The following are the key product terms of Ondo Private Markets Notes. Terms may differ for future Notes distributed by the Issuer. Always check the applicable Offering Documents for the most up-to-date Token Terms.
| Term | Details |
|---|---|
| Product | Tokenized note (Reference-Linked Note), an unsecured debt obligation of the Issuer. |
| Issuer | PM Issuer Co (BVI) Limited, not the Reference Company. |
| Eligibility | Non-U.S. persons only. Other restrictions apply. |
| Exposure | Per-share value realized on the Reference Company’s common shares upon a Qualifying Liquidity Event, with price calculation dependent on the specific Qualifying Liquidity Event. One note = one reference share. |
| Term | 10 years from initial issuance. Note expires in 10 years if there is no liquidity event (though transfers before that time are permitted during the term of the Note). See FAQs for details on process in case of Note expiry. |
| Income | None. No interest or dividends are paid out. |
| Note redemptions | Upon a Qualifying Liquidity Event which includes: an IPO (price is set 6 months post-IPO), acquisition or other sale of a majority of shares of the Reference Company, winddown or the expiration of the Term. The Note price is fixed according to its terms at the earliest Qualifying Liquidity Event. |
| Redemption terms | A payment in the settlement currency set in the Token Terms, equal to the number of notes you hold × Note price fixed at Liquidity Event, minus tax withholding and settlement fees. You don’t receive shares of the Reference Company. |
| Who can claim | The note holder at the record time of the Liquidity Event. Holders must accept Token Terms, prove wallet control, complete KYC, and claim within a one-year claim window from the Liquidity Event. |
| Token standard | ERC-20 on Ethereum Mainnet. |