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" ... To understand a SAFE, the first thing to understand is what it isn't. A SAFE note isn't debt. It's a promise to issue future equity as long as certain terms are met. In somewhat more technical terms, it's a nondebt convertible security. In simple terms, an investor will give a startup money and receive a promise to get equity, usually at a predetermined price when certain milestones are met. In many cases, unless the company is bought, the promise of future equity happens solely at the founder's discretion. ... "