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But in this case, it sounds like indie.vc gets the equity kicker as well at a liquidity event.

The covenants could be a big difference. Surprised that Indie.vc doesn't have any.

The instruments is essentially a modified SAFE with a clause for distributions (which keys off a multiple of the founder's salary) and no expiration date. The intent was to keep it simple, clear and relatively toothless.

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