Secure conversion financing: during a price cycle, provided that all the safes are post-money, there are usually 3 things happening at the same time, but the calculations are specific: the new safe does not change two fundamental characteristics that we believe remain important for startups: while the safe may not be suitable for all financing situations, the conditions must be balanced, taking into account both the interests of the startup and the investors. As with the original vault, there are still trade-offs between simplicity and completeness, so not all marginal cases are addressed, but we think the vault covers the most relevant and common issues. By “post-money” we take the measure of the ownership of safe holders after (post) all the safe money has been charged – which is now its own turn – but always before (before) the new money in the price cycle that transforms and dilutes the safes (usually the A series, but sometimes Series Seed). Post-money-safe has what we consider to be a great advantage for founders and investors – the ability to immediately and accurately calculate the amount of ownership of the company sold. For founders, it`s essential to understand the dilution of each vault they sell, just as it`s fair for investors to know how many properties they`ve bought. Another innovation of the safe concerns a “proportional” right. The initial vault required the company to allow safe holders to participate in the funding cycle after the funding cycle into which the vault was transformed (for example. B if the safe were converted into Series A preferred share financing, a safe holder – now holding a sub-series of Series A Preferred Shares – would be allowed to acquire a proportionate share 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 model letter (optional) 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…