Simple Agreement for Future Equity

A Simple Agreement for Future Equity (SAFE) is an advanced subscription agreement for future shares. It is an agreement between an investor and a company that provides rights to the investor for future equity in the company. A convertible loan note (CLN) is similar though can be recalled by the lender, whereas a SAFE always converts into equity. That said, in practice, when it comes to early-stage investing, the difference is merely theoretical. The below SAFE documents are inspired by the Y Combinator SAFE and include certain amendments in order to comply with Danish and Portuguese corporate law requirements.