In the exercise of proportional rights, the investor pays the new price of the cycle and not the price he paid at the time of the initial conversion of the SAFE. A SAFE (Simple Future Equity Agreement) is an agreement between an investor and an entity that grants the investor rights for future capital to the company similar to a warrant, unless, without determining a specific price per share at the time of the initial investment. The SAFE investor receives the futures shares in the event of an evaluated investment cycle or liquidity event. SafThe aim is to offer start-ups a simpler mechanism to seek start-up financing as convertible bonds. The startup (or any other company) and the investor enter into an agreement. .