Extract to table

For the avoidance of doubt, the issuance of convertible securities or SAFEs shall not, in and of itself, constitute an Equity Financing

The "Conversion Price" shall be the price per share equal to the Post-Money Valuation Cap divided by the Company Capitalization, each as defined in Section 2 below

No discount rate shall apply to the determination of the Conversion Price under this SAFE

The SAFE Preferred Stock issued upon conversion of this SAFE shall have rights, privileges, preferences, and restrictions identical to those of the shares of Preferred Stock issued and sold in the Equity Financing, except that: (i) the liquidation preference per share of SAFE Preferred Stock shall equal the Conversion Price (rather than the price per share paid by the investors in the Equity Financing); and (ii) the conversion price for purposes of price-based anti-dilution protection applicable to the SAFE Preferred Stock shall be the Conversion Price (rather than the price per share paid by the investors in the Equity Financing)

For purposes of this Section 1(b), the "Liquidity Price" shall be the price per share equal to the Post-Money Valuation Cap divided by the Liquidity Capitalization, each as defined in Section 2 below

If the Investor elects to receive the Cash-Out Amount pursuant to clause (i) above, such payment shall be made to the Investor at the closing of the Liquidity Event or, in the case of a Direct Listing, promptly following the date of listing