The Simple Agreement for Future Equity (SAFE) has become increasingly popular in the Belgian startup ecosystem as an efficient investment mechanism for early-stage companies. This document is typically used when a company needs to raise capital quickly without immediately setting a valuation or issuing shares. The agreement, adapted to comply with Belgian law and EU regulations, provides investors with the right to convert their investment into equity at a later date, usually during a priced equity round. It includes essential provisions required under the Belgian Companies and Associations Code, addresses FSMA regulatory requirements, and typically contains specific terms regarding valuation caps, discount rates, and conversion mechanisms. The document is particularly suitable for startups in Belgium seeking bridge financing or initial investment rounds where traditional equity or debt instruments may be less appropriate.
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1. Parties: Identification of the Company and the Investor, including full legal names, registration numbers, and addresses
2. Background: Context of the agreement, including the Company's business and the Investor's intention to invest
3. Definitions: Key terms used throughout the agreement, including 'Equity Financing', 'Liquidity Event', 'Conversion Price', and other technical terms
4. Investment Amount: Specification of the investment amount and payment terms
5. Events Triggering Conversion: Detailed description of events that trigger conversion of the investment into equity
6. Conversion Mechanics: Process and calculations for converting the investment into equity shares
7. Company Representations: Company's warranties and representations regarding its legal status, authority, and business condition
8. Investor Representations: Investor's warranties and representations regarding investment capacity and compliance
9. Information Rights: Investor's rights to receive company information and financial reports
10. Assignment and Transfer: Terms governing the transfer or assignment of rights under the agreement
11. Termination: Circumstances under which the agreement may be terminated
12. Governing Law and Jurisdiction: Specification of Belgian law as governing law and jurisdiction for disputes
13. Execution: Signature blocks and execution formalities
1. Pro-rata Rights: Optional section granting the investor right to participate in future financing rounds, include when negotiated with sophisticated investors
2. Most Favored Nation (MFN): Provision ensuring investor receives best terms offered to future SAFE investors, include when specifically requested
3. Board Observer Rights: Rights to attend board meetings as observer, include for larger investments
4. Drag-along Rights: Obligation for investor to join in company sale, include for significant investments
5. Tag-along Rights: Right for investor to join in sale of founders' shares, include for larger investments
6. Anti-dilution Protection: Protection against dilution in certain circumstances, include for sophisticated investors
7. Confidentiality Provisions: Detailed confidentiality obligations, include when dealing with sensitive information
1. Schedule A - Cap Table: Current capitalization table of the company
2. Schedule B - Conversion Calculations: Detailed examples and formulas for conversion calculations
3. Schedule C - Company Information: Key company details including corporate structure and existing financing
4. Schedule D - Form of Adherence Deed: Template for new parties to adhere to the agreement
5. Schedule E - Disclosure Letter: Company disclosures against representations and warranties
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