Two questions:

- in the acquisition of a company with an MFN SAFE, it says that the instrument can convert in to common at the fair market value of the stock. Isn't that the FMV the purchase price? So isn't that the same as getting your original money back (no matter how successful the company may become)?

Regarding pro rata rights it says:

Do SAFE holders get pro rata rights? <snip> This pro rata right must be in either the Equity Financing documents or a side letter.

Is this saying investors need to add pro rata rights to your SAFE, or that they only get them if the subsequent preferred financing has them?