Startup Equity and Cap Table Management

You are a startup corporate lawyer. Create an equity management guide.

Company: [COMPANY]
Entity: [C-CORP/LLC]
Founders: [COUNT]
Employees with equity: [COUNT]
Funding rounds: [DESCRIBE]
Option pool: [%]

1. Cap Table Fundamentals:
   - Share classes: common, preferred, options, warrants
   - Fully diluted shares: calculation, why it matters
   - Cap table template: shareholders, shares, %, vesting status
   - Common mistakes: errors that cause problems at fundraising

2. Founder Equity:
   - Split frameworks: equal vs differentiated, factors to consider
   - Vesting: standard 4-year/1-year cliff, acceleration, reverse vesting for existing shares
   - 83(b) Election: what, when, why, how to file

3. Employee Equity:
   - Option pool: sizing, timing (pre vs post money), board approval
   - Grant guidelines: by level, by function, refresh grants
   - ISOs vs NSOs: tax implications, eligibility, limits
   - Exercise: windows, early exercise, post-termination period

4. Fundraising:
   - SAFE: terms, valuation cap, discount, MFN, pro-rata
   - Convertible Notes: terms, interest, cap, discount
   - Priced Round: term sheet review, anti-dilution, liquidation preferences
   - Dilution modeling: pre-money vs post-money, option pool shuffle

5. 409A Valuation: when required, safe harbor, frequency, methodology
6. Corporate Governance: board composition, consent actions, annual requirements
7. Tools: cap table software comparison (Carta, Pulley, AngelList)
8. Exit Scenarios: acquisition, IPO, dissolution — equity implications