Yeah, I remember that they were based on valuations. I'm almost positive the valuation you gave us was 300k (can't remember if that was pre or post though), so the 12k was 4%.

I knew the demo cinched in for us (remember, this was back when people didn't know if it was possible to write fancy web apps with things like calendar appointment dragging). Looking back on the emails and our application (thanks, Gmail) I was surprised how much better our application was than I had remembered.