Understanding Safe Agreements

Whether you are using the vault for the first time or are already familiar with vaults, we recommend that you read our Secure User`s Guide (which replaces the original vault primer). The Safe User`s Guide explains how to convert the vault, with sample calculations as well as other details about the proportional secondary letter, explanations of other technical changes we have made to the new vault (for example. B, language for tax treatment) and suggestions for best use. Another innovation of the vault concerns a “proportionate” duty. The original vault required the company to allow vault holders to participate in the funding round after the funding round into which the vault was converted (e.B. If the safe has been converted into Series A preferred financing, a safe holder – now holding a sub-series of Series A Preferred Shares – would be allowed to acquire a proportionate portion of the Series B Preferred Shares). While this concept fits the original vault concept, it made less sense in a world where vaults have become independent funding cycles. Thus, the “old” proportional right is removed from the new safe, but we have a new (optional) letter that offers the investor a proportional right in the financing of the Series A Preferred Stock, based on the investor`s as-converted secure ownership, which is now much more transparent. Whether or not a startup and an investor take the secondary letter with a safe is now a decision that the parties will make, and it can depend on a large number of factors. Among the factors to be taken into account, there may be (among others) the purchase amount of the safe and the amount of future dilution that the proportional fee will entail for the founders – an amount that can now be predicted with much more precision if post-money safes are used. All right.

Now we understand SAFes and how they come together. We`re going to talk about dilution and understand how your heading charts work.C`s okay. So we`re going to go through that process. So we`re going to start building our business, which Carolyn talked about from the beginning of the startup course, so hopefully it won`t be new to you. Next, we`ll talk about what`s going on, if you`re raising money on SAFE a few post-money SAFs, then we`ll talk about what will happen when you hire people and start spending equity on employees. And then the company will make a price tour. And what will happen to the capeboard? Now I will warn you. It`s starting to get into the math part of it all, so turn on your brain and keep focusing. All right. So, integration. Let`s just assume it`s a really simple company, there are two founders, and they divide their shares equally between the two. In this example, each founder owns 4.625 million shares.

So there is a total of 9.25 million shares issued and each founder owns 50%. It`s pretty simple, isn`t it? And for them to own these shares, the founders did the paperwork, they granted these shares through a limited share purchase agreement, and there is an unshakability on these shares, as was discussed with Carolyn in the course. All right. So the next thing that`s going to happen is that this company collects some money on a post-money-safe, and they`ve collected from two investors. So the first investor arrives quite early and uses $200,000 with a valuation cap of $4 million. .

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