Претензия по конвертируемому займу: SAFE / Convertible Note Dispute

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Претензия по конвертируемому займу (SAFE / Convertible Note)

Досудебное требование к стартапу по нарушениям при конверсии SAFE, convertible note, или споры по valuation cap, discount rate, trigger events, repayment obligations. Защита прав early-stage investors по американскому праву.

$25K-500K Типичный размер SAFE/Note

20-25% Стандартный discount

$5M-10M Типичный valuation cap

📄 Обзор споров 📝 Шаблоны претензий ❓ FAQ

Типичные споры по SAFE и Convertible Notes

Что такое SAFE и Convertible Note

SAFE (Simple Agreement for Future Equity): Инвестиционный инструмент, разработанный Y Combinator. Investor даёт деньги сейчас, получает право на equity при будущем priced round (Series A/B) или liquidity event. Обычно включает valuation cap и/или discount rate.

Convertible Note: Долговой инструмент (promissory note), который конвертируется в equity при qualified financing или матурит (maturity date) с обязательством repayment + interest если конверсия не происходит. Также обычно имеет cap и discount.

Основные сценарии споров

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Отказ в конверсии при Qualified Financing

Компания закрыла Series A, но отказывает в конверсии SAFE/note, ссылаясь на technicalities (не "qualified financing", размер round недостаточен, timing disputes). Требование немедленной конверсии.

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Valuation Cap Dispute

При конверсии компания игнорирует valuation cap ($5M-10M в SAFE) и конвертирует по post-money valuation Series A ($20M+), diluting investor's percentage. Требование apply cap и recalculate conversion.

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Discount Rate Not Applied

SAFE/note содержит 20% discount на Series A price, но компания конвертирует по full price. Или применяет discount неправильно (после cap вместо "most favorable" comparison).

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Maturity Date - No Repayment

Convertible note достиг maturity date, qualified financing не произошло. Компания обязана repay principal + interest, но отказывает или требует extension без investor consent. Требование immediate repayment.

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Liquidity Event - No Conversion

Компания продаётся (M&A) или делает IPO - это liquidity event, triggering SAFE conversion или repayment (по условиям). Компания отказывает или предлагает unfair terms. Требование participation в proceeds.

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Dissolution / Liquidation Preference

Компания закрывается (dissolution). SAFE holders обычно subordinated к creditors но senior к common stock. Спор о priority в distribution of assets или company denies любые liquidation rights SAFE holders.

Когда отправлять demand letter

Немедленно при возникновении trigger event:

Компания закрыла priced round (Series A/B) - qualified financing event по вашему SAFE/note
Maturity date наступила для convertible note без qualified financing
Liquidity event (M&A, IPO) произошёл или объявлен
Компания начала процесс dissolution или bankruptcy
Вы получили conversion documents с неправильными terms (wrong valuation, no cap/discount applied)

Цели demand letter:

Formal notice of conversion trigger и требование comply с SAFE/note terms
Calculation demonstration: показать правильный conversion math с применением cap/discount
Preservation: требование preserve cap table, financing documents, Board minutes re: valuation
Deadline pressure: особенно критично при M&A (proceeds могут быть distributed до вашего claim)

Timing критичен при M&A и Dissolution

Если компания продаётся или закрывается, proceeds распределяются быстро (иногда 30-60 дней после closing). После distribution значительно труднее recover - придётся chase shareholders/creditors. Demand letter должен быть отправлен ДО distribution, ideally до closing M&A transaction. Требуйте escrow вашей доли.

Правовая основа для SAFE/Convertible Note disputes

Contract Law

SAFE Agreement: Contractual agreement между investor и company. Не является equity (no voting rights, no Board seat сейчас) и не является traditional debt (обычно no maturity, no interest). Создаёт contractual right to future equity при определённых trigger events.

Convertible Note: Promissory note (debt instrument) + conversion option. Governed by contract law для conversion terms И debt law для repayment obligations. Обычно включает maturity date, interest rate (часто 2-8% annually), и conversion mechanics.

Key Terms requiring interpretation:

"Qualified Financing": Обычно defined as equity financing of minimum $X (e.g., $1M). Спор: является ли конкретный round "qualified"? Timing: before или after certain date?
"Valuation Cap": Maximum effective valuation для conversion calculation. Если post-money valuation Series A > cap, investor converts как будто valuation = cap (better price per share).
"Discount Rate": Процентная скидка на Series A price (обычно 15-25%). Applied к price per share, дающий investor больше shares за те же деньги.
"Liquidity Event": Обычно M&A (sale of company, asset sale >50%, change of control), IPO. SAFE holders получают (1) cash-out, (2) automatic conversion и participation, или (3) choice - depends on agreement.

Delaware General Corporation Law (if DE company)

8 Del. C. § 152: Authorizes issuance of shares for consideration including promissory notes и future services. Validates convertible instruments as consideration для issuance of stock upon conversion.

Priority in Dissolution (8 Del. C. § 281): При dissolution/liquidation: (1) creditors paid first, (2) preferred stockholders по liquidation preference, (3) common stockholders. SAFE/note holders обычно treated как between (1) и (2) depending on specific agreement terms.

Securities Law Considerations

Federal Securities Law (Securities Act 1933): SAFEs и convertible notes являются "securities" под Howey test. Должны быть issued в compliance с securities laws (обычно under Reg D exemption for accredited investors).

Rescission Rights: Если SAFE/note был issued в нарушение securities laws (e.g., to non-accredited investor without proper exemption), investor может have rescission right - return investment и unwind. Обычно это investor remedy, не company defense для non-conversion.

Disclosure Obligations: Company обязана provide material information при issuance. Fraudulent misrepresentation о company prospects, financials, или terms может создать fraud/misrepresentation claim отдельно от breach of contract.

Шаблоны претензий по SAFE / Convertible Note

Основные блоки претензии

Opening - SAFE Conversion Demand

I represent [INVESTOR NAME] ("Investor") in connection with [his/her/its] investment in [COMPANY NAME] ("[Company]") pursuant to a Simple Agreement for Future Equity dated [DATE] (the "SAFE"). On [DATE], [Company] closed a Series [A/B] preferred stock financing of $[AMOUNT] (the "Series [A] Financing"). This constitutes a "Equity Financing" as defined in Section 1(b) of the SAFE, triggering automatic conversion of the SAFE into shares of [Company]'s capital stock. This letter constitutes formal demand that [Company] effect conversion of the SAFE in accordance with its terms and issue the appropriate number of shares to Investor.

Укажите точную дату closing Series A и ссылку на definition в вашем SAFE

Valuation Cap Application

The SAFE includes a Valuation Cap of $[X MILLION] (Section [X]). The Series [A] Financing was completed at a post-money valuation of $[Y MILLION]. Because the Series [A] valuation exceeds the Valuation Cap, Investor's conversion must be calculated using the Valuation Cap. Correct calculation: - Purchase Amount under SAFE: $[AMOUNT] - Valuation Cap: $[X MILLION] - Conversion Price = Valuation Cap / Fully-Diluted Capitalization - Number of Shares = Purchase Amount / Conversion Price [Company]'s proposed conversion at the Series [A] price of $[Z] per share ignores the Valuation Cap and materially dilutes Investor's ownership. This is a breach of Section [X] of the SAFE.

Включите точные numbers - демонстрирует что вы сделали homework

Discount Rate Demand

The SAFE provides for a [20]% Discount Rate (Section [X]). Investor is entitled to convert at the lower of: (a) the price determined using the Valuation Cap, OR (b) [80]% of the Series [A] price per share (applying the [20]% discount). Series [A] price: $[X] per share Discounted price: $[X * 0.80] per share Cap-based price: $[Y] per share The most favorable price to Investor is $[LOWER OF THE TWO], and Investor is entitled to convert at that price, receiving [CALCULATE SHARES] shares of [Series A Preferred / Common Stock as converted] for the $[PURCHASE AMOUNT] SAFE investment. [Company]'s refusal to apply the Discount Rate (or application of only one of the two methods) violates the express terms of the SAFE.

SAFE обычно даёт "most favorable" - нужно compare оба метода

Convertible Note - Maturity Repayment Demand

I represent [LENDER NAME] ("Lender") in connection with a Convertible Promissory Note issued by [COMPANY] dated [DATE] in the principal amount of $[AMOUNT] (the "Note"). The Note matured on [MATURITY DATE]. As of that date, no Qualified Financing (as defined in the Note) had occurred. Pursuant to Section [X] of the Note, [Company] is obligated to repay the outstanding principal plus accrued interest upon maturity. Outstanding balance: - Principal: $[AMOUNT] - Interest ([X]% per annum from [DATE] to [MATURITY DATE]): $[INTEREST] - Total due: $[PRINCIPAL + INTEREST] This letter constitutes formal demand for payment of $[TOTAL] within [10] business days. [Company]'s failure to repay constitutes a breach of the Note and an event of default.

Calculate interest точно - даже если небольшая сумма, это ваше право

Liquidity Event - Demand for Proceeds

On [DATE], [Company] entered into an Agreement and Plan of Merger with [ACQUIRER] for total consideration of $[AMOUNT] (the "Merger"). The Merger closing is scheduled for [CLOSING DATE]. Section [X] of the SAFE defines this transaction as a "Liquidity Event." Upon a Liquidity Event, Investor is entitled to [receive a cash payment equal to the Purchase Amount OR automatic conversion and participation in Merger proceeds OR elect between cash-out and pro-rata proceeds, per SAFE terms]. Investor demands: (a) Immediate conversion of the SAFE into [equity/cash] entitlement prior to Merger closing; (b) Calculation and confirmation of Investor's pro-rata share of Merger proceeds; (c) Establishment of escrow or reserve from Merger proceeds to ensure Investor's payment; (d) Delivery of all transaction documents showing treatment of SAFE holders. [Company] must not distribute Merger proceeds without satisfying its obligations to SAFE holders. Any distribution without honoring Investor's rights constitutes conversion of Investor's property.

При M&A действуйте быстро - proceeds могут быть distributed в течение 30-60 дней

Escalation & Remedies

Investor demands that [Company] cure this breach no later than [DATE - 7-10 days] by: (a) Providing written confirmation of conversion calculation, including application of Valuation Cap and Discount Rate; (b) Issuing stock certificate(s) or updating the capitalization table to reflect Investor's shares; (c) Delivering all transaction documents, Board resolutions, and valuations used in the Series [A] Financing; and (d) Confirming Investor's rights and preferences attaching to the converted shares. If [Company] fails to cure by the deadline, Investor will pursue all available remedies including: - Breach of contract action seeking specific performance and monetary damages - Injunctive relief preventing distribution of proceeds or issuance of shares until Investor's rights are honored - Declaratory judgment confirming Investor's conversion rights and priority - Claims against officers and directors for breach of fiduciary duty (if applicable) - Recovery of attorneys' fees and costs [to the extent provided in the SAFE/Note] This letter also constitutes notice to preserve all documents related to the [Equity Financing / Maturity / Liquidity Event], including cap tables, Board minutes, valuation reports, and transaction agreements.

Specific performance важнее damages - вы хотите equity, не просто деньги

Чек-лист подготовки к претензии

Документы для сбора

SAFE Agreement или Convertible Note

Оригинальный signed agreement со всеми exhibits и amendments

Wire transfer confirmation / Payment proof

Доказательство что вы transferred purchase amount

Series A/B financing documents (если доступны)

Term sheet, stock purchase agreement, pricing info

Cap table или ownership records

Showing pre-conversion ownership - нужно для calculation

Email communications о financing/conversion

Все emails от company о round, conversion, terms

FAQ по SAFE и Convertible Notes

SAFE: Не является debt. Нет maturity date, нет interest, нет repayment obligation. Даёт право на equity при future financing или liquidity event. Simpler, investor-friendly (no pressure to repay).

Convertible Note: Является debt (promissory note). Имеет maturity date (обычно 18-24 месяца), accrues interest, и если qualified financing не происходит - company обязана repay principal + interest. Также converts при qualified financing.

Оба обычно имеют valuation cap и discount. SAFE популярнее в Silicon Valley (YC standard), convertible notes чаще встречаются на East Coast и в более traditional ventures.

Проверьте definition "Qualified Financing" в вашем SAFE/note. Обычно: "sale of Preferred Stock в financing с aggregate proceeds не менее $[X]". Спорные моменты: (1) размер round, (2) тип securities (preferred vs convertible), (3) timing.

Если round соответствует definition - company не может unilaterally decide "не qualified". Это вопрос contract interpretation. Требуйте disclosure financing terms и demonstrate соответствие.

Depends on your SAFE agreement. Стандартный YC SAFE НЕ даёт information rights или Board observer rights до conversion. Некоторые customized SAFEs включают limited information rights (annual financials, major events).

Однако при dispute о conversion: вы имеете право требовать information необходимую для verification что trigger occurred и calculation правильный. Company не может hide за "confidentiality" когда вы оспариваете breach вашего contract.

Обычно применяется то, что выгоднее инвестору (lower conversion price = больше акций). Пример: инвестировали $100K, cap $5M, discount 20%, Series A по $10M valuation. Cap даёт: $100K / ($5M/total shares). Discount даёт: $100K / ($10M × 0.8 / total shares). Меньшая цена за акцию = больше акций = выгоднее.

По умолчанию company обязана repay principal + accrued interest. Однако многие notes имеют provisions: (1) automatic extension, (2) conversion в common stock по cap или formula, (3) negotiated resolution. Если company не платит — это default, можете sue для взыскания долга плюс проценты.

Контакты

Помогаю early-stage investors с enforcement SAFE и convertible note rights.

Email: owner@terms.law

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