Y Combinator’s safes spread – L.A. accelerator is now issuing them

This is pretty neat, the whole concept of 'open legal' is fascinating to me. For years it seems Lawyer's were like machinists of old, carrying around their own special sauce of document [1]. Now quality, vetted, legal documents are pretty straight forward to come by. This is pretty cool in my opinion.

[1] This was the root of a long running joke in Intolerable Cruelty referring to the 'Massey Prenup' -- http://www.imdb.com/title/tt0138524/

I have a question about the SAFE.

SAFE holders don't seem to have the right to veto dividends. Shouldn't they have that right? What stops a company from issuing SAFEs, making a big dividend, and letting the company's shell fold?

Chiming in to say that SAFE has been "ported" to France thanks to the awesome folks at TheFamily, it's called AIR: http://www.meetair.co/

Is there anywhere that discusses/describes SAFE and its benefits/trade-offs in detail?

Is "SAFE note" a valid way of referring to a SAFE security? If it's not a debt instrument, it seems weird to call it a "note." It almost sounds more like an equity option (i.e. investors are buying the right to buy a certain amount of equity at a set price in the future).

I know of at least one Atlanta-based accelerator that is using them too. They seem to be fairly sound and better than other financial docs.

What discounts are SAFEs going to be issued at? Assuming no caps yet?