Registration, Breakfast & Networking
7:30 - 8:25 AM

The Growth of the Private Company Stock Market: History, Trends and Forecasts
8:30 - 9:20 AM
This panel of investors and industry observers discusses the economic conditions, investment needs and other factors that led to the growth of the secondary market for private stock, and whether interest by sellers and buyers will continue as economic conditions change.
MODERATOR: FRANK MAZZOLA, Felix Investments
PANELISTS: DAN BURSTEIN, Millennium Technology Value Partners; ROBERT CAMPBELL, B. Riley & Co.; OWEN THOMAS, VentureBeat; ERIC WRIGHT, Ropes & Gray

Sellers of Direct Investments: Corporations, Venture Funds and Private Company Employees
9:25 - 10:15 AM
Corporations, venture funds and private company employees all have different expectations when selling unregistered securities in the secondary market. This panel will discuss those sellers' expectations, transaction types and how investors can access this market.
MODERATOR: LAURENCE ALLEN, NYPPEX
PANELISTS: RICH CAPEN, VCFA Group; JIM CONNOR, Sand Hill Angels; KEN SAWYER, Saints Venture Capital

Case Study: Secondary Sale by Former CFO of Linden Lab (Second Life)
10:20 - 10:50 AM
Ginsu Yoon, former VP Corporate Development, General Counsel and CFO of Linden Lab, maker of Second Life, discusses the economic, emotional and other motivations and considerations in his decision to sell stock on the secondary market.  Larry Albukerk, the broker that sold the stock, discusses his process of pricing the stock, making a market, and closing the transaction.
PANELISTS: LARRY ALBUKERK, EB Financial Group; GINSU YOON

Legal Considerations for Issuers: Protecting Private Company Exemptions
11:20 - 12:10 PM
When company stock is sold in the secondary market, the company walks a fine line between behaving like a public company while retaining private company status and exemptions. This panel of legal experts reviews the regulatory issues and explains how to avoid common pitfalls that can impact a company's SEC status.
MODERATOR: BRIAN ERB, Ropes & Gray
PANELISTS: ROBERT BRIGHAM, Cooley;  MITCHELL LITTMAN, Littman Krooks; DON REINKE, Reed Smith

Private Company Stock as an Investment Opportunity
1:45 - 2:35 PM
In addition to venture capitalists, family offices and high-net worth individuals, are increasingly interested in innovative start-ups through the secondary market. Panelists for this session discuss why the market is attracting new investors and how they are participating.
MODERATOR: TOM ANDERSON, Pensco Trust Company
PANELISTS: KLAUS KOCH, Vicente Capital Partners; KRISTINA KUPRINA, Wealth Management Group of Silicon Valley; FRANK MAZZOLA, Felix Investments

The Role of Exchanges in the Secondary Market for Private Company Stock
2:40 - 3:30 PM
Recently, exchanges for private company stock have become quite active, and there are more of them than ever before. This panel examines stock trading on various exchanges, and how angel investors use these exchanges. 
MODERATOR: IAN SOBIESKI, Band of Angels
PANELISTS: TIM RYAN, Pink OTC Markets; JEFF THOMAS, SecondMarket

Managing Your Shareholder Base
3:35 - 3:55 PM
Private companies are very concerned about losing control over their shareholder base when their stock is selling in the secondary market. Besides business concerns, there are regulatory issues that must be considered. Douglas Park discusses how companies can address these concerns while including the secondary market as part of a sound business strategy.
SPEAKER: DOUGLAS PARK; DYP Advisors

Stock as an Employee Incentive
4:00 - 4:20 PM
There has been a debate as to the effectiveness of allowing employees to sell stock in the secondary market in regards to the effect on employee incentive and loyalty. Troy Foster has studied this issue and shares from his experience in advising companies on employee stock policy.
SPEAKER: TROY FOSTER, Wilson Sonsini Goodrich & Rosati

Price Discovery: Valuation Research Techniques
4:25 - 5:15 PM
The valuation of private companies is a frustrating challenge for investors interested in purchasing stock in the secondary market. This panel of valuation experts discusses the information required for the investment decision-making process and shares techniques for obtaining an accurate valuation.
PANELISTS: ROSS BARRETT, VC Experts; BO BRUSTKERN, Arcstone Partners; JEFF FAUST, Greenstein, Rogoff, Olsen & Co.; STEVEN NEBB, Duff & Phelps

Closing Remarks
5:15 PM