Unbilled founder contributions convert to post-recap equity through board-approved subordinated convertible notes that extinguish historical liabilities before investor entry.
Contractual dilution clauses reduce unquantified partner contributions to zero value unless informal labor is converted into formal prior contractual rights.
Convertible debt discounts lower share conversion prices, expanding noteholder equity claims and diluting unpriced early labor during venture recapitalizations.
The terms are written where they belong. Each field holds three desks, and every entry a desk writes raises the terms it uses, each term given a meaning, a mechanism and the places it appears. The record on these pages stays first person and hand made; the fields grow the nomenclature.
