Rule 144 as currently in effect, once we have been subject to public company reporting

requirements of Section 13 or Section 15(d) of the Exchange Act for at least 90 days, a person who is not

deemed to have been one of our affiliates for purposes of the Securities Act at any time during the 90

days preceding a sale and who has beneficially owned the shares proposed to be sold for at least six

months, including the holding period of any prior owner other than our affiliates, is entitled to sell those

shares without complying with the manner of sale, volume limitation or notice provisions of Rule 144,

subject to compliance with the public information requirements of Rule 144. If such a person has

beneficially owned the shares proposed to be sold for at least one year, including the holding period of

any prior owner other than our affiliates, then that person would be entitled to sell those shares without

complying with any of the requirements of Rule 144.

In general, under Rule 144, as currently in effect, our affiliates or persons selling shares on behalf of our

affiliates are entitled to sell upon expiration of the lock-up and market standoff agreements described

above, within any three-month period, a number of shares that does not exceed the greater of:

• 1% of the number of shares of our Class A common stock then outstanding, which will equal

approximately 4.1 million shares immediately after this offering; or

• the average weekly trading volume of our Class A common stock during the four calendar weeks

preceding the filing of a notice on Form 144 with respect to that sale.

Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject

to certain manner of sale provisions and notice requirements and to the availability of current public

information about us.

Rule 701

Rule 701 generally allows a stockholder who purchased shares of our capital stock pursuant to a written

compensatory plan or contract and who is not deemed to have been an affiliate of our company during

the immediately preceding 90 days to sell these shares in reliance upon Rule 144, but without being

required to comply with the public information, holding period, volume limitation, or notice provisions of

Rule 144. Rule 701 also permits affiliates of our company to sell their Rule 701 shares under Rule 144

without complying with the holding period requirements of Rule 144. All holders of Rule 701 shares,

however, are required by that rule to wait until 90 days after the date of this prospectus before selling

those shares pursuant to Rule 701, subject to the expiration of the lock-up and market standoff

agreements described herein.

Registration Statements

As soon as practicable after the completion of this offering, we intend to file one or more registration

statements on Form S-8 under the Securities Act covering all of the shares of our Class A common stock

subject to outstanding options and RSUs and the shares of our Class A common stock reserved for

issuance under our equity incentive plans. We expect to file this registration statement as soon as

permitted under the Securities Act. However, the shares registered on Form S-8 may be subject to the

volume limitations and the manner of sale, notice, and public information requirements of Rule 144 and

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will not be eligible for resale until expiration of the lock-up and market standoff agreements to which they

are subject.

Registration Rights

We have granted demand, piggyback, and Form S-3 registration rights to certain of our stockholders to

sell our common stock. Registration of the sale of these shares under the Securities Act would result in

these shares becoming freely tradable without restriction under the Securities Act immediately upon the

effectiveness of the registration, except for shares purchased by affiliates. For a further description of

these rights, see the section titled "Description of Capital Stock—Registration Rights."

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## Material U. S. Federal Income Tax

## Consequences for Non- U.S.

## Holders of Our Class A Common
Stock

The following summary describes the material U.S. federal income tax consequences of the acquisition,

ownership and disposition of our Class A common stock acquired in this offering by Non-U.S. Holders (as

defined below). This discussion does not address all aspects of U.S. federal income taxes, does not

discuss the potential application of the alternative minimum tax, the Medicare contribution tax on net

investment income, or the special tax accounting rules under Section 451(b) of the Code, and does not

deal with any state or local taxes, U.S. federal gift or estate tax laws (except to the limited extent provided

below), or any non-U.S. tax consequences that may be relevant to Non-U.S. Holders in light of their

particular circumstances.

Special rules different from those described below may apply to certain Non-U.S. Holders that are subject

to special treatment under the Code, such as:

• insurance companies, banks, and other financial institutions;

• tax-exempt organizations, including private foundations, and tax-qualified retirement plans;

• "qualified foreign pension funds" as defined in Section 897(l)(2) of the Code and entities all of the

interests of which are held by qualified foreign pension funds;

• non-U.S. governments and international organizations;

• dealers and traders in securities;

• U.S. expatriates and certain former citizens or long-term residents of the United States;

• persons that own, or are deemed to own, more than 5% of our Class A common stock;

• "controlled foreign corporations," "passive foreign investment companies," and corporations that

accumulate earnings to avoid U.S. federal income tax;

• persons that hold our Class A common stock as part of a "straddle," "hedge," "conversion

transaction," "synthetic security," or integrated investment or other risk reduction strategy;

• persons who do not hold our Class A common stock as a capital asset within the meaning of

Section 1221 of the Code (generally, for investment purposes); and

• partnerships and other pass-through entities and arrangements, and investors in such pass-

through entities and arrangements, regardless of their places of organization or formation.

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Such Non-U.S. Holders are urged to consult their tax advisors to determine the U.S. federal, state, local,

and other tax consequences that may be relevant to them of the acquisition, ownership, and disposition of

our Class A common stock.

Furthermore, the discussion below is based upon the provisions of the Code, Treasury Regulations

promulgated thereunder, judicial decisions thereunder, and rulings and administrative pronouncements of

the Internal Revenue Service (the "IRS") all as of the date hereof, and such authorities may be repealed,

revoked, or modified, possibly retroactively, and are subject to differing interpretations which could result

in U.S. federal income tax consequences different from those discussed below. We have not requested a

ruling from the IRS with respect to the statements made and the conclusions reached in the following

summary, and there can be no assurance that the IRS will not take a contrary position regarding the tax

consequences described herein or that any such contrary position would not be sustained by a court.

PERSONS CONSIDERING THE PURCHASE OF OUR CLASS A COMMON STOCK PURSUANT TO

THIS OFFERING SHOULD CONSULT THEIR TAX ADVISORS CONCERNING THE U.S. FEDERAL

INCOME TAX CONSEQUENCES OF ACQUIRING, OWNING, AND DISPOSING OF OUR CLASS A

COMMON STOCK IN LIGHT OF THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX

CONSEQUENCES ARISING UNDER THE LAWS OF ANY OTHER TAXING JURISDICTION,

INCLUDING ANY STATE, LOCAL, OR NON-U.S. TAX CONSEQUENCES OR ANY U.S. FEDERAL

NON-INCOME TAX CONSEQUENCES, AND THE POSSIBLE APPLICATION OF TAX TREATIES.

For purposes of this discussion, a Non-U.S. Holder is a beneficial owner of our Class A common stock

that is not a U.S. Holder or a partnership or other pass-through entity or arrangement for U.S. federal

income tax purposes. A U.S. Holder means a beneficial owner of our Class A common stock that is, for

U.S. federal income tax purposes, (1) an individual who is a citizen or resident of the United States, (2) a

corporation or other entity taxable as a corporation for U.S. federal income tax purposes created or

organized in or under the laws of the United States, any state thereof, or the District of Columbia, (3) an

estate the income of which is subject to U.S. federal income taxation regardless of its source, or (4) a

trust if it (i) is subject to the primary supervision of a court within the United States and one or more U.S.

persons (within the meaning of Section 7701(a)(30) of the Code) have the authority to control all

substantial decisions of the trust or (ii) has a valid election in effect under applicable U.S. Treasury

Regulations to be treated as a U.S. person.

If you are an individual non-U.S. citizen, you may be deemed to be a resident alien (as opposed to a

nonresident alien) by virtue of being present in the United States for at least 31 days in the calendar year

and for an aggregate of at least 183 days during a three-year period ending in the current calendar year.

Generally, for this purpose, all the days present in the current year, one-third of the days present in the

immediately preceding year, and one-sixth of the days present in the second preceding year are counted.

Resident aliens are generally subject to U.S. federal income tax as if they were U.S. citizens. Individuals

who are uncertain of their status as resident or nonresident aliens for U.S. federal income tax purposes

are urged to consult their tax advisors regarding the U.S. federal income tax consequences of the

acquisition, ownership, and disposition of our Class A common stock.

Distributions

We do not have current plans to pay any dividends on our capital stock in the foreseeable future (see the

section titled "Dividend Policy" above). If we do make distributions on our Class A common stock,

however, such distributions made to a Non-U.S. Holder will constitute dividends for U.S. tax purposes to

the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal

income tax principles). Distributions in excess of our current and accumulated earnings and profits will

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constitute a return of capital that is applied against and reduces, but not below zero, a Non-U.S. Holder's

adjusted tax basis in our Class A common stock. Any remaining excess will be treated as gain realized on

the sale or exchange of our Class A common stock as described below under the section titled "—Gain

on Disposition of Our Class A Common Stock."

Any distribution on our Class A common stock that is treated as a dividend paid to a Non-U.S. Holder that

is not effectively connected with the holder's conduct of a trade or business in the United States will

generally be subject to withholding tax at a 30% rate or such lower rate as may be specified by an

applicable income tax treaty. To obtain a reduced rate of withholding tax under an applicable income tax

treaty, a Non-U.S. Holder generally will be required to provide the applicable withholding agent with a

properly executed IRS Form W-8BEN, IRS Form W-8BEN-E, or other appropriate form, certifying the

Non-U.S. Holder's entitlement to benefits under that income tax treaty. Such form must be provided prior

to the payment of dividends and must be updated periodically. If a Non-U.S. Holder holds stock through a

financial institution or other agent acting on the holder's behalf, the holder will be required to provide

appropriate documentation to such agent. The holder's agent will then be required to provide certification

to the applicable withholding agent, either directly or through other intermediaries. A Non-U.S. Holder that

does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain

a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. If

you are eligible for a reduced rate of U.S. withholding tax under an income tax treaty, you should consult

with your tax advisor to determine if you are able to obtain a refund or credit of any excess amounts

withheld by timely filing an appropriate claim for a refund with the IRS.

We generally are not required to withhold tax on dividends paid to a Non-U.S. Holder that are effectively

connected with the holder's conduct of a trade or business within the United States (and, if required by an

applicable income tax treaty, are attributable to a permanent establishment that the holder maintains in

the United States) if a properly executed IRS Form W-8ECI, stating that the dividends are so connected,

is furnished to the applicable withholding agent. In general, such effectively connected dividends will be

subject to U.S. federal income tax on a net income basis at the regular rates applicable to U.S. persons.

A corporate Non-U.S. Holder receiving effectively connected dividends may also be subject to an

additional "branch profits tax," which is imposed, under certain circumstances, at a rate of 30%, or such

lower rate as may be specified by an applicable income tax treaty, on the corporate Non-U.S. Holder's

effectively connected earnings and profits, subject to certain adjustments. Non-U.S. Holders should

consult their tax advisors regarding any applicable tax treaties that may provide for different rules.

See also the section titled "—Foreign Accounts" for additional withholding rules that may apply to

dividends paid to certain foreign financial institutions or non-financial foreign entities.

Gain on Disposition of Our Class A Common

Stock

Subject to the discussions below under the sections titled "—Backup Withholding and Information

Reporting" and "—Foreign Accounts," a Non-U.S. Holder generally will not be subject to U.S. federal

income or withholding tax with respect to gain realized on a sale or other disposition of our Class A

common stock unless (1) the gain is effectively connected with a trade or business of the Non-U.S. Holder

in the United States (and, if required by an applicable income tax treaty, is attributable to a permanent

establishment that the Non-U.S. Holder maintains in the U.S.), (2) the Non-U.S. Holder is a nonresident

alien individual and is present in the United States for 183 or more days in the taxable year of the

disposition and certain other conditions are met, or (3) we are or have been a "United States real property

holding corporation" within the meaning of Section 897(c)(2) of the Code at any time within the shorter of

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the five-year period preceding such disposition or the Non-U.S. Holder's holding period in the Class A

common stock.

If you are a Non-U.S. Holder, gain described in (1) above will be subject to tax on the net gain derived

from the sale at the regular U.S. federal income tax rates applicable to U.S. persons. If you are a

corporate Non-U.S. Holder, gain described in (1) above may also be subject to the additional branch

profits tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty. If you

are an individual Non-U.S. Holder described in (2) above, you will be required to pay a flat 30% income

tax on the gain derived from the sale, which gain may be offset by certain U.S. source capital losses

(even though you are not considered a resident of the United States), provided you have timely filed U.S.

federal income tax returns with respect to such losses. With respect to (3) above, in general, we would be

a United States real property holding corporation if United States real property interests (as defined in the

Code and the Treasury Regulations) comprised (by fair market value) at least half of our worldwide real

property and our other assets which are used or held for use in a trade or business. We believe that we

are not, and do not anticipate becoming, a U.S. real property holding corporation. However, there can be

no assurance that we will not become a U.S. real property holding corporation in the future. Even if we

are treated as a U.S. real property holding corporation, gain realized by a Non-U.S. Holder on a

disposition of our Class A common stock will not be subject to U.S. federal income tax so long as (1) the

Non-U.S. Holder owned, directly, indirectly, and constructively, no more than five percent of our Class A

common stock at all times within the shorter of (i) the five-year period preceding the disposition or (ii) the

Non-U.S. Holder's holding period and (2) our Class A common stock is regularly traded on an established

securities market for purposes of the relevant rules. There can be no assurance that our Class A common

stock will qualify as regularly traded on an established securities market for this purpose.

U.S. Federal Estate Tax

The estates of nonresident alien individuals generally are subject to U.S. federal estate tax on property

with a U.S. situs. Because we are a U.S. corporation, our Class A common stock will be U.S. situs

property and, therefore, will be included in the taxable estate of a nonresident alien decedent, unless an

applicable estate tax treaty between the United States and the decedent's country of residence provides

otherwise. The terms "resident" and "nonresident" are defined differently for U.S. federal estate tax

purposes than for U.S. federal income tax purposes. Investors are urged to consult their tax advisors

regarding the U.S. federal estate tax consequences of the acquisition, ownership, or disposition of our

Class A common stock.

Backup Withholding and Information

Reporting

Generally, we or an applicable withholding agent must report information to the IRS with respect to any

distributions we pay on our Class A common stock, including the amount of any such distributions, the

name and address of the recipient, and the amount, if any, of tax withheld. A similar report is sent to the

holder to whom any such distributions are paid. Pursuant to tax treaties or certain other agreements, the

IRS may make its reports available to tax authorities in the recipient's country of residence.

Dividends paid by us or our paying agents to a Non-U.S. Holder may also be subject to U.S. backup

withholding. U.S. backup withholding generally will not apply to a Non-U.S. Holder who provides a

properly executed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or otherwise establishes an

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exemption, provided that the applicable withholding agent does not have actual knowledge or reason to

know the holder is a U.S. person.

Under current U.S. federal income tax law, U.S. information reporting and backup withholding

requirements generally will apply to the proceeds of a disposition of our Class A common stock effected

by or through a U.S. office of any broker, U.S. or non-U.S., unless the Non-U.S. Holder provides a

properly executed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or otherwise meets

documentary evidence requirements for establishing non-U.S. person status or otherwise establishes an

exemption. Generally, U.S. information reporting and backup withholding requirements will not apply to a

payment of disposition proceeds to a Non-U.S. Holder where the transaction is effected outside the U.S.

through a non-U.S. office of a non-U.S. broker. Information reporting and backup withholding

requirements may, however, apply to a payment of disposition proceeds if the broker has actual

knowledge, or reason to know, that the holder is, in fact, a U.S. person. For information reporting

purposes only, certain brokers with substantial U.S. ownership or operations will generally be treated in a

manner similar to U.S. brokers.

Backup withholding is not an additional tax. If backup withholding is applied to you, you should consult

with your tax advisor to determine whether you are able to obtain a tax refund or credit of the overpaid

amount.

Foreign Accounts

In addition, U.S. federal withholding taxes may apply under the Foreign Account Tax Compliance Act

("FATCA") on certain types of payments, including dividends on our Class A common stock, made to non-

U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be

imposed on dividends on our Class A common stock paid to a "foreign financial institution" or a "non-

financial foreign entity" (each as defined in the Code), unless (1) the foreign financial institution agrees to

undertake certain diligence and reporting obligations, (2) the non-financial foreign entity either certifies it

does not have any "substantial United States owners" (as defined in the Code) or furnishes identifying

information regarding each substantial U.S. owner, or (3) the foreign financial institution or non-financial

foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial

institution and is subject to the diligence and reporting requirements in (1) above, it must enter into an

agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to

identify accounts held by certain "specified United States persons" or "United States owned foreign

entities" (each as defined in the Code), annually report certain information about such accounts, and

withhold 30% tax on certain payments to non-compliant foreign financial institutions and certain other

account holders. The 30% federal withholding tax described in this paragraph is not generally subject to

reduction under income tax treaties with the United States. However, foreign financial institutions located

in jurisdictions that have an intergovernmental agreement with the U.S. governing FATCA may be subject

to different rules. While under the applicable Treasury Regulations and administrative guidance,

withholding taxes under FATCA generally also would have applied to payments of gross proceeds from

the sale or other disposition of Class A common stock, proposed Treasury Regulations eliminate FATCA

withholding on payments of gross proceeds entirely. The preamble to the proposed regulations specifies

that taxpayers are permitted to rely on such proposed regulations pending finalization.

Prospective investors should consult their tax advisors regarding the potential application of withholding

taxes under FATCA to their investment in our Class A common stock.

EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS TAX ADVISOR REGARDING THE TAX

CONSEQUENCES OF ACQUIRING, OWNING, AND DISPOSING OF OUR CLASS A COMMON

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STOCK, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAW,

AS WELL AS TAX CONSEQUENCES ARISING UNDER ANY STATE, LOCAL, NON-U.S. OR U.S.

FEDERAL NON-INCOME TAX LAWS SUCH AS ESTATE AND GIFT TAX, AND THE POSSIBLE

APPLICATION OF TAX TREATIES.

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Underwriters (Conflicts of Interest)

Under the terms and subject to the conditions in an underwriting agreement to be dated the date of this

prospectus, the underwriters named below, for whom Morgan Stanley & Co. LLC, Goldman Sachs & Co.

LLC, and Allen & Company LLC are acting as representatives, will severally agree to purchase, and we

and the selling stockholders will agree to sell to them, severally, the number of shares of Class A common

stock indicated below:

---

| | |
|:---|:---|
| **Name** | **Number of**<br>**Shares**<br>|
| Morgan Stanley & Co. LLC.............................................................................................................. |  |
| Goldman Sachs & Co. LLC............................................................................................................. |  |
| Allen & Company LLC...................................................................................................................... |  |
| J.P. Morgan Securities LLC............................................................................................................. |  |
| BofA Securities, Inc.......................................................................................................................... |  |
| Wells Fargo Securities, LLC............................................................................................................ |  |
| RBC Capital Markets, LLC.............................................................................................................. |  |
| William Blair & Company, L.L.C..................................................................................................... |  |
| Nomura Securities International, Inc.............................................................................................. |  |
| WR Securities, LLC.......................................................................................................................... |  |
| Total............................................................................................................................................. | 36937080 |

---

"Wolfe \| Nomura Alliance" is the marketing name used by Wolfe Research Securities and Nomura

Securities International, Inc. in connection with certain equity capital markets activities conducted jointly

by the firms. Both Nomura Securities International, Inc. and WR Securities, LLC are serving as

underwriters in the offering described herein. In addition, WR Securities, LLC and certain of its affiliates

may provide sales support services, investor feedback, investor education, and/or other independent

equity research services in connection with this offering.

The underwriters and the representatives are collectively referred to as the "underwriters" and the

"representatives," respectively. The underwriters will offer the shares of Class A common stock subject to

their acceptance of the shares from us and the selling stockholders and subject to prior sale. The

underwriting agreement will provide that the obligations of the several underwriters to pay for and accept

delivery of the shares of Class A common stock offered by this prospectus are subject to the approval of

certain legal matters by their counsel and to certain other conditions. The underwriters will be obligated to

take and pay for all of the shares of Class A common stock offered by this prospectus if any such shares

are taken. However, the underwriters will not be required to take or pay for the shares covered by the

underwriters' over-allotment option described below.

The underwriters initially propose to offer part of the shares of Class A common stock directly to the public

at the offering price listed on the cover page of this prospectus and part to certain dealers. After the initial

offering of the shares of Class A common stock, the offering price and other selling terms may from time

to time be varied by the representatives.

Certain of the selling stockholders will grant to the underwriters an option, exercisable for 30 days from

the date of this prospectus, to purchase up to 5,540,561 additional shares of Class A common stock at

the public offering price listed on the cover page of this prospectus, less underwriting discounts and

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commissions. The underwriters may exercise this option solely for the purpose of covering over-

allotments, if any, made in connection with the offering of the shares of Class A common stock offered by

this prospectus. To the extent the option is exercised, each underwriter will become obligated, subject to

certain conditions, to purchase about the same percentage of the additional shares of Class A common

stock as the number listed next to the underwriter's name in the preceding table bears to the total number

of shares of Class A common stock listed next to the names of all underwriters in the preceding table.

The following table shows the per share and total public offering price, underwriting discounts and

commissions, and proceeds before expenses to us and the selling stockholders. These amounts are

shown assuming both no exercise and full exercise of the underwriters' option to purchase up to an

additional 5,540,561 shares of Class A common stock from certain of the selling stockholders.

---

| | | | |
|:---|:---|:---|:---|
|  | | **Total** | **Total** |
|  | <br>**Per Share** | **No Exercise** | **Full Exercise**  |
| Public offering price..................................................................... | $ | $ | $ |
| Underwriting discounts and commissions to be paid by us.. | $ | $ | $ |
| Underwriting discounts and commissions to be paid by the <br>selling stockholders.................................................................<br>| $ | $ | $ |
| Proceeds, before expenses, to us............................................ | $ | $ | $ |
| Proceeds, before expenses, to the selling stockholders....... | $ | $ | $ |

---

The estimated offering expenses payable by us, exclusive of the underwriting discounts and

commissions, are approximately $9.7 million. We will agree to reimburse the underwriters for certain of

their expenses up to $60,000 and for certain expenses in connection with the issuer directed allocations

in an amount up to $30,000. In addition, the underwriters are expected to reimburse us for approximately

$2.2 million of our expensesin connection with this offering.

The underwriters have informed us that they do not intend sales to discretionary accounts to exceed 5%

of the total number of shares of Class A common stock offered by them.

We have applied to list our Class A common stock on the NYSE under the trading symbol "FIG." This

offering is contingent upon final approval of our listing of our Class A common stock on the NYSE.

We have requested that the underwriters make issuer directed allocations of shares of Class A common

stock representing less than 1% of the shares of Class A common stock offered by this prospectus for

sale at the initial public offering price to certain investors. If these parties purchase allocated shares, it will

reduce the number of shares available for sale to the general public. Any allocated shares that are not so

purchased will be offered by the underwriters to the general public on the same terms as the other shares

offered by this prospectus. The underwriters will receive the same underwriting discount on any shares

purchased by these parties as they will on any other shares sold to the public in this offering. We have

agreed to indemnify Morgan Stanley and its affiliates against certain liabilities and expenses, including

liabilities under the Securities Act, in connection with the sale of such allocated shares.

In connection with this offering, all of our directors and executive officers, the selling stockholders, and

certain other holders that together represent approximately 74% of our outstanding Class A common

stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A

common stock are subject to lock-up agreements with the underwriters pursuant to which they have

agreed, subject to certain exceptions, that without the prior written consent of Morgan Stanley and

Goldman Sachs, on behalf of the underwriters, they will not, in accordance with the terms of such

agreements during the period ending on the earlier of (i) the commencement of trading on the second

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trading day after the date that we publicly announce earnings for the second quarter following the most

recent period for which financial statements are included in this prospectus, and (ii) 180 days after the

date of this prospectus:

(a)offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or

contract to sell, grant any option, right, or warrant to purchase, lend, or otherwise transfer or

dispose of, directly or indirectly, any shares of our common stock and securities directly or

indirectly convertible into or exercisable or exchangeable for our common stock;

(b)enter into any swap, hedging transaction, or other arrangement that transfers to another, in whole

or in part, any of the economic consequences of ownership of our common stock, whether any

such transaction described above is to be settled by delivery of our common stock or such other

securities convertible into or exercisable or exchangeable for our common stock, in cash or

otherwise;

(c)publicly disclose the intention to take any of the actions restricted by clause (1) or (2) above; or

(d)make any demand for, or exercise any right with respect to, the registration of any shares of our

common stock or any securities convertible into or exercisable or exchangeable for our common

stock.

Furthermore, (i) an additional approximately 9% of our outstanding common stock and securities directly

or indirectly convertible into or exchangeable or exercisable for our common stock are subject to the

market standoff provisions in our Rights Agreement (as defined below), pursuant to which such holders

agreed to not offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any

option or contract to sell, grant any option, right, or warrant to purchase, lend, or otherwise transfer or

dispose of, directly or indirectly, any shares of our common stock or any securities convertible into or

exercisable or exchangeable for our common stock held immediately prior to the effectiveness of this

registration statement, or enter into any swap, hedging transaction, or other arrangement that transfers to

another, in whole or in part, any of the economic consequences of ownership of our common stock,

whether any such transaction described above is to be settled by delivery of our common stock or such

other securities convertible into or exercisable or exchangeable for our common stock, in cash or

otherwise, or publicly disclose the intention to take any of the foregoing actions, during the lock-up period

and (ii) an additional approximately 17% of our outstanding common stock and securities directly or

indirectly convertible into or exchangeable or exercisable for our common stock are subject to the market

standoff agreements with us, pursuant to which such holders agreed to not sell or otherwise dispose of

any shares of our common stock or any securities convertible into or exercisable or exchangeable for our

common stock held immediately prior to the effectiveness of this registration statement during the lock-up

period. The forms and specific restrictive provisions within these market standoff provisions vary among

security holders. For example, although some of these market standoff agreements do not specifically

restrict hedging transactions and others may be subject to different interpretations between us and

security holders as to whether they restrict hedging, our insider trading policy prohibits hedging, short

sales, and certain other transactions involving derivative securities by all of our current directors, officers,

employees, contractors, and consultants. Sales, short sales, or hedging transactions involving our equity

securities, whether before or after this offering and whether or not we believe them to be prohibited, could

adversely affect the price of our Class A common stock.

As a result of the foregoing, substantially all of our outstanding common stock and securities directly or

indirectly convertible into or exchangeable or exercisable for our common stock are subject to a lock-up

agreement or market standoff provisions during the lock-up period. We have agreed to enforce all such

market standoff restrictions on behalf of the underwriters and not to amend or waive any such market

standoff provisions during the lock-up period without the prior written consent of Morgan Stanley and

Goldman Sachs, on behalf of the underwriters, provided that we may release shares from such

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restrictions to the extent such shares would be entitled to release under the form of lock-up agreement

with the underwriters entered into by our directors and executive officers, the selling stockholders, and

certain other record holders of our securities as described herein.

The restrictions imposed by the lock-up agreements and market standoff provisions are subject to certain

exceptions, including with respect to:

(a)transactions relating to shares of our common stock or other securities convertible into or

exercisable or exchangeable for our common stock acquired in this offering or in open market

transactions after the completion of this offering, provided that no public announcement or filing

under Section 16(a) of the Exchange Act, or any other public filing or disclosure reporting a

reduction in beneficial ownership of shares of our common stock, shall be required or shall be

voluntarily made during the lock-up period in connection with subsequent sales of our Class A

common stock or other securities convertible into or exercisable or exchangeable for our common

stock acquired either in this offering or in such open market transactions after the completion of

this offering;

(b)transfers of shares of our common stock or any securities convertible into or exercisable or

exchangeable for shares of our common stock (i) as a bona fide gift or to a charitable

organization or educational institution or (ii) for bona fide estate planning purposes, in each case,

in a transfer not involving a disposition for value;

(c)transfers or dispositions of shares of our common stock or any securities convertible into or

exercisable or exchangeable for our common stock, if the lock-up party is a natural person, to any

member of the immediate family of the lock-up party or any trust for the direct or indirect benefit of

the lock-up party or the immediate family of the lock-up party, or if the lock-up party is a trust, to a

trustor, trustee or any beneficiary (including such trustor, trustee or beneficiary's estate), in a

transaction not involving a disposition for value;

(d)distributions, transfers or dispositions of shares of our common stock or other securities

convertible into or exercisable or exchangeable for our common stock to any corporation,

partnership, limited liability company, or other entity that is an affiliate of the lock-up party, or of

which all of the beneficial ownership interests are held by the lock-up party or the immediate

family of the lock-up party in a transaction not involving a disposition for value;

(e)transfers or dispositions of shares of our common stock or any securities convertible into or

exercisable or exchangeable for our common stock (i) by will, other testamentary document or

intestate succession and (ii) by operation of law including, without limitation, pursuant to orders of

a court or regulatory agency, in connection with a negotiated divorce settlement, pursuant to a

qualified domestic relations order or by other court order;

(f)to a nominee or custodian of a person or entity to whom a disposition or transfer would be

permissible under clauses (b) through (e) above;

(g)if the lock-up party is a corporation, partnership, limited liability company, trust or other entity, (x)

transfers or dispositions of shares of our common stock or other securities convertible into or

exercisable or exchangeable for our common stock to another corporation, member, managers,

partnership, limited liability company, trust or other entity (or in each case its nominee or

custodian) that is a direct or indirect affiliate (as defined under Rule 12b-2 of the Exchange Act) of

the lock-up party, or to an investment fund or other entity that controls or is controlled by,

manages or is managed by, or is under common control with, the lock-up party or affiliates of the

lock-up party, or (y) distributions of shares of our common stock or any securities convertible into

or exercisable or exchangeable for our common stock to current or former partners (general or

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limited), members, managers, stockholders, beneficiaries or other equity holders of the lock-up

party (or in each case its nominee or custodian) or to the estate of any such partners, members,

managers, stockholders, beneficiaries or other equity holders;

(h)(i) the receipt by the lock-up party from us of shares of our common stock or any securities

convertible into or exercisable or exchangeable for common stock upon the exercise of options,

settlement of RSUs or other equity awards or the exercise of warrants which are outstanding as

of the date of this prospectus and are disclosed in this prospectus, or (ii) transfers or dispositions

to us in connection with the vesting, settlement or exercise of RSUs, options, warrants or other

rights to purchase shares of our common stock or any securities convertible into or exercisable or

exchangeable for our common stock (including, in each case, by way of "net" or "cashless"

exercise), including any transfer to us for the payment of tax withholdings or remittance payments

due as a result of the vesting, settlement or exercise of such RSUs, options, warrants or other

rights, or in connection with the conversion of convertible securities, in all such cases pursuant to

equity awards granted under a stock incentive plan or other equity award plan, or pursuant to the

terms of convertible securities, each as described in herein; provided that (1) any such shares of

our common stock or any securities convertible into or exercisable or exchangeable for our

common stock received by the lock-up party shall be subject to the terms of the lock-up

agreement, (2) except as set forth in (3), no public announcement or filing under Section 16(a) of

the Exchange Act, or any other public filing or disclosure reporting a reduction in beneficial

ownership of shares of our common stock, shall be voluntarily made during the lock-up period

and (3) to the extent a filing under Section 16(a) of the Exchange Act is required during the lock-

up period as a result of such transfers or dispositions pursuant to clause (h)(2), it shall clearly

indicate that the filing relates to the circumstances described in this clause (h)(2);

(i)sales in open market transactions during the lock-up period to generate such amount of net

proceeds to the lock-up party from such sales (after deducting commissions) in an aggregate

amount up to the total amount of taxes or estimated taxes (as applicable) that become due as a

result of the vesting and/or settlement of equity awards held by the lock-up party and issued

pursuant to a plan or arrangement described herein that vest and/or settle during the lock-up

period, provided that, for the avoidance of doubt, any shares of our common stock or other

securities convertible into or exercisable or exchangeable for our common stock retained by the

lock-up party after giving effect to this provision shall be subject to the terms of the lock-up

agreement; provided that in the case of any sale pursuant to this clause (i), filings under Section

16(a) of the Exchange Act shall only be permissible during the lock-up period if such filing clearly

indicates in the footnotes thereto that the filing relates to securities being sold to generate net

proceeds solely to cover taxes or estimated taxes (as applicable) that became due as a result of

the vesting and/or settlement of an equity award;

(j)transfers of shares of our common stock or any securities convertible into or exercisable or

exchangeable for our common stock to us pursuant to arrangements under which we have the

option to repurchase such shares of our common stock or any securities convertible into or

exercisable or exchangeable for our common stock or a right of first refusal with respect to such

securities; provided to the extent a public announcement or filing under the Exchange Act, if any,

is required of or voluntarily made by or on behalf of the lock-up party or by us regarding such

transfer, such announcement or filing shall include a statement to the effect such transfer was to

us in connection with the repurchase of shares of our common stock;

(k)the conversion of the outstanding preferred stock or warrants to acquire preferred stock into

shares of our common stock or the exercise of warrants to acquire shares of our common stock

prior to or in connection with the consummation of this offering, or the conversion exchange,

retirement or reclassification of the outstanding shares of preferred stock or other classes of

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capital stock into shares of our common stock, provided that any such shares of our common

stock received upon such conversion, exchange, retirement or reclassification shall be subject to

the terms of the lock-up agreement, provided further that for the avoidance of doubt, no transfers

are permitted under this clause (k) except for transfers to and from us;

(l)(i) transfers of shares of our common stock or any securities convertible into or exercisable or

exchangeable for our common stock pursuant to a bona fide third-party tender offer, merger,

consolidation or other similar transaction, that is approved by the Board of Directors, made to all

holders of our capital stock involving a Change of Control (as defined below) and (ii) entry into

any lock-up, voting or similar agreement pursuant to which the lock-up party may agree to

transfer, sell, tender or otherwise dispose of shares of our common stock or such other securities

convertible into or exercisable or exchangeable for our common stock in connection with a

transaction described in (i) above; provided, that, in the event that such tender offer, merger,

consolidation or other similar transaction is not completed, the shares of our common stock or

any securities convertible into or exercisable or exchangeable for our common stock beneficially

owned by the lock-up party shall remain subject to the restrictions contained in the lock-up

agreement. For purposes of this clause (l), "Change of Control" shall mean the transfer (whether

by tender offer, merger, consolidation or other similar transaction), in one transaction or a series

of related transactions, the result of which is that any "person" (as defined in Section 13(d)(3) of

the Exchange Act), or group of persons, other than us or an underwriter pursuant to this offering,

becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of more

than 50% of the total voting power of our voting stock (or the surviving entity);

(m)to the underwriters pursuant to the underwriting agreement;

(n)any transfer of shares of our common stock or any securities convertible into or exercisable or

exchangeable for our common stock pledged in a bona fide transaction to third parties as

collateral to secure obligations pursuant to lending or other arrangements in effect as of the date

the lock-up agreement is signed by the lock-up party between such third parties (or their affiliates

or designees) and the lock-up party and/or its affiliates or any existing or future similar

arrangement relating to a financing arrangement for the benefit of the lock-up party and/or its

affiliates, provided that in the case of pledges or similar arrangements under this clause (n), any

such pledgee or other party shall, upon foreclosure on the pledged securities, sign and deliver a

lock-up agreement substantially in the form of the lock-up agreement, and provided further that

no filing under the Exchange Act, or any other public filing or disclosure, of such transfer by or on

behalf of the lock-up party, shall be voluntarily made during the lock-up period and to the extent a

filing under Section 16(a) of the Exchange Act is required during the lock-up period as a result of

such transfers or dispositions pursuant to clause (n), it shall clearly indicate that the filing relates

to the circumstances described in this clause (n); or

(o)facilitating the establishment of a trading plan on behalf of a stockholder, officer or director

pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of our common stock,

provided that (i) such plan does not provide for the transfer of our common stock during the lock-

up period (except as otherwise allowed pursuant to clause (i) above) and (ii) to the extent a public

announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on

behalf of the lock-up party or us regarding the establishment of such plan, such announcement or

filing shall include a statement to the effect that no transfer of our common stock may be made

under such plan during the lock-up period (except as otherwise allowed pursuant to clause (i)

above);

*provided*, in the case of any transfer, disposition or distribution pursuant to clauses (b) through (g), that (i)

each transferee, donee or distributee, as the case may be, shall sign and deliver a lock-up agreement

substantially in the form of the lock-up agreement and (ii) no public announcement or filing under Section

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16(a) of the Exchange Act or any other public filing or disclosure reporting a reduction in beneficial

ownership of shares of our common stock, shall be required or shall be voluntarily made during the lock-

up period other than any Schedule 13G, 13D or Form 13F (or any amendments to such schedules or

forms) with respect to such transfer, disposition or distribution (other than, in the case of a transfer or

other disposition pursuant to clause (b), (e), (f), to the extent such transfer or other disposition is to a

nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under

clause (b) or (e), and (g), above, if the lock-up party is subject to Section 16 reporting with us under the

Exchange Act and any Form 4 or Form 5 is required to be filed under the Exchange Act, any such filing

will indicate by footnote disclosure or otherwise the nature of the transfer, disposition, or distribution).

In connection with this offering, and during the period ending on the earlier of (i) the commencement of

trading on the second trading day immediately following our release of earnings for the second quarter

following the most recent period for which financial statements are included in this prospectus and (ii) 180

days after the lock-up period (such period, the "Restricted Period"), we will be subject to certain

restrictions on our ability to: (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase,

purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise

transfer or dispose of, directly or indirectly, any shares of our common stock or any securities convertible

into or exercisable or exchangeable for common stock or (2) enter into any swap or other arrangement

that transfers to another, in whole or in part, any of the economic consequences of ownership of our

common stock, whether any such transaction described in clause (1) or (2) above is to be settled by

delivery of common stock or such other securities, in cash or otherwise or (3) file any registration

statement with the SEC relating to the offering of any shares of our common stock or any securities

convertible into or exercisable or exchangeable for common stock.

The foregoing restrictions on issuances by us during the Restricted Period are subject to certain

exceptions, including with respect to: (a) shares to be sold pursuant to the underwriting agreement, (b)

the issuance of shares upon the exercise of an option or warrant or the conversion of a security

outstanding as of the date of this prospectus or the settlement of RSUs (including net settlement) as

described herein, (c) grants of stock options, stock awards, restricted stock, restricted stock units or other

equity awards, and the issuance of our common stock or securities convertible into or exercisable for our

common stock (whether upon the exercise of stock options or otherwise) to our employees, officers,

directors, advisors, or consultants pursuant to the terms of a plan in effect on the date of this prospectus

and described herein, (d) the filing of a registration statement on Form S-8 relating to the issuance,

vesting, exercise, settlement, or resale of equity awards granted or to be granted pursuant to any

employee benefit plan in effect on the date of this prospectus and described herein, (e) the sale or

issuance of or entry into an agreement to sell or issue our common stock or any securities convertible into

or exercisable or exchangeable for our common stock in connection with one or more mergers;

acquisitions of securities, businesses, property or other assets, products, or technologies; joint ventures;

commercial relationships, or other strategic corporate transactions or alliances; provided that the

aggregate amounts of our common stock or any securities convertible into or exercisable or

exchangeable for our common stock (on an as-converted, as-exercised, or as-exchanged basis) that we

may sell or issue or agree to sell or issue shall not exceed 15% of the total number of shares of our

common stock issued and outstanding immediately following the completion of this offering determined on

a fully-diluted basis, (f) facilitating the establishment of a trading plan on behalf of a stockholder, officer, or

director pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of our common stock,

provided that (A) such plan does not provide for the transfer of our common stock during the Restricted

Period (except as otherwise permitted under the form of lock-up agreement) and (B) to the extent a public

announcement or filing under the Exchange Act, if any, is required of or voluntarily made by us regarding

the establishment of such plan, such announcement or filing shall include a statement to the effect that no

transfer of our common stock may be made under such plan during the Restricted Period; provided that,

with respect to clauses (b) and (e) above, the recipients thereof provide to the underwriters a signed lock-

up agreement.

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In addition, we may, from time to time, enter into separate lock-up agreements with some of the investors

in this offering. These separate lock-up agreements may provide for a restricted period that is longer than

the period described above that is applicable to existing stockholders. If there is a separate lock-up

agreement on certain shares sold in this offering, our shares available for sale in the public market will be

reduced during the term of these lock-up agreements.

In order to facilitate the offering of the Class A common stock, the underwriters may engage in

transactions that stabilize, maintain, or otherwise affect the price of the Class A common stock.

Specifically, the underwriters may sell more shares than they are obligated to purchase under the

underwriting agreement, creating a short position. A short sale is covered if the short position is no

greater than the number of shares available for purchase by the underwriters under the over-allotment

option. The underwriters can close out a covered short sale by exercising the over-allotment option or

purchasing shares in the open market. In determining the source of shares to close out a covered short

sale, the underwriters will consider, among other things, the open market price of shares compared to the

price available under the over-allotment option. The underwriters may also sell shares in excess of the

over-allotment option, creating a naked short position. The underwriters must close out any naked short

position by purchasing shares in the open market. A naked short position is more likely to be created if

the underwriters are concerned that there may be downward pressure on the price of the Class A

common stock in the open market after pricing that could adversely affect investors who purchase in this

offering. As an additional means of facilitating this offering, the underwriters may bid for, and purchase,

shares of Class A common stock in the open market to stabilize the price of the Class A common stock.

These activities may raise or maintain the market price of the Class A common stock above independent

market levels or prevent or slow a decline in the market price of the Class A common stock. The

underwriters are not required to engage in these activities and may end any of these activities at any

time.

We, the selling stockholders, and the underwriters will agree to indemnify each other against certain

liabilities, including liabilities under the Securities Act.

A prospectus in electronic format may be made available on websites maintained by one or more

underwriters, or selling group members, if any, participating in this offering. The representatives may

agree to allocate a number of shares of Class A common stock to underwriters for sale to their online

brokerage account holders. Internet distributions will be allocated by the representatives to underwriters

that may make Internet distributions on the same basis as other allocations.

Conflicts of Interest

An affiliate of each of Morgan Stanley, Goldman Sachs, J.P. Morgan, BofA Securities, Wells Fargo

Securities, and RBC Capital Markets is a lender under the Revolving Credit Facility. As described in "Use

of Proceeds," net proceeds from this offering will be used to repay outstanding borrowings under the

Revolving Credit Facility, and an affiliate of some or all of Morgan Stanley, Goldman Sachs, JPMorgan

Chase, Wells Fargo Securities, BofA Securities, and RBC Capital Markets will receive 5% or more of the

net proceeds of this offering due to the repayment of borrowings under the Revolving Credit Facility.

Therefore, each of Morgan Stanley, Goldman Sachs, J.P. Morgan, BofA Securities, Wells Fargo

Securities, and RBC Capital Markets is deemed to have a "conflict of interest" under FINRA Rule 5121.

Accordingly, this offering is being conducted in compliance with the requirements of Rule 5121, which

requires, among other things, that a "qualified independent underwriter" participate in the preparation of,

and exercise the usual standards of "due diligence" with respect to, the registration statement and this

prospectus. Nomura has agreed to act as a qualified independent underwriter for this offering and to

undertake the legal responsibilities and liabilities of an underwriter under the Securities Act, specifically

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including those inherent in Section 11 thereof. Nomura will not receive any additional fees for serving as a

qualified independent underwriter in connection with this offering. We have agreed to indemnify Nomura

against liabilities incurred in connection with acting as a qualified independent underwriter, including

liabilities under the Securities Act. Each of Morgan Stanley, Goldman Sachs, JPMorgan Chase, Wells

Fargo Securities, BofA Securities, and RBC Capital Markets will not confirm any sales to any account

over which it exercises discretionary authority without the specific written approval of the account holder.

See "Use of Proceeds" for additional information.

Other Relationships

The underwriters and their respective affiliates are full service financial institutions engaged in various

activities, which may include securities trading, commercial and investment banking, financial advisory,

investment management, investment research, principal investment, hedging, financing, and brokerage

activities. Certain of the underwriters and their respective affiliates have, from time to time, performed,

and may in the future perform, various financial advisory and investment banking services for us, for

which they received or will receive customary fees and expenses. An affiliate of Morgan Stanley is the

administrative agent under our Revolving Credit Facility.

In addition, in the ordinary course of their various business activities, the underwriters and their respective

affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or

related derivative securities) and financial instruments (including bank loans) for their own account and for

the accounts of their customers and may at any time hold long and short positions in such securities and

instruments. Such investment and securities activities may involve our securities and instruments. The

underwriters and their respective affiliates may also make investment recommendations or publish or

express independent research views in respect of such securities or instruments and may at any time

hold, or recommend to clients that they acquire, long or short positions in such securities and instruments.

Pricing of the Offering

Prior to this offering, there has been no public market for our Class A common stock. The initial public

offering price will be determined by negotiations between us and the representatives. Among the factors

to be considered in determining the initial public offering price will be our future prospects and those of

our industry in general, our sales, earnings, and certain other financial and operating information in recent

periods, and the price-earnings ratios, price-sales ratios, market prices of securities, and certain financial

and operating information of companies engaged in activities similar to ours.

Selling Restrictions

Other than in the United States, no action has been taken by us or the underwriters that would permit a

public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose

is required. The shares of Class A common stock offered by this prospectus may not be offered or sold,

directly or indirectly, nor may this prospectus or any other offering material or advertisements in

connection with the offer and sale of Class A common stock be distributed or published in any jurisdiction,

except under circumstances that will result in compliance with the applicable rules and regulations of that

jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves

about and to observe any restrictions relating to this offering and the distribution of this prospectus. This

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prospectus does not constitute an offer to sell or a solicitation of an offer to buy Class A common stock

offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

Notice to prospective investors in the European Economic Area

In relation to each Member State of the EEA (each a "Relevant State"), no shares of Class A common

stock have been offered or will be offered pursuant to this offering to the public in that Relevant State

prior to the publication of a prospectus in relation to the shares of Class A common stock which has been

approved by the competent authority in that Relevant State or, where appropriate, approved in another

Relevant State and notified to the competent authority in that Relevant State, all in accordance with the

Prospectus Regulation, except that offers of shares of Class A common stock may be made to the public

in that Relevant State at any time under the following exemptions under the Prospectus Regulation:

1. to any legal entity which is a qualified investor as defined under Article 2 of the Prospectus

Regulation;

2. to fewer than 150 natural or legal persons (other than qualified investors as defined under Article

2 of the Prospectus Regulation), subject to obtaining the prior consent of the underwriters; or

3. in any other circumstances falling within Article 1(4) of the Prospectus Regulation;

*provided* that no such offer of shares of Class A common stock shall require us or any underwriter to

publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus

pursuant to Article 23 of the Prospectus Regulation, and each person who initially acquires any shares of

Class A common stock or to whom any offer is made will be deemed to have represented, acknowledged,

and agreed to and with each of the underwriters and to us that it is a "qualified investor" within the

meaning of Article 2(e) of the Prospectus Regulation. In the case of any shares of Class A common stock

being offered to a financial intermediary as that term is used in the Prospectus Regulation, each such

financial intermediary will be deemed to have represented, acknowledged, and agreed that the shares of

Class A common stock acquired by it in the offer have not been acquired on a non-discretionary basis on

behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances

which may give rise to an offer of any shares of Class A common stock to the public other than their offer

or resale in a Relevant State to qualified investors as so defined or in circumstances in which the prior

consent of the underwriters have been obtained to each such proposed offer or resale.

For the purposes of this provision, the expression an "offer to the public" in relation to shares of Class A

common stock in any Relevant State means the communication in any form and by any means of

sufficient information on the terms of the offer and any shares of Class A common stock to be offered so

as to enable an investor to decide to purchase or subscribe for any shares of Class A common stock, and

the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

Notice to prospective investors in the UK

No shares of Class A common stock have been offered or will be offered pursuant to this offering to the

public in the UK prior to the publication of a prospectus in relation to the shares of Class A common stock

which (i) has been approved by the Financial Conduct Authority or (ii) is to be treated as if it had been

approved by the Financial Conduct Authority in accordance with the transitional provisions in Article 74

(transitional provisions) of the Prospectus Amendment etc (EU Exit) Regulations 2019/1234, except that

the shares of Class A common stock may be offered to the public in the UK at any time:

1. to any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus

Regulation;

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2. to fewer than 150 natural or legal persons (other than qualified investors as defined under Article

2 of the UK Prospectus Regulation), subject to obtaining the prior consent of underwriters for any

such offer; or

3. in any other circumstances falling within Section 86 of the FSMA;

*provided* that no such offer of the shares of Class A common stock shall require the Issuer or any

Manager to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus

pursuant to Article 23 of the UK Prospectus Regulation. For the purposes of this provision, the expression

an "offer to the public" in relation to the shares of Class A common stock in the UK means the

communication in any form and by any means of sufficient information on the terms of the offer and any

shares to be offered so as to enable an investor to decide to purchase or subscribe for any shares of

Class A common stock and the expression "UK Prospectus Regulation" means Regulation (EU)

2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

In addition, in the UK, this document is being distributed only to, and is directed only at, and any offer

subsequently made may only be directed at persons who are "qualified investors" (as defined in the

Prospectus Regulation) (i) who have professional experience in matters relating to investments falling

within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as

amended (the "Order") and/or (ii) who are high net worth companies (or persons to whom it may

otherwise be lawfully communicated) falling within Article 49(2)(a) to (d) of the Order (all such persons

together being referred to as "relevant persons") or otherwise in circumstances which have not resulted

and will not result in an offer to the public of the shares of Class A common stock in the UK within the

meaning of the Financial Services and Markets Act 2000.

Any person in the UK that is not a relevant person should not act or rely on the information included in

this document or use it as basis for taking any action. In the UK, any investment or investment activity that

this document relates to may be made or taken exclusively by relevant persons.

Notice to prospective investors in Canada

The shares of Class A common stock may be sold only to purchasers purchasing, or deemed to be

purchasing, as principal that are accredited investors, as defined in National Instrument 45-106

Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as

defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant

Obligations. Any resale of the shares of Class A common stock must be made in accordance with an

exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities

laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies

for rescission or damages if this prospectus (including any amendment thereto) contains a

misrepresentation, *provided* that the remedies for rescission or damages are exercised by the purchaser

within the time limit prescribed by the securities legislation of the purchaser's province or territory. The

purchaser should refer to any applicable provisions of the securities legislation of the purchaser's

province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts ("NI 33-105"), the

underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding

underwriter conflicts of interest in connection with this offering.

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Notice to prospective investors in Switzerland

This prospectus does not constitute an offer to the public or a solicitation to purchase or invest in any

shares of Class A common stock. No shares of Class A common stock have been offered or will be

offered to the public in Switzerland, except that offers of shares of Class A common stock may be made

to the public in Switzerland at any time under the following exemptions under the Swiss Financial

Services Act ("FinSA"):

1. to any person which is a professional client as defined under the FinSA;

2. to fewer than 500 persons (other than professional clients as defined under the FinSA), subject to

obtaining the prior consent of the representatives of the underwriters for any such offer; or

3. in any other circumstances falling within Article 36 FinSA in connection with Article 44 of the

Swiss Financial Services Ordinance, *provided* that no such offer of shares shall require us or any

investment bank to publish a prospectus pursuant to Article 35 FinSA.

The shares of Class A common stock have not been and will not be listed or admitted to trading on a

trading venue in Switzerland.

Neither this document nor any other offering or marketing material relating to the shares of Class A

common stock constitutes a prospectus as such term is understood pursuant to the FinSA and neither

this document nor any other offering or marketing material relating to the shares of Class A common

stock may be publicly distributed or otherwise made publicly available in Switzerland.

Notice to prospective investors in the Dubai International Financial

Centre

This document relates to an Exempt Offer in accordance with the Markets Law, DIFC Law No. 1 of 2012,

as amended. This document is intended for distribution only to persons of a type specified in the Markets

Law, DIFC Law No. 1 of 2012, as amended. It must not be delivered to, or relied on by, any other person.

The Dubai Financial Services Authority ("DFSA") has no responsibility for reviewing or verifying any

documents in connection with Exempt Offers. The DFSA has not approved this prospectus supplement

nor taken steps to verify the information set forth herein and has no responsibility for this document. The

shares of Class A common stock to which this document relates may be illiquid and/or subject to

restrictions on their resale. Prospective purchasers of the shares of Class A common stock offered should

conduct their own due diligence on such shares. If you do not understand the contents of this document,

you should consult an authorized financial advisor.

In relation to its use in the Dubai International Financial Centre (the "DIFC"), this document is strictly

private and confidential and is being distributed to a limited number of investors and must not be provided

to any person other than the original recipient, and it may not be reproduced or used for any other

purpose. The interests in the shares of Class A common stock may not be offered or sold directly or

indirectly to the public in the DIFC.

Notice to prospective investors in the United Arab Emirates

The shares of Class A common stock have not been, and are not being, publicly offered, sold, promoted,

or advertised in the United Arab Emirates (including the DIFC) other than in compliance with the laws of

the United Arab Emirates (and the DIFC) governing the issue, offering, and sale of securities. Further, this

prospectus does not constitute a public offer of securities in the United Arab Emirates (including the

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DIFC) and is not intended to be a public offer. This prospectus has not been approved by or filed with the

Central Bank of the United Arab Emirates, the Securities and Commodities Authority, Financial Services

Regulatory Authority, or the DFSA.

Notice to prospective investors in Australia

This prospectus:

1. does not constitute a disclosure document or a prospectus under Chapter 6D.2 of the

Corporations Act 2001 (Cth) (the "Corporations Act");

2. has not been, and will not be, lodged with the Australian Securities and Investments Commission

("ASIC"), as a disclosure document for the purposes of the Corporations Act and does not purport

to include the information required of a disclosure document for the purposes of the Corporations

Act; and

3. may only be provided in Australia to select investors who are able to demonstrate that they fall

within one or more of the categories of investors, available under section 708 of the Corporations

Act ("Exempt Investors").

The shares of Class A common stock may not be directly or indirectly offered for subscription or

purchased or sold, and no invitations to subscribe for or buy the shares of Class A common stock may be

issued, and no draft or definitive offering memorandum, advertisement, or other offering material relating

to any shares of Class A common stock may be distributed in Australia, except where disclosure to

investors is not required under Chapter 6D of the Corporations Act or is otherwise in compliance with all

applicable Australian laws and regulations. By submitting an application for the shares of Class A

common stock, you represent and warrant to us that you are an Exempt Investor.

As any offer of shares of Class A common stock under this prospectus will be made without disclosure in

Australia under Chapter 6D.2 of the Corporations Act, the offer of those shares for resale in Australia

within twelve months may, under section 707 of the Corporations Act, require disclosure to investors

under Chapter 6D.2 if none of the exemptions in section 708 applies to that resale. By applying for the

shares of Class A common stock you undertake to us that you will not, for a period of twelve months from

the date of issue of such shares, offer, transfer, assign, or otherwise alienate those shares of Class A

common stock to investors in Australia except in circumstances where disclosure to investors is not

required under Chapter 6D.2 of the Corporations Act or where a compliant disclosure document is

prepared and lodged with ASIC.

Notice to prospective investors in Japan

The shares of Class A common stock have not been and will not be registered pursuant to Article 4,

Paragraph 1 of the Financial Instruments and Exchange Act. Accordingly, none of the shares of Class A

common stock nor any interest therein may be offered or sold, directly or indirectly, in Japan or to, or for

the benefit of, any "resident" of Japan (which term as used herein means any person resident in Japan,

including any corporation or other entity organized under the laws of Japan), or to others for re-offering or

resale, directly or indirectly, in Japan or to or for the benefit of a resident of Japan, except pursuant to an

exemption from the registration requirements of, and otherwise in compliance with, the Financial

Instruments and Exchange Act and any other applicable laws, regulations and ministerial guidelines of

Japan in effect at the relevant time.

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Notice to prospective investors in Hong Kong

The shares of Class A common stock have not been offered or sold and will not be offered or sold in

Hong Kong, by means of any document, other than (i) to "professional investors" as defined in the

Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the "SFO") of Hong Kong and

any rules made thereunder; or (ii) in other circumstances which do not result in the document being a

"prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.

32) of Hong Kong (the "CO") or which do not constitute an offer to the public within the meaning of the

CO. No advertisement, invitation, or document relating to the shares of Class A common stock has been

or may be issued or has been or may be in the possession of any person for the purposes of issue,

whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be

accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of

Hong Kong) other than with respect to shares of our Class A common stock which are or are intended to

be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the

SFO and any rules made thereunder.

Notice to prospective investors in Singapore

Each underwriter has acknowledged that this prospectus has not been registered as a prospectus with

the Monetary Authority of Singapore. Accordingly, each underwriter has represented and agreed that it

has not offered or sold any shares of Class A common stock or caused such shares to be made the

subject of an invitation for subscription or purchase and will not offer or sell any shares of Class A

common stock or cause such shares to be made the subject of an invitation for subscription or purchase,

and has not circulated or distributed, nor will it circulate or distribute, this prospectus or any other

document or material in connection with the offer or sale, or invitation for subscription or purchase, of the

shares of Class A common stock, whether directly or indirectly, to any person in Singapore other than:

1. to an institutional investor (as defined in Section 4A of the Securities and Futures Act (Chapter

289) of Singapore, as modified or amended from time to time (the "SFA")) pursuant to

Section 274 of the SFA;

2. to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the

SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the

conditions specified in Section 275 of the SFA; or

3. otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of

the SFA.

Where the shares of Class A common stock are subscribed or purchased under Section 275 of the SFA

by a relevant person which is:

1. a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole

business of which is to hold investments and the entire share capital of which is owned by one or

more individuals, each of whom is an accredited investor; or

2. a trust (where the trustee is not an accredited investor) whose sole purpose is to hold

investments and each beneficiary of the trust is an individual who is an accredited investor,

securities or securities-based derivatives contracts (each term as defined in Section 2(1) of the SFA) of

that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be

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transferred within six months after that corporation or that trust has acquired the shares pursuant to an

offer made under Section 275 of the SFA except:

1. to an institutional investor or to a relevant person, or to any person arising from an offer referred

to in Section 275(1A) or Section 276(4)(c)(ii) of the SFA;

2. where no consideration is or will be given for the transfer;

3. where the transfer is by operation of law;

4. as specified in Section 276(7) of the SFA; or

5. as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities

and Securities-based Derivatives Contracts) Regulations 2018.

*Singapore SFA Product Classification*—In connection with Section 309B of the SFA and the CMP

Regulations 2018, unless otherwise specified before an offer of shares of Class A common stock, we

have determined, and hereby notify all relevant persons (as defined in Section 309A(1) of the SFA), that

the shares of Class A common stock are "prescribed capital markets products" (as defined in the CMP

Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on

the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment

Products).

Notice to prospective investors in Bermuda

Shares of Class A common stock may be offered or sold in Bermuda only in compliance with the

provisions of the Investment Business Act of 2003 of Bermuda which regulates the sale of securities in

Bermuda. Additionally, non-Bermudian persons (including companies) may not carry on or engage in any

trade or business in Bermuda unless such persons are permitted to do so under applicable Bermuda

legislation.

Notice to prospective investors in Saudi Arabia

This document may not be distributed in the Kingdom of Saudi Arabia except to such persons as are

permitted under the Rules on the Offer of Securities and Continuing Obligations Regulations as issued by

the board of the Saudi Arabian Capital Market Authority ("CMA") pursuant to resolution number

3-123-2017 dated 27 December 2017, as amended. The CMA does not make any representation as to

the accuracy or completeness of this document and expressly disclaims any liability whatsoever for any

loss arising from, or incurred in reliance upon, any part of this document. Prospective purchasers of the

shares of Class A common stock offered hereby should conduct their own due diligence on the accuracy

of the information relating to the shares of Class A common stock. If you do not understand the contents

of this document, you should consult an authorised financial adviser.

Notice to prospective investors in the British Virgin Islands

The shares of Class A common stock are not being, and may not be, offered to the public or to any

person in the British Virgin Islands for purchase or subscription by or on behalf of us. The shares of

Class A common stock may be offered to companies incorporated under the BVI Business Companies

Act, 2004 (British Virgin Islands) ("BVI Companies"), but only where the offer will be made to, and

received by, the relevant BVI Company entirely outside of the British Virgin Islands.

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Notice to prospective investors in China

This prospectus will not be circulated or distributed in the PRC and the shares of Class A common stock

will not be offered or sold, and will not be offered or sold to any person for re-offering or resale directly or

indirectly, to any residents of the PRC (for such purposes, not including the Hong Kong and Macau

Special Administrative Regions or Taiwan), except pursuant to any applicable laws and regulations of the

PRC. Neither this prospectus nor any advertisement or other offering material may be distributed or

published in the PRC, except under circumstances that will result in compliance with applicable laws and

regulations.

Notice to prospective investors in Korea

The shares of Class A common stock have not been and will not be registered under the Financial

Investments Services and Capital Markets Act of Korea and the decrees and regulations thereunder (the

"FSCMA"), and the shares of Class A common stock have been and will be offered in Korea as a private

placement under the FSCMA. None of the shares of Class A common stock may be offered, sold or

delivered directly or indirectly, or offered or sold to any person for re-offering or resale, directly or

indirectly, in Korea or to any resident of Korea except pursuant to the applicable laws and regulations of

Korea, including the FSCMA and the Foreign Exchange Transaction Law of Korea and the decrees and

regulations thereunder (the "FETL"). Furthermore, the purchaser of the shares of Class A common stock

shall comply with all applicable regulatory requirements (including but not limited to requirements under

the FETL) in connection with the purchase of the shares of Class A common stock. By the purchase of

the shares of Class A common stock, the relevant holder thereof will be deemed to represent and warrant

that if it is in Korea or is a resident of Korea, it purchased the shares of Class A common stock pursuant

to the applicable laws and regulations of Korea.

Notice to prospective investors in Malaysia

No prospectus or other offering material or document in connection with the offer and sale of the shares

of Class A common stock has been or will be registered with the Securities Commission of Malaysia (the

"Commission") for the Commission's approval pursuant to the Capital Markets and Services Act 2007.

Accordingly, this prospectus and any other document or material in connection with the offer or sale, or

invitation for subscription or purchase, of the shares of Class A common stock may not be circulated or

distributed, nor may the shares of Class A common stock be offered or sold, or be made the subject of an

invitation for subscription or purchase, whether directly or indirectly, to persons in Malaysia other than (i) a

closed end fund approved by the Commission; (ii) a holder of a Capital Markets Services Licence; (iii) a

person who acquires the shares, as principal, if the offer is on terms that the shares may only be acquired

at a consideration of not less than RM250,000 (or its equivalent in foreign currencies) for each

transaction; (iv) an individual whose total net personal assets or total net joint assets with his or her

spouse exceeds RM3 million (or its equivalent in foreign currencies), excluding the value of the primary

residence of the individual; (v) an individual who has a gross annual income exceeding RM300,000 (or its

equivalent in foreign currencies) per annum in the preceding twelve months; (vi) an individual who, jointly

with his or her spouse, has a gross annual income of RM400,000 (or its equivalent in foreign currencies),

per annum in the preceding twelve months; (vii) a corporation with total net assets exceeding

RM10 million (or its equivalent in a foreign currencies) based on the last audited accounts; (viii) a

partnership with total net assets exceeding RM10 million (or its equivalent in foreign currencies); (ix) a

bank licensee or insurance licensee as defined in the Labuan Financial Services and Securities Act 2010;

(x) an Islamic bank licensee or takaful licensee as defined in the Labuan Financial Services and

Securities Act 2010; and (xi) any other person as may be specified by the Commission; *provided* that, in

the each of the preceding categories (i) to (xi), the distribution of the shares is made by a holder of a

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Capital Markets Services License who carries on the business of dealing in securities. The distribution in

Malaysia of this prospectus is subject to Malaysian laws. This prospectus does not constitute and may not

be used for the purpose of public offering or an issue, offer for subscription or purchase, invitation to

subscribe for, or purchase any securities requiring the registration of a prospectus with the Commission

under the Capital Markets and Services Act 2007.

Notice to prospective investors in Taiwan

The shares of Class A common stock have not been and will not be registered with the Financial

Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be

sold, issued, or offered within Taiwan through a public offering or in circumstances which constitutes an

offer within the meaning of the Securities and Exchange Act of Taiwan that requires a registration or

approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been

authorised to offer, sell, give advice regarding, or otherwise intermediate the offering and sale of the

shares of Class A common stock in Taiwan.

Notice to prospective investors in South Africa

Due to restrictions under the securities laws of South Africa, no "offer to the public" (as such term is

defined in the South African Companies Act, No. 71 of 2008 (as amended or re-enacted) (the "South

African Companies Act")) is being made in connection with the issue of the shares of Class A common

stock in South Africa. Accordingly, this document does not, nor is it intended to, constitute a "registered

prospectus" (as that term is defined in the South African Companies Act) prepared and registered under

the South African Companies Act and has not been approved by, and/or filed with, the South African

Companies and Intellectual Property Commission or any other regulatory authority in South Africa. The

shares of Class A common stock are not offered, and the offer shall not be transferred, sold, renounced,

or delivered, in South Africa or to a person with an address in South Africa, unless one or other of the

following exemptions stipulated in section 96 (1) applies:

*Section 96 (1) (a)*. The offer, transfer, sale, renunciation or delivery is to:

(i).persons whose ordinary business, or part of whose ordinary business, is to deal in securities,

as principal or agent;

(ii).the South African Public Investment Corporation;

(iii).persons or entities regulated by the Reserve Bank of South Africa;

(iv).authorised financial service providers under South African law;

(v).financial institutions recognized as such under South African law;

(vi).a wholly-owned subsidiary of any person or entity contemplated in (iii), (iv) or (v), acting as

agent in the capacity of an authorised portfolio manager for a pension fund, or as manager for a

collective investment scheme (in each case duly registered as such under South African law);

or

(vii).any combination of the person in (i) to (vi); or

*Section 96 (1) (b)*. The total contemplated acquisition cost of the securities, for any single addressee

acting as principal is equal to or greater than ZAR1,000,000 or such higher amount as may be

promulgated by notice in the Government Gazette of South Africa pursuant to section 96(2)(a) of the

South African Companies Act.

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Information made available in this prospectus should not be considered as "advice" as defined in the

South African Financial Advisory and Intermediary Services Act, 2002.

Notice to prospective investors in Israel

This prospectus does not constitute a prospectus under the Israeli Securities Law, 5728-1968 (the "Israeli

Securities Law"), and has not been filed with or approved by the Israel Securities Authority. In Israel, this

prospectus is being distributed only to, and is directed only at, and any offer of the shares is directed only

at, (i) a limited number of persons in accordance with the Israeli Securities Law and (ii) investors listed in

the first addendum (the "Addendum") to the Israeli Securities Law, consisting primarily of joint investment

in trust funds, provident funds, insurance companies, banks, portfolio managers, investment advisors,

members of the Tel Aviv Stock Exchange, underwriters, venture capital funds, entities with equity in

excess of NIS 50 million, and "qualified individuals," each as defined in the Addendum (as it may be

amended from time to time), or, collectively referred to as qualified investors (in each case, purchasing for

their own account or, where permitted under the Addendum, for the accounts of their clients who are

investors listed in the Addendum). Qualified investors are required to submit written confirmation that they

fall within the scope of the Addendum, are aware of the meaning of the same and agree to it.

Notice to prospective investors in Brazil

The offer and sale of the securities have not been and will not be registered with the Brazilian securities

commission (Comissão de Valores Mobiliários, or "CVM") and, therefore, will not be carried out by any

means that would constitute a public offering in Brazil under CVM resolution no 160, dated 13 July 2022,

as amended ("CVM resolution 160") or unauthorized distribution under Brazilian laws and regulations.

The securities may only be offered to Brazilian professional investors (as defined by applicable CVM

regulation), who may only acquire the securities through a non-Brazilian account, with settlement outside

Brazil in non-Brazilian currency. The trading of these securities on regulated securities markets in Brazil is

prohibited.

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Legal Matters

Fenwick & West LLP, Mountain View, California, which has acted as our counsel in connection with this

offering, will pass upon the validity of the issuance of the shares of our Class A common stock offered by

this prospectus. As of the date of this prospectus, individuals and entities associated with Fenwick & West

LLP beneficially own an aggregate of 866,138 shares of our Class A common stock. Latham & Watkins

LLP, Menlo Park, California, is acting as counsel to the underwriters. Whalen LLP, Newport Beach,

California, has acted as counsel for the selling stockholders in connection with certain legal matters

related to this offering.

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Experts

Ernst & Young LLP, independent registered public accounting firm, has audited our consolidated financial

statements at December 31, 2023 and 2024, and for each of the two years in the period ended December

31, 2024, as set forth in their report. We have included our financial statements in the prospectus and

elsewhere in the registration statement in reliance on Ernst & Young LLP's report, given on their authority

as experts in accounting and auditing.

Where You Can Find Additional

Information

We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to

the shares of Class A common stock offered hereby. This prospectus, which constitutes a part of the

registration statement, does not contain all of the information set forth in the registration statement or the

exhibits filed therewith. For further information about us and our Class A common stock offered hereby,

reference is made to the registration statement and the exhibits filed therewith. Statements contained in

this prospectus regarding the contents of any contract or any other document that is filed as an exhibit to

the registration statement are not necessarily complete, and in each instance, we refer you to the copy of

such contract or other document filed as an exhibit to the registration statement. We currently do not file

periodic reports with the SEC.

Upon completion of this offering, we will be required to file periodic reports, proxy statements and other

information with the SEC pursuant to the Exchange Act. The SEC maintains a website that contains

reports, proxy and information statements, and other information regarding registrants that file

electronically with the SEC. The address of the website is www.sec.gov.

We also maintain a website at www.figma.com. Upon the completion of this offering, you may access

these materials at our website free of charge as soon as reasonably practicable after they are

electronically filed with, or furnished to, the SEC. Information contained in, or that can be accessed

through, our website is not a part of, and is not incorporated into, this prospectus.

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## Index to the Consolidated
Financial Statements

---

| | |
|:---|:---|
|  | **Page** |
| <u>[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#i8dccdb6f4d824d4aba81e7c665eaa62d_178)</u>.................................... | <u>[F-2](#i8dccdb6f4d824d4aba81e7c665eaa62d_178)</u> |
| <u>[CONSOLIDATED BALANCE SHEETS](#i8dccdb6f4d824d4aba81e7c665eaa62d_181)</u>...................................................................................................... | <u>[F-3](#i8dccdb6f4d824d4aba81e7c665eaa62d_181)</u> |
| <u>[CONSOLIDATED STATEMENT OF OPERATIONS](#i8dccdb6f4d824d4aba81e7c665eaa62d_184)</u>................................................................................ | <u>[F-4](#i8dccdb6f4d824d4aba81e7c665eaa62d_184)</u> |
| <u>[CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)](#i8dccdb6f4d824d4aba81e7c665eaa62d_187)</u>.................................... | <u>[F-5](#i8dccdb6f4d824d4aba81e7c665eaa62d_187)</u> |
| <u>[CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY](#i8dccdb6f4d824d4aba81e7c665eaa62d_190)</u>..................................................... | <u>[F-6](#i8dccdb6f4d824d4aba81e7c665eaa62d_190)</u> |
| <u>[CONSOLIDATED STATEMENTS OF CASH FLOWS](#i8dccdb6f4d824d4aba81e7c665eaa62d_193)</u>............................................................................. | <u>[F-8](#i8dccdb6f4d824d4aba81e7c665eaa62d_193)</u> |
| <u>[NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS](#i8dccdb6f4d824d4aba81e7c665eaa62d_196)</u>.......................................................... | <u>[F-10](#i8dccdb6f4d824d4aba81e7c665eaa62d_196)</u> |

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**Report Of Independent Registered Public Accounting Firm**

To the Stockholders and the Board of Directors of Figma, Inc.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Figma, Inc. (the Company) as of

December 31, 2023 and 2024, the related consolidated statements of operations, comprehensive income

(loss), stockholders' equity and cash flows for each of the two years in the period ended December 31,

2024, and the related notes (collectively referred to as the "consolidated financial statements"). In our

opinion, the consolidated financial statements present fairly, in all material respects, the financial position

of the Company at December 31, 2023 and 2024, and the results of its operations and its cash flows for

each of the two years in the period ended December 31, 2024, in conformity with U.S. generally accepted

accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to

express an opinion on the Company's financial statements based on our audits. We are a public

accounting firm registered with the Public Company Accounting Oversight Board (United States)

(PCAOB) and are required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange

Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that

we plan and perform the audit to obtain reasonable assurance about whether the financial statements are

free of material misstatement, whether due to error or fraud. The Company is not required to have, nor

were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,

we are required to obtain an understanding of internal control over financial reporting but not for the

purpose of expressing an opinion on the effectiveness of the Company's internal control over financial

reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial

statements, whether due to error or fraud, and performing procedures that respond to those risks. Such

procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the

financial statements. Our audits also included evaluating the accounting principles used and significant

estimates made by management, as well as evaluating the overall presentation of the financial

statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the Company's auditor since 2019.

San Jose, California

April 15, 2025

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**Figma, Inc.**

**Consolidated Balance Sheets**

*(In thousands, except for par value)*

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | |
|  | **2023** | **2024** | <br>**As of**<br>**March 31,**<br>**2025**<br>|
|  |  |  | **(unaudited)** |
| **Assets** |  |  |  |
| Current assets |  |  |  |
| Cash and cash equivalents............................................................................ | $1270178 | $486954 | $618581 |
| Marketable securities...................................................................................... | 148973 | 970883 | 923224 |
| Accounts receivable, net................................................................................ | 90092 | 131315 | 113133 |
| Prepaid expenses and other current assets................................................ | 28364 | 48873 | 59596 |
| Total current assets............................................................................................... | 1537607 | 1638025 | 1714534 |
| Property and equipment, net................................................................................ | 11632 | 15017 | 16994 |
| Intangible assets, net............................................................................................ | 3116 | 2511 | 2264 |
| Goodwill................................................................................................................... | 11398 | 11398 | 11398 |
| Operating lease right-of-use assets.................................................................... | 13674 | 28806 | 66687 |
| Restricted cash...................................................................................................... | 3931 | 3631 | 9799 |
| Other assets........................................................................................................... | 20555 | 93760 | 93079 |
| Total assets............................................................................................................ | $1601913 | $1793148 | $1914755 |
| **Liabilities and stockholders' equity** |  |  |  |
| Accounts payable............................................................................................ | $3687 | $4163 | $3936 |
| Accrued and other current liabilities.............................................................. | 268329 | 31119 | 39780 |
| Accrued compensation and benefits............................................................. | 6948 | 19377 | 22880 |
| Operating lease liabilities, current................................................................. | 12455 | 10937 | 11210 |
| Deferred revenue............................................................................................. | 253635 | 381363 | 406636 |
| Total current liabilities........................................................................................... | 545054 | 446959 | 484442 |
| Operating lease liabilities, non-current............................................................... | 2141 | 17833 | 55572 |
| Other non-current liabilities.................................................................................. | 11572 | 4303 | 4377 |
| Total liabilities......................................................................................................... | 558767 | 469095 | 544391 |
| Commitments and contingencies (Note 8) |  |  |  |
| Stockholders' equity: |  |  |  |
| Convertible preferred stock, $0.00001 par value per share; 247,861<br>shares authorized; 247,819, 245,999, and 245,999 shares issued <br>and outstanding as of December 31, 2023 and 2024, and March 31, <br>2025 (unaudited), respectively..................................................................<br>| 332185 | 329441 | 329441 |
| Class A common stock, $0.00001 par value per share; 567,000, <br>571,000, and 586,500 shares authorized; 80,087, 124,159, and <br>124,313 shares issued and outstanding as of December 31, 2023 <br>and 2024, and March 31, 2025 (unaudited), respectively....................<br>|  | 1 | 1 |
| Class B common stock, $0.00001 par value per share; 118,956 <br>shares authorized; 90,911, 90,747, and 90,747 shares issued and <br>outstanding as of December 31, 2023 and 2024, and March 31, <br>2025 (unaudited), respectively..................................................................<br>|  |  |  |
| Additional paid-in capital................................................................................. | 170628 | 1186207 | 1186815 |
| Accumulated other comprehensive income ............................................... | 265 | 1314 | 2135 |
| Retained earnings (accumulated deficit)...................................................... | 540068 | (192910) | (148028) |
| **Total stockholders' equity**.............................................................................. | 1043146 | 1324053 | 1370364 |
| **Total liabilities and stockholders' equity**................................................... | $1601913 | $1793148 | $1914755 |

---

***See accompanying notes to the consolidated financial statements.***

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

**Figma, Inc.**

**Consolidated Statements ofOperations**

*(In thousands, except per share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| Revenue............................................................. | $504874 | $749011 | $156229 | $228199 |
| Cost of revenue<sup>(1)</sup>........................................ | 44500 | 87514 | 12790 | 19452 |
| Gross profit........................................................ | 460374 | 661497 | 143439 | 208747 |
| Operating expenses<sup>(1)</sup>: |  |  |  |  |
| Research and development....................... | 164774 | 751120 | 52711 | 69925 |
| Sales and marketing................................... | 201377 | 472076 | 55334 | 68840 |
| General and administrative........................ | 167679 | 315734 | 22873 | 30233 |
| Total operating expenses................................ | 533830 | 1538930 | 130918 | 168998 |
| Income (loss) from operations........................ | (73456) | (877433) | 12521 | 39749 |
| Other income, net............................................. | 1019375 | 84362 | 17185 | 7274 |
| Income (loss) before income taxes............... | 945919 | (793071) | 29706 | 47023 |
| Provision for (benefit from) income taxes..... | 208078 | (60951) | 16181 | 2141 |
| Net income (loss)............................................. | $737841 | $(732120) | $13525 | $44882 |
| Less: net income attributable to <br>participating securities.................................<br>| (451982) |  | (13525) | (36271) |
| Net income (loss) attributable to common <br>stockholders...................................................<br>| $285859 | $(732120) | $— | $8611 |
| Net income (loss) per share, basic and <br>diluted:<br>|  |  |  |  |
| Net income (loss) per share, basic................ | $1.70 | $(3.74) | $— | $0.04 |
| Net income (loss) per share, diluted............. | $1.62 | $(3.74) | $— | $0.04 |
| Weighted-average shares outstanding <br>used in computing net income (loss) per <br>share attributable to common <br>stockholders, basic.......................................<br>| 168399 | 195612 | 170625 | 214883 |
| Weighted-average shares outstanding <br>used in computing net income (loss) per <br>share attributable to common <br>stockholders, diluted.....................................<br>| 187207 | 195612 | 170625 | 231076 |

---

__________________

(1)Includes stock-based compensation, net of amounts capitalized, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| Cost of revenue................................................ | $37 | $27893 | $1 | $— |
| Research and development............................ | 1890 | 511259 | 543 | 197 |
| Sales and marketing........................................ | 253 | 206830 | 11 |  |
| General and administrative.............................. | 523 | 201571 | 52 |  |

---

***See accompanying notes to the consolidated financial statements.***

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

**Figma, Inc.**

**Consolidated Statements of Comprehensive Income (Loss)**

*(In thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| Net income (loss)............................................. | $737841 | $(732120) | $13525 | $44882 |
| Other comprehensive income, net of tax: ... |  |  |  |  |
| Change in unrealized gain on available-<br>for-sale securities.....................................<br>| 706 | 1049 | (624) | 821 |
| Comprehensive income (loss)........................ | $738547 | $(731071) | $12901 | $45703 |

---

***See accompanying notes to the consolidated financial statements.***

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

**Figma, Inc.**

**Consolidated Statements of Stockholders' Equity**

*(In thousands)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Convertible preferred** <br>**stock** | **Convertible preferred** <br>**stock** | **Class A and Class B** <br>**Common stock** | **Class A and Class B** <br>**Common stock** | **Additional** <br>**paid-in** <br>**capital** | **Accumulated** <br>**other** <br>**comprehensive** <br>**(loss) income** | **Retained** <br>**earnings** <br>**(accumulated** <br>**deficit)** | **Total** <br>**stockholders'** <br>**equity** |
|  | **Shares**  | **Amount** | **Shares** | **Amount** | **Additional** <br>**paid-in** <br>**capital** | **Accumulated** <br>**other** <br>**comprehensive** <br>**(loss) income** | **Retained** <br>**earnings** <br>**(accumulated** <br>**deficit)** | **Total** <br>**stockholders'** <br>**equity** |
| **Balance at December 31, 2022**.............................. | 247819 | $332185 | 170377 | $— | $151809 | $(441) | $(197421) | $286132 |
| Cumulative effect of adoption of ASC 326.................. |  |  |  |  |  |  | (352) | (352) |
| Exercise of stock options............................................... |  |  | 7 |  | 2 |  |  | 2 |
| Vesting of early exercised stock options..................... |  |  |  |  | 1131 |  |  | 1131 |
| Repurchases of common stock.................................... |  |  | (9) |  |  |  |  |  |
| Stock issued in connection with acquisitions.............. |  |  | 623 |  | 14887 |  |  | 14887 |
| Stock-based compensation........................................... |  |  |  |  | 2799 |  |  | 2799 |
| Other comprehensive income....................................... |  |  |  |  |  | 706 |  | 706 |
| Net income....................................................................... |  |  |  |  |  |  | 737841 | 737841 |
| **Balance at December 31, 2023**.............................. | 247819 | $332185 | 170998 | $— | $170628 | $265 | $540068 | $1043146 |
| Exercise of stock options............................................... |  |  | 5116 |  | 2394 |  |  | 2394 |
| Vesting of early exercised stock options..................... |  |  |  |  | 139 |  |  | 139 |
| Repurchases of common stock.................................... |  |  | (131) |  | (3) |  | (858) | (861) |
| Stock-based compensation........................................... |  |  |  |  | 950427 |  |  | 950427 |
| Issuance of common stock upon the vesting of <br>restricted stock units..................................................<br>|  |  | 34614 |  |  |  |  |  |
| Shares withheld for taxes upon the vesting of <br>restricted stock units .................................................<br>|  |  | (18067) |  | (419032) |  |  | (419032) |
| Issuance of common stock to investors upon <br>closing of RSU release primary financing..............<br>|  |  | 18064 | 1 | 418967 |  |  | 418968 |
| Conversion of convertible preferred stock to Class <br>A common stock in connection with tender offer...<br>| (1820) | (2744) | 1820 |  | 2744 |  |  |  |
| Proceeds from issuance of common stock, net of <br>issuance costs............................................................<br>|  |  | 2492 |  | 59943 |  |  | 59943 |
| Other comprehensive income ...................................... |  |  |  |  |  | 1049 |  | 1049 |
| Net loss............................................................................. |  |  |  |  |  |  | (732120) | (732120) |
| **Balance at December 31, 2024**.............................. | 245999 | $329441 | 214906 | $1 | $1186207 | $1314 | $(192910) | $1324053 |

---

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Convertible preferred** <br>**stock** | **Convertible preferred** <br>**stock** | **Class A and Class B** <br>**Common stock** | **Class A and Class B** <br>**Common stock** | **Additional** <br>**paid-in** <br>**capital** | **Accumulated** <br>**other** <br>**comprehensive** <br>**(loss) income** | **Retained** <br>**earnings** <br>**(accumulated** <br>**deficit)** | **Total** <br>**stockholders'** <br>**equity** |
|  | **Shares**  | **Amount** | **Shares** | **Amount** | **Additional** <br>**paid-in** <br>**capital** | **Accumulated** <br>**other** <br>**comprehensive** <br>**(loss) income** | **Retained** <br>**earnings** <br>**(accumulated** <br>**deficit)** | **Total** <br>**stockholders'** <br>**equity** |
| **Balance at December 31, 2023**....................................... | 247819 | $332185 | 170998 | $— | $170628 | $265 | $540068 | $1043146 |
| Exercise of stock options (unaudited) .............................. |  |  | 137 |  | 40 |  |  | 40 |
| Vesting of early exercised stock options (unaudited)...... |  |  |  |  | 139 |  |  | 139 |
| Stock-based compensation (unaudited)............................ |  |  |  |  | 694 |  |  | 694 |
| Other comprehensive loss (unaudited) ............................ |  |  |  |  |  | (624) |  | (624) |
| Net income (unaudited)....................................................... |  |  |  |  |  |  | 13525 | 13525 |
| **Balance at March 31, 2024 (unaudited)**........................ | 247819 | $332185 | 171135 | $— | $171501 | $(359) | $553593 | $1056920 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Convertible preferred** <br>**stock** | **Convertible preferred** <br>**stock** | **Class A and Class B** <br>**Common stock** | **Class A and Class B** <br>**Common stock** | **Additional** <br>**paid-in** <br>**capital** | **Accumulated** <br>**other** <br>**comprehensive** <br>**(loss) income** | **Retained** <br>**earnings** <br>**(accumulated** <br>**deficit)** | **Total** <br>**stockholders'** <br>**equity** |
|  | **Shares**  | **Amount** | **Shares** | **Amount** | **Additional** <br>**paid-in** <br>**capital** | **Accumulated** <br>**other** <br>**comprehensive** <br>**(loss) income** | **Retained** <br>**earnings** <br>**(accumulated** <br>**deficit)** | **Total** <br>**stockholders'** <br>**equity** |
| **Balance at December 31, 2024**....................................... | 245999 | $329441 | 214906 | $1 | $1186207 | $1314 | $(192910) | $1324053 |
| Exercise of stock options (unaudited) .............................. |  |  | 154 |  | 339 |  |  | 339 |
| Stock-based compensation (unaudited)............................ |  |  |  |  | 281 |  |  | 281 |
| Other (unaudited).................................................................. |  |  |  |  | (12) |  |  | (12) |
| Other comprehensive income (unaudited)........................ |  |  |  |  |  | 821 |  | 821 |
| Net income (unaudited)....................................................... |  |  |  |  |  |  | 44882 | 44882 |
| **Balance at March 31, 2025 (unaudited)**........................ | 245999 | $329441 | 215060 | $1 | $1186815 | $2135 | $(148028) | $1370364 |

---

***See accompanying notes to the consolidated financial statements.***

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

**Figma, Inc.**

**Consolidated Statements Of Cash Flows**

*(In thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| **Cash flows from operating activities:** |  |  |  |  |
| Net income (loss)...................................................... | $737841 | $(732120) | $13525 | $44882 |
| Adjustments to reconcile net income (loss) to <br>net cash provided by operating activities:<br>|  |  |  |  |
| Depreciation and amortization........................... | 8497 | 7691 | 2119 | 1521 |
| Non-cash operating lease costs........................ | 12432 | 14130 | 3235 | 4105 |
| Stock-based compensation, net of amounts <br>capitalized.........................................................<br>| 2703 | 947553 | 607 | 197 |
| Amortization of deferred commissions............. | 8666 | 14820 | 2921 | 4706 |
| Net accretion of discounts on available-for-<br>sale securities...................................................<br>| (3957) | (17059) | (1704) | (4846) |
| Unrealized (gains) losses on equity <br>investments, net...............................................<br>|  | (24177) | (312) | 8266 |
| Other non-cash adjustments.............................. | 148 | (2590) | (1000) | (186) |
| Changes in assets and liabilities: |  |  |  |  |
| Accounts receivable, net............................... | (39578) | (42668) | 14458 | 17991 |
| Prepaid expenses and other current <br>assets...........................................................<br>| 450 | (20567) | (23592) | (9164) |
| Other assets.................................................... | (14036) | (86632) | (5518) | (2434) |
| Accounts payable........................................... | (2673) | 525 | (2203) | (883) |
| Accrued and other current liabilities............ | 232489 | (252530) | (42802) | 4386 |
| Accrued compensation and benefits........... | 695 | 11447 | 4577 | 3289 |
| Deferred revenue........................................... | 92086 | 127728 | 15764 | 25273 |
| Other non-current liabilities........................... | 11571 | (7268) | 1786 | 74 |
| **Net cash provided by (used in) operating** <br>**activities**...............................................................<br>| 1047334 | (61717) | (18139) | 97177 |
| **Cash flows from investing activities:** |  |  |  |  |
| Purchase of intangible assets............................ | (88) | (920) | (72) |  |
| Capital expenditures........................................... | (3737) | (1977) | (503) | (874) |
| Capitalized internal-use software <br>development costs...........................................<br>| (2630) | (4524) | (1008) | (1721) |
| Purchases of marketable securities.................. | (223869) | (1323305) | (377212) | (238805) |
| Proceeds from maturities of marketable <br>securities...........................................................<br>| 156374 | 447562 | 41624 | 255111 |
| Proceeds from sale of marketable securities.. | 16810 | 99889 | 700 | 28201 |
| Other cash flows from investing activities........ | (196) | (982) | (159) | (661) |
| **Net cash provided by (used in) investing** <br>**activities**...............................................................<br>| (57336) | (784257) | (336630) | 41251 |

---

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
| **Cash flows from financing activities:** |  |  |  |  |
| Repurchase of common stock........................... | (2) | (861) |  |  |
| Proceeds from options exercised...................... | 2 | 2394 | 40 | 339 |
| Proceeds from issuance of common stock...... |  | 60000 |  |  |
| Taxes paid related to net share settlement of <br>restricted stock units...........................................<br>|  | (418051) |  |  |
| Proceeds from sale of common stock in <br>connection with RSU release primary <br>financing............................................................<br>|  | 418968 |  |  |
| **Net cash provided by financing activities**....... |  | 62450 | 40 | 339 |
| Change in cash, cash equivalents, and <br>restricted cash.......................................................<br>| 989998 | (783524) | (354729) | 138767 |
| Cash, cash equivalents, and restricted cash—<br>beginning of year...................................................<br>| 284111 | 1274109 | 1274109 | 490585 |
| **Cash, cash equivalents, and restricted cash**<br>**—end of year**.......................................................<br>| $1274109 | $490585 | $919380 | $629352 |
| **Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:** | **Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:** | **Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:** | **Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:** | **Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:** |
| Cash and cash equivalents..................................... | $1270178 | $486954 | $915749 | $618581 |
| Restricted cash, including restricted cash in <br>prepaid expenses and other................................<br>| 3931 | 3631 | 3631 | 10771 |
| **Total cash, cash equivalents and restricted** <br>**cash**........................................................................<br>| $1274109 | $490585 | $919380 | $629352 |
| **Supplemental cash flow data:**  |  |  |  |  |
| Cash paid during the period for: |  |  |  |  |
| Cash paid for income taxes.......................... | $7041 | $195757 | $317 | $1491 |
| Non-cash investing and financing activities: |  |  |  |  |
| Stock-based compensation included in <br>capitalized internal-use software <br>development costs....................................<br>| $96 | $2874 | $86 | $85 |
| Fair value of shares issued in connection <br>with business combinations.....................<br>| $12847 | $— | $— | $— |
| Right-of-use assets obtained in exchange <br>for lease liabilities......................................<br>| $9653 | $27727 | $21933 | $41100 |
| Unpaid deferred offering costs..................... | $— | $— | $— | $587 |

---

***See accompanying notes to the consolidated financial statements.***

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Note 1. Description of the Business and Summary of

Significant Accounting Policies

Business

Figma, Inc. and its subsidiaries (together, the "Company" or "Figma") is where teams come together to

design and build the world's best digital products and experiences. Figma was incorporated in October of

2012 as a Delaware corporation. The Company is headquartered in San Francisco, California.

Abandoned merger with Adobe, Inc.

On September 15, 2022, Figma, Inc. entered into an Agreement and Plan of Merger (the "Merger

Agreement") with Adobe, Inc. ("Adobe") and certain of Adobe's wholly-owned subsidiaries.

On December 17, 2023, Figma mutually agreed with Adobe to terminate the Merger Agreement based on

the joint assessment that there was no clear path to obtain the required regulatory approvals for the

transaction to close ("Abandoned Merger with Adobe"). On December 20, 2023, Figma received $1.0

billion in termination fees per the terms of the Merger Agreement from Adobe which was recorded within

other income, net on the Company's consolidated statement of operations.

For the year ended December 31, 2023, the Company incurred $97.9 million in transaction costs related

to the Abandoned Merger with Adobe, of which $95.8 million is recorded in general and administrative

expense, with the remainder recorded in sales and marketing expense and research and development

expense in the accompanying consolidated statements of operations. The Company incurred immaterial

expense related to the Abandoned Merger with Adobe for the year ended December 31, 2024.

Basis of presentation and consolidation

The accompanying consolidated financial statements have been prepared in accordance with U.S.

generally accepted accounting principles ("GAAP"). The accompanying consolidated financial statements

include the accounts of Figma and its wholly owned subsidiaries. All intercompany balances and

transactions have been eliminated in consolidation.

Unaudited Interim Consolidated Financial Information

The accompanying interim consolidated balance sheet as of March 31, 2025, the consolidated

statements of operations, comprehensive income (loss), stockholders' equity, and cash flows for the three

months ended March 31, 2024 and 2025, and the related footnote disclosures are unaudited. These

unaudited interim consolidated financial statements have been prepared in accordance with U.S. GAAP.

In management's opinion, the unaudited interim consolidated financial statements have been prepared on

the same basis as the audited consolidated financial statements for the years ended December 31, 2023

and 2024, and include all adjustments necessary to state fairly the financial position as of March 31,

2025; the results of operations and cash flows for the three months ended March 31, 2024 and 2025; and

the statement of stockholders' equity for the three months ended March 31, 2024 and 2025. The financial

data and the other information disclosed in these notes to the unaudited interim consolidated financial

statements related to these three-month periods are unaudited. The results for the three months ended

March 31, 2024 and 2025 are not necessarily indicative of the operating results to be expected for the full

fiscal year or any future period.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Use of estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management

to make estimates and assumptions that affect the amounts reported and disclosed in the Company's

consolidated financial statements and accompanying notes. These estimates are based on information

available as of the date of the consolidated financial statements. Management evaluates these estimates

and assumptions on a regular basis. Actual results may differ materially from these estimates.

The Company's most significant estimates and judgments involved the measurement of the Company's

stock-based compensation, including the estimation of the fair value of the underlying common stock and

the estimation of the fair value of market-based awards, reserves for uncertain tax positions, and the

realizability of deferred tax assets.

Foreign currency transactions

The functional currency of each of the Company's foreign subsidiaries is the U.S. dollar. Monetary assets

and liabilities denominated in a foreign currency are remeasured into U.S. dollars at the exchange rate on

the balance sheet date. Non-monetary assets and liabilities are remeasured at the historical rate.

Revenue and expenses are remeasured at the average exchange rate for the period. Remeasurement

adjustments are recognized in the accompanying consolidated statements of operations as transaction

gains or losses in the year of occurrence as part of other income, net. Foreign currency transaction gains

or losses were immaterial for all periods presented.

Financial information about segments and geographic areas

The Company manages its operations and allocated resources as a single operating segment. Further,

the Company manages, monitors, and reports its financial information as a single reportable segment.

See Note 15 "Segment and Geographic Information" for additional information.

Revenue recognition

The Company derives its revenue from sales of subscriptions for access to its platform. The Company's

policy is to exclude sales and other indirect taxes when measuring the transaction price of its subscription

agreements. The Company accounts for revenue contracts with customers by applying the requirements

of Accounting Standards Codification ("ASC") 606, *Revenue from Contracts with Customers.*

The Company's subscription agreements generally have monthly or annual contractual terms. The

Company typically bills in advance for contracts and payment terms and conditions vary by contract type,

although terms generally include a requirement of payment within 30 to 60 days of the invoice date.

Access to the platform represents a series of distinct services as the Company continually provides

access to and fulfills its obligation to the customer over the subscription term. The series of distinct

services represent a single performance obligation that is satisfied over time. The Company recognizes

revenue ratably over the contract term because the customer receives and consumes the benefits of the

platform throughout the contract period. Deferred revenue consists of customer billings in advance of

revenue being recognized from the Company's contracts. The price of subscriptions is dependent on the

number of users and the subscription plan those users have. The Company's contracts typically do not

contain variable consideration given the price is fixed at contract inception.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Stock-based compensation

The Company measures compensation for stock options based on the estimated fair value of the awards

on the date of grant. The fair value of each stock option is estimated using the Black-Scholes option

pricing model. The Company grants stock options to its employees with a service-based vesting

condition. The service-based vesting period for these awards is typically four years with monthly vesting,

subject to a one-year cliff for new hire grants. Stock-based compensation for stock options is recognized

on a straight-line basis over the requisite service period of each award and the Company accounts for

forfeitures in the period in which they occur.

The Company measures compensation for restricted stock units ("RSUs") based on the estimated fair

value of the Company's common stock on the date of grant. The Company grants RSUs to its employees

and directors with a service-based and a performance-based vesting condition. The service-based

vesting period for these awards is typically four years with monthly vesting, subject to a one-year cliff for

new hire grants. The performance-based vesting condition is typically satisfied on the earlier of (i) an

acquisition or change in control of the Company or (ii) the earlier of (A) six months following the effective

date of the Company's initial public offering and (B) March 15 of the calendar year following the effective

date of the initial public offering. Compensation cost related to these RSUs must be recognized over the

requisite service period using the accelerated attribution method, if it is probable that the performance-

based vesting condition will be satisfied. The performance-based vesting condition will be deemed

probable of being satisfied upon either the consummation of an acquisition or change in control or the

Company's initial public offering.

The Company also has granted certain RSUs with market-based vesting conditions in addition to a

service-based vesting conditions. The market-based vesting conditions result in implied performance-

based vesting conditions satisfied upon an initial public offering or change in control date because no

shares subject to the grant will vest unless one of these two events occurs. The Company estimated the

grant date fair value of the market-based awards using a Monte Carlo simulation that incorporates into the

valuation the possibility that the market conditions may not be satisfied. The Company will recognize

stock-based compensation expense regardless of whether the market conditions are achieved, when the

implied performance-based vesting condition is deemed probable of being satisfied.

Cost of revenue

Cost of revenue consists primarily of expenses related to third-party hosting and infrastructure-related

costs, providing ongoing customer experience support for paid customers, including employee

compensation and other employee-related expenses for technical operations staff, payment processing

fees, allocated overhead, amortization of capitalized internal-use software development costs and

amortization of acquired intangible assets.

Research and development

Research and development costs are expensed as incurred, unless they qualify as capitalizable internal-

use software development costs. Research and development expense consists primarily of employee

compensation, allocated overhead, infrastructure-related costs for internal development, third-party

services and consulting expenses.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Advertising costs

Advertising costs are expensed as incurred and were $15.8 million and $19.9 million for the years ended

December 31, 2023 and 2024, respectively, and $4.9 million (unaudited) and $3.6 million (unaudited) for

the three months ended March 31, 2024 and 2025, respectively. Advertising costs are included in sales

and marketing expense in the accompanying consolidated statements of operations.

Income taxes

The Company uses the asset and liability method of accounting for income taxes. Under this method, the

Company recognizes deferred tax assets and liabilities for the expected future tax consequences of

temporary differences between the carrying amounts and the tax bases of assets and liabilities using

enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on

deferred tax assets and liabilities of a change in tax laws is recognized in the consolidated statements of

operations in the period that includes the enactment date.

A valuation allowance is provided against deferred tax assets unless it is more likely than not that they will

be realized based on all available positive and negative evidence. Such evidence includes, but is not

limited to, recent cumulative earnings or losses, expectations of future taxable income by taxing

jurisdiction, and the carry-forward periods available for the utilization of deferred tax assets.

The Company uses a two-step approach to recognizing and measuring uncertain income tax positions.

The first step is to evaluate the tax position for recognition by determining if the weight of available

evidence indicates it is more likely than not that the position will be sustained on audit. The second step is

to measure the tax benefit as the largest amount, which is more than 50% likely of being realized upon

ultimate settlement. The Company recognizes interest and penalties related to unrecognized tax benefits

as income tax expense.

Although the Company believes that it has adequately reserved for its uncertain tax positions, it can

provide no assurance that the final tax outcome of these matters will not be materially different. The

Company evaluates its uncertain tax positions on a regular basis and evaluations are based on a number

of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax

authorities during the course of an audit, and effective settlement of audit issues.

To the extent that the final tax outcome of these matters is different than the amounts recorded, such

differences will affect the provision for income taxes in the period in which such determination is made

and could have a material impact on the Company's financial condition and results of operations.

The Tax Cuts and Jobs Act of 2017 subjects a U.S. shareholder to current tax on global intangible low-

taxed income ("GILTI") earned by foreign subsidiaries. The Company accounts for GILTI as a period cost

as incurred.

Cash, cash equivalents, and restricted cash

Cash consists of cash on deposit with banks and amounts in transit from payment processors. The

Company considers all highly liquid investments with an original maturity of three months or less when

purchased to be cash equivalents. Cash equivalents consist of funds deposited into money market funds,

commercial paper and corporate bonds. Amounts in transit from payment processors were $4.2 million,

$9.4 million and $9.2 million (unaudited) as of December 31, 2023, December 31, 2024, and March 31,

2025, respectively. Restricted cash balances consist of cash deposited with financial institutions as

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

collateral for the Company's obligations under its facility leases and cash deposited with financial

institutions as collateral for the Company's credit card limit.

The Company monitors its credit risk by considering factors such as historical experience, credit ratings,

current economic conditions, and reasonable and supportable forecasts.

Marketable securities

The Company's marketable securities are comprised of debt and equity securities.

The Company's debt securities are primarily comprised of commercial paper, corporate bonds, U.S.

treasury securities, and U.S. agency securities. The Company has classified and accounted for its debt

securities as available-for-sale securities as the Company may sell these securities at any time for use in

its current operations or for other purposes, even prior to maturity. The Company determines the

appropriate classification of its debt securities at the time of purchase and reevaluates such designation

at each balance sheet date.

The Company carries its available-for-sale debt securities at fair value and reports the unrealized gains

and losses as a component of stockholders' equity through accumulated other comprehensive income

(loss) each reporting period. Realized gains and losses related to sales of available-for-sale debt

securities are recorded as part of other income, net. Unrealized losses for any debt securities that

management intends to sell or it is more likely than not that management will be required to sell prior to

their anticipated recovery are recorded in other income, net. The Company regularly reviews the

securities in an unrealized loss position and evaluates whether a portion of the unrealized loss is a result

of a credit loss by considering factors such as credit ratings, issuer-specific factors, current economic

conditions, and reasonable and supportable forecasts.

On March 3, 2024, the Board of Directors approved an investment of $55.0 million into a Bitcoin

exchange-traded fund ("ETF") investment fund operated by Bitwise, Inc. The investment is classified as

an equity security within marketable securities for the periods presented. The Company's equity securities

are initially measured at the transaction price plus transaction costs. The Company carries its equity

securities at fair value because they have readily determinable fair values and reports the unrealized

gains and losses as part of other income, net.

The Company classifies its marketable securities, including securities with stated maturities beyond

twelve months, within current assets in the consolidated balance sheets.

Concentrations of risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk

consist primarily of cash, cash equivalents, restricted cash, marketable securities, and accounts

receivable. The Company places its cash, cash equivalents, marketable securities, and restricted cash

with financial institutions that management believes are of high credit quality, although such deposits may

at times exceed federally insured limits. The Company has not experienced any losses on its deposits of

cash and restricted cash to date. Cash equivalents and marketable debt securities are invested in highly

rated investments.

No customer accounted for 10% or greater of total accounts receivable as of December 31, 2023 and

December 31, 2024, and March 31, 2025 (unaudited). There were no customers representing 10% or

greater of revenue for the years ended December 31, 2023 and 2024, or the three months ended

March 31, 2024 (unaudited) and 2025 (unaudited).

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

The Company relies upon a third-party hosted infrastructure partner globally to serve customers and

operate certain aspects of its services, such as environments for development testing, training, sales

demonstrations, and production usage. Accordingly, any disruption of or interference at its hosted

infrastructure partner would impact its operations and its business could be adversely impacted.

Fair value of financial instruments

The Company records its financial assets and liabilities at fair value. Fair value is defined as the price that

would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction

between market participants at the measurement date. When determining fair value measurements for

assets and liabilities, the Company considers the principal or most advantageous market in which it would

transact and the market-based risk measurements or assumptions that market participants would use in

pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions, and credit

risk. Valuation techniques used to measure fair value must maximize the use of observable inputs and

minimize the use of unobservable inputs. Measurements are classified in the following three-tiered

hierarchy based on the lowest level input that is available and significant to the fair value measurement:

• Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities

accessible to the reporting entity at the measurement date.

• Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the

asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

• Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value and

typically reflect management's estimate of assumptions that market participants would use in

pricing the asset or liability.

Accounts receivable, net

Accounts receivable, net are recorded at invoiced amounts, net of an allowance for expected credit

losses, and do not bear interest.

The Company regularly monitors collections and payments from customers and maintains an allowance

for expected credit losses for estimated losses resulting from the inability of customers to make required

payments. The allowance for expected credit losses reflects the Company's consideration of current

market conditions which may affect customer financial condition, and reasonable and supportable

forecasts of future credit losses. Additionally, management considered factors such as historical credit

loss experience and current conditions, such as the length of time accounts receivable were past due,

customer payment histories, and any specific customer collection issues identified. The Company writes

off accounts receivable that have become uncollectible. To date, the allowance for credit losses and

related activity was not material to the consolidated financial statements.

Property and equipment, net

Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is computed

using the straight-line method over the estimated useful life of the related asset, which is generally three

to five years. Leasehold improvements are amortized on a straight-line basis over the shorter of their

estimated useful lives or the term of the related lease. Expenditures for repairs and maintenance are

charged to expense as incurred.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

The following table presents the estimated useful lives of property and equipment:

---

| | |
|:---|:---|
| **Property and equipment** | **Useful life** |
| Computer equipment | 3 years |
| Furniture and fixtures | 5 years |
| Leasehold improvements | Lesser of estimated useful life or remaining lease <br>term<br>|

---

Internal-use software development costs

The Company capitalizes qualifying internal and external software development costs that are incurred

during and directly related to the application development stage. Capitalization of costs begins when two

criteria are met: (i) the preliminary project stage is completed and (ii) it is probable that the software will

be completed and used for its intended function. Capitalization ceases when the software is substantially

complete and ready for its intended use, including the completion of all significant testing. Costs related to

preliminary project activities and post-implementation operating activities are expensed as incurred.

Capitalized internal-use software costs are included in property and equipment, net. These costs are

amortized over the estimated useful life of the internal-use software (generally three years) on a straight-

line basis. The amortization of internal-use software development costs related to capitalized projects is

included in cost of revenue.

Business combinations

The Company uses best estimates and assumptions, including but not limited to, future expected cash

flows, expected asset lives, and discount rates, to assign fair value to tangible and intangible assets

acquired and liabilities assumed in business combinations as of the acquisition date. These estimates are

inherently uncertain and subject to refinement. During the measurement period, which may be up to one

year from the acquisition date, adjustments to the fair value of these tangible and intangible assets

acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the

conclusion of the measurement period or final determination of the fair value of assets acquired or

liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company's

consolidated statements of operations.

Impairment of long-lived assets, including other acquired intangible

assets, net

The Company evaluates long-lived assets, such as property and equipment and finite-lived intangible

assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of

an asset may not be recoverable. The evaluation is performed at the lowest level for which identifiable

cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these

assets is measured by comparing the carrying amount of an asset or an asset group to estimated

undiscounted future net cash flows expected to be generated by the asset or asset group. If such review

determines that the carrying amount of specific property and equipment or intangible assets is not

recoverable, the carrying amount of such assets is reduced to its fair value. The Company did not record

any impairment charges of its long-lived assets for the years ended December 31, 2023 and 2024 or for

the three months ended March 31, 2025 (unaudited).

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Goodwill

Goodwill is not amortized, but rather is tested for impairment at least annually in the fourth quarter or

more frequently if events or changes in circumstances would more likely than not reduce the fair value of

its single reporting unit below its carrying value. The Company did not recognize any impairment of

goodwill during the years ended December 31, 2023 and 2024 or for the three months ended March 31,

2025 (unaudited).

Lease obligations

The Company's lease obligations relate to operating leases pertaining to the Company's corporate office

space. Certain of these leases include options to extend the lease term.

Right-of-use assets and lease liabilities are recognized based on the present value of the future minimum

lease payments over the lease term at the commencement date. The right-of-use assets include minimum

lease payments and are reduced by lease incentives. The incremental borrowing rate is used in

determining the present value of future payments. The Company utilizes its incremental borrowing rate,

which is the rate incurred to borrow on a collateralized basis over a similar term of an amount equal to the

lease payments in a similar economic environment, as the interest rate implicit in the lease is typically not

readily determinable. The estimated incremental borrowing rate is derived from information available at

the lease commencement date. The Company factors in publicly available data for instruments with

similar characteristics when calculating its incremental borrowing rates. Lease terms may include options

to extend or terminate the lease. The Company generally uses the non-cancelable lease term when

determining its lease liabilities, unless it is reasonably certain that the option will be exercised. The

Company reassesses the lease term if and when a significant event or change in circumstances occurs

within the control of the Company.

Lease incentives, rent concession, and rent escalation provisions are considered in determining the single

lease cost to be recorded on a straight-line basis over the non-cancellable lease term, commencing on

the date the Company has the right to use the leased property.

The Company's operating leases have typically not included material non-lease components. The

Company elected the practical expedient to combine lease and non-lease components for purposes of

calculating the corresponding lease right-of-use assets and liabilities.

The Company applies the practical expedient to not recognize a right-of-use asset and lease liability for

short-term leases. A short-term lease is a lease with an expected lease term of twelve months or less and

which does not include an option to purchase the underlying asset that the lessee is reasonably certain to

exercise.

Deferred commissions, net

Deferred commissions, net is stated as gross deferred commissions less accumulated amortization. Sales

commissions earned by the Company's sales force and related expenses, including associated payroll

taxes and 401(k) contributions attributable to earned sales commissions are deferred when they are

considered to be incremental and recoverable costs of obtaining customer contracts. Deferred

commissions, net of accumulated amortization, and are included within prepaid expenses and other

current assets and other assets on the consolidated balance sheets.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

The Company capitalized incremental costs of obtaining a contract of $17.2 million and $34.1 million

during the years ended December 31, 2023 and 2024, respectively, and $7.0 million (unaudited) and $5.1

million (unaudited) during the three months ended March 31, 2024 and 2025, respectively.

Deferred commissions, net included in prepaid and other current assets were $10.9 million, $17.9 million

and $18.6 million (unaudited) as of December 31, 2023, December 31, 2024, and March 31, 2025,

respectively. Deferred commissions, net included in other assets were $18.7 million, $31.0 million and

$30.7 million (unaudited) as of December 31, 2023, December 31, 2024, and March 31, 2025,

respectively.

Deferred commissions, net are amortized over a period of benefit of four years. The period of benefit is

estimated by considering factors such as the length of the Company's customer contracts, the impact of

competition in the Company's industry, historical attrition rates, and the useful life of the Company's

technology among other factors. Amortization of deferred commissions totaled $8.7 million and $14.8

million for the years ended December 31, 2023 and 2024, respectively, and $2.9 million (unaudited) and

$4.7 million (unaudited) for the three months ended March 31, 2024 and 2025, respectively, which is

included in sales and marketing expense in the accompanying consolidated statement of operations.

There was no impairment loss in relation to deferred commissions, net for the years ended December 31,

2023 and 2024 or for the three months ended March 31, 2024 (unaudited) and 2025 (unaudited).

Deferred Offering Costs

Deferred offering costs, which consist of direct incremental legal, accounting, consulting and other fees

relating to the initial public offering are capitalized. The deferred offering costs will be offset against initial

public offering proceeds upon the consummation of the initial public offering. In the event the planned

initial public offering is terminated, the deferred offering costs will be expensed. There were no deferred

offering costs incurred as of December 31, 2023 and 2024. As of March 31, 2025, there were $0.6 million

(unaudited) of deferred offering costs recorded within prepaid and expenses and other current assets on

the Company's interim unaudited consolidated Balance Sheet.

Recently adopted accounting standards

In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, "Segment

Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which requires disclosure of

incremental segment information on an annual and interim basis. The guidance is to be applied

retrospectively to all prior periods presented in the financial statements. The Company adopted ASU

2023-07 for the year ended December 31, 2024. The adoption of the standard did not result in significant

change to the Company's consolidated financial statement disclosures. See Note 15 "Segment and

Geographic Information."

In June 2016, the FASB issued ASU 2016-13, "Financial Instruments-Credit Losses (Topic 326):

Measurement of Credit Losses on Financial Instruments," including subsequent amendments, which

requires the measurement and recognition of expected credit losses for financial assets held at amortized

cost. It also eliminates the concept of other-than-temporary impairment and requires credit losses related

to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a

reduction in the amortized cost basis of the securities. The Company adopted Topic 326 effective January

1, 2023. The adoption of the ASU did not have a material impact on the Company's consolidated financial

statements.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Recently issued accounting standards not yet adopted

In November 2024, the FASB issued ASU 2024-3, "Income Statement (Topic 220): Reporting

Comprehensive Income — Expense Disaggregation Disclosures, Disaggregation of Income Statement

Expenses," to expand expense disclosures by requiring disaggregated disclosure of certain income

statement line items, including those that contain purchases of inventory, employee compensation,

depreciation, and amortization. ASU 2024-03 is effective for fiscal years beginning after December 15,

2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted.

The amendments should be applied prospectively. The Company is currently evaluating the impact of this

standard on the Company's consolidated financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): "Improvements to Income

Tax Disclosures," to enhance income tax disclosures primarily through changes in rate reconciliation and

income taxes paid disclosures. The amendments in ASU 2023-09 are effective for public business entities

for annual periods beginning after December 15, 2024 and for all other entities for annual periods

beginning after December 15, 2025. This change requires application on a prospective basis. Early

adoption is permitted. The Company is currently evaluating the impact of this standard on the Company's

consolidated financial statement disclosures.

## Note 2 . Revenue
Deferred revenue

The changes in deferred revenue were as follows for both periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| Balance, beginning of period.......................... | $161549 | $253635 | $253635 | $381363 |
| Billings and other<sup>(1)</sup>........................................... | 596960 | 876739 | 171993 | 253472 |
| Revenue............................................................. | (504874) | (749011) | (156229) | (228199) |
| Balance, end of period..................................... | $253635 | $381363 | $269399 | $406636 |

---

__________________

(1)Other primarily includes amounts for which the Company had a contractual right to bill and receive payment from the customer.

Approximately 32% of revenue recognized during the year ended December 31, 2023 was from the

deferred revenue balance as of December 31, 2022 and 34% of revenue recognized during the year

ended December 31, 2024 was from the deferred revenue balance as of December 31, 2023.

Approximately 69% (unaudited) of revenue recognized during the three months ended March 31, 2024

was from the deferred revenue balance as of December 31, 2023 and 70% (unaudited) of revenue

recognized during the three months ended March 31, 2025 was from the deferred revenue balance as of

December 31, 2024.

Remaining performance obligations

As of March 31, 2025, the aggregate balance of remaining performance obligations that were unsatisfied

or partially unsatisfied was $421.4 million (unaudited). The substantial majority of the remaining

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

performance obligations will be satisfied over the twelve months following March 31, 2025, with the

balance to be recognized as revenue thereafter (unaudited).

## Note 3 . Cash, Cash Equivalents, and
Marketable Securities

The amortized cost, unrealized gains and losses and estimated fair value of the Company's cash, cash

equivalents, and marketable securities as of December 31, 2023, December 31, 2024, andMarch 31,

2025 (unaudited) consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2023** | **Amortized cost** | **Unrealized** <br>**gains**<br>| **Unrealized** <br>**losses**<br>| **Fair value** |
| Cash and cash equivalents: |  |  |  |  |
| Cash.............................................................. | $1175840 | $— | $— | $1175840 |
| Money market funds.................................... | 21938 |  |  | 21938 |
| Commercial paper....................................... | 71854 |  | (31) | 71823 |
| Corporate bonds.......................................... | 577 |  |  | 577 |
| Total cash and cash equivalents................... | 1270209 |  | (31) | 1270178 |
| Debt securities: |  |  |  |  |
| U.S. agency securities................................ | 50761 | 171 | (38) | 50894 |
| U.S. treasury securities.............................. | 67919 | 109 | (67) | 67961 |
| Commercial paper....................................... | 12096 | 8 | (2) | 12102 |
| Corporate bonds.......................................... | 17932 | 91 | (7) | 18016 |
| Total debt securities......................................... | 148708 | 379 | (114) | 148973 |
| Total cash, cash equivalents, and <br>marketable securities...................................<br>| $1418917 | $379 | $(145) | $1419151 |

---

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2024** | **Amortized cost** | **Unrealized** <br>**gains**<br>| **Unrealized** <br>**losses**<br>| **Fair value** |
| Cash and cash equivalents:  |  |  |  |  |
| Cash.............................................................. | $398910 | $— | $— | $398910 |
| Money market funds.................................... | 1865 |  |  | 1865 |
| Commercial paper....................................... | 86184 | 2 | (7) | 86179 |
| Total cash and cash equivalents................... | 486959 | 2 | (7) | 486954 |
| Debt securities:  |  |  |  |  |
| U.S. agency securities................................ | 100793 | 285 | (18) | 101060 |
| U.S. treasury securities.............................. | 371209 | 915 | (200) | 371924 |
| Commercial paper....................................... | 190072 | 93 | (10) | 190155 |
| Corporate bonds.......................................... | 228706 | 555 | (308) | 228953 |
| Total debt securities......................................... | 890780 | 1848 | (536) | 892092 |
| Total cash, cash equivalent, and debt <br>securities........................................................<br>| $1377739 | $1850 | $(543) | $1379046 |
| Other: |  |  |  |  |
| Bitcoin exchange traded fund<sup>(1)</sup>................. |  |  |  | 78791 |
| Total cash, cash equivalents, and <br>marketable securities...................................<br>|  |  |  | $1457837 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of March 31, 2025** | **Amortized cost** | **Unrealized** <br>**gains**<br>| **Unrealized** <br>**losses**<br>| **Fair value** |
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| Cash and cash equivalents: |  |  |  |  |
| Cash.............................................................. | $473983 | $— | $— | $473983 |
| Money market funds.................................... | 5690 |  |  | 5690 |
| Commercial paper....................................... | 131346 |  | (18) | 131328 |
| Corporate bonds.......................................... | 597 |  |  | 597 |
| U.S. treasury securities.............................. | 6983 |  |  | 6983 |
| Total cash and cash equivalents................... | 618599 |  | (18) | 618581 |
| Debt securities: |  |  |  |  |
| U.S. agency securities................................ | 96205 | 270 | (11) | 96464 |
| U.S. treasury securities.............................. | 342691 | 1204 | (57) | 343838 |
| Commercial paper....................................... | 158215 | 27 | (13) | 158229 |
| Corporate bonds.......................................... | 254482 | 775 | (97) | 255160 |
| Total debt securities......................................... | 851593 | 2276 | (178) | 853691 |
| Total cash, cash equivalent, and debt <br>securities........................................................<br>| $1470192 | $2276 | $(196) | $1472272 |
| Other: |  |  |  |  |
| Bitcoin exchange traded fund(1)............... |  |  |  | 69533 |
| Total cash, cash equivalents, and <br>marketable securities...................................<br>|  |  |  | $1541805 |

---

__________________

(1)The Bitcoin exchange traded fund was initially measured at the transaction price and is carried at fair value.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Debt securities were designated as available-for-sale and equity securities had readily determinable fair

values as of December 31, 2023, December 31, 2024, and March 31, 2025 (unaudited).

Debt securities

The following table presents debt securities, including debt securities classified as cash equivalents, by

contractual maturities:

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2023** | **As of December 31, 2023** |
|  | **Amortized Cost** | **Fair Value**  |
| Due in less than one year...................................................................................... | $168823 | $168769 |
| Due in more than one year.................................................................................... | 52316 | 52604 |
| Total.......................................................................................................................... | $221139 | $221373 |

---

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Amortized Cost** | **Fair Value**  |
| Due in less than one year...................................................................................... | $624748 | $625326 |
| Due in more than one year.................................................................................... | 352216 | 352945 |
| Total.......................................................................................................................... | $976964 | $978271 |

---

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Amortized Cost** | **Fair Value**  |
|  | **(unaudited)** | **(unaudited)** |
| Due in less than one year...................................................................................... | $612283 | $612727 |
| Due in more than one year.................................................................................... | 378236 | 379872 |
| Total.......................................................................................................................... | $990519 | $992599 |

---

The Company had 76, 117, and 118 (unaudited) marketable debt securities in unrealized loss positions

as of December 31, 2023, December 31, 2024, and March 31, 2025, respectively. There were no material

gains or losses that were reclassified out of accumulated other comprehensive income (loss) for any

period presented.

As of December 31, 2023, December 31, 2024, and March 31, 2025 (unaudited), the Company's

marketable debt securities portfolio consisted of four security types, all of which contained investments

that were in an unrealized loss position. The following tables present the breakdown of the marketable

debt securities, including debt securities classified as cash equivalents, that had been in a continuous

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

unrealized loss position aggregated by investment category as of December 31, 2023, December 31,

2024, and March 31, 2025 (unaudited):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** |
|  | **Less than twelve months** | **Less than twelve months** | **More than twelve months** | **More than twelve months** | **Total** | **Total** |
|  | **Fair Value** | **Gross** <br>**Unrealized** <br>**Loss**<br>| **Fair Value** | **Gross** <br>**Unrealized** <br>**Loss**<br>| **Fair Value** | **Gross** <br>**Unrealized** <br>**Loss**<br>|
| U.S. agency securities..................... | $29993 | $(37) | $458 | $(1) | $30451 | $(38) |
| U.S. treasury securities.................... | 18989 | (67) | 349 |  | 19338 | (67) |
| Commercial paper............................ | 76354 | (33) |  |  | 76354 | (33) |
| Corporate bonds............................... | 3889 | (7) |  |  | 3889 | (7) |
| **Total**.................................................. | $129225 | $(144) | $807 | $(1) | $130032 | $(145) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Less than twelve months** | **Less than twelve months** | **More than twelve months** | **More than twelve months** | **Total** | **Total** |
|  | **Fair Value** | **Gross** <br>**Unrealized** <br>**Loss**<br>| **Fair Value** | **Gross** <br>**Unrealized** <br>**Loss**<br>| **Fair Value** | **Gross** <br>**Unrealized** <br>**Loss**<br>|
| U.S. agency securities..................... | $11892 | $(18) | $— | $— | $11892 | $(18) |
| U.S. treasury securities.................... | 68843 | (195) | 7527 | (5) | 76370 | (200) |
| Commercial paper............................ | 131268 | (17) |  |  | 131268 | (17) |
| Corporate bonds............................... | 71854 | (308) |  |  | 71854 | (308) |
| **Total**.................................................. | $283857 | $(538) | $7527 | $(5) | $291384 | $(543) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Less than twelve months** | **Less than twelve months** | **More than twelve months** | **More than twelve months** | **Total** | **Total** |
|  | **Fair Value** | **Gross** <br>**Unrealized** <br>**Loss**<br>| **Fair Value** | **Gross** <br>**Unrealized** <br>**Loss**<br>| **Fair Value** | **Gross** <br>**Unrealized** <br>**Loss**<br>|
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| U.S. agency securities..................... | $18786 | $(11) | $— | $— | $18786 | $(11) |
| U.S. treasury securities.................... | 62222 | (57) |  |  | 62222 | (57) |
| Commercial paper............................ | 225361 | (31) |  |  | 225361 | (31) |
| Corporate bonds............................... | 62259 | (97) |  |  | 62259 | (97) |
| **Total**.................................................. | $368628 | $(196) | $— | $— | $368628 | $(196) |

---

The Company periodically evaluates its debt securities for expected credit losses. The unrealized losses

on the debt securities were largely due to changes in interest rates. The credit ratings associated with

corporate notes and obligations are highly rated and in line with the Company's investment policy and the

issuers continue to make timely principal and interest payments. The Company expects to recover the full

carrying value of the debt securities in an unrealized loss position as it does not intend or anticipate a

need to sell these securities prior to recovering the associated unrealized losses, and expects any credit

losses would be immaterial based on the high-grade credit rating for the investments. As a result, the

Company does not consider any portion of the unrealized losses on debt securities as of December 31,

2023, December 31, 2024, or March 31, 2025 (unaudited) to be unrecoverable.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Equity securities

Any unrealized losses on the Company's Bitcoin exchange traded fund, classified as equity securities, are

related to the Company's investment in the Bitcoin ETF investment fund. The fair value of the investment

is directly driven by the price of Bitcoin and therefore, it is more volatile in nature, but is not driven by

credit specific factors and thus no expected credit losses have been recorded on the investment in any

period presented.

Unrealized gains recognized on equity investments held were $23.8 million and $0.3 million (unaudited)

for the year ended December 31, 2024, and for the three months ended March 31, 2024, respectively.

Unrealized losses recognized were $9.3 million (unaudited) for the three months ended March 31, 2025.

Interest income from cash, cash equivalents, and marketable securities was $19.9 million and $63.7

million for the years ended December 31, 2023 and 2024, respectively, and $17.8 million (unaudited) and

$15.5 million (unaudited) for the three months ended March 31, 2024 and 2025, respectively. Interest

income is included in other income, net in the accompanying consolidated statements of operations.

## Note 4 . Fair Value Measurements
The following table provides the financial instruments measured at fair value on a recurring basis, within

the fair value hierarchy as of December 31, 2023, December 31, 2024, andMarch 31, 2025 (unaudited):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2023** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Cash equivalents: |  |  |  |  |
| Money market funds............................................ | $21938 | $— | $— | $21938 |
| Commercial paper................................................ |  | 71823 |  | 71823 |
| Corporate bonds.................................................. |  | 577 |  | 577 |
| Total cash equivalents.................................... | $21938 | $72400 | $— | $94338 |
| Marketable securities: |  |  |  |  |
| U.S. agency securities........................................ | $— | $50894 | $— | $50894 |
| U.S. treasury securities....................................... |  | 67961 |  | 67961 |
| Commercial paper................................................ |  | 12102 |  | 12102 |
| Corporate bonds.................................................. |  | 18016 |  | 18016 |
| Total marketable securities............................ | $— | $148973 | $— | $148973 |

---

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2024** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Cash equivalents: |  |  |  |  |
| Money market funds............................................ | $1865 | $— | $— | $1865 |
| Commercial paper................................................ |  | 86179 |  | 86179 |
| Total cash equivalents............................................. | $1865 | $86179 | $— | $88044 |
| Marketable securities:  |  |  |  |  |
| U.S. agency securities........................................ | $— | $101060 | $— | $101060 |
| U.S. treasury securities....................................... |  | 371924 |  | 371924 |
| Commercial paper................................................ |  | 190155 |  | 190155 |
| Corporate bonds.................................................. |  | 228953 |  | 228953 |
| Bitcoin exchange traded fund............................ | 78791 |  |  | 78791 |
| Total marketable securities............................ | $78791 | $892092 | $— | $970883 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of March 31, 2025** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| Cash equivalents: |  |  |  |  |
| Money market funds............................................ | $5690 | $— | $— | $5690 |
| Commercial paper................................................ |  | 131328 |  | 131328 |
| Corporate bonds.................................................. |  | 597 |  | 597 |
| U.S. treasury securities....................................... |  | 6983 |  | 6983 |
| Total cash equivalents............................................. | $5690 | $138908 | $— | $144598 |
| Marketable securities: |  |  |  |  |
| U.S. agency securities........................................ | $— | $96464 | $— | $96464 |
| U.S. treasury securities....................................... |  | 343838 |  | 343838 |
| Commercial paper................................................ |  | 158229 |  | 158229 |
| Corporate bonds.................................................. |  | 255160 |  | 255160 |
| Bitcoin exchange traded fund............................ | 69533 |  |  | 69533 |
| Total marketable securities............................ | $69533 | $853691 | $— | $923224 |

---

The Company had no transfers between levels of the fair value hierarchy during any period presented.

The carrying amounts of the Company's cash, restricted cash, accounts receivable, and accounts

payable, approximate their fair values due to their short-term nature and are excluded from the fair value

table above.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

## Note 5 . Property and Equipment, Net
Property and equipment, net consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | |
|  | **2023** | **2024** | <br>**As of**<br>**March 31,**<br>**2025**<br>|
|  |  |  | **(unaudited)** |
| Computer equipment................................................................... | $4326 | $5327 | $5388 |
| Furniture and fixtures.................................................................. | 6097 | 5752 | 6056 |
| Leasehold improvements........................................................... | 5196 | 5272 | 5431 |
| Capitalized internal-use software development costs........... | 6565 | 11755 | 13774 |
| Construction in progress............................................................. |  |  | 65 |
| Total property and equipment............................................... | 22184 | 28106 | 30714 |
| Accumulated depreciation and amortization........................... | (10552) | (13089) | (13720) |
| Property and equipment, net..................................................... | $11632 | $15017 | $16994 |

---

Depreciation expense related to property and equipment, excluding amortization expense of capitalized

internal-use software development costs, was $3.9 million and $4.5 million for the years ended

December 31, 2023 and 2024, respectively and was not material for the three months ended March 31,

2024 and 2025 (unaudited).

Amounts capitalized as internal-use software development costs and the related amortization expense of

capitalized internal-use software development costs were not material for the years ended December 31,

2023 and December 31, 2024 and the three months ended March 31, 2025 (unaudited). The net carrying

value of capitalized internal-use software development costs at December 31, 2023 and 2024 and

March 31, 2025 was $4.1 million, $9.7 million, and $11.2 million(unaudited), respectively.

## Note 6 . Goodwill and Intangible Assets, Net
Intangible assets, net consisted of the following (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Gross Carrying** <br>**Amount**<br>| **Accumulated**<br>**Amortization**<br>| **Net**<br>**Carrying**<br>**Amount**<br>| **Weighted-**<br>**average** <br>**remaining** <br>**useful life**<br>|
| Assembled workforce in asset acquisitions. | $3372 | $(2525) | $847 | 0.6 |
| Licenses, domain names and other.............. | 458 | (124) | 334 | 3.7 |
| Developed technology..................................... | 300 | (175) | 125 | 0.4 |
| In-process technology..................................... | 1810 |  | 1810 |  |
| Total intangible assets................................ | $5940 | $(2824) | $3116 |  |

---

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Gross Carrying** <br>**Amount**<br>| **Accumulated**<br>**Amortization**<br>| **Net**<br>**Carrying**<br>**Amount**<br>| **Weighted-**<br>**average** <br>**remaining** <br>**useful life** <br>|
| Assembled workforce in asset acquisitions. | $725 | $(24) | $701 | 2.9 |
| Licenses, domain names and other.............. | 474 | (170) | 304 | 2.2 |
| Developed technology..................................... | 1810 | (304) | 1506 | 2.5 |
| Total intangible assets................................ | $3009 | $(498) | $2511 |  |

---

During the year ended December 31, 2024, the Company made several immaterial purchases of

intangibles assets. Amortization expense was not material for the years ended December 31, 2023 and

2024. As of December 31, 2024, future amortization expense by year is expected to be as follows (in

thousands):

---

| | |
|:---|:---|
|  | **Amount** |
|  | **(unaudited)** |
| 2025...................................................................................................................................................... | $999 |
| 2026...................................................................................................................................................... | 954 |
| 2027...................................................................................................................................................... | 558 |
| Total .................................................................................................................................................... | $2511 |

---

Goodwill represents the excess of the purchase price in a business combination over the fair value of net

assets acquired. The changes in the carrying amounts of goodwill were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
| **Balance, beginning**............................................................................................. | $807 | $11398 |
| Additions during the period.................................................................................... | 10591 |  |
| **Balance, ending**................................................................................................... | $11398 | $11398 |

---

Additions during the year-ended December 31, 2023 relate to two business combinations, in connection

with which the Company issued $12.8 million of Class A common stock as purchase consideration.

## Note 7 . Leases
Operating leases

The Company has non-cancelable operating leases for its corporate offices. Certain of these leases

include options to extend the lease term. As of March 31, 2025, the Company's operating leases had

remaining lease terms of under one year to 8.3years (unaudited).

In March 2024, the Company entered into four non-cancelable operating leases to extend use of its

existing office space for its corporate headquarters in San Francisco. The lease amendment was

accounted for as a lease modification in accordance with ASC 842. The monthly payments escalate over

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

the lease term which expires in October 2028 and total minimum lease payments associated with the

amended lease agreement are $31.3 million. Lease incentives, which relate to rent abatement, were

considered in the calculation of the straight-line lease expense to be recognized over the lease term.

In March 2025, the Company entered into an amendment to extend the term of its New York corporate

office lease through July 2033, including the addition of floors. The amendment was accounted for as a

lease modification in accordance with ASC 842. The total minimum lease payments associated with the

amended lease agreement are $58.8 million (unaudited). Lease incentives were in the form of an

allowance for tenant improvements related to future design and build out of the space and total $7.1

million (unaudited). The lease incentives were considered in the calculation of the straight-line lease

expense to be recognized over the lease term.

The components of lease costs were as follows for the years ended December 31, 2023 and 2024 and for

the three months ended March 31, 2024 and 2025 (unaudited):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| Operating lease costs...................................... | $12612 | $14405 | $3454 | $3859 |
| Short-term lease costs..................................... | 1828 | 1050 | 267 | 162 |
| Variable lease costs......................................... | 1777 | 2386 | 451 | 1116 |
| Total lease costs............................................... | $16217 | $17841 | $4172 | $5137 |

---

The following tables set forth a summary of other information pertaining to the Company's operating

leases:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| **Supplemental Cash Flow Information:** |  |  |  |  |
| Cash paid for amounts included in the <br>measurement of lease liabilities:<br>|  |  |  |  |
| Payments for operating leases included <br>in cash from operating activities............<br>| $13677 | $15088 | $3971 | $3974 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| Weighted-Average Remaining Lease Term <br>(in years)........................................................<br>| 1.10 | 3.13 | 3.85 | 6.42 |
| Weighted-Average Discount Rate................. | 6.22% | 6.29% | 6.22% | 5.84% |

---

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Future minimum lease payments as of March 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Year ending December 31,** | **Amount** |
|  | **(unaudited)** |
| 2025...................................................................................................................................................... | $12862 |
| 2026...................................................................................................................................................... | 14072 |
| 2027...................................................................................................................................................... | 13974 |
| 2028...................................................................................................................................................... | 13632 |
| 2029...................................................................................................................................................... | 8014 |
| Thereafter............................................................................................................................................ | 30216 |
| Total undiscounted future minimum lease payments................................................................... | 92770 |
| Less: present value discount....................................................................................................... | (17929) |
| Total discounted future minimum lease payments....................................................................... | 74841 |
| Less: prepaid rent.......................................................................................................................... | (919) |
| Less: tenant improvement allowances....................................................................................... | (7140) |
| Total operating lease liabilities......................................................................................................... | $66782 |

---

## Note 8 . Commitments and Contingencies
Hosting commitments

The Company executed agreements with certain vendors in the data processing, hosting, and artificial

intelligence ("AI") spaces whereby the Company agreed to certain minimum purchase commitments and

subscription fees. As of March 31, 2025, the future minimum payment obligations related to these

agreements were $27.9 million (unaudited). The agreements run through January 31, 2028 and the

Company expects to utilize the remaining purchase commitments under these agreements over the

remainder of the respective terms of the agreements.

Other commitments

As of March 31, 2025, the Company has $4.5 million (unaudited) in other non-cancelable purchase

commitments related to sales and marketing activities.

Letters of credit

As of March 31, 2025the Company had a total of $9.8 million (unaudited) in unsecured letters of credit

outstanding, respectively, related to leased office spaces. The letters of credit renew annually and mature

in 2026.

Legal matters

From time to time, the Company may become a party to a variety of claims, lawsuits, and proceedings

which arise in the ordinary course of business, including claims of alleged infringement of intellectual

property rights. The Company records a liability when it believes that it is probable that a loss will be

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

incurred and the amount of loss or range of loss can be reasonably estimated. The Company believes

that resolution of pending matters is not likely to have a material adverse impact on its consolidated

results of operations, cash flows, or its financial position. Given the unpredictable nature of legal

proceedings, the Company bases its estimate on the information available at the time of the assessment.

As additional information becomes available, the Company reassesses the potential liability and may

revise its estimates. The Company has not accrued for any liabilities in the consolidated financial

statements as a result of legal matters as of December 31, 2023, December 31, 2024, andMarch 31,

2025 (unaudited).

Indemnification and warranties

The Company's arrangements generally include certain provisions for indemnifying customers against

liabilities if its products infringe a third party's intellectual property rights. To date, the Company has not

incurred any material costs nor has it accrued any liabilities in its consolidated financial statements as a

result of these obligations.

Certain of the Company's product offerings include service-level agreements warranting defined levels of

uptime reliability and performance, which permit those customers to receive credits for future services in

the event that the Company fails to meet those levels.

As of December 31, 2023, December 312024, andMarch 31, 2025 (unaudited), the Company has not

accrued for any liabilities in the consolidated financial statements as a result of these service-level

agreements.

In addition, the Company has agreed to indemnify its directors and officers for costs associated with any

fees, expenses, judgments, fines, and settlement amounts incurred by any of these persons in any action

or proceeding to which any of those persons is, or is threatened to be, made a party by reason of the

person's service as a director or officer, including any action by the Company, arising out of that person's

services as the Company's director or officer or that person's services provided to any other company or

enterprise at the Company's request. The Company maintains director and officer insurance coverage

that may enable the Company to recover a portion of any future amounts paid.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

## Note 9 . Accrued and Other Current Liabilities
Accrued and other current liabilities consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | |
|  | **2023** | **2024** | <br>**As of**<br>**March 31,**<br>**2025**<br>|
|  |  |  | **(unaudited)** |
| Non-income based taxes payable............................................. | $11486 | $9562 | $9994 |
| Income taxes payable<sup>(1)</sup>.............................................................. | 190713 | 511 | 939 |
| Customer deposits....................................................................... | 7857 | 4507 | 6776 |
| Accrued consulting fees related to Abandoned Adobe <br>Merger<sup>(2)</sup>....................................................................................<br>| 40000 |  |  |
| Other current liabilities................................................................ | 18273 | 16539 | 22071 |
| Total accrued and other current liabilities................................ | $268329 | $31119 | $39780 |

---

__________________

(1)On December 20, 2023, the Company received a $1.0 billion termination fee from Adobe in connection with the Abandoned

Merger with Adobe. Receipt of the termination fee resulted in a substantial increase to the Company's income tax payable as of

December 31, 2023. The related income taxes payable were paid during the year ended December 31, 2024. Refer to Note 13

"Income Taxes," for additional information.

(2)The Company recorded a $40.0 million accrual in general and administrative expense as of December 31, 2023 related to fees

for consulting services provided in connection with the planned merger with Adobe. The fees were subsequently paid in

January 2024.

## Note 10 . Stockholders' Equity
Convertible preferred stock

Issued and outstanding convertible preferred stock as of December 31, 2024 and March 31, 2025

(unaudited), and its principal terms as of the period ended were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** <br>**authorized** | **Shares issued** <br>**and** <br>**outstanding** | **Original issue** <br>**price per** <br>**shares** | **Liquidation** <br>**preference** | **Net carrying** <br>**value** |
|  | **Shares** <br>**authorized** | **Shares issued** <br>**and** <br>**outstanding** | **Original issue** <br>**price per** <br>**shares** | **Liquidation** <br>**preference** | **Net carrying** <br>**value** |
| **Series Seed**......................... | 45569 | 44309 | $0.0878 | $3889 | $3845 |
| **Series A**................................ | 70262 | 69812 | $0.1993 | 13910 | 13852 |
| **Series B**................................ | 75378 | 75365 | $0.3317 | 24995 | 24897 |
| **Series C**................................ | 36435 | 36435 | $1.0978 | 40000 | 39884 |
| **Series D**................................ | 10826 | 10801 | $4.6185 | 49883 | 49692 |
| **Series E**................................ | 9391 | 9277 | $21.2967 | 197574 | 197271 |
| **Total**...................................... | 247861 | 245999 |  | $330251 | $329441 |

---

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

The holders of convertible preferred stock have various rights and preferences, including the following:

Liquidation preference

Upon a liquidation event, as defined in the restated certificate of incorporation, the holders of Series

Seed, Series A, Series B, Series C, Series D, and Series E convertible preferred stock are entitled to

receive, prior to and in preference to any distribution of the proceeds of such liquidation to common

stockholders, an amount per share equal to $0.0878, $0.1993, $0.3317, $1.0978, $4.6185, and $21.2967,

respectively, plus any declared but unpaid dividends on such shares. If the proceeds distributed among

the holders of the preferred stock are insufficient to permit the holders of Series Seed, Series A, Series B,

Series C, Series D, and Series E convertible preferred stock to receive the full payment noted above, then

the entire proceeds legally available for distribution shall be distributed ratably among the holders of the

preferred stock in proportion to the full preferential amount that each such holder is otherwise entitled to

receive.

Dividends

Holders of the Company's preferred stock are entitled to receive dividends, when, as, and if declared by

the Board of Directors, at the applicable dividend rate of $0.0070, $0.0159, $0.0265, $0.0878, $0.3695,

and $1.7037 for each share of Series Seed, Series A, Series B, Series C, Series D, and Series E

convertible preferred stock, respectively, prior to and in preference of any dividend paid to holders of the

Company's common stock (other than those payable in common stock or other securities and rights

convertible into or entitling the holder thereof to receive additional shares of common stock). Such

dividends shall not be cumulative. After payment of such dividends, any additional dividends or

distributions of the Company will be distributed among all holders of common stock and preferred stock in

proportion to the number of shares of common stock that would be held by each such holder if all shares

of preferred stock were converted to common stock at the then effective conversion rate. No dividends

have been declared in any period presented.

Voting

Each holder of preferred stock shall have the right to one vote for each share of Class A common stock

into which the shares of preferred stock held by such holder could then be converted. In addition, (i) so

long as at least 5.7 million shares of Series Seed preferred stock remain outstanding, the holders of the

Series Seed preferred stock, exclusively and as a separate class, shall be entitled to elect one director of

the Company; (ii) so long as at least 10.4 million shares of Series A preferred stock remain outstanding,

the holders of the Series A preferred stock, exclusively and as a separate class, shall be entitled to elect

one director of the Company; (iii) so long as at least 11.3 million shares of Series B preferred stock

remain outstanding, the holders of the Series B preferred stock, exclusively and as a separate class, shall

be entitled to elect one director of the Company; and (iv) the holders of outstanding common stock,

exclusively and as a separate class, shall be entitled to elect two directors of the Company. The holders

of the preferred stock and common stock, voting together as a single class and on an as-converted basis,

shall be entitled to elect any remaining directors of the Company. On matters voted upon by the Board of

Directors, one of the common stock directors (currently the Company's Chief Executive Officer) is entitled

to nine votes, while the Series Seed, Series A, and Series B preferred directors and the other common

stock director, as well as any directors elected by preferred and common holders together, are each

entitled to one vote.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Conversion

At the option of the holder thereof, each share of preferred stock is convertible into a number of shares of

Class A common stock that results from dividing the applicable original issue price for such series by the

applicable conversion price in effect on the date of conversion (the "Conversion Rate"). Each share of

preferred stock will be automatically converted into shares of Class A common stock at the Conversion

Rate at the time in effect for such series of preferred stock upon the earlier of (i) the closing of the

Company's sale of its common stock in a firm commitment underwritten public offering pursuant to a

registration statement on Form S-1 under the Securities Act of 1933, as amended (the "Securities Act"),

resulting in gross proceeds of no less than $30.0 million in the aggregate (a "Qualified Initial Public

Offering"), (ii) the effectiveness of the registration statement filed under the Securities Act in connection

with a direct listing, as defined in the restated certificate of incorporation, that is approved by the Board of

Directors, or (iii) the date, or the occurrence of an event, specified by vote or written consent or

agreement of the holders of a majority of the then outstanding preferred stock, voting together as a single

class and on an as-converted basis.

Class A and Class B common stock

The Company had two series of common stock outstanding as of December 31, 2023, December 31,

2024, and March 31, 2025, Class A and Class B. The rights of the holders of Class A and Class B

common stock are identical, except with respect to voting, conversion and transfer. Each share of Class A

common stock is entitled to one vote per share and each share of Class B common stock is entitled to 15

votes per share. Shares of Class B common stock may be converted into Class A common stock at the

option of the stockholder and are automatically converted upon (i) the final conversion date defined under

the restated certificate of incorporation as (1) the date fixed by the Board of Directors that is no less than

61 days and no more than 180 days following the date on which the Co-Founders each fail to satisfy the

Minimum Class B Share Ownership Condition (as defined in the restated certificate of incorporation), (2)

the date that is twelve months after the death or disability of the Co-Founders, (3) the date specified by

the holders of at least eighty percent of the then outstanding shares of Class B common stock or (4) the

date that is twenty four months following the date on which the Co-Founders each have ceased providing

services to the corporation, or (ii) upon the occurrence of a transfer of such shares of Class B common

stock, other than a permitted transfer under the restated certificate of incorporation.

As of December 31, 2023, the Company was authorized to issue 567.0 million Class A common stock

and 119.0 million shares of Class B common stock, each at a par value of $0.00001, of which 80.1 million

shares of Class A common stock and 90.9 million shares of Class B common stock were issued and

outstanding. Included in the total number of shares outstanding as of December 31, 2023 are 0.5 million

shares of Class A common stock and 0.2 million shares of Class B common stock subject to vesting,

which are not considered outstanding for accounting purposes. As of December 31, 2024, the Company

was authorized to issue 571.0 million shares of Class A common stock and 119.0 million shares of Class

B common stock, each at a par value of $0.00001 per share, of which 124.2 million shares of Class A

common stock and 90.7 million shares of Class B common stock were issued and outstanding. Included

in the total number of Class A and Class B shares outstanding as of December 31, 2024 are 0.1 million

shares of Class A common stock subject to vesting, which are not considered outstanding for accounting

purposes. As of March 31, 2025, the Company was authorized to issue 586.5 million (unaudited) shares

of Class A common stock and 119.0 million (unaudited) shares of Class B common stock, each at a par

value of $0.00001, of which 124.3 million (unaudited) shares of Class A common stock and 90.7 million

(unaudited) shares of Class B common stock were issued and outstanding.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Holders of the Company's common stock are entitled to dividends, if and when declared by the Board of

Directors and after any convertible preferred stock dividends are fully paid. As of December 31, 2023,

December 31, 2024, and March 31, 2025 (unaudited), no dividends were declared.

As of December 31, 2024 and March 31, 2025, the Company had reserved shares of common stock for

future issuance, on an as converted basis, as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** <br>**2024**<br>| **March 31, 2025** |
|  |  | **(unaudited)** |
| Convertible preferred stock................................................................................... | 245999 | 245999 |
| RSUs (including CEO Equity Awards) outstanding........................................... | 73951 | 77864 |
| Stock options outstanding..................................................................................... | 24023 | 23869 |
| Common stock warrants ....................................................................................... | 261 | 261 |
| Remaining shares authorized for future issuance............................................. | 2864 | 15454 |
| **Total**.................................................................................................................... | 347098 | 363447 |

---

Equity incentive plans

The Company maintains two equity incentive plans: the 2012 Equity Incentive Plan (the "2012 Plan") and

the 2021 Executive Equity Incentive Plan (the "2021 Plan," and together, "the Plans").

The 2012 Plan allows the Company to grant stock options, RSUs, and restricted stock awards ("RSAs") to

employees, directors, and consultants of the Company. Stock options granted under the 2012 Plan expire

no later than ten years from the date of grant. Stock options and RSUs granted under the 2012 Plan have

a service-based vesting period of four years with monthly vesting, subject to a one-year cliff for new hire

grants. The 2012 Plan includes provisions for early exercisability, however, shares obtained by early

exercise are subject to a repurchase right, wherein the Company may repurchase any unvested shares at

their original exercise price in the event of an employee's termination prior to full vesting.

Under the 2012 Plan, RSUs granted have both a service-based vesting condition and a performance-

based vesting condition. Upon satisfaction of the performance vesting condition, these awards will vest as

the service-based vesting condition is satisfied. The performance vesting condition is satisfied on the

earlier of (i) an acquisition or change in control of the Company or (ii) the earlier of (a) six months after the

Company's initial public offering or (b) March 15 of the calendar year following the Company's initial

public offering.

The 2021 Plan was established in June 2021 to allow the Company to grant stock options, RSUs, stock

appreciation rights, and RSAs to the Company's Chief Executive Officer ("CEO"). Awards granted under

the 2021 Plan expire no later than ten years from the date of grant. Awards granted under the 2021 Plan

in 2021 were all RSU awards that contain service-based, performance-based, and market-based vesting

conditions, further discussed below in the section titled "CEO Equity Awards".

As of December 31, 2023 and 2024, there were 71.4 million and 78.0 million stock-based awards

outstanding and 3.3 million and 2.9 million shares available for issuance under the 2012 Plan,

respectively.

As of December 31, 2023 and 2024, there were 22.5 million and 19.9 million, stock-based awards

outstanding and zero and 1.0 million shares available for issuance under the 2021 Plan, respectively.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

On February 13, 2025, the Board of Directors approved an increase to the number of shares of Class A

common stock reserved for issuance under the 2012 Plan by 15.5 million (unaudited) shares.

As of March 31, 2025, there were 81.8 million (unaudited) stock-based awards outstanding and 14.5

million (unaudited) shares available for issuance under the 2012 Plan.

As of March 31, 2025, there were 19.9 million (unaudited) stock-based awards outstanding and 1.0 million

(unaudited) shares available for issuance under the 2021 Plan.

Fair value of common stock

The fair value of common stock underlying stock options and RSUs has historically been determined by

the Company's Board of Directors. Because there has been no public market for the Company's common

stock, the Board of Directors determined the fair value of the common stock at the time of grant of the

option or RSU by considering a number of objective and subjective factors including important

developments in the Company's operations, valuations performed by an independent third party, sales of

common stock and convertible preferred stock, secondary market transactions, actual operating results

and financial performance, the conditions in the industry and the economy in general, the stock price

performance and volatility of comparable public companies, and the lack of liquidity of the Company's

common stock, among other factors.

RSU release

In May 2024, the Company modified and released 34.6 million RSUs held by employees and former

employees (including the CEO Equity Awards further discussed below) to remove the performance-based

vesting condition ("the RSU Release"), resulting in their remeasurement as of the modification date. The

service-based vesting condition related to such RSUs had been met as of the modification date.

Accordingly, these RSUs were fully vested as of the modification date, resulting in the recognition of

stock-based compensation expense, net of amounts capitalized, of $801.2 million, and the release of the

underlying common stock. A total of 1,486 grantees were affected by this modification. The remaining

outstanding RSU awards were not modified and continue to be subject to both service-based and

performance-based vesting conditions.

Tender offer

In order to provide its employees with liquidity subsequent to the Abandoned Merger with Adobe, the

Company facilitated a tender offer (the "2024 Tender Offer"), which opened on June 5, 2024 and closed

on July 3, 2024, under which new and existing investors purchased an aggregate of 24.4 million shares of

Class A common stock from investors, employees, and former employees of the Company at a purchase

price of $23.19 per share for an aggregate purchase price of $566.7 million. Included in the shares of

Class A common stock sold were 1.8 million shares of convertible preferred stock which were converted

to Class A common stock at a 1:1 ratio immediately prior to closing. The Company determined that as a

result of this transaction it had established a pattern of cash settlement of immature shares and stock

options, resulting in a modification to its equity incentive plans. The Company made this determination

when considering that it had previously facilitated two prior tender offer transactions in its fiscal years

ended December 31, 2021 and December 31, 2020. The ability for employees to cash settle equity

awards is contingent on the Company facilitating a third-party tender offer. As such, as of the date of the

opening of the 2024 Tender Offer, the fair value of the maximum number of immature shares of common

stock and stock options eligible to participate in the 2024 Tender Offer was reclassified from additional

paid-in-capital and recorded as a liability as of the date of the opening of the 2024 Tender Offer. To the

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

extent that the fair value of the immature shares of common stock and stock options exceeded the

amount of stock-based compensation expense previously recognized, the excess was recognized as

additional stock-based compensation expense. Accordingly, the Company recorded incremental stock-

based compensation expense of $56.6 million in connection with this Tender Offer during the year ended

December 31, 2024. Following the close of the 2024 Tender Offer in July 2024, the liability of $225.5

million representing the fair value of the immature shares of common stock and stock options that were

eligible to participate was reclassified to additional paid-in capital. The Company did not recognize any

other stock-based compensation expense related to the 2024 Tender Offer as the purchase price was

equal to the fair value of the common stock on the date of the transaction.

A summary of stock-based compensation expense recognized in the consolidated statement of

operations related to the RSU release and the incremental stock-based compensation expense from the

2024 Tender Offer is as follows (in thousands), net of amounts capitalized as internal-use software:

---

| | |
|:---|:---|
|  | **Year Ended**<br>**December 31,** <br>**2024**<br>|
| Cost of revenue.................................................................................................................................. | $24858 |
| Research and development.............................................................................................................. | 462683 |
| Sales and marketing.......................................................................................................................... | 186659 |
| General and administrative............................................................................................................... | 183618 |
| Total...................................................................................................................................................... | $857818 |

---

Stock options

2024 stock option grants

On August 22, 2024, the Company granted 10.5 million stock options with a grant date fair value of $8.50

per share, which expire five years after the grant date. The options were granted to eligible employees

that elected to not tender all of their common stock received by them in connection with RSU Release as

part of the Company's 2024 Tender Offer. These stock options were fully vested at grant and therefore

the related stock-based compensation expense was recognized on the grant date. A summary of the

related stock-based compensation expense recognized in the consolidated statement of operations

related to the issuance of these stock option awards is as follows (in thousands), net of amounts

capitalized as internal-use software:

---

| | |
|:---|:---|
|  | **Year Ended**<br>**December 31,** <br>**2024**<br>|
| Cost of revenue.................................................................................................................................. | $3034 |
| Research and development.............................................................................................................. | 47024 |
| Sales and marketing.......................................................................................................................... | 20160 |
| General and administrative............................................................................................................... | 17901 |
| Total...................................................................................................................................................... | $88119 |

---

Valuation assumptions

Estimating the grant date fair value of stock options requires the Company to make assumptions and

judgments regarding the variables used in the calculation. These variables include the expected term

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

(weighted-average period of time that the stock options granted are expected to be outstanding), the

expected volatility of the Company's common stock, expected risk-free interest rate, expected dividends

and the fair value of the Company's common stock.

The Company uses the simplified calculation of expected term, based on the midpoint between the

vesting date and the end of the contractual term, as the Company does not have sufficient historical data

to use any other method to estimate expected term. Expected volatility is based on an average of the

historical volatilities of the common stock of several entities with characteristics similar to those of the

Company. The expected risk-free rate is based on the U.S. Treasury yield curve in effect at the time of

grant for periods corresponding with the expected term of the option. The expected dividend yield is 0%

as the Company has not paid, and does not expect to pay, cash dividends in the near future.

The following table summarizes the assumptions used in the valuation of the make-whole stock options

granted to employees during the year ended December 31, 2024. No other stock options were granted

during the year.

---

| | |
|:---|:---|
|  | **Year Ended**<br>**December 31,** <br>**2024**<br>|
| Expected term..................................................................................................................................... | 2.5 years |
| Expected volatility.............................................................................................................................. | 54.61% |
| Risk free interest rate........................................................................................................................ | 3.87% |
| Dividend yield...................................................................................................................................... | —% |
| Fair value of common stock on grant date..................................................................................... | $23.19 |

---

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

No stock options were granted under either Plans during the year ended December 31, 2023. A summary

of stock option activity and weighted-average exercise prices under the 2012 Plan and related information

for all periods presented is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of** <br>**stock options** <br>**outstanding** <br>**under the 2012** <br>**Plan** | **Weighted-**<br>**average** <br>**exercise price** <br>**per share** | **Weighted-**<br>**average** <br>**remaining** <br>**contractual** <br>**term (in years)** | **Aggregate** <br>**intrinsic value** |
|  | **Number of** <br>**stock options** <br>**outstanding** <br>**under the 2012** <br>**Plan** | **Weighted-**<br>**average** <br>**exercise price** <br>**per share** | **Weighted-**<br>**average** <br>**remaining** <br>**contractual** <br>**term (in years)** | **Aggregate** <br>**intrinsic value** |
| Outstanding as of December 31, 2022.......... | 18760 | $0.19 | 6.2 | $711477 |
| Options granted................................................. |  |  |  |  |
| Options exercised.............................................. | (7) | 0.31 |  |  |
| Options forfeited................................................ | (101) | 0.30 |  |  |
| Outstanding as of December 31, 2023.......... | 18652 | $0.19 | 5.2 | $428955 |
| Options granted................................................. | 10490 | 23.19 |  |  |
| Options exercised.............................................. | (5116) | 0.47 |  |  |
| Options forfeited................................................ | (3) | 0.34 |  |  |
| Outstanding as of December 31, 2024.......... | 24023 | $10.18 | 4.4 | $333861 |
| Options granted (unaudited)............................ |  |  |  |  |
| Options exercised (unaudited)........................ | (154) | 2.21 |  |  |
| Options forfeited (unaudited)........................... |  |  |  |  |
| Outstanding as of March 31, 2025 <br>(unaudited)......................................................<br>| 23869 | $10.23 | 4.1 | $349725 |
| Vested and exercisable as of March 31, <br>2025 (unaudited)............................................<br>| 23869 | $10.23 | 4.1 | $349725 |

---

Options exercised as reflected in the table above include early exercised options subject to repurchase.

As of December 31, 2023, there were 0.5 million shares of common stock issued as a result of the early

exercise of options subject to repurchase that are excluded from outstanding common stock for

accounting purposes. As of December 31, 2024 and March 31, 2025, there were no early exercised

options subject to repurchase. As of December 31, 2024 and March 31, 2025, there was no unrecognized

stock-based compensation related to outstanding stock options.

The following table summarizes information about the value of options exercised and total fair value of

options vested during the years ended December 31, 2023 and 2024 and three months ended March 31,

2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| Intrinsic value of options exercised............... | $290 | $111789 | $1729 | $3478 |
| Total fair value of options vested................... | $1676 | $89759 | $170 | $— |

---

RSUs

The fair value of RSUs is determined using the fair value of the Company's stock on the date of grant.

The following table summarizes the activity for the Company's unvested RSUs under the Plans excluding

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

the equity awards granted to the Company's CEO ("CEO Equity Awards") (described below) during the

year:

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**RSUs** <br>**outstanding** <br>**under the 2012** <br>**plan** | **Weighted-**<br>**average grant** <br>**date fair value** <br>**per share** |
|  | **Number of** <br>**RSUs** <br>**outstanding** <br>**under the 2012** <br>**plan** | **Weighted-**<br>**average grant** <br>**date fair value** <br>**per share** |
| Unvested at December 31, 2022.......................................................................... | 44506 | $13.42 |
| RSUs granted.......................................................................................................... | 11308 | $23.19 |
| RSUs released........................................................................................................ |  | $— |
| RSUs forfeited......................................................................................................... | (3059) | $13.81 |
| Unvested at December 31, 2023.......................................................................... | 52755 | $12.96 |
| RSUs granted.......................................................................................................... | 38012 | $25.33 |
| RSUs released<sup>(1)</sup>..................................................................................................... | (31239) | $23.19 |
| RSUs forfeited......................................................................................................... | (4702) | $20.93 |
| Unvested at December 31, 2024.......................................................................... | 54826 | $22.80 |
| RSUs granted (unaudited) .................................................................................... | 5236 | $32.58 |
| RSUs released (unaudited)................................................................................... |  | $— |
| RSUs forfeited (unaudited).................................................................................... | (1323) | $23.93 |
| Unvested at March 31, 2025 (unaudited) .......................................................... | 58739 | $23.64 |

---

__________________

(1)These shares represent the shares for which the performance-based vesting condition was removed as part of the RSU

Release (excluding the CEO Equity Awards). As a result, these shares were remeasured based on the modification date fair

value of $23.19. Please refer above for further discussion of the RSU Release.

In September 2022, the Company entered into the Merger Agreement. Due to the imminence of the

transaction, newly issued RSU awards by the Company after the Merger Agreement date were granted

with an additional service condition that required the award recipient to be employed at the Company on

the date the acquisition closed in order for the awards to vest. On December 17, 2023, the Board of

Directors approved a modification of these awards upon the Abandoned Merger with Adobe. The

modification removed the service condition requiring the award recipient to be employed at the Company

on the date the Adobe acquisition closed.

Primary financings

In connection with the RSU Release, the Company withheld approximately 18.1 million shares from the

RSU holders to cover federal, state, and foreign withholding tax obligations. These withheld shares were

returned to the Company's available reserve under the 2012 Plan and the 2021 Plan, as applicable. In

connection with the RSU Release, the Company simultaneously issued and sold 18.1 million shares of

Class A common stock to new and existing investors to cover the respective employee tax liability owed

to federal, state, and foreign tax jurisdictions as a result of the RSU Release ("RSU Release Primary

Financing"). The Company received proceeds of approximately $419.0 million based on a purchase price

of $23.19 per share.

In December 2024, the Company issued 2.5 million shares of Class A common stock to existing investors

for proceeds of $60.0 million, based on a purchase price of $24.0751 per share.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Unrecognized stock-based compensation

Excluding the CEO Equity Awards, as described below, the Company had total unrecognized stock-based

compensation related to RSUs of $1,389.3 million as of March 31, 2025 (unaudited).

As of March 31, 2025, 58.7 million RSUs (unaudited) were outstanding, excluding the CEO Equity

Awards. Of the RSUs outstanding, excluding the CEO Equity Awards, 12.6 million RSUs (unaudited) had

met their service condition.

If the performance vesting condition had been met on March 31, 2025, the Company would have

recorded stock-based compensation of $656.7 million (unaudited) and unrecognized stock-based

compensation related to the unvested RSUs, excluding the CEO Equity Awards, as of March 31, 2025

would have been $732.6 million (unaudited), and that would have been recognized over a weighted-

average remaining requisite service period of 1.9 years (unaudited). The recognition of stock-based

compensation would affect the cost of revenue, research and development, sales and marketing, and

general and administrative operating expense line items.

CEO equity awards

CEO Market Award

In October 2021, the Board of Directors approved a grant to the Company's CEO, Dylan Field, of RSUs,

with respect to 11.3 million shares of Class B common stock (the "CEO Market Award"). The grant has

service-based, market-based, and performance-based vesting conditions.

The award is comprised of three tranches that are eligible to vest based on the achievement of certain

public market capitalization targets as follows:

---

| | | |
|:---|:---|:---|
| **Tranche** | **Public market capitalization targets** | **Shares of Class B common stock** <br>**vested (thousands)**<br>|
| 1 | $15 billion | 1875 |
| 2 | $20 billion | 3750 |
| 3 | $25 billion | 5625 |
|  |  | 11250 |

---

The performance period for each tranche begins on the first trading day following the later of (a) the initial

public offering date, or (b) October 27, 2021 and ends on the earliest to occur of (i) the date on which all

shares subject to the CEO Market Award vests, (ii) the date Mr. Field ceases to satisfy the service-based

vesting condition, (iii) the seventh anniversary of the grant date, or (iv) the occurrence of an acquisition of

the Company prior to the initial public offering date. Public market capitalization is calculated on a fully-

diluted basis implied by the volume weighted-average price for any 30-day trading period after the

completion of an initial public offering, or in the case of an acquisition of the Company, the aggregate

amount actually distributed to holders of the Company's capital stock.

The CEO Market Award contains an implied performance-based vesting condition satisfied upon the initial

public offering or change in control date because no shares subject to the grant will vest unless one of

these two events occurs. The CEO Market Award was not modified as part of the RSU Release in May

2024. Accordingly, as of March 31, 2025, all compensation expense related to the CEO Market Award

was unrecognized because the performance-based vesting condition was not deemed probable of being

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

achieved. The Company had $72.2 million (unaudited) of total unrecognized stock-based compensation

related to the CEO Market Award as of March 31, 2025.

The Company estimated the grant date fair value of the CEO Market Award using a model based on

multiple stock price paths developed through the use of a Monte Carlo simulation that incorporates into

the valuation the possibility that the public market capitalization targets may not be satisfied. The

weighted-average grant date fair value of the award was estimated to be $6.42 per share, and the

Company will recognize total stock-based compensation expense of $72.2 million once the performance-

based vesting condition is satisfied. The Company will recognize stock-based compensation expense

regardless of whether the market conditions are achieved.

CEO Service Award

In October 2021, the Board of Directors approved a grant to the Company's Co-Founder and CEO, Dylan

Field, of RSUs, with respect to 11.3 million shares of Class B common stock (the "CEO Service Award").

The grant has service-based and performance-based vesting conditions.

The award is comprised of four tranches that vest annually beginning on July 1, 2022 so long as the CEO

is in continuous service through each applicable vesting date.

In May 2024, the CEO Service Award was modified to remove the performance-based vesting condition

satisfied upon the initial public offering or change in control date for RSUs for which the service-based

vesting condition had been met as of the modification date. Accordingly, these RSUs were remeasured

and fully vested as of the modification date, resulting in the recognition of stock-based compensation

expense of $78.3 million, and the release of 3.4 million shares of Class B common stock. The remaining

outstanding RSU awards were not modified and continue to be subject to both service-based and

performance-based vesting conditions. The Company had $84.1 million (unaudited) of total remaining

unrecognized stock-based compensation related to the CEO Service Award as of March 31, 2025 that will

continue to be deferred until the performance-based vesting condition is deemed probable of being

achieved.

## Note 11 . Net Income Per Share
The Company computes earnings per share using the two-class method required for multiple classes of

common stock and participating securities. The rights, including the liquidation and dividend rights, of the

Class A common stock and Class B common stock are the same, other than voting rights. Accordingly,

the Class A common stock and Class B common stock share equally in the Company's net income (loss),

and as such have been combined for the purpose of calculating net income per share. The Company's

participating securities also include convertible preferred stock, which do not have a legal obligation to

share in the Company's losses.

Basic net income per share is computed by dividing net income (loss) attributable to common

stockholders by the weighted-average number of shares of total common stock outstanding.

For the year ended December 31, 2023, diluted net income per share is computed by dividing net income

attributable to common stockholders by the weighted-average number of diluted common shares

outstanding. For the year ended December 31, 2024, diluted net loss per share is the same as basic net

loss per share because the effects of potentially dilutive securities were antidilutive given the Company's

net loss for the period. The dilutive effect of potentially dilutive common shares is reflected in diluted

earnings per share by application of the if-converted method for the Company's outstanding preferred

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

stock, and by application of the treasury stock method for the Company's other potentially dilutive

securities.

For the three months ended March 31, 2024, diluted net income per share is the same as basic net

income per share because the effects of potentially dilutive securities were antidilutive given there was no

net income attributable to common stockholders. For the three months ended March 31, 2025, diluted net

income per share is computed by dividing net income attributable to common stockholders by the

weighted-average number of diluted common shares outstanding. The dilutive effect of potentially dilutive

common shares is reflected in diluted earnings per share by application of the if-converted method for the

Company's outstanding preferred stock, and by application of the treasury stock method for the

Company's other potentially dilutive securities.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

The following table sets forth the computation of the basic and diluted net income per share attributable to

common stockholders during the periods presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended**<br>**March 31,** | **Three Months Ended**<br>**March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| **Basic net income per share:**  |  |  |  |  |
| **Numerator:**  |  |  |  |  |
| Net income (loss) attributable to <br>common stockholders.............................<br>| $285859 | $(732120) | $— | $8611 |
| **Denominator:** |  |  |  |  |
| Weighted-average shares outstanding <br>used in computing net income (loss) <br>per share, basic........................................<br>| 168399 | 195612 | 170625 | 214883 |
| Net income (loss) per share, basic................ | $1.70 | $(3.74) | $— | $0.04 |
| **Diluted net income per share:**  |  |  |  |  |
| **Numerator:** |  |  |  |  |
| Net income (loss) attributable to <br>common stockholders.............................<br>| $285859 | $(732120) | $— | $8611 |
| Reallocation of net income to <br>common stockholders considering <br>potentially dilutive securities..............<br>| 18274 |  |  | 334 |
| Net income (loss) attributable to <br>common stockholders considering <br>potentially dilutive securities...................<br>| $304133 | $(732120) | $— | $8945 |
| **Denominator:** |  |  |  |  |
| Weighted-average shares outstanding <br>used in computing net income (loss) <br>per share, basic........................................<br>| 168399 | 195612 | 170625 | 214883 |
| Effect of dilutive securities: |  |  |  |  |
| Stock options........................................... | 18548 |  |  | 15933 |
| Warrants................................................... | 260 |  |  | 260 |
| Weighted-average shares outstanding <br>used in computing net income (loss) <br>per share, diluted.....................................<br>| 187207 | 195612 | 170625 | 231076 |
| Net income (loss) per share, diluted............. | $1.62 | $(3.74) | $— | $0.04 |

---

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

The weighted-average impact of potentially dilutive securities that were not included in the diluted per

share calculations because they would be anti-dilutive was as follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended**<br>**March 31,** | **Three Months Ended**<br>**March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| RSUs.................................................................. | 47589 | 49748 | 62604 | 55313 |
| Unvested RSAs................................................ |  | 262 | 460 | 84 |
| CEO Equity Award<sup>(1)</sup>....................................... | 22500 | 20679 | 22500 | 19937 |
| Convertible preferred stock<sup>(2)</sup>......................... |  | 246993 | 247819 |  |
| Stock options..................................................... |  | 19823 | 18627 |  |
| Warrants............................................................ |  | 261 | 261 |  |
| Total.................................................................... | 70089 | 337766 | 352271 | 75334 |

---

__________________

(1)In October 2021, the Board of Directors approved a grant to the Company's CEO of RSUs with respect to 22.5 million shares of

Class B common stock. See Note 10 "Stockholders' Equity" for further details.

(2)For the year ended December 31, 2023, convertible preferred stock was included in the dilutive per share calculation under the

two class method. For the year ended December 31, 2024, convertible preferred stock was not included in the dilutive per

share calculation under the two class method, as the convertible preferred stockholders were not legally obligated to share in

the Company's losses. For the three months ended March 31, 2024, convertible preferred stock was not included in the dilutive

per share calculation under the two class method, as there was no net income attributable to common stockholders. For the

three months ended March 31, 2025, convertible preferred stock was included in the dilutive per share calculation under the

two class method.

## Note 12 . Other Income, Net
Other income, net consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| Interest income................................................. | $19853 | $63701 | $17831 | $15528 |
| Unrealized gains (losses) on equity <br>securities........................................................<br>|  | 23766 | 312 | (8266) |
| Other income<sup>(1)</sup>................................................. | 1000036 |  |  |  |
| Other expense, net........................................... | (514) | (3105) | (958) | 12 |
| Total other income, net.................................... | $1019375 | $84362 | $17185 | $7274 |

---

__________________

(1)On December 17, 2023, the Company abandoned its Merger Agreement with Adobe. Subject to the terms of the Merger

Agreement, upon abandonment of the deal, Adobe was required to pay the Company a termination fee of $1.0 billion.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

## Note 13 . Income Taxes
For the years ended December 31, 2023 and 2024, the Company's income (loss) before provision for

income taxes was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2023** | **2024** |
| United States........................................................................................................... | $942722 | $(801821) |
| Foreign...................................................................................................................... | 3197 | 8750 |
| Income (loss) before income taxes...................................................................... | $945919 | $(793071) |

---

For the years ended December 31, 2023 and 2024, the provision for (benefit from) income taxes

consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2023** | **2024** |
| Current: |  |  |
| Federal................................................................................................................. | $186475 | $(57990) |
| State..................................................................................................................... | 20759 | (4322) |
| Foreign................................................................................................................. | 844 | 2531 |
| Total.......................................................................................................................... | $208078 | $(59781) |
| Deferred:  |  |  |
| Federal................................................................................................................. | $— | $— |
| State..................................................................................................................... |  |  |
| Foreign................................................................................................................. |  | (1170) |
| Total.......................................................................................................................... |  | (1170) |
| Provision for (benefit from) income taxes........................................................... | $208078 | $(60951) |

---

The Company's benefit from income taxes in the year ended December 31, 2024 primarily resulted from

federal research and development credits earned during the year that will be carried back to offset income

taxes paid related to its fiscal year ended December 31, 2023. As a result, the Company recorded a long-

term income tax receivable of $51.5 million, which was classified within other assets on the consolidated

financial statements.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

The Company's effective tax rates for the years ended December 31, 2023 and 2024 differ from the

statutory rate as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2023** | **2024** |
| Expected tax provision at statutory income tax rate.......................................... | 21.0% | 21.0% |
| Research & development credits......................................................................... | (1.3)% | 7.4% |
| Stock-based compensation................................................................................... | —% | (0.1)% |
| State taxes............................................................................................................... | 2.1% | 6.0% |
| Foreign rate differential.......................................................................................... | —% | 0.1% |
| Transaction costs.................................................................................................... | (0.2)% | —% |
| US taxation on foreign operations........................................................................ | (0.6)% | —% |
| Other......................................................................................................................... | 0.1% | (0.3)% |
| Change in valuation allowance............................................................................. | 0.9% | (26.4)% |
| Provision for income taxes.................................................................................... | 22.0% | 7.7% |

---

Deferred income taxes reflect the net tax effects of temporary differences between carrying amounts of

assets and liabilities for financial reporting purposes and the amounts used for income tax purposes at

the enacted rates.

The significant components of the Company's deferred tax assets and liabilities were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2023** | **2024** |
| Deferred tax assets: |  |  |
| Operating lease liabilities.................................................................................. | $2185 | $6129 |
| Stock based compensation.............................................................................. | 1184 | 16264 |
| Net operating loss carryforwards..................................................................... | 549 | 49484 |
| Research and development tax credits.......................................................... |  | 17354 |
| Capitalized research expenditures.................................................................. | 43666 | 179787 |
| Other timing differences.................................................................................... | 867 | 2286 |
| Gross deferred tax assets..................................................................................... | 48451 | 271304 |
| Valuation allowance........................................................................................... | (41950) | (251172) |
| Total deferred tax assets, net of valuation allowance.................................. | 6501 | 20132 |
| Deferred tax liabilities: |  |  |
| Operating lease right-of-use assets................................................................ | (1984) | (6095) |
| Capitalized expenses........................................................................................ | (3850) | (6962) |
| Other.................................................................................................................... | (667) | (5904) |
| Total deferred tax liability.................................................................................. | (6501) | (18961) |
| Net deferred tax assets.......................................................................................... | $— | $1171 |

---

Based on the evaluation of positive and negative evidence as of the balance sheet date, the Company

applied a full valuation allowance against all of its U.S. federal and state net deferred taxes of

approximately $41.9 million at December 31, 2023 and $251.2 million at December 31, 2024.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

As of December 31, 2024, the Company had federal and state net operating loss ("NOL") carryforwards of

approximately $164.0 million and $181.5 million, respectively. The federal NOLs do not expire and the

state NOLs begin to expire in 2029.

As of December 31, 2024, the Company also had federal research and development credit carryforwards

of approximately $0.1 million which begin to expire in 2041 and state research and development credit

carryforwards of approximately $24.7 million which begin to expire in 2029.

Federal and state tax laws impose restrictions on utilization of NOL and tax credit carryforwards in the

event of an ownership change, as defined in Section 382 of the Internal Revenue Code of 1986, as

amended (the "Code"). The Company's ability to utilize its NOL and tax credit carryforwards are subject to

limitation under these provisions.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows for

both periods presented:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2023** | **2024** |
| Balance at beginning of year................................................................................. | $11909 | $12401 |
| Additions based on tax positions related to the current year........................... | 5052 | 32804 |
| Reductions for tax positions of prior years.......................................................... | (4560) | (10) |
| Balance at end of year........................................................................................... | $12401 | $45195 |

---

The Company recognizes the effect of uncertain income tax positions only if those positions are more

likely than not of being sustained. Recognized income tax positions are measured at the largest amount

that is greater than 50% likely of being realized. Changes in recognition are reflected in the period in

which the change in judgment occurs. Included in the balance of uncertain income tax positions as of

December 31, 2024 are $37.5 million of tax benefits that, if recognized, would affect the effective tax rate.

The Company recognizes interest and penalties related to its uncertain tax positions as a component of

its provision for income taxes. As of and for the years ended December 31, 2023 and 2024, accrued

interest and penalties related to unrecognized tax benefits were not material.

The Company's primary tax jurisdiction is the United States. The Company is subject to U.S. federal,

state, and foreign income tax. Generally, in the U.S. federal and state jurisdictions, tax periods in which

certain loss and credit carryforwards are generated remain open for audit until such time as the limitation

period ends for the year in which such losses or credits are utilized. All tax periods remain open to

examination by major taxing jurisdictions to which the Company is subject. The Company is not currently

under examination by income tax authorities for federal or state purposes. The Company does not

anticipate significant changes to its current uncertain tax positions through December 31, 2025.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

For the Three Months Ended March 31, 2024 and 2025 (unaudited)

The Company computed the income tax provision by applying the estimated effective tax rate to the year-

to-date pre-tax income and adjusted for discrete tax items in the period. The Company's effective tax

rates were as follows for each respective period presented:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2024** | **2025** |
|  | **(unaudited)** | **(unaudited)** |
| Effective tax rate..................................................................................................... | 54.1% | 4.6% |

---

The difference between the U.S. statutory rate and the Company's effective tax rate for all periods

presented was primarily due to the valuation allowances on the Company's deferred tax assets. The

Company continued to maintain a full valuation allowance against its deferred tax assets in the United

States, including all U.S. state jurisdictions as of March 31, 2025, as it is not more likely than not that they

will be realized. The decrease in the effective tax rate during the three months ended March 31, 2025 was

primarily driven by the availability of net operating loss carryforwards to offset taxable income during the

three months ended March 31, 2025, which were not available during the three months ended March 31,

2024. The Company is subject to income tax audits in the U.S. and foreign jurisdictions. The Company records

liabilities related to uncertain tax positions and believes that it has provided adequate reserves for income

tax uncertainties in all open tax years.

## Note 14 . Defined Contribution Plan
The Company maintains a tax-qualified retirement plan that provides eligible U.S. employees with an

opportunity to save for retirement on a tax-advantaged basis. Plan participants are able to defer eligible

compensation subject to applicable annual Code limits. The plan is a non-elective employer contribution

per the safe harbor clause. The Company matches employee contributions at a rate of 3% of the

employees' total salary, up to a maximum annual matched contribution of $9,900 and $10,350 per

employee for 2023 and 2024, respectively, which is 50% vested after one year of service and 100%

vested after two years of service. The 401(k) plan is intended to be qualified under Section 401(a) of the

Code with the 401(k) plan's related trust intended to be tax exempt under Section 501(a) of the Code. As

a tax-qualified retirement plan, contributions to the 401(k) plan and earnings on those contributions are

not taxable to the employees until distributed from the 401(k) plan. The Company's matching

contributions to its 401(k) plan totaled $5.8 million and $7.2 million for the years ended December 31,

2023 and 2024, respectively.

## Note 15 . Segment and Geogra phic
Information

Segment information

The Company's chief operating decision maker ("CODM") is the CEO. The Company manages its

operations and allocates resources as a single operating segment at the consolidated level. Accordingly,

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

the CODM uses consolidated net income (loss), as reported on the consolidated statements of

operations, to assess performance of the Company and to allocate resources as part of the annual

reporting process and to assess the performance of the Company's single reportable segment, primarily

by monitoring actual results versus the actual plan.

The significant expenses reviewed by the CODM are consolidated operating expenses and stock-based

compensation, as presented in the consolidated statement of operations. Consolidated operating

expenses include research and development, sales and marketing, and general and administrative

expenses. Research and development, sales and marketing, and general and administrative expenses

include depreciation and amortization expense, which is disclosed in Note 5, "Property and Equipment,

Net" and Note 6, "Goodwill and Intangible Assets, Net," respectively. Other segment items consist of other

income, net and provision for (benefit from) income taxes, as presented in the consolidated statement of

operations.

The CODM does not evaluate segment performance using balance sheet information.

Geographic areas

Long-lived assets and revenue by geographic region, based on the physical location of the operations

recording the asset or the sale, are as follows:

Long-lived assets

The following table sets forth long-lived assets by geographic area which primarily consist of property and

equipment, net and operating lease right-of-use assets, and are attributed to a country based on the

physical location of the assets. Aggregate property and equipment, net and operating lease right-of-use

assets by geographic area was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | |
|  | **2023** | **2024** | <br>**As of**<br>**March 31,**<br>**2025**<br>|
|  |  |  | **(unaudited)** |
| United States................................................................................ | $19015 | $39606 | $77366 |
| International.................................................................................. | 6291 | 4217 | 6315 |
| Total............................................................................................... | $25306 | $43823 | $83681 |

---

No single country outside of the United States accounted for more than 10% of total long-lived assets,

other than the United Kingdom, whose long-lived assets were approximately 20%, 5%, and 5%

(unaudited) of our total long-lived assets as of December 31, 2023, December 31, 2024, and March 31,

2025 respectively.

Revenue

The following table shows the Company's revenue by geographic areas, as determined based on the

billing address of its customers:

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| United States..................................................... | $252289 | $359406 | $76589 | $107463 |
| International....................................................... | 252585 | 389605 | 79640 | 120736 |
| Total.................................................................... | $504874 | $749011 | $156229 | $228199 |

---

No single country outside of the United States accounted for more than 10% of total revenue for the years

ended December 31, 2023 and December 31, 2024 or the three months ended March 31, 2024

(unaudited) or 2025 (unaudited).

## Note 16 . Subsequent Events
The Company assessed subsequent events through April 15, 2025, which was the date the consolidated

financial statements were available to be issued. The Company has identified the following subsequent

events:

Increase to 2012 Equity Incentive Plan share pool

On February 13, 2025, the Board of Directors approved an increase to the number of shares of Class A

common stock reserved for issuance under the 2012 Plan by 15.5 million shares for a total of 196.4

million shares of Class A common stock reserved for issuance under the 2012 Plan, effective as of

February 18, 2025.

Amendment to Certificate of Incorporation

On February 18, 2025, the Company filed a certificate of amendment to the Company's restated

certificate of incorporation to (i) increase the number of authorized shares of common stock by 15.5

million shares for a total of 705,456,420 shares and (ii) increase the number of common stock shares

designated as Class A common stock by 15.5 million shares for a total of 586,500,000 shares.

New York lease modification

On March 6, 2025, the Company entered into an amendment to extend the lease terms for two existing

operating leases through July 2033, including the addition of floors at its New York corporate office

location. The lease amendment was accounted for as a lease modification in accordance with ASC 842.

The total future minimum lease payments associated with the amended lease agreement are $58.8

million. The Company will receive lease incentives in the amount of $7.1 million in the form of an

allowance for tenant improvements related to the future design and build out of the space.

RSU grants

Subsequent to December 31, 2024, the Company's Board of Directors granted 5.2 million RSUs. The

Company currently estimates that the unrecognized stock-based compensation expense related to these

RSUs will be approximately $170.6 million. These RSUs will vest upon satisfaction of service-based and

performance-based vesting conditions.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Asset purchase

On April 7, 2025, the Company acquired the intellectual property assets and assembled workforce of a

technology company for $14.0 million in cash, of which $1.4 million is expected to be paid twelve months

following the closing date, subject to any indemnification claims. The acquisition will be accounted for as a

business combination under ASC 805, Business Combinations and the total purchase consideration will

be allocated to the net assets acquired based on their fair values as of the acquisition date.

## Note 17 . Subsequent Events (Unaudited)
The Company has evaluated subsequent events through July 21, 2025, the date the unaudited interim

consolidated financial statements were available to be issued. The Company has identified the following

subsequent events:

Acquisition

On April 17, 2025, the Company acquired all outstanding equity interests of a technology company that is

a self-hosted headless content management system and application framework, pursuant to an

agreement and plan of merger. The preliminary consideration is estimated to be approximately$35.5

million, consisting of cash, Class A common stock, RSAs, and RSUs. Of the $35.5 million in total

consideration, $25.1 million in cash, RSAs and RSUs is subject to ongoing employee service and will be

recognized as post combination compensation expense over a service period of four years. $1.1 million of

the purchase consideration transferred is expected to be paid 18 months following the closing date of the

transaction, subject to any indemnification claims.

The purchase price will be allocated to the net assets acquired based on their fair values at the

acquisition date.

Digital asset purchase

On May 8, 2025, the Board of Directors approved an investment of $30.0 million in Bitcoin. Subsequently,

the Company purchased 30.0 million USD COIN (USDC), a stablecoin, for $1 per USDC totaling $30.0

million. The Company intends to re-invest its stablecoin holdings into Bitcoin at a later date.

RSU grants

On May 28, 2025, the Board of Directors granted 5.6 million RSUs. The Company currently estimates that

the total stock-based compensation expense related to these RSUs will be approximately $183.5 million.

These RSUs will vest upon satisfaction of service-based vesting conditions and the corresponding stock-

based compensation expense will be recognized over the respective requisite service period, which is

typically four years.

In July 2025, the Board of Directors granted 9.1 million RSUs. The Company currently estimates that the

total stock-based compensation expense related to these RSUs will be approximately $289.8 million.

These RSUs will vest upon satisfaction of service-based vesting conditions and the corresponding stock-

based compensation expense will be recognized over the respective requisite service period, which is

typically four years.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Purchase commitment

On May 31, 2025, the Company renewed its cloud hosting agreement with a third-party provider. Under

the terms of the non-cancellable agreement, the Company committed to purchase a minimum of $545.0

million in cloud hosting services over the next five years. This renewed agreement replaces a previous

agreement with the provider.

Equity Plan Approvals

On June 26, 2025, the Board of Directors approved the 2025 Equity Incentive Plan (the "2025 Plan"),

which will become effective in connection with the IPO. A total of 58.0 million shares of the Company's

Class A common stock have been reserved for issuance under the 2025 Plan.

On June 26, 2025, the Board of Directors approved the 2025 Employee Stock Purchase Plan (the "2025

ESPP"), which will become effective in connection with the IPO. A total of 11.6 million shares of the

Company's Class A common stock have been reserved for issuance under the 2025 ESPP.

On June 30, 2025, the Compensation Committee of the Board of Directors approved an increase in the

shares reserved for issuance under the 2021 Plan by 29.0 million additional shares of Class B common

stock.

Revolving Credit Facility

On June 27, 2025, the Company entered into a new credit facility (the "revolving credit facility"), which

provides for a secured revolving credit facility in an aggregate principal amount of up to $500 million and a

subfacility of up to $150 million for letters of credit. The revolving credit facility matures on June 27, 2030,

unless earlier terminated pursuant to its terms.

Amendment to Certificate of Incorporation

On June 30, 2025, the Company filed a certificate of amendment to the Company's restated certificate of

incorporation to (i) increase the number of authorized shares of common stock by 57.9 million shares for

a total of 763.4 million shares, (ii) increase the number of common stock shares designated as Class A

common stock by 29.0 million shares for a total of 615.5 million shares and (iii) increase the number of

common stock shares designated as Class B common stock by 29.0 million shares for a total of

147,916,758 shares.

2025 CEO Awards

On June 30, 2025, the Compensation Committee of the Board of Directors approved equity award grants

to the Company's CEO under the 2021 Plan of (i) RSUs with respect to a total of 14.5 million shares of

Class B common stock with service-based and stock price-based vesting conditions relating the

achievement of certain stock price targets ("2025 CEO Stock Price Award") and (ii) RSUs with respect to

a total of 14.5 million shares of Class B common stock with service-based vesting conditions that will vest

annually over a requisite service period of five years ("2025 CEO Service Award").

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

The Company currently estimates that the total stock-based compensation expense related to the 2025

CEO Stock Price Award will be approximately $397.5 million and the corresponding stock-based

compensation expense will be recognized over a requisite service period of seven years.

The Company currently estimates that the total stock-based compensation expense related to the 2025

CEO Service Award will be approximately $464.4 million and the corresponding stock-based

compensation expense will be recognized over a requisite service period of five years.

![backcover1c.jpg](backcover1c.jpg)

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

PART II

**INFORMATION NOT REQUIRED IN PROSPECTUS**

## Item 13. Other Expenses o f Issuance a nd
Distribution.

The following table sets forth all costs and expenses to be paid by Figma, Inc. (the "Registrant"), other

than underwriting discounts and commissions, in connection with the sale of Class A common stock being

registered hereby. All amounts shown are estimates except for the Securities and Exchange Commission

("SEC") registration fee, the Financial Industry Regulatory Authority ("FINRA") filing fee, and the listing

fee:

---

| | |
|:---|:---|
|  | **Amount Paid or** <br>**to be Paid**<br>|
| SEC registration fee........................................................................................................................... | $242664 |
| FINRA filing fee.................................................................................................................................. | 178906 |
| NYSE Listing fee................................................................................................................................ | 325000 |
| Printing and engraving expenses.................................................................................................... | 342000 |
| Legal fees and expenses.................................................................................................................. | 5500000 |
| Accounting fees and expenses........................................................................................................ | 2963261 |
| Transfer agent and registrar fees and expenses.......................................................................... | 22000 |
| Miscellaneous expenses................................................................................................................... | 136900 |
| Total...................................................................................................................................................... | $9710731 |

---

Item 14. Indemnification of Directors and

Officers.

Section 145 of the Delaware General Corporation Law ("DGCL") authorizes a court to award, or a

corporation's board of directors to grant, indemnity to directors and officers under certain circumstances

and subject to certain limitations. The terms of Section 145 of the DGCL are sufficiently broad to permit

indemnification under certain circumstances for liabilities, including reimbursement of expenses incurred,

arising under the Securities Act of 1933, as amended (the "Securities Act").

As permitted by the DGCL, the Registrant's restated certificate of incorporation to be effective

immediately prior to the completion of this offering contains provisions that eliminate the personal liability

of its directors and officers for monetary damages for any breach of fiduciary duties as a director or

officer, except liability for the following:

• any breach of the directors' or officers' duty of loyalty to the Registrant or its stockholders;

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

• acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of

law;

• with respect to directors, under Section 174 of the DGCL (regarding unlawful dividends and stock

purchases);

• any transaction from which the director or officer derived an improper personal benefit; and

• with respect to officers, any action by or in the right of the corporation.

As permitted by the DGCL, the Registrant's restated bylaws to be effective immediately prior to the

completion of this offering, provide that:

• the Registrant is required to indemnify its directors and executive officers to the fullest extent

permitted by the DGCL, subject to very limited exceptions;

• the Registrant may indemnify its other employees and agents as set forth in the DGCL;

• the Registrant is required to advance expenses, as incurred, to its directors and executive officers

in connection with a legal proceeding to the fullest extent permitted by the DGCL, subject to very

limited exceptions; and

• the rights conferred in the restated bylaws are not exclusive.

Prior to completion of this offering, the Registrant intends to enter into indemnification agreements with

each of its then-current directors and executive officers to provide these directors and executive officers

additional contractual assurances regarding the scope of the indemnification set forth in its restated

certificate of incorporation and restated bylaws and to provide additional procedural protections. There is

no pending litigation or proceeding involving a director or executive officer of the Registrant for which

indemnification is sought. The indemnification provisions in its restated certificate of incorporation,

restated bylaws, and the indemnification agreements entered into or to be entered into between the

Registrant and each of its directors and executive officers may be sufficiently broad to permit

indemnification of the directors and executive officers for liabilities arising under the Securities Act.

The Registrant currently carries liability insurance for its directors and officers.

Certain of the Registrant's directors are also indemnified by their employers with regard to service on the

Registrant's Board of Directors.

In addition, the underwriting agreement filed as Exhibit 1.1 to this registration statement provides for

indemnification by the underwriters of the Registrant and its officers and directors for certain liabilities

arising under the Securities Act, or otherwise.

Item 15. Recent Sales of Unregistered

Securities.

Since July 21, 2022, the Registrant has issued and sold the following securities:

• In December 2024, the Registrant sold an aggregate of 2,492,200 shares of its Class A common

stock to 10 accredited investors at a purchase price of $24.0751 per share for an aggregate

purchase price of approximately $60.0 million.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

• In May and June 2024, the Registrant sold an aggregate of 18,064,377 shares of its Class A

common stock to 53 accredited investors at a purchase price of $23.19 per share for an

aggregate purchase price of approximately $419.0 million.

• The Registrant granted stock options to its officers and employees to purchase an aggregate of

9,678,640 shares of its Class A common stock under the 2012 Equity Incentive Plan (the "2012

Plan") with a weighted-average per share exercise price of $23.19, and the Registrant issued

5,444,551 shares of its Class A common stock upon exercise of stock options under its 2012

Plan.

• The Registrant granted to its directors, officers, employees, consultants, and other service

providers an aggregate of 77,194,654 restricted stock units to be settled in shares of its Class A

common stock under the 2012 Plan.

• The Registrant granted stock options to Mr. Field to purchase 811,896 shares of its Class B

common stock under the 2021 Executive Equity Incentive Plan ("2021 Plan") with a per share

exercise price of $23.19 and, subsequently, the Registrant issued 811,896 shares of its Class B

common stock upon the exercise of these stock options by Mr. Field under the 2021 Plan.

• On June 30, 2025, the Registrant granted to Mr. Field an aggregate of 28,960,338restricted

stock units to be settled in shares of Class B common stock under the 2021 Plan.

• In June 2022, January 2023, June 2023, July 2023, and April 2025, the Registrant issued an

aggregate of 1,230,170 shares of its Class A common stock as consideration to accredited

investors in connection with the acquisition of six privately-held companies.

Unless otherwise stated, the sales of the above securities were deemed to be exempt from registration

under the Securities Act in reliance upon Section 4(a)(2) of the Securities Act (or Regulation D or

Regulation S promulgated thereunder), or Rule 701 promulgated under Section 3(b) of the Securities Act

as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts

relating to compensation as provided under Rule 701. The recipients of the securities in each of these

transactions represented their intentions to acquire the securities for investment only and not with a view

to or for sale in connection with any distribution thereof, and appropriate legends were placed upon the

stock certificates issued in these transactions.

Item 16. Exhibits and Financial Statement

Schedules.

(a)Exhibits.

---

| | |
|:---|:---|
| **Exhibit**<br>**Number**<br>| **Description of Document** |
| 1.1 | <u>[Form of Underwriting Agreement.](exhibit11-sx1a.htm)</u> |
| 3.1\* | <u>[Restated Certificate of Incorporation of Figma, Inc., as amended and currently in effect.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit31-sx1.htm)</u> |
| 3.2 | <u>[Form of Amended and Restated Certificate of Incorporation of Figma, Inc., that will become](exhibit32-sx1a.htm)</u><br><u>[effective immediately prior to the completion of this offering.](exhibit32-sx1a.htm)</u><br>|
| 3.3\* | <u>[Amended and Restated Bylaws of Figma, Inc., as currently in effect.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit33-sx1.htm)</u> |
| 3.4\* | <u>[Form of Amended and Restated Bylaws of Figma, Inc., that will become effective](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit34-sx1.htm)</u><br><u>[immediately prior to the completion of this offering.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit34-sx1.htm)</u><br>|
| 4.1 | <u>[Form of Class A Common Stock certificate of Figma, Inc.](exhibit41-sx1a.htm)</u> |

---

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

---

| | |
|:---|:---|
| **Exhibit**<br>**Number**<br>| **Description of Document** |
| 4.2\* | <u>[Amended and Restated Investors' Rights Agreement among Figma, Inc. and certain holders](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit42-sx1.htm)</u><br><u>[of its capital stock, dated May 15, 2024.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit42-sx1.htm)</u><br>|
| 4.3\* | <u>[Common Stock Warrant, dated November 20, 2018, by and between Figma, Inc. and Silicon](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit43-sx1.htm)</u><br><u>[Valley Bank.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit43-sx1.htm)</u><br>|
| 5.1 | <u>[Opinion of Fenwick & West LLP.](exhibit51-sx1a.htm)</u> |
| 10.1#\* | <u>[Form of Indemnification Agreement between Figma, Inc. and each of its directors and](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit101-sx1.htm)</u><br><u>[executive officers.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit101-sx1.htm)</u><br>|
| 10.2#\* | <u>[Figma, Inc. Amended and Restated 2012 Equity Incentive Plan and related form](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit102-sx1.htm)</u><br><u>[agreements.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit102-sx1.htm)</u><br>|
| 10.3#\* | <u>[Figma, Inc. 2021 Executive Equity Incentive Plan and related form agreements.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit103-sx1.htm)</u> |
| 10.4#\* | <u>[Figma, Inc. 2025 Equity Incentive Plan and related form agreements.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit104-sx1.htm)</u> |
| 10.5#\* | <u>[Figma, Inc. 2025 Employee Stock Purchase Plan and related form agreements.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit105-sx1.htm)</u> |
| 10.6#\* | <u>[Non-Employee Director Compensation Policy.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit106-sx1.htm)</u> |
| 10.7# | <u>[Offer Letter between Dylan Field and Figma, Inc., dated July 20, 2025.](exhibit107-sx1a.htm)</u> |
| 10.8# | <u>[Offer Letter between Praveer Melwani and Figma, Inc., dated July 20, 2025.](exhibit108-sx1a.htm)</u> |
| 10.9# | <u>[Offer Letter between Shaunt Voskanian and Figma, Inc., dated July 20, 2025.](exhibit109-sx1a.htm)</u> |
| 10.10\* | <u>[Offer Letter between William McDermott and Figma, Inc., dated June 26, 2025.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit-1010xsx1.htm)</u> |
| 10.11#\* | <u>[Form of Change of Control and Severance Agreement between Figma, Inc. and each of its](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit-1011xsx1.htm)</u><br><u>[named executive officers.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit-1011xsx1.htm)</u><br>|
| 10.12\* | <u>[Office Lease, between Phelan Building LLC and Figma, Inc., dated April 28, 2021.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit-1012xsx1.htm)</u> |
| 10.13\* | <u>[First Amendment to Office Lease, between Phelan Building LLC and Figma, Inc., dated](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit-1013xsx1.htm)</u><br><u>[March 1, 2024.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit-1013xsx1.htm)</u><br>|
| 10.14<sup>+\*</sup> | <u>[Revolving Credit Agreement, dated June 27, 2025, among Figma, Inc., Morgan Stanley](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit-1014xsx1.htm)</u><br><u>[Senior Funding, Inc., as administrative agent and collateral agent, Bank of America, N.A.,](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit-1014xsx1.htm)</u><br><u>[JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, Wells Fargo Securities, LLC and](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit-1014xsx1.htm)</u><br><u>[RBC Capital Markets, LLC as joint lead arrangers and bookrunners, the letter of credit](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit-1014xsx1.htm)</u><br><u>[issuers from time to time party thereto, and the lenders from time to time party thereto.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit-1014xsx1.htm)</u><br>|
| 10.15\* | <u>[Form of Nominating Agreement between Dylan Field and Figma, Inc.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit-1015xsx1.htm)</u> |
| 10.16 | <u>[Offer Letter between Michel Krieger and Figma, Inc., dated July 18, 2025.](exhibit1016-sx1a.htm)</u> |
| 10.17 | <u>[Offer Letter between Luis von Ahn and Figma, Inc., dated July 18, 2025.](exhibit1017-sx1a.htm)</u> |
| 21.1\* | <u>[List of Subsidiaries of Figma, Inc.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit211-sx1.htm)</u> |
| 23.1 | <u>[Consent of Ernst & Young LLP, independent registered public accounting firm.](exhibit231-sx1a.htm)</u> |
| 23.2 | <u>[Consent of Fenwick & West LLP (included in Exhibit 5.1).](exhibit51-sx1a.htm)</u> |
| 24.1\* | <u>[Power of Attorney (included in the signature page to the Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/figma-sx1.htm#i8dccdb6f4d824d4aba81e7c665eaa62d_283)</u><br><u>[S-1 filed on July 1, 2025).](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/figma-sx1.htm#i8dccdb6f4d824d4aba81e7c665eaa62d_283)</u><br>|
| 24.2 | <u>[Power of Attorney (included in the signature page to this Registration Statement on Form](#ie9052bfb4d8e4e11b1cbbc5544a5ae44_4735)</u><br><u>[S-1).](#ie9052bfb4d8e4e11b1cbbc5544a5ae44_4735)</u><br>|
| 99.1\* | <u>[Irrevocable Proxy and Power of Attorney, dated March 7, 2022, by and among Evan](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit991-sx1.htm)</u><br><u>[Wallace, the Wu-Wallace Family Trust and Dylan Field.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit991-sx1.htm)</u><br>|
| 99.2\* | <u>[Consent of International Data Corporation.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit992-sx1.htm)</u> |
| 99.3\* | <u>[Consent of Forrester Research, Inc.](https://www.sec.gov/Archives/edgar/data/1579878/000162828025033742/exhibit993-sx1.htm)</u> |
| 107 | <u>[Filing Fee Table.](exhibit107-sx1aa.htm)</u> |

---

__________________

\*Previously filed.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

+The Registrant has omitted schedules and exhibits pursuant to Item 601(a)(5) of Regulation S-K. The Registrant agrees to

furnish supplementally a copy of the omitted schedules and exhibits to the SEC upon request.

#Indicates management contract or compensatory plan.

(b)Financial Statement Schedules.

All financial statement schedules are omitted because the information required to be set forth therein is

not applicable or is shown in the consolidated financial statements or the notes thereto.

Item 17. Undertakings.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,

officers, and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the

Registrant has been advised that in the opinion of the SEC such indemnification is against public policy

as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for

indemnification against such liabilities, other than the payment by the Registrant of expenses incurred or

paid by a director, officer, or controlling person of the Registrant in the successful defense of any action,

suit, or proceeding, is asserted by such director, officer, or controlling person in connection with the

securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been

settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such

indemnification by it is against public policy as expressed in the Securities Act and will be governed by the

final adjudication of such issue.

The undersigned Registrant hereby undertakes that:

(a)For purposes of determining any liability under the Securities Act, the information omitted from

the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and

contained in a form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4) or

497(h) under the Securities Act shall be deemed to be part of this registration statement as of the

time it was declared effective.

(b)For the purpose of determining any liability under the Securities Act, each post-effective

amendment that contains a form of prospectus shall be deemed to be a new registration

statement relating to the securities offered therein, and the offering of such securities at that time

shall be deemed to be the initial bona fide offering thereof.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

Signatures

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused

this registration statement on Form S-1 to be signed on its behalf by the undersigned, thereunto duly

authorized, in San Francisco, California, on the 21st day of July, 2025.

---

| | |
|:---|:---|
| **FIGMA, INC.** | **FIGMA, INC.** |
| By: | /s/ Dylan Field |
|  | Dylan Field |
|  | Chief Executive Officer and President |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement on

Form S-1 has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Dylan Field | Chair of the Board of Directors, Chief Executive <br>Officer, and President<br>(*Principal Executive Officer*) | July 21, 2025 |
| Dylan Field | Chair of the Board of Directors, Chief Executive <br>Officer, and President<br>(*Principal Executive Officer*) | July 21, 2025 |
| /s/ Praveer Melwani | Chief Financial Officer and Treasurer<br>(*Principal Financial Officer*) | July 21, 2025 |
| Praveer Melwani | Chief Financial Officer and Treasurer<br>(*Principal Financial Officer*) | July 21, 2025 |
| /s/ Tyler Herb | Chief Accounting Officer <br>(*Principal Accounting Officer*) | July 21, 2025 |
| Tyler Herb | Chief Accounting Officer <br>(*Principal Accounting Officer*) | July 21, 2025 |
| \* | Director  | July 21, 2025 |
| Mamoon Hamid | Director  | July 21, 2025 |
| \* | Director | July 21, 2025 |
| Kelly A. Kramer | Director | July 21, 2025 |
| \* | Director | July 21, 2025 |
| John Lilly | Director | July 21, 2025 |
| \* | Director | July 21, 2025 |
| William R. McDermott | Director | July 21, 2025 |
| \* | Director | July 21, 2025 |
| Andrew Reed | Director | July 21, 2025 |
| \* | Director | July 21, 2025 |
| Danny Rimer | Director | July 21, 2025 |
| \* | Director | July 21, 2025 |
| Lynn Vojvodich Radakovich | Director | July 21, 2025 |

---

---

| | |
|:---|:---|
| \*By: | /s/ Dylan Field |
|  | Dylan Field |
|  | Attorney-in-Fact |

---

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

## Power o f Attorney
*KNOW ALL PERSONS BY THESE PRESENTS*, that each person whose signature appears below hereby

constitutes and appoints Dylan Field and Praveer Melwani, and each of them, as his or her true and

lawful attorneys-in-fact, proxies, and agents, each with full power of substitution, for him or her in any and

all capacities, to sign any and all amendments to this registration statement (including post-effective

amendments or any abbreviated registration statement and any amendments thereto filed pursuant to

Rule 462(b) increasing the number of securities for which registration is sought), and to file the same, with

all exhibits thereto and other documents in connection therewith, with the Securities and Exchange

Commission, granting unto said attorneys-in-fact, proxies, and agents full power and authority to do and

perform each and every act and thing requisite and necessary to be done in connection therewith, as fully

for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all

that said attorneys-in-fact, proxies, and agents, or their or his substitute or substitutes, may lawfully do or

cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement on

Form S-1 has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Michel Krieger | Director | July 21, 2025 |
| Michel Krieger | Director | July 21, 2025 |
| /s/ Luis von Ahn | Director | July 21, 2025 |
| Luis von Ahn | Director | July 21, 2025 |

---

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Table** 

Form S-1

(Form Type)

Figma, Inc.

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1 — Newly Registered Securities</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Security Type | Security Class Title | Fee Calculation Rule | Amount Registered<sup>(1)</sup> | Proposed Maximum Offering Price Per Unit<sup>(2)</sup> | Maximum Aggregate Offering Price<sup>(3)</sup> | Fee Rate | Amount of Registration Fee<sup>(4)</sup> |
| Fees to be Paid | Equity | Class A common stock, par value $0.00001 per share | Rule 457(a)  | 42477641 | $28.00 | $1189373948 | $0.00015310 | $182093.15 |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  | $1189373948 |  | $182093.15 |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  | $15310.00<sup>(5)</sup> |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | $166783.15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Includes up to 5,540,561 additional shares that the underwriters have the option to purchase from certain existing stockholders of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(a) under the Securities Act of 1933, as amended (the "Securities Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Includes the aggregate offering price of additional shares that the underwriters have the option to purchase to cover over-allotments, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Calculated pursuant to Rule 457(a) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)The Registrant previously paid a registration fee of $15,310.00 in connection with the initial filing of the Registration Statement on Form S-1 on July 1, 2025.

## Exhibit 1.1

**Exhibit 1.1**

**[** ● **] Shares**

**FIGMA, INC.**

**CLASS A COMMON STOCK, PAR VALUE $0.00001 PER SHARE**

**UNDERWRITING AGREEMENT**

**[** ● **], 2025**

------

[ ● ], 2025

Morgan Stanley & Co. LLC

Goldman Sachs & Co. LLC

Allen & Company LLC

As Representatives of the several

Underwriters named in Schedule II hereto

c/o&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. LLC

1585 Broadway

New York, New York 10036

c/o Goldman Sachs & Co. LLC

200 West Street

New York, New York 10282

c/o Allen & Company LLC

711 Fifth Avenue

New York, New York 10022

Ladies and Gentlemen:

Figma, Inc., a Delaware corporation (the "**Company**"), proposes to issue and sell to the several Underwriters named in Schedule II hereto (the "**Underwriters**") and certain stockholders of the Company (the "**Selling Stockholders**") named in Schedule I hereto severally propose to sell to the several Underwriters, an aggregate of [ ● ] shares (the "**Firm Shares**") of the Company's Class A common stock, par value $0.00001 per share (the "**Class A Common Stock**"), of which [ ● ] shares are to be issued and sold by the Company and [ ● ] shares are to be sold by the Selling Stockholders, each Selling Stockholder selling the amount set forth opposite such Selling Stockholder's name in Schedule I hereto.

The Selling Stockholders, severally and not jointly, also propose to sell to the several Underwriters not more than an additional [ ● ] shares of Class A Common Stock (the "**Additional Shares**"), if and to the extent that Morgan Stanley & Co. LLC ("**Morgan Stanley**"), Goldman Sachs & Co. LLC ("**Goldman Sachs**") and Allen & Company LLC, as representatives of the Underwriters (the "**Representatives**"), shall have determined to exercise, on behalf of the Underwriters, the right to purchase such Additional Shares granted to the Underwriters in Section 3 hereof, each Selling Stockholder selling such number of Additional Shares equal to the product obtained by multiplying (i) the total number of Additional Shares for which the Underwriters exercise their option pursuant to Section 3 hereof and (ii) a fraction, the numerator of which is the number of Additional Shares set forth opposite such Selling Stockholder's name in Schedule I hereto under the heading "Additional Shares" and the denominator of which is the total number of Additional Shares. The Firm Shares and the

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Additional Shares are hereinafter collectively referred to as the "**Shares**." The shares of Class B common stock, par value $0.00001 per share, of the Company are hereinafter referred to as the "**Class B Common Stock**." The shares of Class C common stock, par value $0.00001 per share, of the Company are hereinafter referred to as the "**Class C Common Stock**." The shares of blockchain common stock, par value $0.00001 per share, of the Company are hereinafter referred to as the "**Blockchain Common Stock**." The shares of Class A Common Stock, Class B Common Stock, Class C Common Stock and Blockchain Common Stock, collectively, are hereinafter referred to as the "**Common Stock**." The Company and the Selling Stockholders are hereinafter sometimes collectively referred to as the "**Sellers**."

The Company hereby confirms the engagement of Nomura Securities International, Inc. ("**Nomura**") as, and Nomura hereby confirms its agreement with the Company to render services as, a "qualified independent underwriter" within the meaning of Rule 5121 ("**Rule 5121**") of the Financial Industry Regulatory Authority, Inc. ("**FINRA**") with respect to the offering and sale of the Shares (Nomura acting in such capacity, the "**QIU**").

The Company has filed with the Securities and Exchange Commission (the "**Commission**") a registration statement on Form S-1 (File No. 333-288451), including a preliminary prospectus, relating to the Shares. The registration statement as amended at the time it becomes effective, including the information (if any) deemed to be part of the registration statement at the time of effectiveness pursuant to Rule 430A under the Securities Act of 1933, as amended (the "**Securities Act**"), is hereinafter referred to as the "**Registration Statement**" and the prospectus in the form first used to confirm sales of the Shares (or in the form first made available to the Underwriters by the Company to meet requests of purchasers pursuant to Rule 173 under the Securities Act) is hereinafter referred to as the "**Prospectus**." If the Company has filed an abbreviated registration statement to register additional shares of Class A Common Stock pursuant to Rule 462(b) under the Securities Act (a "**Rule 462 Registration Statement**"), then any reference herein to the term "**Registration Statement**" shall be deemed to include such Rule 462 Registration Statement.

For purposes of this Underwriting Agreement (this "**Agreement**"), "**free writing prospectus**" has the meaning set forth in Rule 405 under the Securities Act, "**preliminary prospectus**" shall mean each prospectus used prior to the effectiveness of the Registration Statement, and each prospectus that omitted information pursuant to Rule 430A under the Securities Act that was used after such effectiveness and prior to the execution and delivery of this Agreement, "**Time of Sale Prospectus**" means the preliminary prospectus contained in the Registration Statement at the time of its effectiveness together with the documents, pricing information and the free writing prospectuses, if any, set forth in Schedule III hereto, and "**broadly available road show**" means a "bona fide electronic road show" as defined in Rule 433(h)(5) under the Securities Act that has been made available without restriction to any person. As used herein, the terms "Registration Statement," "preliminary prospectus," "Time of Sale Prospectus" and "Prospectus" shall include the documents, if any, incorporated by reference therein as of the date hereof.

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Morgan Stanley has agreed to reserve a portion of the Shares to be purchased by it under this Agreement for sale to the Company's directors, officers, employees and business associates and other parties related to the Company (collectively, "**Participants**"), as set forth in each of the Time of Sale Prospectus and the Prospectus under the heading "Underwriters" (the "**Issuer Directed Program**"). The Shares to be sold by Morgan Stanley and its affiliates pursuant to the Issuer Directed Program, at the direction of the Company, are referred to hereinafter as the "**Issuer Directed Shares**." Any Issuer Directed Shares not orally confirmed for purchase by any Participant by the end of the business day on which this Agreement is executed will be offered to the public by the Underwriters as set forth in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;*Representations and Warranties of the Company*. The Company represents and warrants to and agrees with each of the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Registration Statement has become effective; no stop order suspending the effectiveness of the Registration Statement is in effect, and no proceedings for such purpose or pursuant to Section 8A under the Securities Act are pending before or, to the Company's knowledge, threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;(i) The Registration Statement, when it became effective, did not contain and, as amended or supplemented, if applicable, will not, as of the date of such amendment or supplement, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) the Registration Statement and the Prospectus comply and, as amended or supplemented, if applicable, will, as of the date of such amendment or supplement, comply in all material respects with the Securities Act and the applicable rules and regulations of the Commission thereunder, (iii) the Time of Sale Prospectus does not, and at the time of each sale of the Shares in connection with the offering when the Prospectus is not yet available to prospective purchasers and at the Closing Date (as defined in Section 5 herein), the Time of Sale Prospectus, as then amended or supplemented by the Company, if applicable, will not, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, (iv) each broadly available road show, if any, when considered together with the Time of Sale Prospectus, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and (v) the Prospectus, as of its date, does not contain and, as amended or supplemented, if applicable, will not, as of the date of such amendment or supplement, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that the representations and warranties set forth in this paragraph do not apply to statements or omissions in the Registration Statement, the Time of Sale Prospectus or the Prospectus based upon Underwriter Information (as defined in Section 10(c) herein).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company is not an "ineligible issuer" in connection with the offering pursuant to Rules 164, 405 and 433 under the Securities Act. Any free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in accordance with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Each free writing prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act or that was prepared by or on behalf of or used or referred to by the Company complies, or, if used after the effective date of this Agreement, will comply when used, in all material respects with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Except for the free writing prospectuses, if any, identified in Schedule III hereto, and electronic road shows, if any, each furnished to the Representatives before first use, the Company has not prepared, used or referred to, and will not, without the Representatives' prior consent, prepare, use or refer to, any free writing prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Company has been duly incorporated, is validly existing as a corporation in good standing under the laws of the State of Delaware, has the corporate power and authority to own or lease its property and to conduct its business as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction (to the extent the concept of good standing or the equivalent concept is applicable in such jurisdiction) in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not, singly or in the aggregate, reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Each subsidiary of the Company has been duly incorporated, organized or formed, is validly existing as a corporation or other business entity in good standing under the laws of the jurisdiction of its incorporation, organization or formation (to the extent the concept of good standing or the equivalent concept is applicable in such jurisdiction), has the corporate or other business entity power and authority to own or lease its property and to conduct its business as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction (to the extent the concept of good standing or the equivalent concept is applicable in such jurisdiction) in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole. All of the issued shares of capital stock or other equity interests of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and are owned directly or indirectly by the Company or a wholly owned subsidiary of the Company, and are free and clear of all liens, encumbrances, equities or claims, except for any such liens or

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encumbrances arising pursuant to indebtedness or financing arrangements described in the Time of Sale Prospectus and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement has been duly authorized, executed and delivered by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The authorized capital stock of the Company as of the date hereof conforms, and as of the Closing Date will conform, as to legal matters in all material respects to the description thereof contained in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;The shares of Common Stock (including the Shares to be sold by the Selling Stockholders) outstanding prior to the issuance of the Shares to be sold by the Company have been duly authorized and are validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Shares to be sold by the Company have been duly authorized and, when issued, delivered and paid for in accordance with the terms of this Agreement, will be validly issued, fully paid and non-assessable, and the issuance of the Shares will not be subject to any preemptive or similar rights that have not been validly waived or satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;The execution and delivery by the Company of, and the performance by the Company of its obligations under, this Agreement will not contravene any provision of (i) applicable law, (ii) the certificate of incorporation or bylaws of the Company, (iii) any agreement or other instrument binding upon the Company or any of its subsidiaries, or (iv) any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company or any subsidiary, except in the case of clauses (i), (iii) and (iv) above, where such contravention would not, singly or in the aggregate, reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole, or the power or ability of the Company to perform its obligations under this Agreement; and no consent, approval, authorization or order of, or qualification with, any governmental body, agency or court is required for the performance by the Company of its obligations under this Agreement, except such as has previously been obtained and such as may be required by the securities or Blue Sky laws of the various states or foreign jurisdictions or the rules and regulations of FINRA in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;There has not occurred any material adverse change, or any development involving a prospective material adverse change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Time of Sale Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;There are no legal or governmental proceedings pending or, to the Company's knowledge, threatened to which the Company or any of its subsidiaries is a party or to which any of the properties of the Company or any of its subsidiaries is subject (i) other than proceedings accurately described in all material respects in each of

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the Registration Statement, the Time of Sale Prospectus and the Prospectus and proceedings that would not reasonably be expected to, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole, or on the power or ability of the Company to perform its obligations under this Agreement or to consummate the transactions contemplated by each of the Registration Statement, the Time of Sale Prospectus and the Prospectus or (ii) that are required to be described in the Registration Statement, the Time of Sale Prospectus or the Prospectus and are not so described in all material respects; and there are no statutes, regulations, contracts or other documents to which the Company or any of its subsidiaries is subject or by which the Company or any of its subsidiaries is bound that are required to be described in the Registration Statement, the Time of Sale Prospectus or the Prospectus or to be filed as exhibits to the Registration Statement that are not described in all material respects or filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;Each preliminary prospectus filed as part of the Registration Statement as originally filed or as part of any amendment thereto, or filed pursuant to Rule 424 under the Securities Act, complied when so filed in all material respects with the Securities Act and the applicable rules and regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;The Company is not, and after giving effect to the offering and sale of the Shares and the application of the proceeds thereof as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus will not be, required to register as an "investment company" as such term is defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;The Company and each of its subsidiaries (i) are in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (collectively, "**Environmental Laws**"), (ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses as presently conducted and (iii) are in compliance with all terms and conditions of any such permit, license or approval, except where such noncompliance with Environmental Laws, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals would not reasonably be expected to, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;There are no costs or liabilities associated with Environmental Laws (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties) which would, singly or in the aggregate, reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;There are no contracts, agreements or understandings between the Company and any person granting such person the right to require the Company to file a registration statement under the Securities Act with respect to any securities of the Company or to require the Company to include such securities with the Shares registered pursuant to the Registration Statement, except as have been validly waived or complied with in connection with the issuance and sale of the Shares contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;None of the Company or any of its subsidiaries or controlled affiliates, or any director or officer thereof, or, to the Company's knowledge, any employee, agent or representative of the Company or of any of its subsidiaries or controlled affiliates, has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment, giving or receipt of money, property, gifts or anything else of value, directly or indirectly, to any person to improperly influence official action by that person for the benefit of the Company or its subsidiaries or controlled affiliates, or to otherwise secure any improper advantage, or to any person in violation of (a) the U.S. Foreign Corrupt Practices Act of 1977, (b) the UK Bribery Act 2010 or (c) any other applicable law, regulation, order, decree or directive having the force of law and relating to bribery or corruption (collectively, the "**Anti-Corruption Laws"**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;The operations of the Company and each of its subsidiaries are and have been conducted at all times in material compliance with all applicable anti-money laundering laws, rules, and regulations, including the financial recordkeeping and reporting requirements contained therein, and including the Bank Secrecy Act of 1970, applicable provisions of the USA PATRIOT Act of 2001, the Money Laundering Control Act of 1986 and the Anti-Money Laundering Act of 2020, (collectively, the "**Anti-Money Laundering Laws**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;(i) None of the Company, any of its subsidiaries, or any director or officer thereof, or, to the Company's knowledge, any employee, agent, affiliate, or representative of the Company or any of its subsidiaries, is an individual or entity ("**Person**") that is, or is 50% or more owned or controlled by one or more Persons that are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;the subject or target of any economic or financial sanctions administered or enforced by the United States Government (including the U.S. Department of the Treasury's Office of Foreign Assets Control and the U.S. Department of State), the United Nations Security Council, the European Union, the United Kingdom or any other relevant sanctions authority (collectively, "**Sanctions**"), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;operating from, located, organized or resident in a country or territory that is the subject of comprehensive territorial Sanctions (including, without limitation, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, or any other Covered Region of Ukraine identified pursuant to Executive Order 14065, the

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Crimea region of Ukraine, Cuba, Iran, North Korea and Syria) (any such territory or country described in (B) a "**Sanctioned Country**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;The government of a Sanctioned Country or the Government of Venezuela (any such Person described in (A)-(C), a "**Sanctioned Person**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, the Company and each of its subsidiaries, (a) have not, since the more recent of April 24, 2019 or 10 years prior to the date of the Agreement, directly or knowingly indirectly engaged in, (b) are not now directly or knowingly indirectly engaged in, and (c) will not directly or knowingly indirectly engage in, any dealings or transactions with or involving any Sanctioned Person, or in any Sanctioned Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Company will not, directly or knowingly indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;to fund or facilitate any activities or business of or with any Sanctioned Person or Sanctioned Country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;to fund or facilitate any money laundering or terrorist financing activities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;in any other manner that would cause or result in a violation of any Anti-Corruption Laws, Anti-Money Laundering Laws, or Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, the Company and its subsidiaries have conducted and will conduct their businesses in material compliance with Anti-Corruption Laws, the Anti-Money Laundering Laws and Sanctions, and no investigation, inquiry, action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Corruption Laws, the Anti-Money Laundering Laws or Sanctions is pending or, to the knowledge of the Company, threatened. The Company and its subsidiaries and controlled affiliates have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote and achieve compliance with the Anti-Corruption Laws, the Anti-Money Laundering Laws, Sanctions, and with the representations and warranties contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Subsequent to the respective dates as of which information is given in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, except in each case as described in the Registration Statement, the Time of Sale

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Prospectus and the Prospectus, (i) the Company and its subsidiaries, taken as a whole, have not incurred any material liability or obligation, direct or contingent, nor entered into any material transaction; (ii) the Company has not purchased any of its outstanding capital stock (other than from employees or other service providers in connection with purchase rights under the Company's equity compensation plans or other agreements as described in each of the Registration Statement, the Prospectus and the Time of Sale Prospectus or in exercise of the Company's right of first refusal upon a proposed transfer), nor declared, paid or otherwise made any dividend or distribution of any kind on its capital stock other than ordinary and customary dividends; and (iii) there has not been any material change in the capital stock (other than the issuance of shares of Common Stock upon the exercise or settlement of equity awards (including any "net" or "cashless" exercises or settlements) or grants of equity awards or forfeiture of equity awards outstanding under the Company's equity compensation plans as described in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus), short-term debt or long-term debt of the Company and its subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;The Company and its subsidiaries do not own any real property. The Company and each of its subsidiaries have good and marketable title to all personal property owned by them (other than with respect to intellectual property, which is addressed exclusively in Section 1(x)) which is material to the business of the Company and its subsidiaries, taken as a whole, in each case free and clear of all liens, encumbrances and defects except such as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and its subsidiaries, taken as a whole; and any real property and buildings held under lease by the Company and its subsidiaries are held by them under valid, subsisting and, to the Company's knowledge, enforceable leases with such exceptions as are not material and do not materially interfere with the use made and proposed to be made of such property and buildings by the Company and its subsidiaries, taken as a whole (subject to the effects of (i) bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganization, moratorium or other similar laws relating to or affecting the rights or remedies of creditors generally, (ii) the application of general principles of equity (including, without limitation concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether enforcement is considered in proceedings at law or in equity) and (iii) applicable law and public policy with respect to rights to indemnity and contribution).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;Except as would not, singly or in the aggregate, reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole, (i) the Company and its subsidiaries each own or license or otherwise have a valid right to use all patents, inventions, copyrights, know how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks and trade names and registered domain names (collectively, "**Intellectual Property Rights**") used in or reasonably necessary to the conduct of their respective businesses as currently conducted, *provided* that this subclause (i) shall not be deemed a representation or warranty of non-infringement,

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which is covered solely by subclause (v) below; (ii) the Intellectual Property Rights owned by the Company and its subsidiaries and, to the Company's knowledge, the Intellectual Property Rights licensed to the Company and its subsidiaries, are valid, subsisting and, to the Company's knowledge, enforceable, and there is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others against the Company or any of its subsidiaries challenging the validity, scope or enforceability of any such Intellectual Property Rights; (iii) neither the Company nor any of its subsidiaries has received any written notice of any pending or threatened claims alleging any infringement, misappropriation or other violation of any third-party Intellectual Property Rights; (iv) to the Company's knowledge, no third party is infringing, misappropriating or otherwise violating, or has infringed, misappropriated or otherwise violated, any Intellectual Property Rights owned by the Company or its subsidiaries; (v) to the Company's knowledge, neither the Company nor any of its subsidiaries infringes, misappropriates or otherwise violates, or has infringed, misappropriated or otherwise violated, any third-party Intellectual Property Rights in any material respect; (vi) all employees or contractors engaged in the development of Intellectual Property Rights on behalf of the Company or any subsidiary of the Company have executed an invention assignment agreement whereby such employees or contractors presently assign all of their right, title and interest in and to such Intellectual Property Rights to the Company or the applicable subsidiary, and to the Company's knowledge no such agreement has been breached or violated; and (vii) the Company and its subsidiaries use, and have used, commercially reasonable efforts to appropriately maintain and protect all information intended to be maintained as a trade secret.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;Except as would not, singly or in the aggregate, reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole, (i) the Company and its subsidiaries use and have used any and all software and other materials distributed under a "free," "open source," or similar licensing model (including but not limited to the MIT License, Apache License, GNU General Public License, GNU Lesser General Public License and GNU Affero General Public License) ("**Open Source Software**") in compliance with all license terms applicable to such Open Source Software; and (ii) neither the Company nor any of its subsidiaries uses or distributes or has used or distributed any Open Source Software in any manner that requires or has required (A) the Company or any of its subsidiaries to permit reverse engineering of any software code or other technology owned by the Company or any of its subsidiaries or (B) any software code or other technology owned by the Company or any of its subsidiaries to be (1) disclosed or distributed in source code form to any third party, (2) licensed for the purpose of making derivative works or (3) redistributed at no charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;Except as would not, singly or in the aggregate, reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole, (i) the Company and each of its subsidiaries have complied and are presently in compliance with all internal and external privacy policies, contractual obligations, binding industry standards, guidelines, applicable laws, statutes, judgments, orders, rules and regulations of any court or arbitrator or other governmental or regulatory authority and any other

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legal obligations, in each case, where applicable to the Company or any of its subsidiaries, relating to the privacy, security, collection, use, transfer, import, export, storage, protection, disposal, disclosure, or other processing by the Company or any of its subsidiaries of personal, personally identifiable, household, sensitive, confidential or regulated data ("**Data Security Obligations**", and such data, "**Data**"); (ii) neither the Company nor its subsidiaries have received any written notification, inquiry, claim or complaint regarding, and is unaware of any other facts that, individually or in the aggregate, would reasonably indicate, non-compliance with any Data Security Obligation or a Breach (as defined below); and (iii) neither the Company nor any of its subsidiaries have received written notice of any audit, investigation, action, suit or proceeding against the Company or its subsidiaries by or before any court or governmental agency, authority or body pending or, to the Company's knowledge, threatened relating to any Breach or alleging non-compliance with any Data Security Obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;Except as would not, singly or in the aggregate, reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole: (i) the Company and each of its subsidiaries have taken all commercially reasonable technical and organizational steps designed to protect the information technology systems and Data in their possession and used in connection with the operation of the Company's and its subsidiaries' respective businesses; and (ii) without limiting the foregoing, the Company and its subsidiaries have used commercially reasonable efforts to establish and maintain, and have established, maintained, implemented and complied with, commercially reasonable information technology, information security, cyber security and data protection controls, policies and procedures, including oversight, access controls, encryption, technological and physical safeguards and business continuity/disaster recovery and security plans that are designed to protect against and prevent a breach, or unauthorized, unlawful, or accidental destruction, distribution, use, access, disablement, modification of, or any loss, misappropriation, compromise or misuse of or relating to any information technology system or Data used in connection with the operation of the Company's and its subsidiaries' businesses ("**Breach**"). There has been no material Breach, and the Company and its subsidiaries have not been notified in writing of and have no knowledge of any event or condition that would reasonably be expected to result in, any such Breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;No material labor dispute with the employees of the Company or any of its subsidiaries exists, or, to the knowledge of the Company, is imminent; and the Company is not aware of any existing, threatened or imminent labor disturbance by the employees of any of its principal suppliers, manufacturers or contractors that could, singly or in the aggregate, reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;The Company and each of its subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as the Company reasonably believes are prudent and customary in the businesses in which they are engaged, taken as a whole; neither the Company nor any of its subsidiaries has

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been refused any insurance coverage sought or applied for; and neither the Company nor any of its subsidiaries has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not, singly or in the aggregate, reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;The Company and each of its subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses as currently conducted, except where the failure to obtain such certificates, authorizations or permits would not reasonably be expected to, singly or in the aggregate, have a material adverse effect on the Company or its subsidiaries, taken as a whole, and neither the Company nor any of its subsidiaries has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;The financial statements included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, together with the related schedules and notes thereto, comply as to form in all material respects with the applicable accounting requirements of the Securities Act and present fairly in all material respects the consolidated financial position of the Company and its subsidiaries as of the dates shown and its results of operations and cash flows for the periods shown, and such financial statements have been prepared in conformity with generally accepted accounting principles in the United States ("**U.S. GAAP**") applied on a consistent basis throughout the periods covered thereby except for any normal year-end adjustments in the Company's quarterly financial statements. The other financial information included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus has been derived from the accounting records of the Company and its consolidated subsidiaries and presents fairly in all material respects the information shown thereby. The statistical, industry-related and market-related data included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus are based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate and such data is consistent with the sources from which they are derived, in each case in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;&nbsp;&nbsp;&nbsp;Ernst & Young LLP, who have certified certain financial statements of the Company and its subsidiaries and delivered its report with respect to the audited consolidated financial statements and schedules filed with the Commission as part of the Registration Statement and included in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus, is an independent registered public accounting firm with respect to the Company within the meaning of the Securities Act and the applicable

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rules and regulations thereunder adopted by the Commission and the Public Company Accounting Oversight Board (United States).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;&nbsp;&nbsp;&nbsp;The Company and each of its subsidiaries, taken as a whole, maintain a system of internal accounting controls designed to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Since the end of the Company's most recent audited fiscal year, there has been (i) no material weakness in the Company's internal control over financial reporting (whether or not remediated) as defined in Rule 13(a)-15(f) under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") and (ii) no change in the Company's internal control over financial reporting that has materially and adversely affected, or is reasonably likely to materially and adversely affect, the Company's internal control over financial reporting (it being understood that these clauses (i) and (ii) shall not require the Company to comply with Section 404 of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations promulgated in connection therewith as of an earlier date than it would otherwise be required to do so under applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;&nbsp;&nbsp;&nbsp;Except as described in the Registration Statement, the Prospectus and the Time of Sale Prospectus, the Company has not sold, issued or distributed any shares of Common Stock during the six-month period preceding the date hereof, including any sales pursuant to Rule 144A under, or Regulation D or S of, the Securities Act, other than shares issued pursuant to employee benefit plans, qualified equity incentive plans or other employee compensation plans or pursuant to outstanding options, rights or warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Registration Statement, the Prospectus, the Time of Sale Prospectus and any preliminary prospectus comply, and any amendments or supplements thereto will comply, with any applicable laws or regulations of foreign jurisdictions in which the Prospectus, the Time of Sale Prospectus or any preliminary prospectus, as amended or supplemented, if applicable, are distributed in connection with the Issuer Directed Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)&nbsp;&nbsp;&nbsp;&nbsp;No consent, approval, authorization or order of, or qualification with, any governmental body or agency, other than those obtained, is required in connection with the offering of the Issuer Directed Shares in any jurisdiction where the Issuer Directed Shares are being offered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)&nbsp;&nbsp;&nbsp;&nbsp;The Company has not offered, or caused Morgan Stanley or any Morgan Stanley Entity as defined in Section 11 to offer, Shares to any person pursuant to the Issuer Directed Program with the specific intent to unlawfully influence (i) a customer or supplier of the Company to alter the customer's or supplier's level or type of business

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with the Company, or (ii) a trade journalist or publication to write or publish favorable information about the Company or its products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)&nbsp;&nbsp;&nbsp;&nbsp;The Company and each of its subsidiaries have filed all U.S. federal, state, local and foreign tax returns required by law to be filed through the date of this Agreement or have requested extensions thereof (except where the failure to file would not, singly or in the aggregate, reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole) and have paid all taxes required to be paid (except for cases in which the failure to pay would not, singly or in the aggregate, reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole, or, except as currently being contested in good faith by appropriate proceedings and for which adequate reserves required by U.S. GAAP have been created in the financial statements of the Company and its subsidiaries), and no tax deficiency has been determined adversely to the Company or any of its subsidiaries which, singly or in the aggregate, has had (nor does the Company nor any of its subsidiaries have any notice or knowledge of any tax deficiency which could reasonably be expected to be determined adversely to the Company or its subsidiaries and which could reasonably be expected to have) a material adverse effect on the Company and its subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)&nbsp;&nbsp;&nbsp;&nbsp;From the time of initial confidential submission of the Registration Statement to the Commission through the date hereof, the Company has been and is an "emerging growth company," as defined in Section 2(a) of the Securities Act (an "**Emerging Growth Company**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)&nbsp;&nbsp;&nbsp;&nbsp;The Company (i) has not alone engaged in any Testing-the-Waters Communication with any person other than Testing-the-Waters Communications with the consent of the Representatives with entities that are reasonably believed to be "qualified institutional buyers" within the meaning of Rule 144A under the Securities Act or institutions that are reasonably believed to be "accredited investors" within the meaning of Rule 501 under the Securities Act and (ii) has not authorized anyone other than the Representatives to engage in Testing-the-Waters Communications. The Company reconfirms that the Representatives have been authorized to act on its behalf in undertaking Testing-the-Waters Communications. The Company has not distributed any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act other than those listed on Schedule IV hereto. "**Testing-the-Waters Communication**" means any communication with potential investors undertaken in reliance on Section 5(d) or Rule 163B of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)&nbsp;&nbsp;&nbsp;&nbsp;As of the time of each sale of the Shares in connection with the offering when the Prospectus is not yet available to prospective purchasers, none of (A) the Time of Sale Prospectus, (B) any free writing prospectus, when considered together with the Time of Sale Prospectus, and (C) any individual Testing-the-Waters Communication, when considered together with the Time of Sale Prospectus, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a

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material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the Underwriter Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any of its subsidiaries is a "covered foreign person", as that term is defined in 31 C.F.R. § 850.209. Neither the Company nor any of its subsidiaries currently engage, or have plans to engage, directly or indirectly, in a "covered activity", as that term is defined in 31 C.F.R. § 850.208 ("**Covered Activity**"). The Company does not have any joint venture that engages in or plans to engage in any Covered Activity. The Company also does not, directly or indirectly, hold a board seat on, have a voting or equity interest in, or have any contractual power to direct or cause the direction of the management or policies of any person or persons that engages or plans to engage in any Covered Activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)&nbsp;&nbsp;&nbsp;&nbsp;The Company does not have any securities rated by any "nationally recognized statistical rating organization," as such term is defined in Section 3(a)(62) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)&nbsp;&nbsp;&nbsp;&nbsp;The holders of shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock (such shares of Common Stock or other such securities collectively, the "**Securities**") representing (i) substantially all of the Securities that have not delivered executed Lock-up Agreements (as defined in Section 6(h)) to the Representatives as of the date hereof and (ii) any Securities that are issuable pursuant to an award granted prior to the date of the effectiveness of the Registration Statement and issued pursuant to any employee benefit plan in effect on the date hereof and described in the Time of Sale Prospectus are, in each case, bound by market standoff provisions with the Company that impose restrictions on transfer (subject to certain exceptions set forth in such provisions) with respect to such holder's Securities during the Restricted Period (as defined below) without the consent of the Company ("**Market Standoff Provisions**") that are enforceable by the Company. Each such Market Standoff Provision is in full force and effect as of the date hereof and shall remain in full force and effect during the Restricted Period, except that this provision shall not prevent the Company from effecting a waiver or amendment to permit a transfer of securities which, if such securities were subject to the terms of the Lock-up Agreement, would be permissible under such Lock-up Agreement without any consent, waiver or amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;*Representations and Warranties of the Selling Stockholders.* Each Selling Stockholder, severally and not jointly, represents and warrants to and agrees with each of the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement has been duly authorized, executed and delivered by or on behalf of such Selling Stockholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The execution and delivery by or on behalf of such Selling Stockholder of, and the performance by such Selling Stockholder of its obligations under, this

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Agreement, the Custody Agreement signed by or on behalf of such Selling Stockholder and Computershare Inc., as Custodian, relating to the deposit of the Shares to be sold by such Selling Stockholder (the "**Custody Agreement**") and the Power of Attorney appointing certain individuals as such Selling Stockholder's attorneys-in-fact to the extent set forth therein, relating to the transactions contemplated hereby and by the Registration Statement (the "**Power of Attorney**") will not contravene (i) any provision of applicable law, (ii) the certificate of incorporation or bylaws of such Selling Stockholder (if such Selling Stockholder is a corporation), (iii) any agreement or other instrument binding upon such Selling Stockholder or (iv) any judgment, order or decree of any governmental body, agency or court having jurisdiction over such Selling Stockholder except in the case of clauses (i), (iii) or (iv) as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Selling Stockholder to perform its obligations under this Agreement, the Custody Agreement and the Power of Attorney, and no consent, approval, authorization or order of, or qualification with, any governmental body, agency or court is required for the performance by such Selling Stockholder of its obligations under this Agreement or the Custody Agreement or Power of Attorney of such Selling Stockholder, except such as have already been obtained or waived or as may be required under the Securities Act, the Exchange Act or the rules and regulations thereunder, or by the securities or Blue Sky laws of the various states or non-U.S. jurisdictions or the rules and regulations of FINRA in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;On the date hereof, such Selling Stockholder has, and on the Closing Date (as defined in Section 5 herein), and if applicable, the Option Closing Date (as defined in Section 4 herein), such Selling Stockholder will have, valid title to the Shares (other than the Shares, if any, to be issued upon the vesting of Restricted Stock Units ("**RSUs**")) to be sold by such Selling Stockholder. On the date hereof, such Selling Stockholder has valid title to the RSUs, if any, in respect of the Shares to be sold by such Selling Stockholder, and on the Closing Date, and if applicable, the Option Closing Date, such Selling Stockholder will have valid title to the Shares issued upon the vesting of such RSUs to be sold by such Selling Stockholder. On the date hereof, such Selling Stockholder has, and on the Closing Date, and if applicable, the Option Closing Date, such Selling Stockholder will have, all authorization and approval required by law, to enter into this Agreement, the Custody Agreement, and the Power of Attorney and to sell, transfer and deliver the Shares to be sold by such Selling Stockholder, except (x) such as shall have been obtained or waived, and (y) such as may be required by the securities or Blue Sky laws of the various states or foreign jurisdictions or the rules and regulations of FINRA in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Immediately prior to the Closing Date, and if applicable, the Option Closing Date, such Selling Stockholder will have, valid title to, or a valid "security entitlement" within the meaning of Section 8-501 of the New York Uniform Commercial Code in respect of, the Shares to be sold by such Selling Stockholder free and clear of all security interests, claims, liens, equities or other encumbrances.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Custody Agreement and the Power of Attorney have been duly authorized, executed and delivered by or on behalf of such Selling Stockholder and are valid and binding agreements of such Selling Stockholder, subject to the effects of bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Upon payment for the Shares to be sold by such Selling Stockholder pursuant to this Agreement, delivery of such Shares, as directed by the Underwriters, to Cede & Co. ("**Cede**") or such other nominee as may be designated by the Depository Trust Company ("**DTC**"), registration of such Shares in the name of Cede or such other nominee and the crediting of such Shares on the books of DTC to securities accounts of the Underwriters (assuming that neither DTC nor any such Underwriter has notice of any adverse claim (within the meaning of Section 8-105 of the New York Uniform Commercial Code (the "**UCC**")) to such Shares), (i) DTC shall be a "protected purchaser" of such Shares within the meaning of Section 8-303 of the UCC, (ii) under Section 8-501 of the UCC, the Underwriters will acquire a valid security entitlement in respect of such Shares and (iii) no action based on any "adverse claim", within the meaning of Section 8-102 of the UCC, to such Shares may be successfully asserted against the Underwriters with respect to such security entitlement; for purposes of this representation, such Selling Stockholder may assume that when such payment, delivery and crediting occur, (x) such Shares will have been registered in the name of Cede or another nominee designated by DTC, in each case on the Company's share registry in accordance with its certificate of incorporation, bylaws and applicable law, (y) DTC will be registered as a "clearing corporation" within the meaning of Section 8-102 of the UCC and (z) appropriate entries to the accounts of the several Underwriters on the records of DTC will have been made pursuant to the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Such Selling Stockholder has delivered to the Representatives an executed Lock-up Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Such Selling Stockholder is not prompted by any material information concerning the Company or its subsidiaries which is not set forth in the Registration Statement, the Time of Sale Prospectus or the Prospectus to sell its Shares pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;(i) The Registration Statement, when it became effective, did not contain and, as amended or supplemented, if applicable, as of the date of such amendment or supplement, will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) the Time of Sale Prospectus does not, and at the time of each sale of the Shares in connection with the offering when the Prospectus is not yet available to prospective purchasers and at the Closing Date, the Time of Sale Prospectus, as then amended or supplemented by the Company, if applicable, as of the date of such amendment or supplement, will not, contain any untrue statement of a material fact or

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omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, (iii) each broadly available road show, if any, when considered together with the Time of Sale Prospectus, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and (iv) the Prospectus, as of its date, does not contain and, as amended or supplemented, if applicable, as of the date of such amendment or supplement, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, provided, that, in the case of each Selling Stockholder, the representations and warranties set forth in this paragraph are limited solely to statements or omissions made in reliance upon information relating to such Selling Stockholder furnished in writing to the Company or the Representatives by or on behalf of such Selling Stockholder expressly for use in the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, any issuer free writing prospectus, road show (as defined in Rule 433(h) under the Securities Act) (a "road show") or the Prospectus or any amendment or supplement thereto, it being understood and agreed that the only information furnished in writing by such Selling Stockholder consists of the name of such Selling Stockholder, the number of offered shares and the address and other information with respect to such Selling Stockholder (excluding percentages), which appear in the Registration Statement or any Prospectus in the table (and corresponding footnotes) under the caption "Principal and Selling Stockholders" and, if such Selling Stockholder is an executive officer or director of the Company (including any person who is named in the Registration Statement or any Prospectus or any amendment or supplement thereto as a person who is to become a director of the Company at a future date), the biographical information of such Selling Stockholder as set forth under the caption "Management" in the Registration Statement, the Prospectus or the Time of Sale Prospectus (with respect to each such Selling Stockholder, the "**Selling Stockholder Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;(i) None of such Selling Stockholder or, if such Selling Stockholder is an entity, any of its subsidiaries, or any director, officer, or, to such Selling Stockholder's knowledge, any employee, agent, affiliate, or representative of such Selling Stockholder or any of its subsidiaries, is a Sanctioned Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; Such Selling Stockholder and, if such Selling Stockholder is an entity, each of its subsidiaries have not since the more recent of April 24, 2019 or 10 years prior to the date of this Agreement, directly or knowingly indirectly engaged in, are not now directly or knowingly indirectly engaged in, and will not directly or knowingly indirectly engage in, any dealings or transactions with any Sanctioned Person or in any Sanctioned Country.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;Such Selling Stockholder will not, directly or knowingly indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;to fund or facilitate any activities or business of or with any Sanctioned Person or in any Sanctioned Country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;to fund or facilitate any money laundering or terrorist financing activities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;in any other manner that would cause or result in a violation of any Anti-Corruption Laws, Anti-Money Laundering Laws, or Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;None of such Selling Stockholder or, if such Selling Stockholder is an entity, any of its subsidiaries or controlled affiliates, or any director or officer thereof, or to the knowledge of such Selling Stockholder, any employee, agent or representative of such Selling Stockholder or of any of its subsidiaries or controlled affiliates, has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment, giving or receipt of money, property, gifts or anything else of value, directly or indirectly, to any person to improperly influence official action by that person for the benefit of such Selling Stockholder or, if such Selling Stockholder is an entity, for the benefit of any of its subsidiaries or controlled affiliates, or to otherwise secure any improper advantage, or to any person in violation of Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;If such Selling Stockholder is an entity, the operations of such Selling Stockholder and each of its subsidiaries are, have been conducted at all times in material compliance with all applicable Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;If such Selling Stockholder is an entity, such Selling Stockholder and each of its subsidiaries have conducted their businesses in material compliance with the Anti-Corruption Laws, the Anti-Money Laundering Laws, and Sanctions, and no investigation, inquiry, action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving such Selling Stockholder or any of its subsidiaries with respect to the Anti-Corruption Laws, the Anti-Money Laundering Laws, or Sanctions is pending or, to the knowledge of the Selling Stockholder, threatened. If such Selling Stockholder is an entity, such Selling Stockholder and its subsidiaries and controlled affiliates have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote and achieve compliance with the Anti-Corruption Laws, the Anti-Money Laundering Laws, Sanctions, and with the representations and warranties contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;Such Selling Stockholder represents and warrants that it is not (i) an employee benefit plan subject to Title I of the Employee Retirement Income Security Act of 1974, as amended ("**ERISA**"), (ii) a plan or account subject to Section 4975 of the

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Internal Revenue Code of 1986, as amended (the "**Code**") or (iii) an entity deemed to hold "plan assets" of any such plan or account under Section 3(42) of ERISA, 29 C.F.R. 2510.3-101, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;Each Selling Stockholder listed on Schedule I hereto and organized or domiciled in a jurisdiction outside of the United States (each, a "**Non-U.S. Selling Stockholder**") specifically agrees that no stamp, documentary, issuance, registration, transfer, withholding, capital gains, income or other taxes or duties are payable by or on behalf of the Underwriters, the Company or any of its subsidiaries in such Non-U.S. Selling Stockholder's jurisdiction of organization or to any taxing authority thereof or therein in connection with (i) the execution, delivery and consummation of this Agreement, or (ii) the sale and delivery of the Shares to the Underwriters or purchasers procured by the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;Each Non-U.S. Selling Stockholder has the power to submit, and pursuant to Section 16 has, to the extent permitted by law, legally, validly, effectively and irrevocably submitted, to the jurisdiction of the Specified Courts (as defined in Section 16 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;*Agreements to Sell and Purchase.* Each Seller, severally and not jointly, hereby agrees to sell to the several Underwriters, and each Underwriter, upon the basis of the representations and warranties herein contained, but subject to the terms and conditions hereinafter stated, agrees, severally and not jointly, to purchase from such Seller at $[ ● ] a share (the "**Purchase Price**") the number of Firm Shares (subject to such adjustments to eliminate fractional shares as the Representatives may determine) that bears the same proportion to the number of Firm Shares to be sold by such Seller as the number of Firm Shares set forth in Schedule II hereto opposite the name of such Underwriter bears to the total number of Firm Shares.

On the basis of the representations and warranties contained in this Agreement, and subject to its terms and conditions, the Selling Stockholders, severally and not jointly, agree to sell to the Underwriters the Additional Shares set forth opposite the Selling Stockholder's name in Schedule I hereto under the heading "Additional Shares" (each Selling Stockholder selling such number of Additional Shares equal to the product obtained by multiplying (i) the total number of Additional Shares for which the Underwriters exercise their option pursuant to this Section 3 and (ii) a fraction, the numerator of which is the number of Additional Shares set forth opposite such Selling Stockholder's name in Schedule I hereto under the heading "Additional Shares" and the denominator of which is the total number of Additional Shares), and the Underwriters shall have the right to purchase, severally and not jointly, up to [ ● ] Additional Shares at the Purchase Price, *provided*, however, that the amount paid by the Underwriters for any Additional Shares shall be reduced by an amount per share equal to any dividends declared by the Company and payable on the Firm Shares but not payable on such Additional Shares. The Representatives may exercise this right on behalf of the Underwriters in whole or from time to time in part by giving written notice to the Company and the Selling Stockholders not later than 30 days after the date of this Agreement. Any exercise notice shall specify the number of

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Additional Shares to be purchased by the Underwriters and the date on which such Additional Shares are to be purchased. Each purchase date must be at least one business day after the written notice is given and may not be earlier than the closing date for the Firm Shares or later than ten business days after the date of such notice. Additional Shares may be purchased as provided in Section 5 hereof solely for the purpose of covering over-allotments made in connection with the offering of the Firm Shares. On each day, if any, that Additional Shares are to be purchased (an "**Option Closing Date**"), each Underwriter agrees, severally and not jointly, to purchase the number of Additional Shares (subject to such adjustments to eliminate fractional shares as the Representatives may determine) that bears the same proportion to the total number of Additional Shares to be purchased on such Option Closing Date as the number of Firm Shares set forth in Schedule II hereto opposite the name of such Underwriter bears to the total number of Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;*Terms of Public Offering*. The Sellers are advised by the Representatives that the Underwriters propose to make a public offering of their respective portions of the Shares as soon after the Registration Statement and this Agreement have become effective as in the Representatives' judgment is advisable. The Sellers are further advised by the Representatives that the Shares are to be offered to the public initially at $[ ● ] a share (the "**Public Offering Price**") and to certain dealers selected by the Representatives at a price that represents a concession not in excess of $[ ● ] a share under the Public Offering Price, and that any Underwriter may allow, and such dealers may reallow, a concession, not in excess of $[ ● ] a share, to any Underwriter or to certain other dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;*Payment and Delivery.* Payment for the Firm Shares to be sold by each Seller shall be made to such Seller in Federal or other funds immediately available in New York City against delivery of such Firm Shares for the respective accounts of the several Underwriters at 10:00 a.m., New York City time, on [ ● ], 2025, or at such other time on the same or such other date, not later than [ ● ], 2025, as shall be designated in writing by the Representatives. The time and date of such payment are hereinafter referred to as the "**Closing Date**."

Payment for any Additional Shares to be sold by each Selling Stockholder shall be made to such Selling Stockholder in Federal or other funds immediately available in New York City against delivery of such Additional Shares for the respective accounts of the several Underwriters at 10:00 a.m., New York City time, on the date specified in the corresponding notice described in Section 3 or at such other time on the same or on such other date, in any event not later than [ ● ], 2025, as shall be designated in writing by the Representatives.

The Firm Shares and Additional Shares shall be registered in such names and in such denominations as the Representatives shall request not later than one full business day prior to the Closing Date or the applicable Option Closing Date, as the case may be. The Firm Shares and Additional Shares shall be delivered to the Representatives on the Closing Date or an Option Closing Date, as the case may be, for the respective accounts of the several Underwriters. The Purchase Price payable by the Underwriters shall be reduced by (i) any transfer taxes paid by, or on behalf of, the Underwriters in connection with the transfer of the Shares to the Underwriters duly paid and (ii) any withholding required by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;*Conditions to the Underwriters' Obligations*. The obligations of the Sellers to sell the Shares to the Underwriters and the several obligations of the Underwriters to purchase and pay for the Shares on the Closing Date are subject to the condition that the Registration Statement shall have become effective not later than 4:00 p.m. (New York City time) on the date hereof.

The several obligations of the Underwriters are subject to the following further conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subsequent to the execution and delivery of this Agreement and prior to the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;no order suspending the effectiveness of the Registration Statement shall be in effect, and no proceeding for such purpose or pursuant to Section 8A under the Securities Act shall be pending before or, to the Company's knowledge, threatened by the Commission; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;there shall not have occurred any change, or any development involving a prospective change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Time of Sale Prospectus that, in the Representatives' judgment, is material and adverse and that makes it, in the Representatives' judgment, impracticable to market the Shares on the terms and in the manner contemplated in the Time of Sale Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Underwriters shall have received on the Closing Date a certificate, dated the Closing Date and signed on behalf of the Company by an executive officer of the Company, to the effect set forth in Sections 6(a)(i) and 6(a)(ii) above and to the effect that the representations and warranties of the Company contained in this Agreement are true and correct as of the Closing Date and that the Company has complied with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied hereunder on or before the Closing Date.

The officer signing and delivering such certificate may rely upon the best of his or her knowledge as to proceedings threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Underwriters shall have received on the Closing Date an opinion and a negative assurance letter of Fenwick & West LLP, outside counsel for the Company, dated the Closing Date, in form and substance reasonably satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Underwriters shall have received on the Closing Date opinions of the respective counsel for each of the Selling Stockholders as identified in Schedule I hereto (the "Selling Stockholder Counsels"), dated the Closing Date, each in form and substance reasonably satisfactory to the Representatives.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Underwriters shall have received on the Closing Date an opinion and a negative assurance letter of Latham & Watkins LLP, counsel for the Underwriters, dated the Closing Date, in form and substance reasonably satisfactory to the Underwriters.

With respect to the negative assurance letters to be delivered pursuant to Sections 6(c) and 6(e) above, Fenwick & West LLP and Latham & Watkins LLP, respectively, may state that their opinions and beliefs are based upon their participation in the preparation of the Registration Statement, the Time of Sale Prospectus and the Prospectus and any amendments or supplements thereto and review and discussion of the contents thereof, but are without independent check or verification, except as specified. With respect to Section 6(d) above, each Selling Stockholder Counsel may rely upon an opinion or opinions of counsel for any Selling Stockholders and, with respect to factual matters and to the extent such counsel deems appropriate, upon the representations of each Selling Stockholder contained herein and in the Custody Agreement and Power of Attorney of such Selling Stockholder and in other documents and instruments; *provided* that (A) each such counsel for the Selling Stockholders is satisfactory to the Representatives, (B) a copy of each opinion so relied upon is delivered to the Representatives and is in form and substance satisfactory to counsel for the Underwriters, (C) copies of such Custody Agreements and Powers of Attorney and of any such other documents and instruments shall be delivered to the Representatives and shall be in form and substance satisfactory to counsel for the Underwriters and (D) each Selling Stockholder Counsel shall state in their opinion that they are justified in relying on each such other opinion.

The opinion and negative assurance letter of Fenwick & West LLP and the opinions of the Selling Stockholder Counsels described in Sections 6(c) and 6(d), respectively, above (and any opinions of counsel for any Selling Stockholder referred to in the immediately preceding paragraph) shall be rendered to the Underwriters at the request of the Company or one or more of the Selling Stockholders, as the case may be, and shall so state therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Underwriters shall have received, on each of the date hereof and the Closing Date, a letter dated the date hereof or the Closing Date, as the case may be, in form and substance reasonably satisfactory to the Representatives, from Ernst & Young LLP, an independent registered public accounting firm, containing statements and information of the type ordinarily included in accountants' "comfort letters" to underwriters with respect to the financial statements and certain financial information contained in the Registration Statement, the Time of Sale Prospectus and the Prospectus; *provided* that the letter delivered on the Closing Date shall use a "cut-off date" not earlier than the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The Underwriters shall have received, on each of the date hereof and the Closing Date, a Chief Financial Officer's certificate, dated the date hereof and the Closing Date, respectively, and signed on behalf of the Company by the Chief Financial Officer of the Company, in form and substance reasonably satisfactory to the Representatives.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;The lock-up agreements, each substantially in the form of Exhibit A hereto, between the Representatives and certain stockholders, officers and directors of the Company relating to restrictions on sales and certain other dispositions of shares of Common Stock or certain other securities, delivered to the Representatives on or before the date hereof (the "**Lock-up Agreements**"), shall be in full force and effect on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Firm Shares and Additional Shares, if any, shall have been approved for listing on the New York Stock Exchange, subject to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;The several obligations of the Underwriters to purchase Additional Shares hereunder are subject to the delivery to the Representatives on the applicable Option Closing Date of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;a certificate, dated the Option Closing Date and signed on behalf of the Company by an executive officer of the Company, confirming that the certificate delivered on the Closing Date pursuant to Section 6(b) hereof remains true and correct as of such Option Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;an opinion and a negative assurance letter of Fenwick & West LLP, outside counsel for the Company, dated the Option Closing Date, relating to the Additional Shares to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required by Section 6(c) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;opinions of the Selling Stockholder Counsels, the respective counsel for each of the Selling Stockholders, dated the Option Closing Date, relating to the Additional Shares to be purchased on such Option Closing Date and otherwise to the same effect as the opinions required by Section 6(d) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;an opinion and a negative assurance letter of Latham & Watkins LLP, counsel for the Underwriters, dated the Option Closing Date, relating to the Additional Shares to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required by Section 6(e) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;a letter dated the Option Closing Date, in form and substance satisfactory to the Representatives, from Ernst & Young LLP, an independent registered public accounting firm, substantially in the same form and substance as the letter furnished to the Underwriters pursuant to Section 6(f) hereof; *provided* that the letter delivered on the Option Closing Date shall use a "cut-off date" not earlier than two business days prior to such Option Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;a Chief Financial Officer's certificate, dated the Option Closing Date and signed on behalf of the Company by the Chief Financial Officer of the Company, in substantially the same form and substance as the certificate required by Section 6(g) hereof; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;such other documents as the Representatives may reasonably request with respect to the good standing of the Company, the due authorization, issuance and sale of the Additional Shares to be sold on such Option Closing Date and other matters related to the issuance and sale of such Additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;*Covenants of the Company*. The Company covenants with each Underwriter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;To furnish to the Representatives, upon written request, without charge, four signed copies of the Registration Statement (including exhibits thereto) (which may be an electronic facsimile) and for delivery to each other Underwriter a conformed copy of the Registration Statement (without exhibits thereto) and to furnish to the Representatives in New York City, without charge, prior to 10:00 a.m. New York City time on the business day next succeeding the date of this Agreement and during the period mentioned in Section 7(e) or 7(f) below, as many copies of the Time of Sale Prospectus, the Prospectus and any supplements and amendments thereto or to the Registration Statement as the Representatives may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Before amending or supplementing the Registration Statement, the Time of Sale Prospectus or the Prospectus, to furnish to the Representatives a copy of each such proposed amendment or supplement and not to file any such proposed amendment or supplement to which the Representatives reasonably object, and to file with the Commission within the applicable period specified in Rule 424(b) under the Securities Act any prospectus required to be filed pursuant to such Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;To furnish to the Representatives a copy of each proposed free writing prospectus to be prepared by or on behalf of, used by, or referred to by the Company and not to use or refer to any proposed free writing prospectus to which the Representatives reasonably object.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Not to take any action that would result in an Underwriter or the Company being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of the Underwriter that the Underwriter otherwise would not have been required to file thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;If the Time of Sale Prospectus is being used to solicit offers to buy the Shares at a time when the Prospectus is not yet available to prospective purchasers and any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Time of Sale Prospectus in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if any event shall occur or condition exist as a result of which the Time of Sale Prospectus conflicts with the information contained in the Registration Statement then on file, or if, in the reasonable opinion of counsel for the Underwriters, it is necessary to amend or supplement the Time of Sale Prospectus to comply with applicable law, forthwith to prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to any dealer upon request, either amendments or supplements to the Time of Sale

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Prospectus so that the statements in the Time of Sale Prospectus as so amended or supplemented will not, in the light of the circumstances when the Time of Sale Prospectus is delivered to a prospective purchaser, be misleading or so that the Time of Sale Prospectus, as amended or supplemented, will no longer conflict with the Registration Statement, or so that the Time of Sale Prospectus, as amended or supplemented, will comply with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;If, during such period after the first date of the public offering of the Shares as in the reasonable opinion of counsel for the Underwriters the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is required by law to be delivered in connection with sales by an Underwriter or dealer, any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Prospectus in order to make the statements therein, in the light of the circumstances when the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is delivered to a purchaser, not misleading, or if, in the reasonable opinion of counsel for the Underwriters, it is necessary to amend or supplement the Prospectus to comply with applicable law, forthwith to prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to the dealers (whose names and addresses the Representatives will furnish to the Company) to which Shares may have been sold by the Representatives on behalf of the Underwriters and to any other dealers upon request, either amendments or supplements to the Prospectus so that the statements in the Prospectus as so amended or supplemented will not, in the light of the circumstances when the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is delivered to a purchaser, be misleading or so that the Prospectus, as amended or supplemented, will comply with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;To endeavor to qualify the Shares for offer and sale under the securities or Blue Sky laws of such jurisdictions as the Representatives shall reasonably request; *provided* that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to take any action that would subject it to service of process in suits or taxation in any jurisdiction where it is not now so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;To make generally available (which may be satisfied by filing with the Commission on its Electronic Data Gathering Analysis and Retrieval System) to the Company's securityholders and to the Representatives as soon as practicable an earnings statement covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the date of this Agreement which shall satisfy the provisions of Section 11(a) of the Securities Act and the rules and regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;To comply with all applicable securities and other laws, rules and regulations in each jurisdiction in which the Issuer Directed Shares are offered in connection with the Issuer Directed Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;The Company will promptly notify the Representatives if the Company ceases to be an Emerging Growth Company at any time prior to the later of (i)

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completion of the distribution of the Shares within the meaning of the Securities Act and (ii) completion of the Restricted Period (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;Whether or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated, the Company agrees to pay or cause to be paid all expenses incident to the performance of its obligations under this Agreement, including: (i) the fees, disbursements and expenses of the Company's counsel, the Company's accountants and the Selling Stockholder Counsels, in connection with the registration and delivery of the Shares under the Securities Act and all other fees or expenses in connection with the preparation and filing of the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, the Prospectus, any free writing prospectus prepared by or on behalf of, used by, or referred to by the Company and amendments and supplements to any of the foregoing, including all printing costs associated therewith, and the mailing and delivering of copies thereof to the Underwriters and dealers, in the quantities hereinabove specified, (ii) all costs and expenses related to the transfer and delivery of the Shares to the Underwriters, including any transfer or other taxes payable thereon, (iii) the cost of printing or producing any Blue Sky or Legal Investment memorandum in connection with the offer and sale of the Shares under state securities laws and all expenses in connection with the qualification of the Shares for offer and sale under state securities laws as provided in Section 7(g) hereof, including filing fees and the reasonable fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky or Legal Investment memorandum, (iv) all filing fees and the reasonable fees and disbursements of counsel to the Underwriters incurred in connection with the review and qualification of the offering of the Shares by FINRA (including all fees and disbursements of counsel incurred on behalf of Nomura in its capacity as QIU); *provided* that the amount payable by the Company with respect to the fees and disbursements of counsel for the Underwriters incurred pursuant to subsection (iii) and (iv) of this Section 7(k) shall not exceed $60,000 in the aggregate, (v) all fees and expenses in connection with the preparation and filing of the registration statement on Form 8-A relating to the Class A Common Stock and all costs and expenses incident to listing the Shares on the New York Stock Exchange, (vi) the cost of printing certificates representing the Shares, (vii) the costs and charges of any transfer agent, registrar or depositary, (viii) the costs and expenses of the Company relating to investor presentations on any "road show" undertaken in connection with the marketing of the offering of the Shares, including, without limitation, expenses associated with the preparation or dissemination of any electronic road show, expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company, and travel and lodging expenses of the officers of the Company and any such consultants, *provided* that one hundred percent (100%) of the cost of any chartered aircraft or other means of transportation chartered in connection with the road show will be paid by the Underwriters, (ix) the document production charges and expenses associated with printing this Agreement, (x) all fees and disbursements of counsel incurred by the Underwriters in connection with the Issuer Directed Program and stamp duties, similar taxes or duties or other taxes, if any, incurred

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by the Underwriters in connection with the Issuer Directed Program, *provided* that the amount payable by the Company with respect to the fees and disbursements of counsel for the Underwriters incurred pursuant to this subsection (x) shall not exceed $30,000 in the aggregate and (xi) all other costs and expenses incident to the performance of the obligations of the Company hereunder for which provision is not otherwise made in this Section. It is understood, however, that except as provided in this Section, Section 10 entitled "Indemnity and Contribution," Section 11 entitled "Issuer Directed Program Indemnification" and the last paragraph of Section 13 below, the Underwriters will pay all of their costs and expenses, including fees and disbursements of their counsel, stock transfer taxes payable on resale of any of the Shares by them and any advertising expenses connected with any offers they may make. Notwithstanding the foregoing, the Underwriters and the Company will each be responsible for any costs and expenses that the parties may agree to in writing. The provisions of this Section 7(k) shall not supersede or otherwise affect any agreement that the Selling Stockholders may otherwise have for the allocation of related expenses among themselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;If at any time following the distribution of any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act there occurred or occurs an event or development as a result of which such Testing-the-Waters Communication included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company will promptly notify the Representatives and will promptly amend or supplement, at its own expense, such Testing-the-Waters Communication to eliminate or correct such untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;The Company will deliver to each Underwriter (or its agent), on the date of execution of this Agreement, a properly completed and executed Certification Regarding Beneficial Owners of Legal Entity Customers, together with copies of identifying documentation, and the Company undertakes to provide such additional supporting documentation as each Underwriter may reasonably request in connection with the verification of the foregoing Certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;If any Selling Stockholder is not a U.S. person for U.S. federal income tax purposes, the Company will deliver to each Underwriter (or its agent), (i) on or before the Closing Date, a properly completed and duly executed certificate that the Company is not, and has not been at any time during the five-year period ending on the date of such certificate, a "United States real property holding corporation" within the meaning of Section 897(c)(2) of the Code, dated not more than thirty (30) days prior to the Closing Date, in form and substance as required by U.S. Treasury Regulations Section 1.1445-2(c), and (ii) within thirty (30) days following the Closing Date, proof of delivery to the U.S. Internal Revenue Service ("**IRS**") of the required notice, as described in U.S. Treasury Regulations Section 1.897-2(h)(2), in each case, in form and substance reasonably acceptable to such Underwriter.

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The Company also covenants with each Underwriter that, without the prior written consent of Morgan Stanley and Goldman Sachs on behalf of the Underwriters, it will not, and will not publicly disclose an intention to, during the period ending on the earlier of (i) the commencement of trading on the second Trading Day immediately following the Company's release of earnings (which for this purpose shall not include "flash" numbers or preliminary, partial earnings) for the second quarter following the most recent period for which financial statements are included in the Prospectus and (ii) 180 days after the date of the Prospectus (the "**Restricted Period**"), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock or (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Common Stock or such other securities convertible into or exercisable or exchangeable for Common Stock, in cash or otherwise or (3) file any registration statement with the Commission relating to the offering of any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock. For purposes of this section, a "**Trading Day**" is a day on which the New York Stock Exchange is open for the buying and selling of securities.

The restrictions contained in the preceding paragraph shall not apply to (A) the Shares to be sold hereunder, (B) the issuance by the Company of shares of Common Stock upon the exercise of an option or warrant or the settlement of restricted stock units (including net settlement) pursuant to the terms of an equity compensation plan in effect as of the Closing Date and described in each of the Time of Sale Prospectus and Prospectus, (C) the issuance by the Company of shares of Common Stock upon the conversion of a security outstanding on the date hereof and described in each of the Time of Sale Prospectus and Prospectus; (D) grants of stock options, stock awards, restricted stock, restricted stock units or other equity awards and the issuance of Common Stock or securities convertible into or exercisable for Common Stock (whether upon the exercise of stock options or otherwise) to employees, officers, directors, advisors, or consultants of the Company pursuant to the terms of an equity compensation plan in effect as of the Closing Date and described in the Time of Sale Prospectus, (E) the filing by the Company of a registration statement on Form S-8 relating to the issuance, vesting, exercise, settlement, or resale of, equity awards granted or to be granted pursuant to an equity compensation plan in effect as of the Closing Date and described in the Time of Sale Prospectus, (F) the sale or issuance of or entry into an agreement to sell or issue Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock in connection with one or more mergers or acquisitions of securities, businesses, property or other assets, products or technologies; joint ventures; commercial relationships or other strategic corporate transactions or alliances; *provided* that the aggregate amounts of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock (on an as-converted, as-exercised or as-exchanged basis) that the Company may sell or issue or agree to sell or issue pursuant to this clause (F) shall not exceed 15% of the total number of shares of Common Stock of the Company issued and outstanding (determined on a fully diluted basis, including all outstanding securities convertible into or exercisable or exchangeable for Common Stock and excluding any shares

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reserved and available for issuance under the Company's equity compensation plans, as of immediately following the completion of the transactions contemplated by this Agreement), or (G) facilitating the establishment of a trading plan on behalf of a stockholder, officer or director of the Company pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of Common Stock, *provided* that (i) such plan does not provide for the transfer of Common Stock during the Restricted Period (except as otherwise permitted under the form of Lock-up Agreement) and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by the Company regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of Common Stock may be made under such plan during the Restricted Period; *provided* that, with respect to clauses (B), (C) and (F) above, the recipients thereof provide to the Representatives a signed lock-up agreement substantially in the form of the lock-up agreement described in Section 6(h) hereof or be subject to a Market Standoff Provision as set forth in Section 1(rr).

If Morgan Stanley and Goldman Sachs, in their sole discretion, agree to release or waive the restrictions on the transfer of Shares set forth in a Lock-up Agreement (a form of such Waiver of Lock-Up is set forth in substantially the form attached as Exhibit B hereto) for an officer or director of the Company and provides the Company with notice of the impending release or waiver at least three business days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by a press release substantially in the form of Exhibit C hereto through a major news service at least two business days before the effective date of the release or waiver.

In addition, during the Restricted Period, the Company agrees to (a) enforce the Market Standoff Provisions and any similar transfer restrictions contained in any agreement between the Company and any of its securityholders, including, without limitation, through the issuance of stop transfer instructions to the Company's transfer agent and registrar with respect to any transaction that would constitute a breach of, or default under, the transfer restrictions, except that this provision shall not prevent the Company from effecting such a waiver or amendment to permit a transfer of securities that would be permissible under the terms of a Lock-up Agreement, and (b) not amend or waive any such transfer restrictions with respect to any such holder without the prior written consent of Morgan Stanley and Goldman Sachs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;*Covenants of the Selling Stockholders.* Each Selling Stockholder, severally and not jointly, covenants with each Underwriter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Selling Stockholder will deliver to each Underwriter (or its agent), prior to or at the Closing Date, a properly completed and executed IRS Form W-9 or an appropriate IRS Form W-8, as applicable, together with all required attachments to such form, establishing a complete exemption from U.S. backup withholding tax and any withholding imposed under Chapter 3 or Chapter 4 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Selling Stockholder will deliver to each Underwriter (or its agent), on the date of execution of this Agreement, a properly completed and executed Certification Regarding Beneficial Owners of Legal Entity Customers, together with copies of identifying documentation, and each Selling Stockholder undertakes to provide

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such additional supporting documentation as each Underwriter may reasonably request in connection with the verification of the foregoing Certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;All sums payable by each Non-U.S. Selling Stockholder under this Agreement shall be paid free and clear of and without deductions or withholdings of any present or future taxes or duties, unless the deduction or withholding is required by law, in which case each Non-U.S. Selling Stockholder shall pay such additional amount as will result in the receipt by each Underwriter of the full amount that would have been received had no deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;All sums payable to an Underwriter shall be considered exclusive of any value added or similar taxes. Where a Non-U.S. Selling Stockholder is obliged to pay value added or similar tax on any amount payable hereunder to an Underwriter, each Non-U.S. Selling Stockholder, shall in addition to the sum payable hereunder pay an amount equal to any applicable value added or similar tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;*Covenants of the Underwriters*. Each Underwriter, severally and not jointly, covenants with the Company not to take any action that would result in the Company being required to file with the Commission under Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of such Underwriter that otherwise would not be required to be filed by the Company thereunder, but for the action of the Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;*Indemnity and Contribution.* (a) The Company agrees to indemnify and hold harmless each Underwriter, each person, if any, who controls any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and each affiliate of any Underwriter within the meaning of Rule 405 under the Securities Act from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, any preliminary prospectus, the Time of Sale Prospectus or any amendment or supplement thereto, any issuer free writing prospectus as defined in Rule 433(h) under the Securities Act, any Company information that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act, any road show, the Prospectus or any amendment or supplement thereto, or any Testing-the-Waters Communication, or arise out of, or are based upon, any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any such untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Underwriter furnished to the Company in writing by such Underwriter through or on behalf of the Representatives expressly for use therein, it being understood and agreed that the only such information furnished by the Underwriters through the Representatives consists of the Underwriter Information as defined in paragraph (c) below. The Company also agrees to indemnify and hold harmless Nomura and each person, if any, who controls Nomura within the meaning of either Section 15 of the Securities Act or Section 20 of

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the Exchange Act from and against any and all losses, claims, damages, liabilities, and judgments incurred as a result of Nomura's participation as a QIU within the meaning of Rule 5121 in connection with the offering of the Shares, except for any losses, claims, damages, liabilities, and judgments resulting from Nomura's, or such controlling person's, willful misconduct, and agrees to reimburse Nomura for any legal or other expenses reasonably incurred by Nomura in connection with investigating or defending any such loss, claim, damage, liability, or action as such expenses are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Selling Stockholder agrees, severally and not jointly, to indemnify and hold harmless each Underwriter, each person, if any, who controls any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and each affiliate of any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, within the meaning of Rule 405 under the Securities Act from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, any preliminary prospectus, the Time of Sale Prospectus or any amendment or supplement thereto, any issuer free writing prospectus as defined in Rule 433(h) under the Securities Act, any Company information that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act, any road show, the Prospectus or any amendment or supplement thereto, or any Testing-the-Waters Communication or arise out of, or are based upon, any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, but only with reference to the Selling Stockholder Information furnished in writing by or on behalf of such Selling Stockholder expressly for use in the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, any issuer free writing prospectus, road show or the Prospectus or any amendment or supplement thereto. The liability of each Selling Stockholder under the indemnity agreement contained in this paragraph shall be limited to an amount equal to the aggregate Public Offering Price (after deducting underwriting discounts and commissions but before deducting expenses) of the Shares sold by such Selling Stockholder under this Agreement (with respect to each Selling Stockholder, the "**Selling Stockholder Proceeds**") less any amounts such Selling Stockholder actually pays pursuant to the contribution provisions of Section 10(e) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, the Selling Stockholders, the directors of the Company, the officers of the Company who sign the Registration Statement and each person, if any, who controls the Company or any Selling Stockholder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Company to such Underwriter, but only with reference to information relating to such Underwriter furnished to the Company in writing by such Underwriter through or on behalf of the Representatives expressly for use in the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, any

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issuer free writing prospectus, road show, or the Prospectus or any amendment or supplement thereto ("**Underwriter Information**"); it being understood and agreed that the only such Underwriter Information consists of the following information in the Prospectus furnished on behalf of each Underwriter: the [ ● ] sentence of the [ ● ] paragraph under the caption "Underwriters" in the Prospectus concerning the terms of the offering by the Underwriters, the [ ● ] paragraph under the caption "Underwriters" in the Prospectus concerning sales to discretionary accounts and the [ ● ] sentence of the [ ● ] paragraph under the caption "Underwriters" in the Prospectus concerning stabilization by the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to Sections 10(a), 10(b) or 10(c), such person (the "**indemnified party**") shall promptly notify the person against whom such indemnity may be sought (the "**indemnifying party**") in writing and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the reasonably incurred fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed in writing to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for (i) the reasonably incurred fees and expenses of more than one separate firm (in addition to any local counsel) for all Underwriters and all persons, if any, who control any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act or who are affiliates of any Underwriter within the meaning of Rule 405 under the Securities Act, (ii) the reasonably incurred fees and expenses of more than one separate firm (in addition to any local counsel) for the Company, its directors, its officers who sign the Registration Statement and each person, if any, who controls the Company within the meaning of either such Section and (iii) the reasonably incurred fees and expenses of more than one separate firm (in addition to any local counsel) for all Selling Stockholders and all persons, if any, who control any Selling Stockholder within the meaning of either such Section. All such reasonably incurred fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the Underwriters and such control persons and affiliates of any Underwriters, such firm shall be designated in writing by the Representatives. In the case of any such separate firm for the Company, and such directors, officers and control persons of the Company, such firm shall be designated in writing by the Company. In the case of any such separate firm for the Selling Stockholders and such control persons of any Selling Stockholders, such firm shall be

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designated in writing by the persons named as attorneys-in-fact for the Selling Stockholders under the Powers of Attorney. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second and third sentences of this paragraph, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 60 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement (x) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any indemnified party. Notwithstanding anything contained herein to the contrary, if indemnity may be sought pursuant to Section 10(a) hereof in respect of such action or proceeding, then in addition to such separate firm for the indemnified parties, the indemnifying party shall be liable for the reasonable fees and expenses of not more than one separate firm (in addition to any local counsel) for Nomura in its capacity as a QIU and all persons, if any, who control Nomura within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;To the extent the indemnification provided for in Sections 10(a), 10(b) or 10(c) is unavailable to an indemnified party or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under such paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party or parties on the other hand from the offering of the Shares or (ii) if the allocation provided by clause 10(e)(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause 10(e)(i) above but also the relative fault of the indemnifying party or parties on the one hand and of the indemnified party or parties on the other hand in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Sellers on the one hand and the Underwriters on the other hand in connection with the offering of the Shares shall be deemed to be in the same respective proportions as the net proceeds from the offering of the Shares (after deducting underwriting commissions and

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discounts but before deducting expenses) received by each Seller and the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover of the Prospectus, bear to the aggregate Public Offering Price of the Shares. The relative fault of the Sellers on the one hand and the Underwriters on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Sellers or by the Underwriters and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Underwriters' respective obligations to contribute pursuant to this Section 10 are several in proportion to the respective number of Shares they have purchased hereunder, and not joint. The Selling Stockholders' obligations to contribute pursuant to this Section 10 are several, and not joint. The liability of each Selling Stockholder under the contribution agreement contained in this paragraph shall be limited to an amount equal to the Selling Stockholder Proceeds of such Selling Stockholder less any amounts that such Selling Stockholder actually pays pursuant to Section 10(b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Sellers and the Underwriters agree that it would not be just or equitable if contribution pursuant to this Section 10 were determined by *pro rata* allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in Section 10(e). The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in Section 10(e) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 10, no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section 10 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The indemnity and contribution provisions contained in this Section 10 and the representations, warranties and other statements of the Company and the Selling Stockholders contained in this Agreement shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Underwriter, any person controlling any Underwriter or any affiliate of any Underwriter, by or on behalf of any Selling Stockholder or any person controlling any Selling Stockholder, or by or on behalf of the Company, its officers or directors or any person controlling the Company and (iii) acceptance of and payment for any of the Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;*Issuer Directed Program Indemnification.* (a) The Company agrees to indemnify and hold harmless Morgan Stanley, each person, if any, who controls Morgan Stanley within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and each affiliate of Morgan Stanley within the meaning of Rule 405 under the Securities Act ("**Morgan Stanley Entities**") from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) (i) that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in any material prepared by or with the consent of the Company for distribution to Participants in connection with the Issuer Directed Program or arise out of, or are based upon, any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) that arise out of, or are based upon, the failure of any Participant to pay for and accept delivery of Issuer Directed Shares that the Participant agreed to purchase; or (iii) related to, arising out of, or in connection with the Issuer Directed Program, other than losses, claims, damages or liabilities (or expenses relating thereto) that are finally judicially determined to have resulted from the bad faith or gross negligence of Morgan Stanley Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In case any proceeding (including any governmental investigation) shall be instituted involving any Morgan Stanley Entity in respect of which indemnity may be sought pursuant to Section 11(a), the Morgan Stanley Entity seeking indemnity, shall promptly notify the Company in writing and the Company, upon request of the Morgan Stanley Entity, shall retain counsel reasonably satisfactory to the Morgan Stanley Entity to represent the Morgan Stanley Entity and any others the Company may designate in such proceeding and shall pay the reasonably incurred fees and disbursements of such counsel related to such proceeding. In any such proceeding, any Morgan Stanley Entity shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Morgan Stanley Entity unless (i) the Company shall have agreed in writing to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the Company and the Morgan Stanley Entity and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Company shall not, in respect of the legal expenses of the Morgan Stanley Entities in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Morgan Stanley Entities. All such reasonably incurred fees and expenses shall be reimbursed as they are incurred. Any such separate firm for the Morgan Stanley Entities shall be designated in writing by Morgan Stanley. The Company shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Company agrees to indemnify the Morgan Stanley Entities from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time a Morgan Stanley Entity shall have requested the Company to reimburse it for fees and expenses of counsel as contemplated by the second and third sentences of this paragraph, the Company agrees that it shall be liable for any settlement of any proceeding effected

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without its written consent if (i) such settlement is entered into more than 60 days after receipt by the Company of the aforesaid request and (ii) the Company shall not have reimbursed the Morgan Stanley Entity in accordance with such request prior to the date of such settlement. The Company shall not, without the prior written consent of Morgan Stanley, effect any settlement of any pending or threatened proceeding in respect of which any Morgan Stanley Entity is or could have been a party and indemnity could have been sought hereunder by such Morgan Stanley Entity, unless such settlement (x) includes an unconditional release of the Morgan Stanley Entities from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Morgan Stanley Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;To the extent the indemnification provided for in Section 11(a) is unavailable to a Morgan Stanley Entity or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then the Company in lieu of indemnifying the Morgan Stanley Entity thereunder, shall contribute to the amount paid or payable by the Morgan Stanley Entity as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Morgan Stanley Entities on the other hand from the offering of the Issuer Directed Shares or (ii) if the allocation provided by clause 11(c)(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause 11(c)(i) above but also the relative fault of the Company on the one hand and of the Morgan Stanley Entities on the other hand in connection with any statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Morgan Stanley Entities on the other hand in connection with the offering of the Issuer Directed Shares shall be deemed to be in the same respective proportions as the net proceeds from the offering of the Issuer Directed Shares (before deducting expenses) and the total underwriting discounts and commissions received by the Morgan Stanley Entities for the Issuer Directed Shares, bear to the aggregate Public Offering Price of the Issuer Directed Shares. If the loss, claim, damage or liability is caused by an untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact, the relative fault of the Company on the one hand and the Morgan Stanley Entities on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement or the omission or alleged omission relates to information supplied by the Company or by the Morgan Stanley Entities and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Company and the Morgan Stanley Entities agree that it would not be just or equitable if contribution pursuant to this Section 11 were determined by pro rata allocation (even if the Morgan Stanley Entities were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in Section 11(c). The amount paid or payable by the Morgan Stanley Entities as a result of the losses, claims, damages and liabilities referred to in the

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immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by the Morgan Stanley Entities in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 11, no Morgan Stanley Entity shall be required to contribute any amount in excess of the amount by which the total price at which the Issuer Directed Shares distributed to the public were offered to the public exceeds the amount of any damages that such Morgan Stanley Entity has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section 11 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The indemnity and contribution provisions contained in this Section 11 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Morgan Stanley Entity or the Company, its officers or directors or any person controlling the Company and (iii) acceptance of and payment for any of the Issuer Directed Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;*Termination*. The Underwriters may terminate this Agreement by notice given by the Representatives to the Company, if after the execution and delivery of this Agreement and prior to or on the Closing Date or any Option Closing Date, as the case may be, (i) trading generally shall have been suspended or materially limited on, or by, as the case may be, any of the New York Stock Exchange or the Nasdaq Global Market, (ii) trading of any securities of the Company shall have been suspended on any exchange or in any over-the-counter market, (iii) a material disruption in securities settlement, payment or clearance services in the United States shall have occurred, (iv) any moratorium on commercial banking activities shall have been declared by Federal or New York State authorities or (v) there shall have occurred any outbreak or escalation of hostilities, or any change in financial markets, or any calamity or crisis that, in the Representatives' judgment, is material and adverse and which, singly or together with any other event specified in this clause (v), makes it, in the Representatives' judgment, impracticable or inadvisable to proceed with the offer, sale or delivery of the Shares on the terms and in the manner contemplated in the Time of Sale Prospectus or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;*Effectiveness; Defaulting Underwriters*. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.

If, on the Closing Date or an Option Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase Shares that it has or they have agreed to purchase hereunder on such date, and the aggregate number of Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth of the aggregate number of the Shares to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the number of Firm Shares set forth opposite their respective names in Schedule II bears to the aggregate number of Firm Shares set forth opposite

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the names of all such non-defaulting Underwriters, or in such other proportions as the Representatives may specify, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; *provided* that in no event shall the number of Shares that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this Section 13 by an amount in excess of one-ninth of such number of Shares without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Firm Shares and the aggregate number of Firm Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Firm Shares to be purchased on such date, and arrangements satisfactory to the Representatives, the Company, and the Selling Stockholders for the purchase of such Firm Shares are not made within 36 hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter, the Company, or the Selling Stockholders. In any such case either the Representatives or the relevant Sellers shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, in the Time of Sale Prospectus, in the Prospectus or in any other documents or arrangements may be effected. If, on an Option Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Additional Shares and the aggregate number of Additional Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Additional Shares to be purchased on such Option Closing Date, the non-defaulting Underwriters shall have the option to (i) terminate their obligation hereunder to purchase the Additional Shares to be sold on such Option Closing Date or (ii) purchase not less than the number of Additional Shares that such non-defaulting Underwriters would have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.

If this Agreement shall be terminated by the Underwriters, or any of them, because of any failure or refusal on the part of any Seller to comply with the terms or to fulfill any of the conditions of this Agreement, or if for any reason any Seller shall be unable to perform its obligations under this Agreement (other than by reason of default by the Underwriters or the occurrence of any of the events described in clauses (i), (iii), (iv) or (v) of Section 12 herein), the Company will reimburse the Underwriters or such Underwriters as have so terminated this Agreement with respect to themselves, severally, for all out-of-pocket expenses (including the fees and disbursements of their counsel) reasonably incurred by such Underwriters in connection with this Agreement or the offering contemplated hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;*Entire Agreement*. (a) This Agreement, together with any contemporaneous written agreements and any prior written agreements (to the extent not superseded by this Agreement) that relate to the offering of the Shares, represents the entire agreement between the Company and the Selling Stockholders, on the one hand, and the Underwriters, on the other, with respect to the preparation of any preliminary prospectus, the Time of Sale Prospectus, the Prospectus, the conduct of the offering, and the purchase and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company and each Selling Stockholder acknowledges that in connection with the offering of the Shares: (i) the Underwriters have acted at arm's

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length, are not agents of, and owe no fiduciary duties to, the Company, any of the Selling Stockholders or any other person, (ii) the Underwriters owe the Company and each Selling Stockholder only those duties and obligations set forth in this Agreement, any contemporaneous written agreements and prior written agreements (to the extent not superseded by this Agreement), if any, (iii) the Underwriters may have interests that differ from those of the Company and each Selling Stockholder, and (iv) none of the activities of the Underwriters in connection with the transactions contemplated herein constitutes a recommendation, investment advice, or solicitation of any action by the Underwriters with respect to any entity or natural person. The Company and each Selling Stockholder waive to the full extent permitted by applicable law any claims it may have against the Underwriters arising from an alleged breach of fiduciary duty in connection with the offering of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each Selling Stockholder further acknowledges and agrees that, although the Underwriters may provide certain Selling Stockholders with certain Regulation Best Interest and Form CRS disclosures or other related documentation in connection with the offering, the Underwriters are not making a recommendation to any Selling Stockholder to participate in the offering or sell any Shares at the Purchase Price, and nothing set forth in such disclosures or documentation is intended to suggest that any Underwriter is making such a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;*Recognition of the U.S. Special Resolution Regimes*. (a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

For purposes of this Section a "**BHC Act Affiliate**" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k). "**Covered Entity**" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). "**Default Right**" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. "**U.S. Special Resolution Regime**" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title

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II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;*Submission to Jurisdiction*. Each Non-U.S. Selling Stockholder irrevocably submits to the non-exclusive jurisdiction of any New York State or United States Federal court sitting in The City of New York (the "**Specified Courts**") over any suit, action or proceeding arising out of or relating to this Agreement, the Time of Sale Prospectus, the Prospectus, the Registration Statement or the offering of the Shares (each, a "**Related Proceeding**"). Each Non-U.S. Selling Stockholder irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any Related Proceeding brought in such a court and any claim that any such Related Proceeding brought in such a court has been brought in an inconvenient forum. To the extent that any Non-U.S. Selling Stockholder has or hereafter may acquire any immunity (on the grounds of sovereignty or otherwise) from the jurisdiction of any court or from any legal process with respect to itself or its property, such Non-U.S. Selling Stockholder irrevocably waives, to the fullest extent permitted by law, such immunity in respect of any such suit, action or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;*Judgment Currency*. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder into any currency other than United States dollars, the parties hereto agree, to the fullest extent permitted by law, that the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Underwriters could purchase United States dollars with such other currency in The City of New York on the business day preceding that on which final judgment is given. The obligation of each Non-U.S. Selling Stockholder with respect to any sum due from it to any Underwriter or any person controlling any Underwriter shall, notwithstanding any judgment in a currency other than United States dollars, not be discharged until the first business day following receipt by such Underwriter or controlling person of any sum in such other currency, and only to the extent that such Underwriter or controlling person may in accordance with normal banking procedures purchase United States dollars with such other currency. If the United States dollars so purchased are less than the sum originally due to such Underwriter or controlling person hereunder, each Non-U.S. Selling Stockholder agrees as a separate obligation and notwithstanding any such judgment, to indemnify such Underwriter or controlling person against such loss. If the United States dollars so purchased are greater than the sum originally due to such Underwriter or controlling person hereunder, such Underwriter or controlling person agrees to pay the relevant Non-U.S. Selling Stockholder(s), as applicable, an amount equal to the excess of the dollars so purchased over the sum originally due to such Underwriter or controlling person hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;*Taxes*. If any sum payable by a Non-U.S. Selling Stockholder under this Agreement is subject to tax in the hands of an Underwriter or taken into account as a receipt in computing the taxable income of that Underwriter (excluding net income taxes on underwriting commissions payable hereunder), the sum payable to the Underwriter under this Agreement shall be increased to such sum as will ensure that the Underwriter shall be left with the sum it would have had in the absence of such tax and such increase shall be the responsibility of such Non-U.S. Selling Stockholder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;*Counterparts*. This Agreement may be signed in two or more counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, *e.g.*, www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;*Applicable Law*. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;*Headings*. The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;&nbsp;&nbsp;&nbsp;*Notices*. All communications hereunder shall be in writing and effective only upon receipt and if to the Underwriters shall be delivered, mailed or sent to the Representatives in care of Morgan Stanley & Co. LLC, 1585 Broadway, New York, New York 10036, Attention: Equity Syndicate Desk, with a copy to the Legal Department, in care of Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282-2198, Attention: Registration Department, and in care of Allen & Company LLC, 711 Fifth Avenue, 9th Floor, New York, New York 10022, Attention: Prospectus Department; if to the Company shall be delivered, mailed or sent to 760 Market Street, Floor 10, San Francisco, California 94102, Attention: General Counsel, and if to the Selling Stockholders shall be delivered, mailed or sent to each of the Attorneys-in-Fact named in the Power of Attorney, c/o the Company at the address set forth on the cover of the Registration Statement, Attention General Counsel, with a copy, which shall not constitute notice, to Whalen LLP, 4701 Von Karman Avenue, Suite 325, Newport Beach, California 92660.

[Remainder of page intentionally left blank]

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **FIGMA, INC.** | **FIGMA, INC.** |
| By: |  |
|  | Name: |
|  | Title: |

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| |
|:---|
| The Selling Stockholders named in |
| Schedule I hereto, acting severally |
| By: |
| Name: |
| Title: Attorney-in-Fact: |

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| | |
|:---|:---|
| Accepted as of the date hereof | Accepted as of the date hereof |
| **MORGAN STANLEY & CO. LLC<br>GOLDMAN SACHS & CO. LLC<br>ALLEN & COMPANY LLC** | **MORGAN STANLEY & CO. LLC<br>GOLDMAN SACHS & CO. LLC<br>ALLEN & COMPANY LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acting severally on behalf of themselves and <br>the several Underwriters named in <br>Schedule II hereto. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acting severally on behalf of themselves and <br>the several Underwriters named in <br>Schedule II hereto. |
| By: | Morgan Stanley & Co. LLC |
| By: |  |
|  | Name: |
|  | Title: |
| By: | Goldman Sachs & Co. LLC |
| By: |  |
|  | Name: |
|  | Title: |
| By: | Allen & Company LLC |
| By: |  |
|  | Name: |
|  | Title: |

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**SCHEDULE I**

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| | | |
|:---|:---|:---|
| **Selling Stockholder** | **Number of Firm Shares <br>To Be Sold** | **Additional <br>Shares** |
| [ ● ]<sup>(1)</sup> | [ ● ] | [ ● ] |
| [ ● ]<sup>(2)</sup> | [ ● ] | [ ● ] |
| [ ● ]<sup>(3)</sup> | [ ● ] | [ ● ] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total: | [ ● ] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ● ] |
| (1) Selling Stockholder is represented by [Firm]. |  |  |
| (2) Selling Stockholder is represented by [Firm]. |  |  |
| (3) Selling Stockholder is represented by [Firm]. |  |  |

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**SCHEDULE II**

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| | |
|:---|:---|
| **Underwriter** | **Number of Firm Shares To <br>Be Purchased** |
| Morgan Stanley & Co. LLC | [ ● ] |
| Goldman Sachs & Co. LLC | [ ● ] |
| Allen & Company LLC | [ ● ] |
| J.P. Morgan Securities LLC | [ ● ] |
| BofA Securities, Inc. | [ ● ] |
| Wells Fargo Securities, LLC | [ ● ] |
| RBC Capital Markets, LLC | [ ● ] |
| William Blair & Company, L.L.C. | [ ● ] |
| Nomura Securities International, Inc. | [ ● ] |
| WR Securities, LLC | [ ● ] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total: | [ ● ] |

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**SCHEDULE III**

**Time of Sale Prospectus**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Preliminary Prospectus issued [ ● ], 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.[identify all free writing prospectuses filed by the Company under Rule 433(d) of the Securities Act]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.[free writing prospectus containing a description of terms that does not reflect final terms, if the Time of Sale Prospectus does not include a final term sheet]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Pricing information:

Firm Shares to be sold by the Company: [ ● ]

Firm Shares to be sold by the Selling Stockholders: [ ● ]

Additional Shares to be sold by the Selling Stockholders: [ ● ]

Public offering price: $[ ● ] per share

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**SCHEDULE IV**

**Testing-the-Waters Communications**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.[Testing-the-Waters presentation, dated [ ● ], 2025]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.[ ● ]

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**EXHIBIT A**

**FORM OF LOCK-UP AGREEMENT**

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , 2025

Morgan Stanley & Co. LLC

Goldman Sachs & Co. LLC

Allen & Company LLC

As Representatives of the several

Underwriters named in Schedule I to the Underwriting

Agreement referred to below

c/o Morgan Stanley & Co. LLC

1585 Broadway

New York, New York 10036

c/o Goldman Sachs & Co. LLC

200 West Street

New York, New York 10282

c/o Allen & Company LLC

711 Fifth Avenue

New York, New York 10022

Ladies and Gentlemen:

The undersigned understands that Morgan Stanley & Co. LLC ("**Morgan Stanley**"), Goldman Sachs & Co. LLC ("**Goldman Sachs**") and Allen & Company LLC (together, the "**Representatives**") propose to enter into an Underwriting Agreement (the "**Underwriting Agreement**") with Figma, Inc., a Delaware corporation (the "**Company**"), and the selling stockholders listed on Schedule I of the Underwriting Agreement, providing for the public offering (the "**Public Offering**") by the several Underwriters, including the Representatives (the "**Underwriters**"), of shares (the "**Shares**") of the Class A Common Stock, par value $0.00001 per share, of the Company (the "**Class A Common Stock**" and, together with the Class B Common Stock, par value $0.00001 per share, of the Company and Class C Common Stock, par value $0.00001 per share, of the Company, the "**Common Stock**").

To induce the Underwriters that may participate in the Public Offering to continue their efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written consent of Morgan Stanley and Goldman Sachs on behalf of the Underwriters, it will not, and will not publicly disclose an intention to, during the period commencing on the date of this letter agreement (this "**Letter Agreement**") and ending 180 days after the date of the final prospectus relating to the Public Offering (the "**Prospectus**") or such other earlier date as provided herein (the "**Restricted Period**"), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant

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to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock beneficially owned (as such term is used in Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**")), by the undersigned or any other securities so owned, convertible into or exercisable or exchangeable for Common Stock or (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Common Stock or such other securities convertible into or exercisable or exchangeable for Common Stock, in cash or otherwise. The undersigned acknowledges and agrees that the foregoing precludes the undersigned from engaging in any hedging or other transaction designed or intended, or which could reasonably be expected to lead to or result in, a sale or disposition of any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, even if any such sale or disposition transaction or transactions would be made or executed by or on behalf of someone other than the undersigned. The restrictions in this paragraph shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) transactions relating to shares of Common Stock or other securities convertible into or exercisable or exchangeable for Common Stock acquired in the Public Offering or in open market transactions after the completion of the Public Offering, *provided* that no public announcement or filing under Section 16(a) of the Exchange Act shall be required or shall be voluntarily made during the Restricted Period in connection with subsequent sales of Common Stock or other securities convertible into or exercisable or exchangeable for Common Stock acquired either in the Public Offering or in such open market or other transactions after the completion of the Public Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfers of shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock (i) as a bona fide gift or to a charitable organization or educational institution or (ii) for bona fide estate planning purposes, in each case, in a transfer not involving a disposition for value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) transfers or dispositions of shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, if the undersigned is a natural person, to any member of the immediate family, as defined below, of the undersigned or any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned, or if the undersigned is a trust, to a trustor, trustee, or any beneficiary (including such trustor, trustee, or beneficiary's estate) in a transaction not involving a disposition for value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) distributions, transfers or dispositions of shares of Common Stock or other securities convertible into or exercisable or exchangeable for Common Stock to any corporation, partnership, limited liability company, or other entity that is an affiliate of the undersigned, as defined below, or of which all of the beneficial ownership interests are held by the undersigned or the immediate family of the undersigned in a transaction not involving a disposition for value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) transfers or dispositions of shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock (i) by will, other testamentary document or intestate succession and (ii) by operation of law including, without limitation, pursuant to orders

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of a court or regulatory agency, in connection with a negotiated divorce settlement, pursuant to a qualified domestic relations order or by other court order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (b) through (e) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if the undersigned is a corporation, partnership, limited liability company, trust or other entity, (x) transfers or dispositions of shares of Common Stock or other securities convertible into or exercisable or exchangeable for Common Stock to another corporation, member, managers, partnership, limited liability company, trust or other entity (or in each case its nominee or custodian) that is a direct or indirect affiliate (as defined under Rule 12b-2 of the Exchange Act) of the undersigned, or to an investment fund or other entity that controls or is controlled by, manages or is managed by, or is under common control with, the undersigned or affiliates of the undersigned, or (y) distributions of shares of Common Stock or any security convertible into or exercisable or exchangeable for Common Stock to current or former partners (general or limited), members, managers, stockholders, beneficiaries or other equity holders of the undersigned (or in each case its nominee or custodian) or to the estate of any such partners, members, managers, stockholders, beneficiaries or other equity holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) the receipt by the undersigned from the Company of shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock upon the exercise of options, settlement of restricted stock units or other equity awards or the exercise of warrants which are outstanding as of the date of the Prospectus and are disclosed in the Prospectus, or (ii) transfers or dispositions to the Company in connection with the vesting, settlement or exercise of restricted stock units, options, warrants or other rights to purchase shares of Common Stock or any security convertible into or exercisable or exchangeable for Common Stock (including, in each case, by way of "net" or "cashless" exercise), including any transfer to the Company for the payment of tax withholdings or remittance payments due as a result of the vesting, settlement or exercise of such restricted stock units, options, warrants or other rights, or in connection with the conversion of convertible securities, in all such cases pursuant to equity awards granted under a stock incentive plan or other equity award plan, or pursuant to the terms of convertible securities, each as described in the registration statement filed with the Securities and Exchange Commission with respect to the Public Offering (the "**Registration Statement**"), the preliminary prospectus relating to the Shares included in the Registration Statement immediately prior to the time the Underwriting Agreement is executed and the Prospectus; provided that (1) any such shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock received by the undersigned shall be subject to the terms of this Letter Agreement, (2) except as set forth in (3), no public announcement or filing under Section 16(a) of the Exchange Act, or any other public filing or disclosure reporting a reduction in beneficial ownership of shares of Common Stock, shall be voluntarily made during the Restricted Period and (3) to the extent a filing under Section 16(a) of the Exchange Act is required during the Restricted Period as a result of such transfers or

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dispositions pursuant to clause (h)(ii), it shall clearly indicate that the filing relates to the circumstances described in this clause (h)(ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;sales in open market transactions during the Restricted Period to generate such amount of net proceeds to the undersigned from such sales (after deducting commissions) in an aggregate amount up to the total amount of taxes or estimated taxes (as applicable) that become due as a result of the vesting and/or settlement of Company equity awards held by the undersigned and issued pursuant to a plan or arrangement described in the Prospectus that vest and/or settle during the Restricted Period, provided that, for the avoidance of doubt, any shares of Common Stock or other securities convertible into or exercisable or exchangeable for Common Stock retained by the undersigned after giving effect to this provision shall be subject to the terms of this Letter Agreement; provided that in the case of any sale pursuant to this clause (i), filings under Section 16(a) of the Exchange Act shall only be permissible during the Restricted Period if such filing shall clearly indicate in the footnotes thereto that the filing relates to securities being sold to generate net proceeds solely to cover taxes or estimated taxes (as applicable) that became due as a result of the vesting and/or settlement of Company equity award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) transfers of shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock to the Company pursuant to arrangements under which the Company has the option to repurchase such shares of Common Stock or any security convertible into or exercisable or exchangeable for Common Stock or a right of first refusal with respect to such securities; provided to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the undersigned or the Company regarding such transfer, such announcement or filing shall include a statement to the effect such transfer was to the Company in connection with the repurchase of shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the conversion of the outstanding preferred stock or warrants to acquire preferred stock of the Company into shares of Common Stock or the exercise of warrants to acquire shares of Common Stock prior to or in connection with the consummation of the Public Offering, or the conversion, exchange, retirement or reclassification of the outstanding shares of preferred stock or other classes of capital stock of the Company into shares of Common Stock, provided that any such shares of Common Stock received upon such conversion, exchange, retirement or reclassification shall be subject to the terms of this Letter Agreement; *provided further* that for the avoidance of doubt, no transfers are permitted under this clause (k) except for transfers to and from the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) (i) transfers of shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction, that is approved by the Board of Directors of the Company (the "**Board**"), made to all holders of the Company's capital stock involving a Change of Control, as defined below, and (ii) entry into any lock-up, voting or similar agreement pursuant to which the undersigned may agree to transfer, sell, tender or otherwise dispose of shares of Common Stock or such other securities convertible into or exercisable or exchangeable for Common Stock in connection with a transaction described in (i) above; provided, that, in the

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event that such tender offer, merger, consolidation or other similar transaction is not completed, the shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock beneficially owned by the undersigned shall remain subject to the restrictions contained in this Letter Agreement. For purposes of this clause (l), "Change of Control" shall mean the transfer (whether by tender offer, merger, consolidation or other similar transaction), in one transaction or a series of related transactions, the result of which is that any "person" (as defined in Section 13(d)(3) of the Exchange Act), or group of persons, other than the Company or an Underwriter pursuant to the Public Offering, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of more than 50% of the total voting power of the voting stock of the Company (or the surviving entity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to the Underwriters pursuant to the Underwriting Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any transfer of shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock pledged in a bona fide transaction to third parties as collateral to secure obligations pursuant to lending or other arrangements in effect as of the date hereof between such third parties (or their affiliates or designees) and the undersigned and/or its affiliates or any existing or future similar arrangement relating to a financing arrangement for the benefit of the undersigned and/or its affiliates, provided that in the case of pledges or similar arrangements under this clause (n), any such pledgee or other party shall, upon foreclosure on the pledged securities, sign and deliver a lock-up agreement substantially in the form of this Letter Agreement, and provided further that no filing under the Exchange Act, or any other public filing or disclosure, of such transfer by or on behalf of the undersigned, shall be voluntarily made during the Restricted Period and to the extent a filing under Section 16(a) of the Exchange Act is required during the Restricted Period as a result of such transfers or dispositions pursuant to this clause (n), it shall clearly indicate that the filing relates to the circumstances described in this clause (n);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) facilitating the establishment of a trading plan on behalf of a stockholder, officer or director of the Company pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of Common Stock, *provided* that (i) such plan does not provide for the transfer of Common Stock during the Restricted Period (except as otherwise allowed pursuant to clause (i) above) and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the undersigned or the Company regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of Common Stock may be made under such plan during the Restricted Period (except as otherwise allowed pursuant to clause (i) above);

provided, in the case of any transfer, disposition or distribution pursuant to clauses (b) through (g), that (i) each transferee, donee or distributee, as the case may be, shall sign and deliver a lock-up agreement substantially in the form of this Letter Agreement and (ii) no public announcement or filing under Section 16(a) of the Exchange Act or any other public filing or disclosure reporting a reduction in beneficial ownership of shares of Common Stock, shall be required or shall be voluntarily made during the Restricted Period other than any Schedule 13G, 13D or Form 13F (or any amendments to such schedules or forms) with respect to such transfer,

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disposition or distribution (other than, in the case of a transfer or other disposition pursuant to clause (b), (e), (f), to the extent such transfer or other disposition is to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clause (b) or (e), and (g), above, if the undersigned is subject to Section 16 reporting with respect to the Company under the Exchange Act and any Form 4 or Form 5 is required to be filed under the Exchange Act, any such filing will indicate by footnote disclosure or otherwise the nature of the transfer, disposition or distribution).

For purposes of this Letter Agreement, (i) "**immediate family**" shall mean any relationship by blood, current or former marriage or domestic partnership, or adoption, not more remote than first cousin; and (ii) "**affiliate**" shall have the meaning set forth in Rule 405 promulgated under the Securities Act of 1933, as amended (the "**Securities Act**").

Notwithstanding the foregoing,

(1) if (a) the undersigned is an employee or other service provider of the Company (an "**Employee Stockholder**") and is not an Excluded Holder, as defined below, as of the date of the Company's initial public filing of the Registration Statement (the "**Public Filing Date**") who continues to provide service to the Company through the Initial Post-Offering Earnings Release Date, as defined below, and (b) the closing price per share of the Class A Common Stock, on the exchange on which the Class A Common Stock is listed, is at least 25% greater than the initial public offering price per share of Class A Common Stock set forth on the cover page of the Prospectus for at least five Trading Days, as defined below, in any 10-day consecutive Trading Day period, with at least one of such five Trading Days occurring after the Initial Post-Offering Earnings Release Date, as defined below, then 25% of the aggregate number of vested shares of Common Stock and other securities convertible into or exercisable or exchangeable for Common Stock owned by the undersigned Employee Stockholder as of the Public Filing Date and vested through the first day of the month in which the Initial Post-Offering Earnings Release Date occurs ("**Measurement Date**"), including (A) (i) restricted stock units that have satisfied the time and service vesting condition as of the Measurement Date and (ii) vested and exercisable stock options as of the Measurement Date, but excluding any unvested warrants, restricted stock, convertible securities, stock options, restricted stock units or other equity awards issued by the Company as of the Measurement Date, and (B) such shares and other securities convertible into or exercisable or exchangeable for Common Stock that are held by any trust for the direct or indirect benefit of the undersigned holder or of an immediate family member of the undersigned holder will be automatically released from the restrictions contained in this Letter Agreement and may be sold in the public market, subject to compliance with applicable securities laws including, without limitation, Rule 144 under the Securities Act and compliance with the Company's insider trading policy, beginning at the commencement of the second Trading Day after the date that the Company publicly announces its earnings for the first completed quarterly period (which, for this purpose, shall not include "flash" numbers or preliminary, partial earnings) (the "**Initial Post-Offering Earnings Release Date**") following the most recent period for which financial statements are included in the Prospectus; and

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(2) in addition, and notwithstanding anything to the contrary herein, the Restricted Period shall terminate for the remainder of the undersigned's Shares subject to the restrictions hereunder, on the earlier of (i) the commencement of trading on the second Trading Day immediately following the Company's release of earnings (the "**Second Post-Offering Earnings Release Date**") (which for this purpose shall not include "flash" numbers or preliminary, partial earnings) for the second quarter following the most recent period for which financial statements are included in the Prospectus and (ii) 180 days after the date of the Prospectus.

Notwithstanding anything to the contrary herein, if the undersigned is an employee, officer or a director of the Company or is otherwise subject to the Company's insider trading policy, the undersigned hereby acknowledges that the undersigned shall remain subject to the Company's insider trading policy, including the Company's regular quarterly "black-out" periods thereunder.

Any release from the restrictions contained in this Letter Agreement pursuant to paragraph (1) above shall be referred to as the "**Employee Release**" and any release from the restrictions contained in this Letter Agreement pursuant to paragraphs (1) and (2) above shall be referred to as an "**Earnings-Related Lockup Release**." The Company shall announce the anticipated date of such Earnings-Related Lockup Release through a major news service, or on a Form 8-K, at least one Trading Day in advance of the Earnings-Related Lockup Release, provided that the Company shall not be obligated to announce the anticipated date of the Earnings-Related Lockup Release to the extent that it occurs during a "black-out" period under the Company's insider trading policy.

For purposes of this Letter Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a "**Trading Day**" is a day on which the New York Stock Exchange is open for the buying and selling of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An "**Excluded Holder**" shall mean (i) any member of the Board and (ii) any officer within the meaning of Section 16 of the Exchange Act.

In addition, the undersigned agrees that, without the prior written consent of Morgan Stanley and Goldman Sachs on behalf of the Underwriters, it will not, during the earlier of (i) the end of the Restricted Period and (ii) the Second Post-Offering Earnings Release Date, make any demand for or exercise any right with respect to the registration of any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock except in compliance with the foregoing restrictions.

If the undersigned is an officer or director of the Company, the undersigned further agrees that the foregoing restrictions shall be equally applicable to any issuer-directed Shares the undersigned may purchase in the Public Offering.

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If the undersigned is an officer or director of the Company, (i) Morgan Stanley and Goldman Sachs agree that, at least three business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of shares of Common Stock, Morgan Stanley and Goldman Sachs will notify the Company of the impending release or waiver, and (ii) the Company will agree in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service at least two business days before the effective date of the release or waiver. Any release or waiver granted by Morgan Stanley and Goldman Sachs hereunder to any such officer or director shall only be effective two business days after the publication date of such press release. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer not for consideration or to an immediate family member as defined in FINRA Rule 5130(i)(5) and (b) the transferee has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.

The undersigned understands that the Company and the Underwriters are relying upon this Letter Agreement in proceeding toward consummation of the Public Offering. The undersigned further understands that this Letter Agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representatives, successors and assigns.

The undersigned acknowledges and agrees that the Underwriters have not provided any recommendation or investment advice nor have the Underwriters solicited any action from the undersigned with respect to the Public Offering of the Shares and the undersigned has consulted their own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate. The undersigned further acknowledges and agrees that, although the Underwriters may provide certain Regulation Best Interest and Form CRS disclosures or other related documentation to you in connection with the Public Offering, the Underwriters are not making a recommendation to you to participate in the Public Offering, enter into a lock-up agreement, or sell any Shares at the price determined in the Public Offering, and nothing set forth in such disclosures or documentation is intended to suggest that any Underwriter is making such a recommendation.

In the event that any of the Representatives withdraws from or declines to participate in the Public Offering, all references to the Representatives contained in this Letter Agreement shall be deemed to refer to the Representatives that continue to participate in the Public Offering.

Whether or not the Public Offering actually occurs depends on a number of factors, including market conditions. Any Public Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriters.

The undersigned understands that, if (i) either the Representatives, on the one hand, or the Company, on the other hand, informs the other in writing, prior to the execution of the Underwriting Agreement, that they have determined not to proceed with the Public Offering, (ii) the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares to be sold thereunder,

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(iii) the Registration Statement is withdrawn prior to the execution of the Underwriting Agreement or (iv) the Underwriting Agreement is not executed on or before September 30, 2025, provided that the Company may by written notice to the undersigned prior to such date to extend such date for a period of up to an additional three months, then, in each case, this Letter Agreement shall automatically, and without any action on the part of any other party, be of no further force and effect, and the undersigned shall be automatically released from all obligations under this Letter Agreement.

This Letter Agreement may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com or www.echosign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

This Letter Agreement and any claim, controversy or dispute arising under or related to this Letter Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof.

[*Signature Page Follows*]

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| | | |
|:---|:---|:---|
| | Very truly yours, | |
| **IF AN INDIVIDUAL:** | **IF AN INDIVIDUAL:** | **IF AN ENTITY:** |
|  | *(duly authorized signature)* | *(please print complete name of entity)* |
| Name: |  | By:&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | *(please print full name)* | *(duly authorized signature)* |
|  |  | Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  |  | *(please print full name)* |
|  |  | Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  |  | *(please print full title)* |
| Address: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  | Address: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  | Address: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
| E-mail: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> | E-mail: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> | E-mail: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |

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**EXHIBIT B**

**FORM OF WAIVER OF LOCK-UP**

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>, 2025

[Name and Address of

Officer or Director

Requesting Waiver]

Dear Mr./Ms. [Name]:

This letter is being delivered to you in connection with the offering by Figma, Inc. (the "**Company**") of <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> shares of Class A common stock, $0.00001 par value per share (the "**Common Stock**"), of the Company and the lock-up agreement dated <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> , 2025 (the "**Lock-up Agreement**"), executed by you in connection with such offering, and your request for a [waiver] [release] dated <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> , 2025, with respect to <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> shares of Common Stock (the "**Shares**").

Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC hereby agree to [waive] [release] the transfer restrictions set forth in the Lock-up Agreement, but only with respect to the Shares, effective <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>, 20<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>; *provided*, however, that such [waiver] [release] is conditioned on the Company announcing the impending [waiver] [release] by press release through a major news service at least two business days before effectiveness of such [waiver] [release]. This letter will serve as notice to the Company of the impending [waiver] [release].

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Except as expressly [waived] [released] hereby, the Lock-up Agreement shall remain in full force and effect.

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| | | |
|:---|:---|:---|
| | Very truly yours, | Very truly yours, |
| | Morgan Stanley & Co. LLC | Morgan Stanley & Co. LLC |
| | Goldman Sachs & Co. LLC | Goldman Sachs & Co. LLC |
| | Acting severally on behalf of themselves | Acting severally on behalf of themselves |
| | and the several Underwriters named in | and the several Underwriters named in |
| | Schedule II hereto | Schedule II hereto |
| | Morgan Stanley & Co. LLC | Morgan Stanley & Co. LLC |
| | By: | |
| | | Name: |
| | | Title: |
| | Goldman Sachs & Co. LLC  | Goldman Sachs & Co. LLC  |
| | By: | |
| | | Name: |
| | | Title: |
| cc: Company |  |  |

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**EXHIBIT C**

**FORM OF PRESS RELEASE**

Figma, Inc.

[Date]

Figma, Inc. (the "**Company**") announced today that Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC, on behalf of the several underwriters in the Company's recent public sale of <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> shares of its Class A common stock, are [waiving][releasing] a lock-up restriction with respect to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> shares of the Company's Class A common stock held by [certain officers or directors] [an officer or director] of the Company. The [waiver][release] will take effect on <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , 20<u>&nbsp;&nbsp;&nbsp;&nbsp;</u> , and the shares may be sold on or after such date.

**This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.**

## Exhibit 3.2

**Exhibit 3.2**

**FIGMA, INC.**

**AMENDED AND RESTATED CERTIFICATE OF INCORPORATION**

Figma, Inc., a Delaware corporation, hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;**The name of this corporation is "Figma, Inc." The date of the filing of its original Certificate of Incorporation with the Secretary of State of the State of Delaware was October 19, 2012.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;**The Amended and Restated Certificate of Incorporation of this corporation attached hereto as <u>Exhibit A</u>, which is incorporated herein by this reference, and which restates, integrates and further amends the provisions of the Certificate of Incorporation of this corporation, as previously amended and/or supplemented, has been duly adopted by this corporation's Board of Directors and by its stockholders in accordance with Sections 242 and 245 of the General Corporation Law of the State of Delaware, with the approval of this corporation's stockholders having been given by written consent without a meeting in accordance with Section 228 of the General Corporation Law of the State of Delaware.

IN WITNESS WHEREOF, this corporation has caused this Amended and Restated Certificate of Incorporation to be signed by its duly authorized officer and the foregoing facts stated herein are true and correct.

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| | | |
|:---|:---|:---|
| Dated: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025 | FIGMA, INC. | FIGMA, INC. |
|  | By: |  |
|  |  | Dylan Field |
|  |  | Chief Executive Officer and President |

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**<u>EXHIBIT A</u>**

**FIGMA, INC.**

**AMENDED AND RESTATED CERTIFICATE OF INCORPORATION**

**ARTICLE I: NAME**

The name of the corporation is Figma, Inc. (the "***Corporation***").

**ARTICLE II: AGENT FOR SERVICE OF PROCESS**

The address of the Corporation's registered office in the State of Delaware is 1209 Orange Street, City of Wilmington, County of New Castle, Delaware 19801, and the name of the Corporation's registered agent in the State of Delaware at such address is The Corporation Trust Company.

**ARTICLE III: PURPOSE**

The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware (as amended from time to time, the "***General Corporation Law***").

**ARTICLE IV: AUTHORIZED STOCK**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorized Shares</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;The total number of shares of all classes of capital stock that the Corporation has authority to issue is 11,650,000,000 shares comprised of: (i) 11,350,000,000 shares of Common Stock, $0.00001 par value per share ("***Common Stock***"), of which (a) 10,000,000,000 shares shall be a series designated as Class A Common Stock, $0.00001 par value per share ("***Class A Common Stock***"), (b) 350,000,000 shares shall be a series designated as Class B Common Stock, $0.00001 par value per share ("***Class B Common Stock***"), and (c) 1,000,000,000 shares shall be a series designated as Class C Common Stock, $0.00001 par value per share ("***Class C Common Stock***"), (ii) 100,000,000 shares of Blockchain Common Stock, $0.00001 par value per share ("***Blockchain Common Stock***"), and (iii) 200,000,000 shares of Preferred Stock, $0.00001 par value per share ("***Preferred Stock***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;Irrespective of the provisions of Section 242(b)(2) of the General Corporation Law, but subject to the rights of the holders of any series of Blockchain Common Stock or Preferred Stock then outstanding, the number of authorized shares of any class or classes of stock may be increased or decreased (but not below the number of shares thereof then outstanding) by a vote of the holders of the stock of the Corporation entitled to vote thereon, voting as a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, the Corporation expressly elects to be governed by Section 242(d) of the General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Blockchain Common Stock and</u> <u>Preferred Stock</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;The Corporation's Board of Directors (the "***Board***") is authorized, subject to any limitations prescribed by the laws of the State of Delaware, by resolution or resolutions adopted from time to time, to provide for the issuance of shares of Blockchain Common Stock or Preferred Stock in one or more series, and, by filing a certificate of designation pursuant to the applicable laws of the State of Delaware ("***Certificate of Designation***"), to establish from time to time the number of shares to be included in each such series, to fix the designation, powers (including voting powers), preferences and

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relative, participating, optional or other special rights (and the qualifications, limitations or restrictions thereof) of the shares of each such series and, except where otherwise provided in the applicable Certificate of Designation, to increase (but not above the total number of authorized shares of the Blockchain Common Stock or the Preferred Stock, as applicable) or decrease (but not below the number of shares of such series then outstanding) the number of shares of any such series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided in this Amended and Restated Certificate of Incorporation (as the same may be amended and/or restated from time to time, including pursuant to the terms of any Certificate of Designation designating any series of Blockchain Common Stock or Preferred Stock, this "***Certificate of Incorporation***"), (i) any new series of Blockchain Common Stock or Preferred Stock may be designated, fixed and determined as provided herein by the Board without approval of the holders of Common Stock, Blockchain Common Stock or Preferred Stock, or any series thereof, and (ii) any such new series may have powers, preferences and rights, including, without limitation, voting powers, dividend rights, liquidation rights, redemption rights and conversion rights, senior to, junior to or pari passu with the rights of the Common Stock, any series of the Blockchain Common Stock or Preferred Stock or any future class or series of the Corporation's capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Common Stock</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Equal Status</u>. Except as otherwise provided in this Certificate of Incorporation or required by applicable law, the holders of each series of Common Stock shall have the same rights and powers, rank equally (including as to dividends and distributions, and upon any liquidation, bankruptcy, dissolution or winding up of the Corporation, but excluding voting and other matters as described in Section 3.2 of this Article IV), share ratably and be identical in all respects and as to all matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting Rights</u>. Except as otherwise expressly provided by this Certificate of Incorporation or as required by law, the holders of shares of Common Stock shall (a) at all times vote together as a single class and not as separate series or classes on all matters (including the election of directors) submitted to a vote of the stockholders of the Corporation, (b) be entitled to notice of any stockholders' meeting in accordance with the Corporation's Bylaws (as the same may be amended and/or restated from time to time, the "***Bylaws***") and (c) be entitled to vote upon such matters and in such manner as may be provided by applicable law; *<u>provided</u>*, *<u>however</u>*, that, except as otherwise required by law or this Certificate of Incorporation, holders of shares of Common Stock shall not be entitled to vote on any amendment to this Certificate of Incorporation (including any Certificate of Designation relating to any series of Blockchain Common Stock or Preferred Stock) that relates solely to the terms of one (1) or more outstanding class or series of Blockchain Common Stock or Preferred Stock if the holders of such affected class or series are entitled, either separately or together as a class with the holders of one (1) or more other such class or series, to vote thereon pursuant to this Certificate of Incorporation (including any Certificate of Designation relating to any series of Blockchain Common Stock or Preferred Stock). Except as otherwise expressly provided herein or required by applicable law, (x) each holder of Class A Common Stock shall have the right to one (1) vote per share of Class A Common Stock held of record by such holder, (y) each holder of Class B Common Stock shall have the right to fifteen (15) votes per share of Class B Common Stock held of record by such holder and (z) shares of Class C Common Stock shall have no voting rights, except as otherwise required by law. Unless required by law, there shall be no cumulative voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividends</u>. Subject to the preferential or other rights of any holders of Blockchain Common Stock or Preferred Stock then outstanding, the holders of all series of Common Stock shall be treated equally, identically and ratably, on a per share basis, with respect to any dividends or distributions

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(other than authorized repurchases of outstanding Common Stock) as may be declared and paid from time to time by the Board out of any assets of the Corporation legally available therefor, unless a disparate dividend or distribution is approved in advance by the affirmative vote of the holders of a majority of the then-outstanding shares of each series of Common Stock, voting as separate series; *<u>provided</u>*, *<u>however</u>*, that, notwithstanding the foregoing, in the event a dividend or distribution (other than authorized repurchases of outstanding Common Stock) is paid in the form of shares of a series of Common Stock (or securities convertible into or exchangeable or exercisable for ("***rights to acquire***") such shares), the holders of a series of Common Stock, as such, shall receive shares of such series of Common Stock (or rights to acquire such shares, as the case may be). Notwithstanding the foregoing, the Board may pay or make a dividend or distribution of shares of Class A Common Stock (or rights to acquire such shares) to the holders of Class A Common Stock and Class B Common Stock otherwise meeting the criteria of this Section 3.3 if such dividend or distribution is approved by the affirmative vote of the Requisite Class B Holders (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Subdivisions or Combinations</u>. Without the affirmative vote of the holders of a majority of the then-outstanding shares of each series of Common Stock, voting as separate series, the Corporation may not subdivide or combine the issued shares of any series of Common Stock unless the issued shares of each other such series shall, concurrently therewith, be subdivided or combined in a manner that maintains the same proportionate equity ownership between the holders of the outstanding series of Common Stock on the record date of such subdivision or combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Reclassifications</u>. Without the affirmative vote of the holders of a majority of the then-outstanding shares of each series of Common Stock, voting as separate series, the Corporation may not reclassify or otherwise change (other than a subdivision or combination pursuant to which Section 3.4 of this Article IV shall be applicable) (such reclassification or other change, "***Reclassify***") the shares of any series of Common Stock unless the shares of each other series of Common Stock are concurrently Reclassified (i) in a manner that maintains the same proportionate equity ownership between the holders of the outstanding series of Common Stock on the record date of such Reclassification and (ii) into the same kind and amount of stock or securities; *<u>provided</u>*, that, the stock or securities into which each share of Class B Common Stock or Class C Common Stock is Reclassified shall be deemed the same kind and amount into which each share of Class A Common Stock is Reclassified so long as any differences in the kind and amount of stock or securities are intended solely (as determined by the Board in good faith) to maintain the relative voting power of each share of Class B Common Stock relative to each share of any other series of Common Stock outstanding prior to the Reclassification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Liquidation, Dissolution or Winding Up</u>. Subject to the preferential or other rights of any holders of Blockchain Common Stock or Preferred Stock then outstanding, upon the liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, the holders of each series of Common Stock will be entitled to receive ratably, on a per share basis, all assets of the Corporation available for distribution to its stockholders unless disparate or different treatment of the shares of each such series with respect to distributions upon any such liquidation, dissolution or winding up is approved in advance by the affirmative vote of the holders of a majority of the then-outstanding shares of each series of Common Stock, voting as separate series. Notwithstanding the foregoing, and for the avoidance of doubt, consideration to be paid or received by a holder of Common Stock pursuant to any employment, consulting, severance or similar services arrangement shall not be deemed to be assets of the Corporation available for distribution to its stockholders for the purpose of this Section 3.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Fundamental Change</u>. In addition to any vote required pursuant to applicable law or this Certificate of Incorporation, the affirmative vote of the holders of a majority of the then-

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outstanding shares of each series of Common Stock, voting as separate series, shall be required to approve any merger, consolidation, conversion, transfer, domestication or continuance (whether or not the Corporation is the surviving entity, a "***Fundamental Change***") unless the holders of each series of Common Stock, as such, will be entitled to receive equal, identical and ratable per share distributions or payments, if any, in connection with such Fundamental Change; *<u>provided</u>*, *<u>however</u>*, that, notwithstanding the foregoing, in the case of a distribution or payment in the form of securities in connection with a Fundamental Change, the holders of any or all such series of Common Stock may (but shall not be required to) receive different or disproportionate distributions or payments in the form of securities of the Corporation or another entity if the only difference among the securities distributed or paid to the holders of each series of Common Stock shall be the voting rights thereof, which shall be substantially similar to the voting rights of the series of Common Stock in respect of which such securities are distributed or paid; and *<u>provided</u>*, *<u>further</u>*, that in the event that the holders of a series of Common Stock are granted rights to elect to receive one of two or more alternative forms of consideration, the holders of each series of Common Stock shall be deemed to have received equal, identical and ratable per share distributions or payments in connection with such Fundamental Change if holders of each series of Common Stock are each granted substantially similar election rights. Notwithstanding the foregoing, and for the avoidance of doubt, (x) consideration to be distributed or paid to a holder of Common Stock in connection with any such Fundamental Change pursuant to any employment, consulting, severance or similar services arrangement or (y) a negotiated agreement between a holder of Common Stock and any counterparty (or an "affiliate" thereof (used herein as defined pursuant to Rule 405 promulgated under the Securities Act of 1933, as amended (the "***Securities Act***"))) to a Fundamental Change wherein such holder is contributing, selling, transferring or otherwise disposing of shares of the Corporation's capital stock to such counterparty (or an "affiliate" thereof) as part of a "rollover" or similar transaction that is in connection with such Fundamental Change, in each case, shall not be deemed to be consideration distributed or paid to the holder of shares of Common Stock for the purpose of this Section 3.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversion</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversion of the Class B Common Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>. The Class B Common Stock shall be convertible into Class A Common Stock as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each share of Class B Common Stock will automatically convert into one (1) fully paid and nonassessable share of Class A Common Stock on the Final Conversion Date (as defined below) (the "***Class B Automatic Conversion***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;With respect to any holder of Class B Common Stock, each share of Class B Common Stock held by such holder will automatically be converted into one (1) fully paid and nonassessable share of Class A Common Stock, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)&nbsp;&nbsp;&nbsp;&nbsp;on the affirmative written election of such holder or, if later, at the time or the happening of a future event specified in such written election (which election may be revoked by such holder prior to the date on which the automatic conversion would otherwise occur unless otherwise specified by such holder); or

ii)&nbsp;&nbsp;&nbsp;&nbsp;on the occurrence of a Transfer (as defined below) of such share of Class B Common Stock, other than a Permitted Transfer (as defined below).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Class C Automatic Conversion</u>. All shares of Class C Common Stock then outstanding shall automatically, without further action by the Corporation or the holder thereof, be converted into one (1) fully paid and nonassessable share of Class A Common Stock following both (a) the earliest to occur of (i) the conversion or other exchange of all then-outstanding shares of Class B Common Stock into, or for shares of, Class A Common Stock, (ii) the Class B Automatic Conversion and (iii) the affirmative vote of the holders of a majority of the then-outstanding shares of Class B Common Stock, voting separately as a single class and (b) upon the date and time, or occurrence of an event, specified by the affirmative vote of the holders of a majority of the then-outstanding shares of Class A Common Stock, voting separately as a single class (the "***Class C Automatic Conversion***," and the Class B Automatic Conversion and the Class C Automatic Conversion each an "***Automatic Conversion***").

The Corporation shall provide notice of an Automatic Conversion to record holders of all then-outstanding shares of Class B Common Stock subject to such Class B Automatic Conversion and of Class C Common Stock subject to such Class C Automatic Conversion, as applicable, as soon as practicable following such Automatic Conversion. Such notice shall be provided by any means then permitted by the General Corporation Law; *<u>provided</u>*, *<u>however</u>*, that no failure to give such notice nor any defect therein shall affect the validity of an Automatic Conversion. Upon and after an Automatic Conversion, each record holder of then-outstanding shares of Class B Common Stock subject to such Class B Automatic Conversion and of Class C Common Stock subject to such Class C Automatic Conversion, as applicable, immediately prior to such Class B Automatic Conversion and Class C Automatic Conversion, as applicable, shall be registered on the Corporation's books as the record holder of the shares of Class A Common Stock issued upon such Automatic Conversion without further action on the part of such record holder. Immediately upon the effectiveness of an Automatic Conversion, the rights of the holders of the shares of Class B Common Stock converted pursuant to such Class B Automatic Conversion and of Class C Common Stock converted pursuant to such Class C Automatic Conversion, as applicable, shall cease, and the holders shall be treated for all purposes as having become the record holder or holders of such shares of Class A Common Stock into which such shares of Class B Common Stock and Class C Common Stock, as applicable, were converted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1&nbsp;&nbsp;&nbsp;&nbsp;The Corporation may, from time to time, establish such policies and procedures relating to the conversion of the Class B Common Stock or Class C Common Stock to Class A Common Stock and the general administration of the division of the Common Stock into multiple series, including the issuance of stock certificates with respect thereto, as it may deem necessary or advisable, and may from time to time request that holders of shares of Class B Common Stock or Class C Common Stock furnish certifications, affidavits or other proof to the Corporation as it deems necessary to verify the ownership of Class B Common Stock or Class C Common Stock and to confirm that a conversion to Class A Common Stock has not occurred. The Board is authorized to determine whether or not a Transfer has occurred that results in a conversion to Class A Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2&nbsp;&nbsp;&nbsp;&nbsp;On the occurrence of the conversion events specified in Sections 4.1.1(a), 4.1.1(b) or 4.2 of this Article IV, such conversion will occur automatically without the need for any further action by the holders of such shares and whether or not the certificates representing such shares are surrendered to the Corporation or its transfer agent; *<u>provided</u>*, *<u>however</u>*, that the Corporation will not be obligated to issue certificates evidencing the shares of Class A Common Stock issuable on such conversion unless the certificates evidencing such shares of Class B Common Stock or Class C Common Stock, as applicable, if any such certificates have been issued, are either delivered to the Corporation or its transfer agent as provided below, or the holder notifies the Corporation or its transfer agent that such

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certificates have been lost, stolen or destroyed and executes an agreement satisfactory to the Corporation to indemnify the Corporation from any loss incurred by it in connection with such certificates or the issuance of such shares of Class A Common Stock. On the occurrence of such Class B Automatic Conversion or Class C Automatic Conversion, the holders of Class B Common Stock or Class C Common Stock, as applicable, so converted will surrender the certificates representing such shares at the office of the Corporation or any transfer agent for the Class A Common Stock. Thereupon, if requested by any holder of Class B Common Stock or Class C Common Stock, there shall be issued and delivered to such holder promptly at such office and in its name as shown on such surrendered certificate or certificates, a certificate or certificates for the number of shares of Class A Common Stock into which the shares of Class B Common Stock or Class C Common Stock surrendered were convertible on the date on which such automatic conversion occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Reservation</u>. The Corporation will at all times reserve and keep available out of its authorized but unissued shares of Class A Common Stock, solely for the purpose of effecting the conversion of the shares of the Class B Common Stock and Class C Common Stock, such number of its shares of Class A Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of Class B Common Stock and Class C Common Stock; and if at any time the number of authorized but unissued shares of Class A Common Stock will not be sufficient to effect the conversion of all then-outstanding shares of Class B Common Stock and Class C Common Stock, the Corporation will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Class A Common Stock, to such number of shares as shall be sufficient for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. As used in this Certificate of Incorporation, the following terms shall have the meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.2&nbsp;&nbsp;&nbsp;&nbsp;"***Exchange Agreement***" means the exchange agreement between the Founders and certain of their Permitted Entities (as defined below), on the one hand, and the Corporation, on the other hand, dated June 23, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.3&nbsp;&nbsp;&nbsp;&nbsp;"***Exchange Date***" means June 23, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.4&nbsp;&nbsp;&nbsp;&nbsp;"***Family Member***" shall mean with respect to any natural person who is a Qualified Stockholder (as defined below), the spouse, domestic partner, parents, grandparents, aunts,

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uncles, cousins, lineal descendants, siblings and lineal descendants of siblings of such natural person, or the parents, grandparents, aunts, uncles, cousins, lineal descendants, siblings or lineal descendants of siblings of the spouse or domestic partner of such Qualified Stockholder. Lineal descendants shall include adopted persons, but only so long as they are adopted while a minor. Siblings shall include persons sharing one or both parents as well as persons adopted by one or both parents, but only so long as they are adopted while a minor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.5&nbsp;&nbsp;&nbsp;&nbsp;"***Final Conversion Date***" means the first to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the date fixed by the Board that is no less than sixty-one (61) days and no more than one-hundred-eighty (180) days following the date on which the Founders each fail to satisfy his Minimum Class B Share Ownership Condition (as defined below); it being understood that this clause (a) shall not be met if only one Founder fails to satisfy his Minimum Class B Share Ownership Condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the date that is twenty-four (24) months after the death or Disability of Field, *<u>provided</u>*, that such date may be extended but not for a total period of longer than twelve (12) months, to a date approved by a majority of the Independent Directors then in office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the date specified by the holders of at least eighty percent (80%) of the then outstanding shares of Class B Common Stock, voting as a separate class (the "***Requisite Class B Holders***"), or in the affirmative written election executed by the Requisite Class B Holders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the date that is twenty-four (24) months following the date on which the Founders each have ceased providing services to the Corporation as a director, officer, employee and/or consultant on a continuous basis for period of more than three consecutive years; it being understood that this clause (d) shall not be met if only one Founder has ceased providing services to the Corporation as a director, officer, employee and/or consultant on a continuous basis for a period of more than three consecutive years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.6&nbsp;&nbsp;&nbsp;&nbsp;"***Founder***" means either Dylan Field ("***Field***") or Evan Wallace ("***Wallace***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.7&nbsp;&nbsp;&nbsp;&nbsp;"***Independent Directors***" mean the members of the Board designated as independent directors in accordance with the Listing Standards (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.8&nbsp;&nbsp;&nbsp;&nbsp;"***Liquidation Event***" means (A) a merger, acquisition, sale or consolidation in which (1) the Corporation is a constituent party or the subject of such merger, acquisition, sale or consolidation or (2) a subsidiary of the Corporation is a constituent party or the subject of such merger, acquisition, sale or consolidation and the Corporation issues shares of its securities pursuant to such merger, acquisition, sale or consolidation, except any such merger, acquisition, sale or consolidation involving the Corporation or a subsidiary in which the shares of securities of the Corporation issued immediately prior to such merger, acquisition, sale or consolidation continue to represent, or are converted into or exchanged for shares of securities that represent, immediately following such merger, acquisition, sale or consolidation, at least a majority, by voting power, of the securities of (x) the surviving or resulting corporation or (y) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation; (B) the sale, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Corporation or any subsidiary of the Corporation that constitutes an effective disposition of all or substantially all the assets

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of the Corporation and its subsidiaries taken as a whole or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of the Corporation if substantially all of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Corporation; (C) the closing of the transfer (whether by merger, consolidation or otherwise), in a single transaction or series of related transactions, in each case, approved by the Board, to a person or group of affiliated persons (other than an underwriter of the Corporation's securities), of the Corporation's securities if, after such closing, such person or group of affiliated persons would hold 50% or more of the voting power of the outstanding stock of the Corporation (or the surviving or acquiring entity); *<u>provided</u>*, *<u>however</u>*, that notwithstanding the foregoing, the sale of the Corporation's capital stock by the Corporation in a bona fide equity financing for capital raising purposes shall not constitute a Liquidation Event; or (D) a liquidation, dissolution or winding up of the Corporation; *<u>provided</u>*, *<u>however</u>*, that a transaction shall not constitute a Liquidation Event if its sole purpose is to change the state of the Corporation's incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Corporation's securities immediately prior to such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.9&nbsp;&nbsp;&nbsp;&nbsp;"***Listing Standards***" means the requirements of any national stock exchange under which the Corporation's equity securities are listed for trading that are generally applicable to companies with common equity securities listed thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.10&nbsp;&nbsp;&nbsp;&nbsp;"***Minimum Class B Share Ownership Condition***" means, with respect to a Founder, that such Founder, such Founder's Family Members, such Founder's Permitted Entities and such Founder's Permitted Transferees (as defined below) collectively own at least thirty percent (30%) of the issued and outstanding shares of Class B Common Stock (excluding, for the avoidance of doubt, any shares of Class B Common Stock that remain subject to vesting requirements at such time) owned of record by such Founder, such Founder's Family Members, such Founder's Permitted Entities and such Founder's Permitted Transferees as of 11:59 p.m. Eastern Time on the date of the closing of the Corporation's sale of its Class A Common Stock in a firm commitment underwritten public offering pursuant to a registration statement on Form S-1 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.11&nbsp;&nbsp;&nbsp;&nbsp;"***Parent***" of an entity means any entity that directly or indirectly owns or controls a majority of the voting power of the voting securities of such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.12&nbsp;&nbsp;&nbsp;&nbsp;"***Permitted Entities***" mean any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a trust, estate planning vehicle or similar entity (including but not limited to legacy trusts, remainder trusts, freeze partnerships or limited liability companies, grantor retained annuity trusts, and charitable split interest trusts) for the benefit of a Qualified Stockholder, one or more Family Members of a Qualified Stockholder, one or more Permitted Entities of a Qualifying Stockholder, one or more Permitted Transferees of a Qualifying Stockholder or otherwise for estate planning purposes so long as one or more of (1) a Qualified Stockholder, (2) a Family Member of a Qualified Stockholder, (3) a professional in the business of providing trustee services (including private professional fiduciaries, trust companies and bank trust departments), (4) an individual who may be removed and replaced at the discretion of a Qualified Stockholder or a Family Member of a Qualified Stockholder, (5) a Permitted Entity of a Qualified Stockholder and/or (6) any other individual, entity or other organization approved by a majority of the Independent Directors (any of the foregoing persons identified in clauses (1) through (6), a "***Permitted Trustee***") collectively have dispositive power and Voting Control (as defined below) with respect to the shares of Class B Common Stock held by such trust, estate planning vehicle or similar entity; *<u>provided</u>* that in the event one or more Permitted Trustees

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collectively no longer have dispositive power and Voting Control with respect to the shares of Class B Common Stock held by such trust, then a Transfer of each such share of Class B Common Stock then held by such trust shall be deemed to have occurred and such shares shall automatically convert into one (1) fully paid and nonassessable share of Class A Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;an Individual Retirement Account, as defined in Section 408(a) of the Internal Revenue Code, or a pension, profit sharing, stock bonus or other type of plan or trust of which a Qualified Stockholder is a participant or beneficiary and which satisfies the requirements for qualification under Section 401 of the Internal Revenue Code; *<u>provided</u>* that in each case such Qualified Stockholder, one or more Family Members of such Qualified Stockholder and/or one or more of such Permitted Entities of such Qualified Stockholder collectively have dispositive power and Voting Control with respect to the shares of Class B Common Stock held in such account, plan or trust, and *<u>provided</u>*, *<u>further</u>*, that in the event such Qualified Stockholder, one or more Family Members of such Qualified Stockholder and/or one or more Permitted Entities of such Qualified Stockholder collectively no longer have dispositive power and Voting Control with respect to the shares of Class B Common Stock held by such account, plan or trust, then a Transfer of each such share of Class B Common Stock then held by such trust shall be deemed to have occurred and such shares shall automatically convert into one (1) fully paid and nonassessable share of Class A Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;a corporation, partnership, limited liability company or other entity in which a Qualified Stockholder, one or more Permitted Entities of a Qualified Stockholder, and/or one or more Family Members of a Qualified Stockholder, collectively own equity interests, with sufficient Voting Control in such corporation, partnership, limited liability company or other entity, as applicable, or otherwise have legally enforceable rights, such that the Qualified Stockholder, one or more Permitted Entities of such Qualified Stockholder and/or one or more Family Members of such Qualified Stockholder collectively retain dispositive power and Voting Control with respect to the shares of Class B Common Stock held by such corporation, partnership, limited liability company or other entity; *<u>provided</u>* that in the event the Qualified Stockholder, one or more one or more Permitted Entities of the Qualified Stockholder, and/or one or more Family Members of the Qualified Stockholder, collectively no longer own sufficient equity interests, or no longer have sufficient legally enforceable rights to ensure such persons collectively retain dispositive power and Voting Control with respect to the shares of Class B Common Stock held by such corporation, partnership, limited liability company or other entity, then a Transfer of each such share of Class B Common Stock then held by such corporation, partnership, limited liability company or other entity shall be deemed to have occurred and such shares shall automatically convert into one (1) fully paid and nonassessable share of Class A Common Stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;any organization exempt from taxation under the Internal Revenue Code (including but not limited to charitable organizations, private foundations, donor-advised funds, and supporting organizations) controlled by, or established by or in the name of, a Qualified Stockholder, one or more Family Members of a Qualified Stockholder and/or one or more Permitted Entities of a Qualified Stockholder.

For the avoidance of doubt, to the extent any shares of Class B Common Stock are deemed to be held by a trustee of a trust described under any of the clauses above, the Transfer shall be a Permitted Transfer and the trustee shall be deemed a Permitted Entity so long as the other requirements of the applicable clause above are otherwise satisfied.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.13&nbsp;&nbsp;&nbsp;&nbsp;"***Permitted Transfer***" means any of the following, whether the Transfer was made for value or for no value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Founder, a Transfer from such Founder, from such Founder's Permitted Entities, from such Founder's Family Members, from the estate of such Founder or such Founder's Family Members, or from such Founder's Permitted Transferees, to such Founder's estate as a result of such Founder's death, to either Founder, to either Founder's Family Members, to either Founder's Permitted Entities or to either Founder's Permitted Transferees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;a Transfer by a Qualified Stockholder to any of the Permitted Entities and from any of the Permitted Entities listed to such Qualified Stockholder or to such Qualified Stockholder's other Permitted Entities.

Notwithstanding the foregoing, if the transferee of any share of Class B Common Stock in a Permitted Transfer is not Field, a Family Member of Field, a Permitted Entity of Field, then such Transfer shall not qualify as a Permitted Transfer unless Field, a Family Member of Field or a Permitted Entity of Field shall have Voting Control with respect to such share of Class B Common Stock following such Transfer or such share shall be subject to a voting proxy to Field following such Transfer (it being understood that such voting proxy may be executed promptly following, and in no event later than the tenth (10th) day after, such Transfer), unless this requirement is otherwise waived in writing by Field, or, if Field is incapable of granting such a waiver, then a person who then has the authority to select a licensed physician for Field under the definition of "Disability" above, prior to the expiration of such ten day period.

Furthermore, for the avoidance of doubt, in the event a Transfer could be evaluated as a Permitted Transfer under more than one of the clauses above, if it satisfies the applicable criteria for a Permitted Transfer under any such clause, it shall be deemed a Permitted Transfer notwithstanding the failure of such Transfer to satisfy the applicable criteria for a Permitted Transfer under any other clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.14&nbsp;&nbsp;&nbsp;&nbsp;"***Permitted Transferee***" means a transferee of shares of Class B Common Stock received in a Transfer that constitutes a Permitted Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.15&nbsp;&nbsp;&nbsp;&nbsp;"***Qualified Stockholder***" means (i) a Founder, (ii) any record holder of a share of Class B Common Stock as of 11:59 p.m. Eastern Time on the Exchange Date, after giving effect to the transactions contemplated by the Exchange Agreement; (iii) the initial registered holder of any share of Class B Common Stock that is originally issued by the Corporation after the Exchange Date pursuant to, or in exchange for shares of Class A Common Stock originally issued by the Corporation after the Exchange Date pursuant to, the exercise or conversion of options or warrants or settlement of restricted stock units awarded with the requisite approval of the holders of Class B Common Stock as provided by Section 1 of Article X; and (iv) a Permitted Transferee of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.16&nbsp;&nbsp;&nbsp;&nbsp;"***Transfer***" of a share of Class B Common Stock means, directly or indirectly, any sale, assignment, transfer, conveyance, hypothecation or other transfer or disposition of such share or any legal or beneficial interest in such share, whether or not for value and whether voluntary or involuntary or by operation of law (including by merger, consolidation or otherwise) after 11:59 p.m. Eastern Time on the Exchange Date, including, without limitation, a transfer of a share of Class B Common Stock to a broker or other nominee (regardless of whether there is a corresponding change in beneficial ownership), or the transfer of, or entering into a binding agreement with respect to, Voting Control over such share by proxy or otherwise. A "Transfer" will also be deemed to have occurred with

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respect to all shares of Class B Common Stock beneficially held by an entity that is a Qualified Stockholder, if after 11:59 p.m. Eastern Time on the Exchange Date, there is a Transfer of the voting power of the voting securities of such entity or any direct or indirect Parent of such entity, such that the previous holders of such voting power no longer retain dispositive power and Voting Control with respect to the shares of Series Class B Common Stock or held by such holder. Notwithstanding the foregoing, the following will not be considered a "Transfer":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any grant by Field, Field's Permitted Entities or Field's Family Members (or, if requested by Field, any grant by any holder of shares of Class B Common Stock) of a proxy to officers or directors of the Corporation at the request of the Board in connection with (i) actions to be taken at an annual or special meeting of stockholders or in connection with any action by written consent of the stockholders solicited by the Board (if action by written consent of stockholders is permitted at such time under this Certificate of Incorporation) or (ii) any other action of the stockholders permitted by this Certificate of Incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any grant of a proxy to, or entry into a voting trust or agreement or arrangement with Field, Field's Permitted Entities or Field's Family Members for Field, Field's Permitted Entities or Field's Family Members to exercise Voting Control of shares of Class B Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;pledging shares of Class B Common Stock by a Qualified Stockholder that creates a mere security interest in such shares pursuant to a bona fide loan or indebtedness transaction for so long as such Qualified Stockholder continues to exercise Voting Control over such pledged shares or has granted a proxy to Field, Field's Permitted Entities or Field's Family Members to exercise Voting Control over such pledged shares; *<u>provided</u>*, *<u>however</u>*, that a foreclosure on such shares or other similar action by the pledgee will constitute a "Transfer" unless such foreclosure or similar action qualifies as a "Permitted Transfer" at such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;granting of a proxy by Field to (A) Wallace, (B) Field's Family Members, (C) a professional in the business of providing trustee services (including private professional fiduciaries, trust companies and bank trust departments), (D) a person disclosed to the Board, to exercise dispositive power and/or Voting Control of the shares of Class B Common Stock owned directly or indirectly, beneficially and of record, by Field effective either, in the case of (D), (A) on the death of Field or (B) during any Disability of Field, including the exercise of such proxy by such person, or (E) a person pursuant to a written agreement to which the Company is a party and which has been approved by a majority of the Independent Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;entering into a trading plan pursuant to Rule 10b5-l under the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), with a broker or other nominee; *<u>provided</u>*, *<u>however</u>*, that a sale of such shares of Class B Common Stock pursuant to such plan shall constitute a "Transfer" at the time of such sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the fact that the spouse of any Qualified Stockholder possesses or obtains an interest in such holder's shares of Class B Common Stock arising solely by reason of the application of the community property laws of any jurisdiction, so long as no other event or circumstance shall exist or have occurred that constitutes a "Transfer"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;any entry by Field, Field's Permitted Entities or Field's Family Members (or, if requested by Field, entry by any holder of shares of Class B Common Stock) into a

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support, voting, tender or similar agreement, arrangement or understanding (with or without granting a proxy) in connection with a Liquidation Event or consummating the actions or transactions contemplated therein (including, without limitation, tendering shares of Class B Common Stock or voting such shares in connection with a Liquidation Event, the consummation of a Liquidation Event or the sale, assignment, transfer, conveyance, hypothecation or other transfer or disposition of shares of Class B Common Stock or any legal or beneficial interest in shares of Class B Common Stock in connection with a Liquidation Event); *<u>provided</u>* that any sale, tender, assignment, transfer, conveyance, hypothecation or other transfer or disposition of Class B Common Stock or any legal or economic interest therein by the holder pursuant to a Liquidation Event, or any grant of a proxy over Class B Common Stock by the holder with respect to a Liquidation Event without specific instructions as to how to vote such Class B Common Stock, in each case, will constitute a "Transfer" of such Class B Common Stock unless such Liquidation Event was approved by the Board prior to the taking of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.17&nbsp;&nbsp;&nbsp;&nbsp;"***Voting Control***" means, with respect to a share of Class B Common Stock, the power (whether exclusive or shared) to vote or direct the voting of such share by proxy, voting agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6&nbsp;&nbsp;&nbsp;&nbsp;<u>No Reissuance of Converted Stock</u>. No share or shares of Class B Common Stock or Class C Common Stock acquired by the Corporation by reason of redemption, purchase, conversion or otherwise shall be reissued, and all such shares shall be cancelled, retired and eliminated from the shares that the Corporation shall be authorized to issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect of Conversion on Payment of Dividends</u>. Notwithstanding anything to the contrary in Sections 4.1 or 4.2 of this Article IV, if the date on which any share of Class B Common Stock or Class C Common Stock is converted into Class A Common Stock pursuant to the provisions of Sections 4.1 or 4.2 of this Article IV occurs after the record date for the determination of the holders of Class B Common Stock or Class C Common Stock entitled to receive any dividend or distribution to be paid on the shares of Class B Common Stock or Class C Common Stock, as applicable, the holder of such shares of Class B Common Stock or Class C Common Stock, as applicable, as of such record date will be entitled to receive such dividend or distribution on such payment date; *<u>provided</u>*, that, notwithstanding any other provision of this Certificate of Incorporation, to the extent that any such dividend or distribution is payable in shares of Class B Common Stock or Class C Common Stock, such shares of Class B Common Stock or Class C Common Stock, as applicable, shall automatically be converted to Class A Common Stock, on a one-to-one basis.

**ARTICLE V: AMENDMENT OF BYLAWS**

The Board shall have the power to adopt, amend or repeal the Bylaws. Any adoption, amendment or repeal of the Bylaws by the Board shall require the approval of a majority of the total number of authorized directors, whether or not there exist any vacancies in previously authorized directorships (the "***Whole Board***"). The stockholders shall also have power to adopt, amend or repeal the Bylaws. Prior to 5:00 p.m. Eastern Time on the first day on which the voting power of all of the then-outstanding shares of Class B Common Stock represents less than a majority of the total voting power of all of the then-outstanding shares of the Corporation's capital stock (the "***Trigger Date***"), except as otherwise provided in this Certificate of Incorporation, and in addition to any requirements of law, such adoption, amendment or repeal of the Bylaws of the Corporation by the stockholders shall require the affirmative vote of a majority in voting power of all of the then-outstanding shares of the Corporation's capital stock entitled to vote thereon, voting together as a single class. From and after the Trigger Date, except as otherwise provided in this Certificate of Incorporation, and in addition to any requirements of law, the affirmative

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vote of the holders of at least two-thirds (2/3) of the voting power of all of the then-outstanding shares of the Corporation's capital stock entitled to vote thereon, voting together as a single class, shall be required for the stockholders to adopt, amend or repeal any provision of the Bylaws; *<u>provided</u>*, *<u>further</u>*, that, in the case of any adoption, amendment or repeal of any provision of the Bylaws that the Board elects to submit to the stockholders for adoption and which is approved by at least two-thirds (2/3) of the Whole Board, then, except as otherwise provided in this Certificate of Incorporation, only the affirmative vote of the holders of a majority of the voting power of all of the then-outstanding shares of the Corporation's capital stock entitled to vote thereon, voting together as a single class (in addition to any requirements of law), shall be required to adopt, amend or repeal any such provision of the Bylaws.

**ARTICLE VI: MATTERS RELATING TO THE BOARD OF DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Director Powers</u>.** Except as otherwise provided by the General Corporation Law or this Certificate of Incorporation, the Corporation's business and affairs shall be managed by or under the direction of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Number of Directors</u>.** Subject to the special rights of the holders of any class or series of Blockchain Common Stock or Preferred Stock to elect additional directors under specified circumstances, the total number of directors constituting the Whole Board shall be fixed from time to time exclusively by resolution of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Classified Board</u>.** Effective upon the Trigger Date and subject to the special rights of the holders of one or more class or series of Blockchain Common Stock or Preferred Stock to elect directors, the directors shall be divided, with respect to the time for which they severally hold office, into three classes, designated as Class I, Class II and Class III, respectively (the "***Classified Board***"). In connection with the Trigger Date, the Board is authorized to assign members of the Board already in office to such classes of the Classified Board, with such assignment effective at such time as the division of the Board into classes becomes effective pursuant to this paragraph. In no event shall the term of any director be shortened by the occurrence of a Trigger Date. The initial term of office of the Class I directors shall expire at the Corporation's first annual meeting of stockholders following the Trigger Date, the initial term of office of the Class II directors shall expire at the Corporation's second annual meeting of stockholders following the Trigger Date, and the initial term of office of the Class III directors shall expire at the Corporation's third annual meeting of stockholders following the Trigger Date. At each succeeding annual meeting of stockholders following the Trigger Date, directors elected to succeed those directors of the class whose terms then expire shall be elected for a term of office expiring at the third succeeding annual meeting of stockholders after their election. Prior to the Trigger Date, and subject to the rights of the holders of one or more classes or series of Blockchain Common Stock or Preferred Stock to elect directors, each director elected by the stockholders shall serve for a term expiring at the first annual meeting of stockholders held after such director's election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Term and Removal</u>.** Each director shall hold office until such director's successor is duly elected and qualified, or until such director's earlier death, resignation, disqualification or removal. Any director may resign at any time upon notice to the Corporation given in writing or by any electronic transmission. Subject to the special rights of the holders of any class or series of Blockchain Common Stock or Preferred Stock, no director may be removed from the Board except for cause and only by the affirmative vote of the holders of at least two-thirds (2/3) of the voting power of all of the then-outstanding shares of the Corporation's capital stock entitled to vote generally in the election of directors, voting together as a single class; *<u>provided</u>* that directors may be removed with or without cause by the affirmative vote of the holders of a majority of the voting power of all of the then-outstanding shares of

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the Corporation's capital stock entitled to vote generally in the election of directors, voting together as a single class, prior to the Trigger Date. No decrease in the number of directors constituting the Board shall shorten the term of any director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Board Vacancies and Newly Created Directorships</u>.** Subject to the special rights of the holders of any class or series of Blockchain Common Stock or Preferred Stock, any vacancy occurring in the Board for any cause, and any newly created directorship resulting from any increase in the authorized number of directors, shall be filled only by the affirmative vote of a majority of the directors then in office, even if less than a quorum, or by a sole remaining director, and shall not be filled by the stockholders; *<u>provided</u>* that such vacancies or newly created directorships may be filled by the affirmative vote of the holders of a majority of the voting power of all of the then-outstanding shares of the Corporation's capital stock entitled to vote generally in the election of directors, voting together as a single class, prior to the Trigger Date. Any director elected in accordance with the preceding sentence shall hold office for the remainder of the term of the class of director in which the vacancy or new directorship was created and shall hold office until such director's successor shall have been duly elected and qualified, or until such director's earlier death, resignation, disqualification or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vote by Ballot</u>.** Election of directors need not be by written ballot unless the Bylaws shall so provide.

**ARTICLE VII: LIMITATION OF LIABILITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation of Liability</u>.** To the fullest extent permitted by law, no director or officer of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, as applicable. Without limiting the effect of the preceding sentence, if the General Corporation Law is hereafter amended to authorize the further elimination or limitation of the liability of a director or officer, then the liability of a director or officer of the Corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation Law, as so amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Change in Rights</u>.** Neither any amendment nor repeal of this Article VII, nor the adoption of any provision of this Certificate of Incorporation inconsistent with this Article VII, shall eliminate, reduce or otherwise adversely affect any limitation on the personal liability of a director or officer of the Corporation existing at the time of such amendment, repeal or adoption of such an inconsistent provision.

**ARTICLE VIII: MATTERS RELATING TO STOCKHOLDERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Action by Written Consent of Stockholders</u>.** Subject to the rights of any series of Blockchain Common Stock or Preferred Stock then outstanding, no action shall be taken by the Corporation's stockholders except at a duly called annual or special meeting of stockholders and no action shall be taken by the Corporation's stockholders by written consent in lieu of a meeting; *<u>provided</u>*, that, prior to the Trigger Date, any action required or permitted to be taken at any meeting of the stockholders of the Corporation, may be taken without a meeting if holders of a majority of the voting power of all of the then-outstanding shares of capital stock of the Corporation entitled to vote thereon, voting together as a single class, consent thereto in writing or by electronic transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Meeting of Stockholders</u>.** Special meetings of the Corporation's stockholders may be called only by the Chairperson of the Board, the Corporation's Chief Executive Officer, the Lead Independent Director (as defined in the Bylaws) or the Board acting pursuant to a resolution adopted by a

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majority of the Whole Board and may not be called by the stockholders or any other person or persons; *<u>provided</u>* that, prior to the Trigger Date, special meetings of the Corporation's stockholders may be called by the holders of a majority of the voting power of all of the then-outstanding shares of the Corporation's capital stock entitled to vote generally in the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Advance Notice of Stockholder Nominations at Annual or Special Meetings and</u> <u>Business Transacted at Special Meetings</u>.** Advance notice of stockholder nominations for the election of directors of the Corporation at and of business to be brought by stockholders before any annual or special meeting of the Corporation's stockholders shall be given in the manner provided in the Bylaws. Business transacted at special meetings of stockholders shall be limited to the purpose or purposes stated in the notice of meeting.

**ARTICLE IX: INTERPRETATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Ambiguity</u>.** In applying any provision set forth in this certificate that requires a determination by the Board, or in the case of an ambiguity in the application of any provision set forth in this Certificate of Incorporation or in the meaning of any term or definition set forth in this Certificate of Incorporation, the Board or an authorized committee thereof shall have the power to determine, in its sole discretion, the application of any such provision or any such term or definition with respect to any situation based on the facts believed in good faith by it; *<u>provided</u>*, that, for so long as any shares of Class B Common Stock remain outstanding, only the Board (and not an authorized committee thereof) shall have the power to make the foregoing determinations with respect to any application of any provision in, or the meaning of any term or definition set forth in, Article IV hereof. A determination of the Board (or, if applicable and permissible, an authorized committee thereof) in accordance with the preceding sentence shall be conclusive and binding on the stockholders of the Corporation. Such determination shall be evidenced in a writing adopted by the Board (or, if applicable and permissible, an authorized committee thereof), and such writing shall be made available for inspection by any holder of capital stock of the Corporation at the principal executive offices of the Corporation. For the avoidance of doubt, nothing in this Certificate of Incorporation shall (i) modify the fiduciary duties of directors to the Corporation and its stockholders, (ii) alter the standard of review a court of competent jurisdiction may apply to review any action, interpretation, determination or calculation (or any omission with respect to the foregoing) by the Board (or an authorized committee thereof) for compliance with the directors' fiduciary duties to the Corporation and its stockholders or (iii) provide for an elimination or limitation of the personal liability of directors to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director to the extent not permitted by Section 102(b)(7) of the General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>.** If any provision of this Certificate of Incorporation shall be held to be invalid, illegal, or unenforceable, then such provision shall nonetheless be enforced to the maximum extent possible consistent with such holding and the remaining provisions of this Certificate of Incorporation (including without limitation, all portions of any section of this Certificate of Incorporation containing any such provision held to be invalid, illegal, or unenforceable, which is not invalid, illegal, or unenforceable) shall remain in full force and effect.

**ARTICLE X: AMENDMENT OF CERTIFICATE OF INCORPORATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>.** The Corporation reserves the right to amend or repeal any provision contained in this Certificate of Incorporation in the manner prescribed by the laws of the State of Delaware and all rights conferred upon stockholders are granted subject to this reservation. Except as otherwise provided in this Certificate of Incorporation, and in addition to any other vote required hereby or by applicable law,

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from and after the Trigger Date, the affirmative vote of the holders of at least two-thirds (2/3) of the voting power of all of the then-outstanding shares of the Corporation's capital stock entitled to vote thereon, voting together as a single class, shall be required to amend or repeal, or adopt any provision inconsistent with this Certificate of Incorporation (other than Section 1.1 of Article IV); *<u>provided</u>* that, if two-thirds (2/3) of the Whole Board has approved such amendment or repeal of, or adoption of any provision inconsistent with, the provisions of this Certificate of Incorporation, except as otherwise provided in this Certificate of Incorporation, then only the affirmative vote of the holders of a majority of the voting power of all of the then-outstanding shares of the Corporation's capital stock entitled to vote thereon, voting together as a single class (in addition to any other vote required by law), shall be required to approve such amendment or repeal of, or adoption of any provision inconsistent with, the provisions of this Certificate of Incorporation. Notwithstanding the foregoing, prior to the Trigger Date only the affirmative vote of the holders of a majority of the voting power of all of the then-outstanding shares of the Corporation's capital stock entitled to vote thereon, voting together as a single class (in addition to any other vote required by law), shall be required to approve such amendment or repeal of, or adoption of any provision inconsistent with, the provisions of this Certificate of Incorporation.

Notwithstanding anything to the contrary herein, prior to the Class B Automatic Conversion, the Corporation shall not, without the prior affirmative vote of the Requisite Class B Holders, in addition to any other vote required by applicable law or this Certificate of Incorporation, including pursuant to this Article X:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly, whether by amendment, or through merger, reclassification, conversion, recapitalization, consolidation or otherwise, amend or repeal, or adopt any provision of this Certificate of Incorporation or the Bylaws inconsistent with, or otherwise alter, any provision of this Certificate of Incorporation or the Bylaws relating to the voting, conversion or other rights, powers, preferences, privileges or restrictions of the Class B Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;reclassify any outstanding class or series of capital stock of the Corporation into shares having (i) rights as to dividends or liquidation that are senior to the Class B Common Stock or (ii) the right to have more than one (1) vote for each share thereof (or, in the case of Class C Common Stock, the right to any vote for any share thereof, except as required by law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3&nbsp;&nbsp;&nbsp;&nbsp;authorize, or issue any shares of, any class or series of capital stock of the Corporation (other than Class B Common Stock) having (i) rights as to dividends or liquidation that are senior to the Class B Common Stock or (ii) having the right to more than one (1) vote for each share thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4&nbsp;&nbsp;&nbsp;&nbsp;issue any shares of Class B Common Stock, including, for the avoidance of doubt, by dividend, distribution or otherwise, other than shares of Class B Common Stock (i) issued by the Corporation under the Exchange Agreement, (ii) issued to a Founder whether as shares or pursuant to the exchange of shares, exercise or conversion of options or warrants or upon settlement of equity awards granted to a Founder, or (iii) over which Field, Field's Permitted Entities or Field's Family Members shall have Voting Control (or which shall be subject to an irrevocable voting proxy in favor of Field, Field's Permitted Entities or Field's Family Members).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Changes to or Inconsistent with Section 3 of Article IV</u>.** Notwithstanding any other provision of this Certificate of Incorporation (including any Certificate of Designation) or any provision of law that might otherwise permit a lesser vote or no vote, but in addition to any vote of the holders of any class or series of the stock of the Corporation required by law or by this Certificate of Incorporation

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(including any Certificate of Designation), the affirmative vote of the holders of Class A Common Stock representing at least seventy-five percent (75%) of the voting power of all of the then-outstanding shares of Class A Common Stock, voting separately as a single class, and the affirmative vote of the holders of Class B Common Stock representing at least seventy-five percent (75%) of the voting power of all of the then-outstanding shares of Class B Common Stock, voting separately as a single class, shall be required to amend or repeal, or to adopt any provision inconsistent with, Section 3 of Article IV or this Section 2 of Article X.

**\* \* \* \* \* \* \* \* \* \* \***

## Exhibit 4.1

**Exhibit 4.1**

![exhibit41-frontierxformo001.jpg](exhibit41-frontierxformo001.jpg)

THIS CERTIFIES THAT is the owner of C U S I P DATED COUNTERSIGNED AND REGISTERED: COMPUTER SHARE TRUST COMPANY, N.A. TRANSFER AGENT AND REGISTRAR, FULLY-PAID AND NON-ASSESSABLE SHARES OF CLASS A COMMON STOCK OF Figma, Inc. (hereinafter called the "Company"), transferable on the books of the Company in person or by duly authorized attorney, upon surrender of this Certificate properly endorsed. This Certificate and the shares represented hereby, are issued and shall be held subject to all of the provisions of the Certificate of Incorporation, as amended, and the By-Laws, as amended, of the Company (copies of which are on file with the Company and with the Transfer Agent), to all of which each holder, by acceptance hereof, assents. This Certificate is not valid unless countersigned and registered by the Transfer Agent and Registrar. Witness the facsimile seal of the Company and the facsimile signatures of its duly authorized officers. CLASS A COMMON STOCK PAR VALUE $0.00001 CLASS A COMMON STOCK SEE REVERSE FOR CERTAIN DEFINITIONS Certificate Number Shares . Figma, Inc. INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE FACSIMILE SIGNATURE TO COME FACSIMILE SIGNATURE TO COME President Secretary By AUTHORIZED SIGNATURE FIGMA, INC. October 19, 2012 DELAWARE CORPORATE 316841 10 5 D D - M M M - Y Y Y Y \* \* 0 0 0 0 0 0 \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* 0 0 0 0 0 0 \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* 0 0 0 0 0 0 \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* 0 0 0 0 0 0 \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* 0 0 0 0 0 0 \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Alexander David Sample \*\*\*\* Mr. Sample \*\*\*\* Mr. Sample \*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*S hares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\* Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000 \*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*0000 00\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*00 0000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\* 000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\* 000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\* 000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\* 000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\*000000\*\*Shares\*\*\*\* \*\* ZERO HUNDRED THOUSAND ZERO HUNDRED AND ZERO\* \* MR. SAMPLE & MRS. SAMPLE & MR. A PLE & MRS. SAMPLE Z Q\|CERT#\|COY\|CLS\| R G S T R Y \|ACCT#\|TRANS TYPE\|RUN#\|TRANS# ZQ00000000 Certificate Numbers 1234567890/1234567890 1234567890/1234567890 1234567890/1234567890 1234567890/1234567890 1234567890/1234567890 1234567890/1234567890 Total Transaction N u m /No. 123456 D e n o m . 123456 Total 1234567 MR A SAMPLE DESIGNATION (IF ANY) ADD 1 ADD 2 ADD 3 ADD 4 PO Box 43004, Providence RI 02940-3004 C U S I P/IDENTIFIER X X X X X X XX X Holder ID X X X X X X X X X Insurance Value 1,000,000.00 Number of Shares 123456 DTC 12345678 123456789012345 THIS CERTIFICATE IS TRANSFERABLE IN CITIES DESIGNATED BY THE TRANSFER AGENT, AVAILABLE ONLINE AT www.computershare.com

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![exhibit41-frontierxformo002.jpg](exhibit41-frontierxformo002.jpg)

The IRS requires that the named transfer agent ("we") report the cost basis of certain shares or units acquired after January 1, 2011. If your shares or units are covered by the legislation, and you requested to sell or transfer the shares or units using a specific cost basis calculation method, then we have processed as you requested. If you did not specify a cost basis calculation method, then we have defaulted to the first in, first out (FIFO) method. Please consult your tax advisor if you need additional information about cost basis. If you do not keep in contact with the issuer or do not have any activity in your account for the time period specified by state law, your property may become subject to state unclaimed property laws and transferred to the appropriate state. . FIGMA, INC. THE COMPANY WILL FURNISH WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO REQUESTS, A SUMMARY OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OF THE COMPANY AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND RIGHTS, AND THE VARIATIONS IN RIGHTS, PREFERENCES AND LIMITATIONS DETERMINED FOR EACH SERIES, WHICH ARE FIXED BY THE CERTIFICATE OF INCORPORATION OF THE COMPANY, AS AMENDED, AND THE RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE COMPANY, AND THE AUTHORITY OF THE BOARD OF DIRECTORS TO DETERMINE VARIATIONS FOR FUTURE SERIES. SUCH REQUEST MAY BE MADE TO THE OFFICE OF THE SECRETARY OF THE COMPANY OR TO THE TRANSFER AGENT. THE BOARD OF DIRECTORS MAY REQUIRE THE OWNER OF A LOST OR DESTROYED STOCK CERTIFICATE, OR HIS LEGAL REPRESENTATIVES, TO GIVE THE COMPANY A BOND TO INDEMNIFY IT AND ITS TRANSFER AGENTS AND REGISTRARS AGAINST ANY CLAIM THAT MAY BE MADE AGAINST THEM ON ACCOUNT OF THE ALLEGED LOSS OR DESTRUCTION OF ANY SUCH CERTIFICATE. For US purposes the following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM - as tenants in common U N I F GIFT MIN ACT - ............................................Custodian ................................................ (C u s t) (Minor) TENANT - as tenants by the entire ties under Uniform Gifts to Minors Act ........................................................ (State) JT TEN - as joint tenants with right of survivorship U N I F T R F MIN ACT - ............................................Custodian (until age ................................) and not as tenants in common (C u s t) .............................under Uniform Transfers to Minors Act ................... (Minor) (State) Additional abbreviations may also be used though not in the above list. For value received, ____________________________ hereby sell, assign and transfer unto _______________________________________________________________________________________________________________________________ _______________________________________________________________________________________________________________________________ _______________________________________________________________________________________________________________________________ _________________________________________________________________________________________________________________________ Shares ________________________________________________________________________________________________________________________ Attorney Dated: ________________________________________ 20_________________ Signature: _________________________________________________________ Signature: _________________________________________________________ Signature(s) Guaranteed: Medallion Guarantee Stamp THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (Banks, Stockbrokers, Savings and Loan Associations and Credit Unions) WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15. PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE) of the Class A common stock represented by the within Certificate, and do hereby irrevocably constitute and appoint to transfer the said stock on the books of the within-named Company with full power of substitution in the premises. Notice: The signature to this assignment must correspond with the name as written upon the face of the certificate, in every particular, without alteration or enlargement, or any change whatever.

## Exhibit 5.1

**Exhibit 5.1**

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| | |
|:---|:---|
| ![fenwicka.jpg](fenwicka.jpg) | ![addressa.jpg](addressa.jpg) |

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July 21, 2025

Figma, Inc.

760 Market Street, Floor 10

San Francisco, CA 94102

Re: Registration Statement on Form S-1

Ladies and Gentlemen:

As counsel to Figma, Inc., a Delaware corporation (the "***Company***"), we have examined the Registration Statement on Form S-1 (File Number 333-288451) initially filed by the Company with the Securities and Exchange Commission (the "***Commission***") on July 1, 2025 (the "***Registration Statement***"), as subsequently amended on July 21, 2025, including a related prospectus included in the Registration Statement (the "***Prospectus***"), in connection with the registration under the Securities Act of 1933, as amended (the "***Securities Act***"), of up to an aggregate of 42,477,641 shares of the Company's Class A common stock, par value $0.00001 per share ("***Common Stock***"), 12,472,657 of which are being offered by the Company (the "***Company Shares***") and 30,004,984 of which are being offered by the selling stockholders, including 5,540,561 shares pursuant to the exercise of the underwriters' over-allotment to purchase additional shares of Common Stock from the selling stockholders (the "***Selling Stockholders***") (the "***Selling Stockholder Shares***," and, together with the Company Shares, the "***Shares***"). This letter is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or related Prospectus, other than as expressly stated herein with respect to the issue of the Shares.

As to matters of fact relevant to the opinions rendered herein, we have examined such documents, certificates and other instruments which we have deemed necessary or advisable, including a certificate addressed to us and dated the date hereof executed by the Company. We have not undertaken any independent investigation to verify the accuracy of any such information, representations or warranties or to determine the existence or absence of any fact, and no inference as to our knowledge of the existence or absence of any fact should be drawn from our representation of the Company or the rendering of the opinions set forth below. We have not considered parol evidence in connection with any of the agreements or instruments reviewed by us in connection with this letter.

In our examination of documents for purposes of this letter, we have assumed, and express no opinion as to, the genuineness and authenticity of all signatures on original documents, the authenticity and completeness of all documents submitted to us as originals, that each document is what it purports to be, the conformity to originals of all documents submitted to us as copies or facsimile copies, the absence of any termination, modification or waiver of or amendment to any document reviewed by us (other than as has been disclosed to us), the legal competence or capacity of all persons or entities (other than the Company) executing the same and (other than the Company) the due authorization, execution and delivery of all documents by each party thereto. We have also assumed the conformity of the documents filed with the Commission via the Electronic Data Gathering, Analysis and Retrieval System ("***EDGAR***"), except for required EDGAR formatting changes, to physical copies submitted for our examination.

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Figma, Inc.

July 21, 2025

The opinions in this letter are limited to the existing General Corporation Law of the State of Delaware now in effect. We express no opinion with respect to any other laws.

In connection with our opinion expressed below, we have assumed that (i) the Registration Statement and any amendments (including any necessary post-effective amendments) will have been declared effective under the Securities Act, (ii) the Registration Statement will apply to the offer and sale of the Shares and will not have been modified or rescinded and (iii) the Company's Amended and Restated Certificate of Incorporation, a form of which has been filed as an exhibit to the Registration Statement, is filed with the Secretary of State of the State of Delaware before issuance of the Shares.

Based upon the foregoing, and subject to the qualifications and exceptions contained herein, we are of the opinion that (i) the Selling Stockholder Shares to be sold by the Selling Stockholders pursuant to the Registration Statement are validly issued, fully paid and nonassessable and (ii) the Company Shares, when issued, sold and delivered in the manner and for the consideration stated in the Registration Statement and the Prospectus, and in accordance with the resolutions adopted by the Company's board of directors and to be adopted by the Pricing Committee thereof, will be validly issued, fully paid and nonassessable.

We consent to the use of this opinion as an exhibit to the Registration Statement and further consent to all references to us, if any, in the Registration Statement, the Prospectus and any amendments thereto. In giving this consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.

*[Concluding Paragraph Follows on Next Page]*

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Figma, Inc.

July 21, 2025

This opinion is intended solely for use in connection with the issuance and sale of the Shares subject to the Registration Statement and is not to be relied upon for any other purpose. In providing this letter, we are opining only as to the specific legal issues expressly set forth above, and no opinion shall be inferred as to any other matter or matters. This opinion is rendered on, and speaks only as of, the date of this letter first written above, is based solely on our understanding of facts in existence as of such date after the aforementioned examination and does not address any potential changes in facts, circumstance or law that may occur after the date of this opinion letter. We assume no obligation to advise you of any fact, circumstance, event or change in the law or the facts that may hereafter be brought to our attention, whether or not such occurrence would affect or modify any of the opinions expressed herein.

---

| |
|:---|
| Very truly yours, |
| /s/ Fenwick & West LLP |
| FENWICK & WEST LLP |

---

## Exhibit 10.7

**Exhibit 10.7**

July 20, 2025

Dylan Field

*Sent via email*

Dear Dylan:

This letter agreement amends and restates the offer letter between you and Figma, Inc. (the "**Company**"), dated June 7, 2013 (the "**Prior Agreement**") effective July 20, 2025.

You will continue to work in the role of Chief Executive Officer, reporting to the Company's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Cash Compensation</u>**. In this position, the Company will pay you an annual base salary payable in accordance with the Company's standard payroll schedule. Your pay will be periodically reviewed as a part of the Company's regular reviews of compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Employee Benefits</u>**. You will continue to be eligible to participate in a number of Company-sponsored benefits to the extent that you comply with the eligibility requirements of each benefit plan. The Company, in its sole discretion, may amend, suspend or terminate its employee benefits at any time, with or without notice. In addition, you will be entitled to paid vacation in accordance with the Company's vacation policy, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination Benefits</u>**. You will continue to be eligible to receive change in control and severance payments and benefits under the Change in Control and Severance Agreement (the "**Severance Agreement**") between you and the Company, dated July 20, 2025, attached to this offer letter as **Exhibit A**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality Agreement</u>**. By signing this letter agreement, you reaffirm the terms and conditions of the Employee Invention Assignment and Confidentiality Agreement by and between you and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Conflicting Obligations</u>**. You understand and agree that by signing this letter agreement, you represent to the Company that your performance will not breach any other agreement to which you are a party and that you have not, and will not, during the term of your employment with the Company, enter into any oral or written agreement in conflict with any of the provisions of this letter or the Company's policies. You have not brought with you to the Company, or may not use or disclose to any person associated with the Company, any confidential or proprietary information belonging to any former employer or other person or entity with respect to which you owe an obligation of confidentiality under any agreement or otherwise. The Company does not need and will not use such information and we will assist you in any way possible to preserve and protect the confidentiality of proprietary information belonging to third parties. Also, we expect you to abide by any obligations to refrain from soliciting any person employed by or otherwise associated with any former employer and suggest that you refrain from having any contact with such persons until such time as any non-solicitation obligation expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Outside Activities</u>**. While you render services to the Company, you agree that you will not engage in any other employment, consulting or other business activity without the written consent of the Company. In addition, while you render services to the Company, you will not assist any person or entity

------

in competing with the Company, in preparing to compete with the Company or in hiring any employees or consultants of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.&nbsp;&nbsp;&nbsp;&nbsp;<u>General Obligations</u>**. As an employee, you will be expected to continue to adhere to the Company's standards of professionalism, loyalty, integrity, honesty, reliability and respect for all. You will also be expected to continue to comply with the Company's policies and procedures. The Company is an equal opportunity employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.&nbsp;&nbsp;&nbsp;&nbsp;<u>At-Will Employment</u>**. Your employment with the Company continues to be for no specific period of time. Your employment with the Company will continue to be on an "at will" basis, meaning that either you or the Company may terminate your employment at any time for any reason or no reason. The Company also reserves the right to modify or amend the terms of your employment at any time for any reason. Any contrary representations which may have been made to you are superseded by this letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company's personnel policies and procedures, may change from time to time, the "at will" nature of your employment may only be changed in an express written agreement signed by you and an authorized member of the Company's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholdings</u>**. All forms of compensation paid to you as an employee of the Company will be less all applicable withholdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Arbitration and Class and Collective Action Waiver</u>**. To the fullest extent permitted by law, you and the Company agree to submit to mandatory binding arbitration any and all claims arising out of or related to your employment with the Company or the termination thereof, including, but not limited to, claims for unpaid wages, wrongful termination, torts, stock or stock options or other ownership interest in the Company, discrimination, harassment and/or retaliation based upon any federal, state or local ordinance, statute, regulation or constitutional provision, and individual claims under the California Private Attorneys General Act (California Labor Code Section 2698, et seq.) ("**PAGA**"), that: (a) you may have against the Company and its directors, officers, owners, employees, agents, successors and assigns, and (b) the Company may have against you (collectively, "**Arbitrable Claims**"). Further, to the fullest extent permitted by law, you and the Company agree that no class or collective actions can be asserted in arbitration, court or any other forum. All claims must be brought solely in your or the Company's individual capacity, and not as a plaintiff or class member in any purported class or collective proceeding. This arbitration provision is entered into and is enforceable under the Federal Arbitration Act (the "**FAA**") because both you and the Company are engaged in interstate commerce.

Notwithstanding the foregoing, nothing in this arbitration provision restricts: (w) your right to elect to pursue claims for sexual harassment and/or sexual assault in court, on an individual, class or collective action basis; (x) your right, if any, to file in court a non-individual, representative action under PAGA, if you have standing to pursue such an action and it is permitted under applicable law; (y) your right to file administrative claims you may bring before any government agency where, as a matter of law, the parties may not restrict the employee's ability to file such claims (including, but not limited to, the National Labor Relations Board, the Equal Employment Opportunity Commission and the Department of Labor, and before state agencies in connection with claims for workers' compensation, unemployment and/or disability insurance benefits); or (z) a party's right to seek injunctive or other provisional relief in court, where permitted by applicable law, including, but not limited to, in connection with the misappropriation of a party's private, proprietary, confidential or trade secret information. To the extent a class or collective

------

action or representative claim may not be waived, you and the Company agree to stay any such claims until after all claims subject to arbitration are fully resolved.

BY YOUR SIGNATURES BELOW, YOU AND THE COMPANY HEREBY WAIVE ANY RIGHTS YOU/THEY MAY HAVE TO TRIAL BY JURY IN REGARD TO ARBITRABLE CLAIMS.

The arbitration will be conducted through JAMS before a single neutral arbitrator, in accordance with the JAMS employment arbitration rules then in effect, provided however, that the FAA, including its procedural provisions for compelling arbitration, will govern and apply to this arbitration provision. The JAMS rules may be found at https://www.jamsadr.com/rules-employment. You and the Company will follow the JAMS Rules applicable to initial filing fees, but in no event will you be responsible for any portion of those fees in excess of the filing or initial appearance fees applicable to court actions in the jurisdiction where the arbitration will be conducted. The Company otherwise will pay all costs and expenses unique to arbitration, including without limitation the arbitrator's fees. You and the Company will each pay your own attorneys' fees. The arbitrator must follow applicable law and may award only those remedies that would have applied had the matter been heard in court. The arbitrator's decision must be in writing and contain findings of fact and conclusions of law. Judgment may be entered on the arbitrator's decision in any court having jurisdiction. A party's right to review of the decision is limited to grounds provided under applicable law. The parties will have the right to conduct adequate civil discovery, obtain injunctive or equitable relief, bring dispositive motions, and present witnesses and evidence as needed to present their cases and defenses, and any disputes in this regard will be resolved by the arbitrator. Within 30 days after the arbitration hearing is concluded, either party may file a brief addressing the claims, defenses and proposed remedies. The arbitration will be conducted in San Francisco, California. If, for any reason, any term of this arbitration provision is held to be invalid or unenforceable, all other valid terms and conditions of this provision will be severable and will remain fully enforceable.

[SIGNATURE PAGE FOLLOWS]

------

This letter agreement supersedes and replaces any prior understandings or agreements, whether oral, written or implied, between you and the Company regarding the matters described in this letter (other than the Severance Agreement), including, without limitation, the Prior Agreement. This letter will be governed by the laws of California, without regard to its conflict of laws provisions.

---

| | |
|:---|:---|
| | Very truly yours,<br>FIGMA, INC.<br>/s/ Praveer Melwani |
| | By: Praveer Melwani |
| | Chief Financial Officer |
| ACCEPTED AND AGREED: |  |
| Dylan Field |  |
| /s/ Dylan Field |  |
| Signature |  |
| 7/20/2025 |  |
| Date |  |

---

[SIGNATURE PAGE TO AMENDED AND RESTATED OFFER LETTER]

## Exhibit 10.8

**Exhibit 10.8**

July 20, 2025

Praveer Melwani

*Sent via email*

Dear Praveer:

This letter agreement amends and restates the offer letter between you and Figma, Inc. (the "**Company**"), dated June 10, 2017 (the "**Prior Agreement**") effective July 20, 2025.

You will continue to work in the role of Chief Financial Officer, reporting to the Company's Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Cash Compensation</u>**. In this position, the Company will pay you an annual base salary payable in accordance with the Company's standard payroll schedule. Your pay will be periodically reviewed as a part of the Company's regular reviews of compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Employee Benefits</u>**. You will continue to be eligible to participate in a number of Company-sponsored benefits to the extent that you comply with the eligibility requirements of each benefit plan. The Company, in its sole discretion, may amend, suspend or terminate its employee benefits at any time, with or without notice. In addition, you will be entitled to paid vacation in accordance with the Company's vacation policy, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination Benefits</u>**. You will continue to be eligible to receive change in control and severance payments and benefits under the Change in Control and Severance Agreement (the "**Severance Agreement**") between you and the Company, dated July 20, 2025, attached to this offer letter as **Exhibit A**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality Agreement</u>**. By signing this letter agreement, you reaffirm the terms and conditions of the Employee Invention Assignment and Confidentiality Agreement by and between you and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Conflicting Obligations</u>**. You understand and agree that by signing this letter agreement, you represent to the Company that your performance will not breach any other agreement to which you are a party and that you have not, and will not, during the term of your employment with the Company, enter into any oral or written agreement in conflict with any of the provisions of this letter or the Company's policies. You have not brought with you to the Company, or may not use or disclose to any person associated with the Company, any confidential or proprietary information belonging to any former employer or other person or entity with respect to which you owe an obligation of confidentiality under any agreement or otherwise. The Company does not need and will not use such information and we will assist you in any way possible to preserve and protect the confidentiality of proprietary information belonging to third parties. Also, we expect you to abide by any obligations to refrain from soliciting any person employed by or otherwise associated with any former employer and suggest that you refrain from having any contact with such persons until such time as any non-solicitation obligation expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Outside Activities</u>**. While you render services to the Company, you agree that you will not engage in any other employment, consulting or other business activity without the written consent of the Company. In addition, while you render services to the Company, you will not assist any person or entity

------

in competing with the Company, in preparing to compete with the Company or in hiring any employees or consultants of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.&nbsp;&nbsp;&nbsp;&nbsp;<u>General Obligations</u>**. As an employee, you will be expected to continue to adhere to the Company's standards of professionalism, loyalty, integrity, honesty, reliability and respect for all. You will also be expected to continue to comply with the Company's policies and procedures. The Company is an equal opportunity employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.&nbsp;&nbsp;&nbsp;&nbsp;<u>At-Will Employment</u>**. Your employment with the Company continues to be for no specific period of time. Your employment with the Company will continue to be on an "at will" basis, meaning that either you or the Company may terminate your employment at any time for any reason or no reason. The Company also reserves the right to modify or amend the terms of your employment at any time for any reason. Any contrary representations which may have been made to you are superseded by this letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company's personnel policies and procedures, may change from time to time, the "at will" nature of your employment may only be changed in an express written agreement signed by you and an authorized member of the Company's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholdings</u>**. All forms of compensation paid to you as an employee of the Company will be less all applicable withholdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Arbitration and Class and Collective Action Waiver</u>**. To the fullest extent permitted by law, you and the Company agree to submit to mandatory binding arbitration any and all claims arising out of or related to your employment with the Company or the termination thereof, including, but not limited to, claims for unpaid wages, wrongful termination, torts, stock or stock options or other ownership interest in the Company, discrimination, harassment and/or retaliation based upon any federal, state or local ordinance, statute, regulation or constitutional provision, and individual claims under the California Private Attorneys General Act (California Labor Code Section 2698, et seq.) ("PAGA"), that: (a) you may have against the Company and its directors, officers, owners, employees, agents, successors and assigns, and (b) the Company may have against you (collectively, "**Arbitrable Claims**"). Further, to the fullest extent permitted by law, you and the Company agree that no class or collective actions can be asserted in arbitration, court or any other forum. All claims must be brought solely in your or the Company's individual capacity, and not as a plaintiff or class member in any purported class or collective proceeding. This arbitration provision is entered into and is enforceable under the Federal Arbitration Act (the "**FAA**") because both you and the Company are engaged in interstate commerce.

Notwithstanding the foregoing, nothing in this arbitration provision restricts: (w) your right to elect to pursue claims for sexual harassment and/or sexual assault in court, on an individual, class or collective action basis; (x) your right, if any, to file in court a non-individual, representative action under PAGA, if you have standing to pursue such an action and it is permitted under applicable law; (y) your right to file administrative claims you may bring before any government agency where, as a matter of law, the parties may not restrict the employee's ability to file such claims (including, but not limited to, the National Labor Relations Board, the Equal Employment Opportunity Commission and the Department of Labor, and before state agencies in connection with claims for workers' compensation, unemployment and/or disability insurance benefits); or (z) a party's right to seek injunctive or other provisional relief in court, where permitted by applicable law, including, but not limited to, in connection with the misappropriation of a party's private, proprietary, confidential or trade secret information. To the extent a class or collective

------

action or representative claim may not be waived, you and the Company agree to stay any such claims until after all claims subject to arbitration are fully resolved.

BY YOUR SIGNATURES BELOW, YOU AND THE COMPANY HEREBY WAIVE ANY RIGHTS YOU/THEY MAY HAVE TO TRIAL BY JURY IN REGARD TO ARBITRABLE CLAIMS.

The arbitration will be conducted through JAMS before a single neutral arbitrator, in accordance with the JAMS employment arbitration rules then in effect, provided however, that the FAA, including its procedural provisions for compelling arbitration, will govern and apply to this arbitration provision. The JAMS rules may be found at https://www.jamsadr.com/rules-employment. You and the Company will follow the JAMS Rules applicable to initial filing fees, but in no event will you be responsible for any portion of those fees in excess of the filing or initial appearance fees applicable to court actions in the jurisdiction where the arbitration will be conducted. The Company otherwise will pay all costs and expenses unique to arbitration, including without limitation the arbitrator's fees. You and the Company will each pay your own attorneys' fees. The arbitrator must follow applicable law and may award only those remedies that would have applied had the matter been heard in court. The arbitrator's decision must be in writing and contain findings of fact and conclusions of law. Judgment may be entered on the arbitrator's decision in any court having jurisdiction. A party's right to review of the decision is limited to grounds provided under applicable law. The parties will have the right to conduct adequate civil discovery, obtain injunctive or equitable relief, bring dispositive motions, and present witnesses and evidence as needed to present their cases and defenses, and any disputes in this regard will be resolved by the arbitrator. Within 30 days after the arbitration hearing is concluded, either party may file a brief addressing the claims, defenses and proposed remedies. The arbitration will be conducted in the JAMS location that is closest to your place of work. If, for any reason, any term of this arbitration provision is held to be invalid or unenforceable, all other valid terms and conditions of this provision will be severable and will remain fully enforceable.

[SIGNATURE PAGE FOLLOWS]

------

This letter agreement supersedes and replaces any prior understandings or agreements, whether oral, written or implied, between you and the Company regarding the matters described in this letter (other than the Severance Agreement), including, without limitation, the Prior Agreement. This letter will be governed by the laws of California, without regard to its conflict of laws provisions.

---

| | |
|:---|:---|
| | Very truly yours,<br>FIGMA, INC.<br>/s/ Dylan Field |
| | By: Dylan Field |
| | Chief Executive Officer |
| ACCEPTED AND AGREED: |  |
| Praveer Melwani |  |
| /s/ Praveer Melwani |  |
| Signature |  |
| 7/20/2025 |  |
| Date |  |

---

[SIGNATURE PAGE TO AMENDED AND RESTATED OFFER LETTER]

## Exhibit 10.9

**Exhibit 10.9**

July 20, 2025

Shaunt Voskanian

*Sent via email*

Dear Shaunt:

This letter agreement amends and restates the offer letter between you and Figma, Inc. (the "**Company**"), dated May 14, 2021 (the "**Prior Agreement**") effective July 20, 2025.

You will continue to work in the role of Chief Revenue Officer, reporting to the Company's Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Cash Compensation</u>**. In this position, the Company will pay you an annual base salary payable in accordance with the Company's standard payroll schedule. You will also be eligible to receive variable compensation in accordance with the Company's sales compensation plan in effect from time to time. Your pay will be periodically reviewed as a part of the Company's regular reviews of compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Employee Benefits</u>**. You will continue to be eligible to participate in a number of Company-sponsored benefits to the extent that you comply with the eligibility requirements of each benefit plan. The Company, in its sole discretion, may amend, suspend or terminate its employee benefits at any time, with or without notice. In addition, you will be entitled to paid vacation in accordance with the Company's vacation policy, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination Benefits</u>**. You will continue to be eligible to receive change in control and severance payments and benefits under the Change in Control and Severance Agreement (the "**Severance Agreement**") between you and the Company, dated July 20, 2025, attached to this offer letter as **Exhibit A**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality Agreement</u>**. By signing this letter agreement, you reaffirm the terms and conditions of the Employee Invention Assignment and Confidentiality Agreement by and between you and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Conflicting Obligations</u>**. You understand and agree that by signing this letter agreement, you represent to the Company that your performance will not breach any other agreement to which you are a party and that you have not, and will not, during the term of your employment with the Company, enter into any oral or written agreement in conflict with any of the provisions of this letter or the Company's policies. You have not brought with you to the Company, or may not use or disclose to any person associated with the Company, any confidential or proprietary information belonging to any former employer or other person or entity with respect to which you owe an obligation of confidentiality under any agreement or otherwise. The Company does not need and will not use such information and we will assist you in any way possible to preserve and protect the confidentiality of proprietary information belonging to third parties. Also, we expect you to abide by any obligations to refrain from soliciting any person employed by or otherwise associated with any former employer and suggest that you refrain from having any contact with such persons until such time as any non-solicitation obligation expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Outside Activities</u>**. While you render services to the Company, you agree that you will not engage in any other employment, consulting or other business activity without the written consent of the

------

Company. In addition, while you render services to the Company, you will not assist any person or entity in competing with the Company, in preparing to compete with the Company or in hiring any employees or consultants of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.&nbsp;&nbsp;&nbsp;&nbsp;<u>General Obligations</u>**. As an employee, you will be expected to continue to adhere to the Company's standards of professionalism, loyalty, integrity, honesty, reliability and respect for all. You will also be expected to continue to comply with the Company's policies and procedures. The Company is an equal opportunity employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.&nbsp;&nbsp;&nbsp;&nbsp;<u>At-Will Employment</u>**. Your employment with the Company continues to be for no specific period of time. Your employment with the Company will continue to be on an "at will" basis, meaning that either you or the Company may terminate your employment at any time for any reason or no reason. The Company also reserves the right to modify or amend the terms of your employment at any time for any reason. Any contrary representations which may have been made to you are superseded by this letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company's personnel policies and procedures, may change from time to time, the "at will" nature of your employment may only be changed in an express written agreement signed by you and an authorized member of the Company's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholdings</u>**. All forms of compensation paid to you as an employee of the Company will be less all applicable withholdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Arbitration and Class and Collective Action Waiver</u>**. To the fullest extent permitted by law, you and the Company agree to submit to mandatory binding arbitration any and all claims arising out of or related to your employment with the Company or the termination thereof, including, but not limited to, claims for unpaid wages, wrongful termination, torts, stock or stock options or other ownership interest in the Company, discrimination, harassment and/or retaliation based upon any federal, state or local ordinance, statute, regulation or constitutional provision, and individual claims under the California Private Attorneys General Act (California Labor Code Section 2698, et seq.) ("PAGA"), that: (a) you may have against the Company and its directors, officers, owners, employees, agents, successors and assigns, and (b) the Company may have against you (collectively, "**Arbitrable Claims**"). Further, to the fullest extent permitted by law, you and the Company agree that no class or collective actions can be asserted in arbitration, court or any other forum. All claims must be brought solely in your or the Company's individual capacity, and not as a plaintiff or class member in any purported class or collective proceeding. This arbitration provision is entered into and is enforceable under the Federal Arbitration Act (the "**FAA**") because both you and the Company are engaged in interstate commerce.

Notwithstanding the foregoing, nothing in this arbitration provision restricts: (w) your right to elect to pursue claims for sexual harassment and/or sexual assault in court, on an individual, class or collective action basis; (x) your right, if any, to file in court a non-individual, representative action under PAGA, if you have standing to pursue such an action and it is permitted under applicable law; (y) your right to file administrative claims you may bring before any government agency where, as a matter of law, the parties may not restrict the employee's ability to file such claims (including, but not limited to, the National Labor Relations Board, the Equal Employment Opportunity Commission and the Department of Labor, and before state agencies in connection with claims for workers' compensation, unemployment and/or disability insurance benefits); or (z) a party's right to seek injunctive or other provisional relief in court, where permitted by applicable law, including, but not limited to, in connection with the misappropriation of a party's private, proprietary, confidential or trade secret information. To the extent a class or collective

------

action or representative claim may not be waived, you and the Company agree to stay any such claims until after all claims subject to arbitration are fully resolved.

BY YOUR SIGNATURES BELOW, YOU AND THE COMPANY HEREBY WAIVE ANY RIGHTS YOU/THEY MAY HAVE TO TRIAL BY JURY IN REGARD TO ARBITRABLE CLAIMS.

The arbitration will be conducted through JAMS before a single neutral arbitrator, in accordance with the JAMS employment arbitration rules then in effect, provided however, that the FAA, including its procedural provisions for compelling arbitration, will govern and apply to this arbitration provision. The JAMS rules may be found at https://www.jamsadr.com/rules-employment. You and the Company will follow the JAMS Rules applicable to initial filing fees, but in no event will you be responsible for any portion of those fees in excess of the filing or initial appearance fees applicable to court actions in the jurisdiction where the arbitration will be conducted. The Company otherwise will pay all costs and expenses unique to arbitration, including without limitation the arbitrator's fees. You and the Company will each pay your own attorneys' fees. The arbitrator must follow applicable law and may award only those remedies that would have applied had the matter been heard in court. The arbitrator's decision must be in writing and contain findings of fact and conclusions of law. Judgment may be entered on the arbitrator's decision in any court having jurisdiction. A party's right to review of the decision is limited to grounds provided under applicable law. The parties will have the right to conduct adequate civil discovery, obtain injunctive or equitable relief, bring dispositive motions, and present witnesses and evidence as needed to present their cases and defenses, and any disputes in this regard will be resolved by the arbitrator. Within 30 days after the arbitration hearing is concluded, either party may file a brief addressing the claims, defenses and proposed remedies. The arbitration will be conducted in the JAMS location that is closest to your place of work. If, for any reason, any term of this arbitration provision is held to be invalid or unenforceable, all other valid terms and conditions of this provision will be severable and will remain fully enforceable.

[SIGNATURE PAGE FOLLOWS]

------

This letter agreement supersedes and replaces any prior understandings or agreements, whether oral, written or implied, between you and the Company regarding the matters described in this letter (other than the Severance Agreement), including, without limitation, the Prior Agreement. This letter will be governed by the laws of Massachusetts, without regard to its conflict of laws provisions.

---

| | |
|:---|:---|
| | Very truly yours,<br>FIGMA, INC.<br>/s/ Dylan Field |
| | By: Dylan Field |
| | Chief Executive Officer |
| ACCEPTED AND AGREED: |  |
| Shaunt Voskanian |  |
| /s/ Shaunt Voskanian |  |
| Signature |  |
| 7/20/2025 |  |
| Date |  |

---

[SIGNATURE PAGE TO AMENDED AND RESTATED OFFER LETTER]

## Exhibit 10.16

**Exhibit 10.16**

July 18, 2025

Michel Krieger

**Re: <u>Figma, Inc. Board of Directors</u>**

Dear Mike:

On behalf of Figma, Inc. (the "***Company***"), I am pleased to present you our offer to become a member of the Board of Directors (the "***Board***"). We may appoint you as a member of one or more of the Board's standing committees, to be mutually agreed upon following your appointment to the Board. As a Board member, you will be responsible for attending in person or by telephone, all Board meetings and all meetings of Board committees on which you sit. In addition, from time to time, we would like to have the benefit of your experience and insight regarding various Company-related matters.

As a member of the Board and of any committees to which you are appointed, you will have the roles, responsibilities and fiduciary duties of a director as set forth in applicable corporate law and the Company's governing corporate documents, committee charters and policies, copies of which have or will be made available to you. You may be removed from the Board by the Board or the stockholders of the Company, in accordance with applicable corporate law and the Company's governing corporate documents. You agree that this letter does not create any employer/employee relationship with the Company and that you will not be entitled to participate in any of the Company's benefit plans, other than as provided in this letter.

In addition to the compensation that you will receive as a member of the Board pursuant to the Company's Outside Director Compensation Policy, a copy of which has or will be made available to you, you will be granted an award of restricted stock units that may be settled for 48,179 shares of the Company's Class A common stock (the "***RSU Award***") under the Company's 2012 Equity Incentive Plan, as amended (the "***2012 Plan***"). The RSU Award will be subject to the terms and conditions of the 2012 Plan and your RSU Award agreement. So long as you continue to provide services to the Company as a non-employee director through each vesting date, the RSU Award will vest as to 1/3rd of the shares underlying the RSU Award on each of the first, second and third annual anniversaries of August 1, 2025. In the event of an Acquisition, as defined in the 2012 Plan, while you are a Board member, effective as of immediately prior to the closing of the Acquisition, 100% of the then-unvested shares subject to the RSU Award will become vested.

The Company will reimburse reasonable travel and other business expenses in connection with your duties as a Board member in accordance with the Company's generally applicable policies. In addition, you will receive certain indemnification rights with respect to your service as a Board member, provided that you execute the Company's form of indemnification agreement. The Company currently maintains Directors & Officers insurance coverage from a reputable insurer. Details of such coverage are available upon request.

This letter will be governed by and construed under the laws of the State of California without regard to principles of conflicts of laws or choice of laws and may be amended only by a written agreement of both you and the Company. The foregoing constitutes the complete agreement between us with respect to the subject matter hereof and supersede in all respects all prior or contemporaneous proposals, negotiations, conversations, discussions and agreements between us. This letter may be executed in counterparts, each of which will be considered an original, but all of which together will

------

constitute one agreement. Execution of a facsimile copy will have the same force and effect as execution of an original, and a facsimile signature will be deemed an original and valid signature.

[Signature Page Follows]

------

Mike, I am excited about you joining our Board at a key time for the Company and look forward to working with you to help make the Company truly great. Please acknowledge your receipt of and agreement with this letter by signing and dating this letter and returning it to me.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| FIGMA, INC. | FIGMA, INC. |
| By: | /s/ Dylan Field |
|  | Name: Dylan Field |
|  | Title: CEO, Figma |

---

---

| |
|:---|
| ACCEPTED AND AGREED: |
| /s/ Michel Krieger |
| Michel Krieger |
| 7/18/2025 |
| Date |

---

## Exhibit 10.17

**Exhibit 10.17**

July 18, 2025

Luis von Ahn

**Re: <u>Figma, Inc. Board of Directors</u>**

Dear Luis:

On behalf of Figma, Inc. (the "***Company***"), I am pleased to present you our offer to become a member of the Board of Directors (the "***Board***"). We may appoint you as a member of one or more of the Board's standing committees, to be mutually agreed upon following your appointment to the Board. As a Board member, you will be responsible for attending in person or by telephone, all Board meetings and all meetings of Board committees on which you sit. In addition, from time to time, we would like to have the benefit of your experience and insight regarding various Company-related matters.

As a member of the Board and of any committees to which you are appointed, you will have the roles, responsibilities and fiduciary duties of a director as set forth in applicable corporate law and the Company's governing corporate documents, committee charters and policies, copies of which have or will be made available to you. You may be removed from the Board by the Board or the stockholders of the Company, in accordance with applicable corporate law and the Company's governing corporate documents. You agree that this letter does not create any employer/employee relationship with the Company and that you will not be entitled to participate in any of the Company's benefit plans, other than as provided in this letter.

In addition to the compensation that you will receive as a member of the Board pursuant to the Company's Outside Director Compensation Policy, a copy of which has or will be made available to you, you will be granted an award of restricted stock units that may be settled for 48,179 shares of the Company's Class A common stock (the "***RSU Award***") under the Company's 2012 Equity Incentive Plan, as amended (the "***2012 Plan***"). The RSU Award will be subject to the terms and conditions of the 2012 Plan and your RSU Award agreement. So long as you continue to provide services to the Company as a non-employee director through each vesting date, the RSU Award will vest as to 1/3rd of the shares underlying the RSU Award on each of the first, second and third annual anniversaries of August 1, 2025. In the event of an Acquisition, as defined in the 2012 Plan, while you are a Board member, effective as of immediately prior to the closing of the Acquisition, 100% of the then-unvested shares subject to the RSU Award will become vested.

The Company will reimburse reasonable travel and other business expenses in connection with your duties as a Board member in accordance with the Company's generally applicable policies. In addition, you will receive certain indemnification rights with respect to your service as a Board member, provided that you execute the Company's form of indemnification agreement. The Company currently maintains Directors & Officers insurance coverage from a reputable insurer. Details of such coverage are available upon request.

This letter will be governed by and construed under the laws of the State of California without regard to principles of conflicts of laws or choice of laws and may be amended only by a written agreement of both you and the Company. The foregoing constitutes the complete agreement between us with respect to the subject matter hereof and supersede in all respects all prior or contemporaneous proposals, negotiations, conversations, discussions and agreements between us. This letter may be executed in counterparts, each of which will be considered an original, but all of which together will

------

constitute one agreement. Execution of a facsimile copy will have the same force and effect as execution of an original, and a facsimile signature will be deemed an original and valid signature.

[Signature Page Follows]

------

Luis, I am excited about you joining our Board at a key time for the Company and look forward to working with you to help make the Company truly great. Please acknowledge your receipt of and agreement with this letter by signing and dating this letter and returning it to me.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| FIGMA, INC. | FIGMA, INC. |
| By: | /s/ Dylan Field |
|  | Name: Dylan Field |
|  | Title: CEO, Figma |

---

---

| |
|:---|
| ACCEPTED AND AGREED: |
| /s/ Luis von Ahn |
| Luis von Ahn |
| 7/18/2025 |
| Date |

---

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the reference to our firm under the caption "Experts" and to the use of our report dated April 15, 2025, in Amendment No.1 to the Registration Statement (Form S-1 No. 333-288451) and related Prospectus of Figma, Inc. for the registration of shares of its Class A common stock.

/s/ Ernst & Young LLP

San Jose, California

July 21, 2025

<br>