XML 64 R50.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events (Tables)
12 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
Schedule of material revised terms of the amended management agreement
The material revised terms of the amended management agreement are summarized in the following table.
Terms
 
Prior Agreement
 
Amended Agreement
Management Fee
 
Annual fee of 1.0% of SAFE total equity (up to $2.5 billion)

Annual fee of 0.75% of SAFE total equity (> $2.5 billion)
 
Annual fee of 1.0% of SAFE total equity (up to $1.5 billion)

Annual fee of 1.25% of SAFE total equity (for incremental equity of $1.5 billion to $3.0 billion)

Annual fee of 1.375% of SAFE total equity (for incremental equity of $3.0 billion to $5.0 billion) and

Annual fee of 1.5% of SAFE total equity (for incremental equity over $5.0 billion)
Management Fee Consideration
 
Payment will be made exclusively in shares of the SAFE's common stock (valued at the greater of: (i) the volume weighted average market price during the quarter for which the fee is being paid; or (ii) the initial public offering price of $20.00 per share)
 
At the discretion of the SAFE's independent directors, payment will be made in cash or in shares of SAFE's common stock (valued at the greater of: (i) the volume weighted average market price during the quarter for which the fee is being paid; or (ii) the initial public offering price of $20.00 per share)
Term
 
One year
 
Initial term from January 1, 2019 - June 30, 2022; non-terminable except for cause.
Automatic annual renewals thereafter, subject to non-renewal upon certain findings by SAFE's independent directors and payment of termination fee. 
Termination Fee
 
None
 
Three times prior year's management fee, subject to the SAFE having raised $820 million of total equity since inception.