--- title: Any other circumstances menu description: This discount is for any factor that does not fit into the remaining sections. --- [Skip to content](https://help.seedlegals.com/en/emi-valuation-any-other-circumstances#main-content) English Show submenu for translations ![special-case-sl-logo.png\]](https://help.seedlegals.com/hs-fs/hubfs/special-case-sl-logo.png?width=165&height=18&name=special-case-sl-logo.png) - [Blog](https://seedlegals.com/resources/?nr=1) Open main navigation Close main navigation - [Blog](https://seedlegals.com/resources/?nr=1) - English Show submenu for translations - [Home](https://seedlegals.com/) [Home](https://seedlegals.com/) How can we help? - There are no suggestions because the search field is empty. 1. [Help Centre (UK)](https://help.seedlegals.com/en?hsLang=en) 2. [Options and Option Schemes](https://help.seedlegals.com/en/options-and-option-schemes?hsLang=en) 3. [EMI Option Scheme - step by step guides on how to complete a valuation and grant options!](https://help.seedlegals.com/en/options-and-option-schemes?hsLang=en#emi-option-scheme-step-by-step-guides-on-how-to-complete-a-valuation-and-grant-options) # Any other circumstances menu This discount in an EMI valuation is for any factor that does not fit into the remaining sections. If there are either any **circumstances** or **special rights** that the benchmark shares have that the option shares will not, you can fill that in here. If you’re specifying a circumstance, these must have arisen *after* the benchmark transaction. If your flagged circumstance was already present at the time of the transaction, HMRC can reasonably say it was factored into the price paid, and it cannot then be used to discount from that same price. A standing feature of the business from incorporation (for example that it has always depended on its founder, or has always had one large customer) would be a weak example. A *change* in that position since the benchmark is a workable argument. ### **ANY OTHER CIRCUMSTANCES MENU – Examples** *Liquidation preference* — unchanged, no brackets. ### **A. Key person has become seriously ill** Since the benchmark transaction, a key individual, on whom the company materially depends, has become seriously ill, placing the company's prospects at risk in a way that was not the case at the time of the round. ### **B. Key person has left the company** Since the benchmark transaction, a key individual has departed the company. Their loss materially weakens the company's prospects relative to the position at the time of the round, when their continued involvement would have supported the price paid. ### **C. Key person has been poached by a competitor** Since the benchmark transaction, a key individual has left to join a competitor, representing both a loss to the company and a gain to a rival. This is a material adverse change since the round. ### **D. Loss of a major customer or contract** Since the benchmark transaction, the company has lost a major customer or contract, which represents a significant share of its revenue. This is a deterioration in the company's position that was not priced into the round. You can insert the revenue proportion affected here. ### **E. Adverse event specific to the company** Since the benchmark transaction, an event specific to the company, e.g. litigation commenced against the company, loss of a key licence, a failed product launch, has materially changed the company's position from that which underpinned the benchmark price. You can insert supporting detail, facts or figures here where possible. ### **Guideline on percentage:** Percentages on these factors should scale with the severity of the impact and are best supported by evidence rather than set at a fixed level. 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