Instrument · StartupBuilder

Properties

Property	Type	Required	Description
`kind`	`string`	required	Which right: `safe`, `note`, `option` or `warrant`.
`amount`	`money`		The amount invested, for a SAFE or a note.
`cap`	`money`		The valuation cap a SAFE or note converts at.
`discount`	`number`		The percent discount to the next priced round a SAFE or note converts at.
`strike`	`money`		The price per Share an option or warrant exercises at.
`quantity`	`integer`		The Shares an option or warrant covers.
`vesting`	`json`		The vesting schedule and cliff of an option grant.
`status`	`string`	required	Where it stands; a canceled or converted Instrument is kept, never deleted.

Object

JSON

{
  "$id": "https://api.sb/patentpad.com/instruments/instrument_1",
  "$type": "Instrument",
  "kind": "safe",
  "amount": {
    "amount": 499,
    "currency": "USD"
  },
  "cap": {
    "amount": 499,
    "currency": "USD"
  },
  "discount": 1,
  "strike": {
    "amount": 499,
    "currency": "USD"
  },
  "quantity": 1,
  "vesting": {},
  "status": "outstanding"
}

Relationships

An Instrument is held by one Holder: each Instrument belongs to one Holder, who sees it, its vesting and its documents. heldBy, inverse instruments.
An Instrument is issued by one Company: an Instrument is a right in one Company and counts in its fully diluted cap table. issuedBy, inverse instruments.

Lifecycle

State	Meaning	Moves to
`outstanding` (first)	Granted or issued and not yet turned into Shares.	`converted` by Instrument.convert; `exercised` by Instrument.exercise; `canceled` by Instrument.cancel
`converted`	A SAFE or note turned into Shares at a priced round.	None: it ends here.
`exercised`	Every Share it covers was bought at the strike price; a partial exercise keeps it outstanding.	None: it ends here.
`canceled`	Ended unvested, expired or forfeited, with any option Shares back in the pool.	None: it ends here.

Verbs

getReturns one Instrument by id.
GET /{namespace}/instruments/{id}readNo Event
listReturns Instruments, newest first, one page at a time.
GET /{namespace}/instrumentsreadNo Event
cancelCancel ends an unvested, expired or forfeited Instrument and returns any option Shares to the pool.
POST /{namespace}/instruments/{instrument}/canceldoInstrument.canceled
convertConvert turns a SAFE or note into Shares at a priced round, at its cap or discount, whichever gives more Shares.
POST /{namespace}/instruments/{instrument}/convertdoInstrument.converted
exerciseExercise buys the Shares an option or warrant covers at its strike price, up to what has vested.
POST /{namespace}/instruments/{instrument}/exercisedoInstrument.exercised
grantGrant gives a Holder an option from the pool, with its strike price, vesting schedule and cliff.
POST /{namespace}/instruments/grantdoInstrument.granted

An Instrument is kept forever and never edited: it has no update or delete.

Permissions

Which Access level may call each Verb. One-way Verbs wait their delay window.

Operation	`owner`	`admin`	`member`	`viewer`
`Instrument.get`	Yes	Yes	Yes	Yes
`Instrument.list`	Yes	Yes	Yes	Yes
`Instrument.cancel`	Yes	No	No	No
`Instrument.convert`	Yes	No	No	No
`Instrument.exercise`	Yes	No	No	No
`Instrument.grant`	Yes	No	No	No

Call it

Text

Grant the latest instrument with a holder.

Example

A Company raises $250,000 on a SAFE with an $8 million cap. At the next priced round the Instrument converts to Shares, and its record stays with status converted.

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