{
  "schema_version":1,
  "as_of":"2026-10-26",
  "timezone":"America/Los_Angeles",
  "subject":"Meta Class C: issuer capital, holder liquidity and voting control",
  "sources":{
    "agreement":{"url":"https://www.sec.gov/Archives/edgar/data/1326801/000162828026066700/meta10202026-ex101.htm","execution_date":"2026-10-20","filed_date":"2026-10-21","status":"signed Exhibit10.1","sha256":"645f6997bf1d8d79e9bd39d877f9494632311c49e7e953ab1d64d3a8fd43d9cc","read_scope":"Full agreement including definitions, operative sections1–14 and signatures"},
    "eight_k":{"url":"https://www.sec.gov/Archives/edgar/data/1326801/000162828026066700/meta-20261019.htm","period_of_report":"2026-10-19","filed_date":"2026-10-21","locator":"Item1.01 and Exhibit10.1 link; summary qualified by the full agreement"},
    "information_statement":{"url":"https://www.sec.gov/Archives/edgar/data/1326801/000162828026066710/meta-20261021.htm","filed_date":"2026-10-21","status":"preliminary information statement","locator":"General overview; economic/voting effects; AnnexC; negotiation history is not the operative agreement"}
  },
  "rules":{
    "ordinary_votes_per_share":{"A":1,"B":10,"C":0},
    "initial_dividend":"One new C for each outstanding A or B; contingent on charter effectiveness and agreement conditions",
    "primary_issuance_effect":"The agreement expressly describes future C issuance as economically diluting all stockholders, including the founder",
    "initial_holder_free_fraction":0.2,
    "initial_holder_stapled_fraction":0.8,
    "stapling_capacity":"Holder A plus B plus available unapplied credits",
    "unstapling_ratio":"min(1, stapling_capacity / stapled C held), subject to the no-B release override",
    "matched_action":"Sale of A/B or conversion B to A, rounded up, generally no later than2business days after C sale settlement; credits can satisfy the requirement",
    "credits":"Default automatic use unless otherwise designated; may be fractional and do not expire; matched or penalty actions do not create a second credit",
    "qualifying_release_fraction_of_initial":0.025,
    "qualifying_quarters_for_full_release":32,
    "quarter_basis":"First full calendar quarter after initial dividend payment; full-time qualifying leadership throughout each counted quarter; quarters need not be consecutive",
    "leadership_failure":"Pauses qualifying release count, does not forfeit owned shares or automatically terminate the agreement",
    "no_b_override":"When Holder Group ceases to hold B, remaining C is released and no later C becomes stapled",
    "additional_dividend":"One C per then-outstanding A, B and C after both a successive doubling event and at least10% annualized total return, with contractual process and legal-availability conditions",
    "additional_dividend_no_new_date_after_founder_death":true,
    "additional_dividend_leadership":"Leadership does not determine whether all holders receive the dividend; it determines founder-side restrictions. If absent, Post-Leadership Stapling Number applies;6consecutive months of resumed service can release it",
    "issuance_threshold_adjustment":"Section5(c) excludes resetting the price measures for ordinary equity issuance, including AI-infrastructure investment; equitable stock-dividend/split adjustments remain",
    "termination":"Specified implementation failures or uncured material breaches, or authorized mutual written termination; not simply leaving leadership"
  },
  "ownership_example":{
    "unit":"hypothetical share units and cash units, not Meta holdings or dollars",
    "total":{"A":900,"B":100,"C":0},
    "holder":{"A":0,"B":100,"C":0},
    "primary_c_issued":200,
    "price_per_c":5,
    "free_c_sale":20,
    "stapled_c_sale":10,
    "paired_b_conversion":10,
    "additional_dividend":"Assume a single qualifying pro rata dividend occurs after the preceding events; no inference about an actual trigger",
    "assumptions":"Equal per-share economic rights; ordinary votes only. Primary issuance goes to outside investors; the illustrated holder does not subscribe. No market-value or voting-premium valuation, fees, taxes, buybacks or other transactions. Cash columns show the event's cash, not balances. Paired B conversion creates no new credit."
  },
  "release_example":{"initial_c":100,"full_qualifying_path":[true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true],"interrupted_path":[true,false,true,false,true],"scope":"Normalized initial block only, all retained; no sales, additional dividends, credits or splits. Inputs start at eligible full calendar quarters, not the payment quarter."},
  "stapling_examples":[
    {"label":"One-for-one base","A":0,"B":100,"credits":0,"stapledC":80,"saleC":10},
    {"label":"Capacity below stapled stock","A":0,"B":100,"credits":0,"stapledC":160,"saleC":10},
    {"label":"Automatic partial credits","A":0,"B":40,"credits":4,"stapledC":100,"saleC":20},
    {"label":"No B release override","A":40,"B":0,"credits":0,"stapledC":100,"saleC":20}
  ],
  "actual_holder_sales":null,
  "actual_issuer_cash_from_this_agreement":null,
  "actual_cap_table_modelled":false,
  "trade_permission_determined":false
}