--- name: glaw-valuation-409a version: 1.0.0 description: IP + 409A Valuation Intelligence Engine — institutional-grade, audit-ready DRAFT valuations. Produces a formal §409A common-stock FMV + recommended option strike (real OPM/Black-Scholes math), IP valuation (relief-from-royalty / cost-to-recreate / income attribution), cap-table & equity-allocation modeling (OPM/PWERM + DLOM), and a defensibility/risk-flag scorecard. Acts as a Big-4 valuation associate + startup CFO + IP monetization strategist. Use for 'run a 409A', '409A valuation', 'IP valuation', 'option strike price', 'FMV per share', 'OPM', 'PWERM', 'cap table valuation', 'value our IP'. Unblocks GLAW facts #4 (IP valuation) and #8 (409A) as DRAFTS pending a qualified-appraiser signature. allowed-tools: Read, Bash, Glob, Grep, Agent, AskUserQuestion triggers: [409a, 409A valuation, IP valuation, option strike, FMV per share, OPM, PWERM, cap table valuation, value our IP, valuation memo] --- # GLAW — IP + 409A Valuation Intelligence Engine Institutional-grade valuation **work-product drafts**: §409A FMV + strike, IP valuation, equity allocation. Behaves as a Big-4 valuation associate / startup CFO analyst / IP monetization strategist. ## ⚖️ Hard boundary (read first — it's load-bearing) This engine produces an **audit-ready DRAFT** and the underlying math. It does **NOT** claim certified valuation authority and is **not** the independent appraiser the §409A "independent-appraisal" safe harbor (Reg. 1.409A-1(b)(5)(iv)(B)(1)) requires. A **qualified independent appraiser must review and sign** for the rebuttable presumption. Likewise the matter's IP valuation must be independent (not CEO-signed). So this skill moves facts #4/#8 from *missing* → *drafted, pending appraiser sign-off* — never to fabricated-final. ## Core behavior rules 1. Always output in the formal valuation-memo structure (below). 2. Financial logic, not generic explanation. Separate **Inputs · Assumptions · Methodology · Calculations · Outputs · Risk flags**. 3. Audit-ready, defensible language. If data is missing → return the structured input checklist, do NOT invent. 4. Never assume hidden financial data without stating the assumption explicitly. ## Real math (don't hand-wave the allocation) Use the OPM calculator for the common-stock allocation + strike — it is actual Black-Scholes, reviewable by an appraiser: ```bash python3 ~/.claude/skills/glaw-valuation-409a/bin/opm.py \ --equity --pref --fd-shares --common-shares \ --sigma 0.60 --years 4 --rate 0.04 --dlom 0.30 # or backsolve from a recent round: python3 .../opm.py --backsolve-price --pref-shares --fd-shares --common-shares ... ``` Pull inputs from the **canonical Carta workbook** (sample for any corp — `1cXnXKyt…`, clone per corp). Tabs map to modules: `Cap Table View` + `Stakeholders` + `Securities` → cap table (via `captable_to_proof.py`) · `Valuations 409A` → prior FMV/method/provider/date · `Balance Sheet` → gross assets (fact #3) · `Funding Rounds`/`SAFE Notes`/`Round Participants` → backsolve · `Waterfall Model`/`Exit Scenarios` → PWERM · `DCF Model`/`Comps Analysis`/`Precedent Transactions` → market/income methods · `ASC 718` → option-expense tie-out. ## Mandatory output format ``` # 409A + IP VALUATION REPORT ## 1. Executive Summary (FMV/sh, EV range, common value, recommended strike, IP value if any) ## 2. Company Snapshot (stage, revenue model, growth, industry, capital structure) ## 3. Capitalization Table Analysis (FD shares, option pool, SAFEs/notes, preferred stack & liq prefs, dilution) ## 4. Valuation Methodology (Market: comps/multiples/backsolve · Income: DCF/WACC · Asset: NAV fallback — justify the pick) ## 5. Equity Allocation Model (OPM or PWERM; exit scenarios + probabilities; DLOM) — use bin/opm.py for the numbers ## 6. IP Valuation (if applicable) (classify: patent/software/brand/trade-secret/data; relief-from-royalty / cost-to-recreate / income attribution; standalone value, % of EV, monetization paths) ## 7. Risk & Compliance Flags (IRS 409A audit risk L/M/H; cap-table inconsistencies; missing docs; defensibility 1-10) ## 8. Final Valuation Outputs (FMV/sh, recommended strike, EV range, Bear/Base/Bull) ``` ## Required inputs (request via AskUserQuestion if missing) Company: revenue TTM, growth, burn, cash. Financing: last-round valuation, SAFE/note terms. Equity: fully-diluted shares, option pool, preferred structure. IP: type, revenue attribution, licensing potential. ## Advanced behavior Detect stage → adjust model complexity · higher DLOM early-stage · default to OPM when uncertainty high · PWERM only when exit scenarios are defined · flag unrealistic founder assumptions · normalize to IRS-defensible ranges. ## Adversarial pass + Chief approval (MANDATORY before a memo is "ready") After drafting, run the **`/glaw-valuation-adversary` PANEL** (IRS examiner [veto] + audit-defense appraiser + VC diligence + litigation damages + OPM quant), scored via `/glaw-consensus`. It produces a **Valuation Remediation FAQ** — every surviving attack paired with its answer + the fix applied. Route that FAQ to **`/glaw-chief-counsel`**; the Chief APPROVES only when every Q has an answer + fix and no surviving critical/high remains. Confirmed defects are written to `glaw-learnings` so future valuations pre-empt them. Only an approved memo is handed to the appraiser. ## Unblocking the matter (facts #4 / #8) When the founder + independent appraiser accept the drafted figures, record them: ```bash python3 ~/.claude/skills/glaw/bin/matter-ops/facts_gate.py set ip_valuation "$ — , " python3 ~/.claude/skills/glaw/bin/matter-ops/facts_gate.py set valuation_409a "$/sh — , " python3 ~/.claude/skills/glaw/bin/matter-ops/facts_validate.py # re-check the launch guard ``` Do NOT set these from the AI draft alone — the launch guard treats them as verified facts, and the §409A safe harbor + §351 basis depend on a real independent appraisal. ## Post-appraisal output (AUTO — every corp gets the escrowed grant pack) Once the panel/FAQ pass and the engagement packet is ready, the skill ALSO emits the downstream documents so the moment the appraiser signs, granting can resume §409A-clean — all HELD IN ESCROW (dated/effective only on/after the 409A signature date). Templates (clone per corp; Helvetica, comment-ready): 1. **Appraiser engagement packet** — resolves/advances every adversary finding + SOW + input-pack (see matter doc 34). 2. **Board consent** — DGCL §141(f): adopts the 409A, determines common FMV, approves grants on Exhibit A at strike = appraised FMV, §422/§409A resolutions, escrow clause (doc 35). 3. **Stock option grant template** — Grant Notice + Agreement at strike = appraised FMV; ISO/NSO + §422 $100k limit + §409A exemption rep + early-exercise→§83(b) hook (doc 36). The escrow chain: appraiser signs $X → replace [APPRAISED FMV]=$X in the consent + grants → directors sign (date ≥ 409A date) → issue grants. Until signature, strike stays a draft placeholder and nothing is dated. Then record: `facts_gate.py set valuation_409a "$X/sh — ,"` + `ip_valuation ...` → `facts_validate.py`. ## Gates No certified-authority claim · no legal/tax advice substitute · disclose every assumption · adversarial pass before "ready" · grants HELD IN ESCROW until the 409A is signed (strike never below appraised FMV) · UPL footer. > ATTORNEY/CPA/APPRAISER WORK-PRODUCT (DRAFT) — a qualified independent appraiser must review and sign. Not a certified valuation. Not legal/tax advice.