This clause states that the SAFE will convert to equity the next time the corporation issues and sells shares to any investor, regardless of how many shares are issued in that equity round. If preferred shares are issued, the investor's liquidation preference may be limited (in the SAFE) to the original amount invested in the SAFE. This caps their liquidation preference at the original investment amount. An example of this clause is: If there is an Equity Financing before the expiration or termination of the SAFE, the Corporation will automatically issue to the Investor either: (1) a number of Shares sold in the Equity Financing equal to the Purchase Amount divided by the price per share of the Shares, if the pre-money valuation is less than or equal to the Valuation Cap; or (2) a number of shares equal to the Purchase Amount divided by the SAFE Price (Valuation Cap divided by total outstanding shares, less the Discount), if the pre-money valuation is greater than the Valuation Cap.