I suppose you could include it as an exhibition, but it would take time and it would probably be tedious to include the full SAFE in the LLC agreement. SAFE is supposed to speed up funding, and this process would probably slow things down and increase complexity. (a) The investor has the full legal capacity, power and power to execute and provide this instrument and fulfill its contractual obligations. This instrument is a valid and binding obligation of the investor, applicable on its terms, unless it is limited by bankruptcy, insolvency or other general laws relating to the application of the rights of creditors in general and the general principles of participation. (d) termination. This instrument expires and ends with the issuance of interests in the investor in accordance with this agreement. A “SAFE” is an agreement between an investor and an entity that grants the investor rights to the company`s future equity, which are similar to a share warrant, unless a certain price per share is set at the time of the initial investment. The SAFE investor receives future shares in the event of an investment price cycle or liquidity event. SAFEs are supposed to offer start-ups a simpler mechanism to apply for upfront financing than convertible bonds. I am told that Y combinator began treating FAS as equity from day one, and I have seen the language as below several times.
“SAFE”, an instrument that contains a future right of participation, similar to the form and content of this instrument, acquired by investors for the purpose of financing the company`s activity. At the end of 2013, Y Combinator published the Simple Agreement for Future Equity (“SAFE”) investment instrument as an alternative to convertible debt.  This investment vehicle is now known in the U.S. and Canada because of its simplicity and low transaction costs. However, as use is increasingly frequent, concerns have arisen about its potential impact on entrepreneurs, particularly where several SAFE investment cycles take place prior to a private equity cycle and potential risks to un accredited crowdfunding investors who could invest in the SAFes of companies that realistically, never receive venture capital financing and therefore never convert to equity.  The following signature makes this agreement official and active between the company and the investor: (b) The performance, supply and performance of this instrument by the company is the responsibility of the company and, except with regard to the measures to be taken for the investor, all necessary measures have been duly approved by the company.