exit-waterfall

exit-waterfall is a cursor rule for Cursor from mohitagw15856/pm-claude-skills. It costs 93 tokens per session (903 once invoked), scanned A, original, MIT.

A model of how money from a company sale is divided among shareholders at different sale prices. It accounts for liquidation preferences, which can let investors receive money before ordinary shareholders.

In plain words
What is it for?
Use it to test exit payouts, compare conversion choices, find the sale price needed for common shares to pay out, and understand option value.
Why use it?
A cap table's ownership percentages do not show what people actually receive in an exit. The model reveals when investor preferences dominate and when founders' shares become valuable.

Cursor rule for Cursor

Written for Cursor: a Cursor rule (.mdc).

Needs its repository: it runs a file that does not travel with it, so clone the repository first. The line is python3 scripts/exit_waterfall.py cap.json.

Good fit Use it to test exit payouts, compare conversion choices, find the sale price needed for common shares to pay out, and understand option value.

Compare 6 cursor rules from other repositories ↓
About the project

PM Skills is a collection of plain-Markdown instructions that teach AI assistants structured methods for handling professional, personal, and life-admin tasks. People use it with Claude, ChatGPT, Gemini, Cursor, Codex, and other supported agents for work such as writing product requirements, reviewing documents, or planning difficult situations.

mohitagw15856/pm-claude-skills · 1,352 stars · on GitHub · mohitagw15856.github.io

Install

Getting it into your agent

It runs from inside its repository, so the clone comes first — what it calls does not travel with the file alone.

Clone the repo
git clone --depth 1 https://github.com/mohitagw15856/pm-claude-skills
agentmods
npx agentmods add rules/mohitagw15856/pm-claude-skills/exit-waterfall

Made for: Cursor.

Wrote this? Show the measurements

A badge with what this costs and how it scanned, read live from this page, so it follows the numbers instead of freezing them. Markdown for a README, HTML for a documentation site or a project page.

agentmods badge for exit-waterfall

README.md
[![agentmods](https://agentmods.dev/badge/rules/mohitagw15856/pm-claude-skills/exit-waterfall/github.svg)](https://agentmods.dev/rules/mohitagw15856/pm-claude-skills/exit-waterfall)
Your own site
<a href="https://agentmods.dev/rules/mohitagw15856/pm-claude-skills/exit-waterfall"><img src="https://agentmods.dev/badge/rules/mohitagw15856/pm-claude-skills/exit-waterfall/github.svg" alt="Measured on agentmods" height="20"></a>

Or the 80×15 button, for a site that already has a row of RSS and ATOM ones. Only the verdict fits; the numbers stay here.

agentmods 80×15 button for exit-waterfall

Your own site · 80×15
<a href="https://agentmods.dev/rules/mohitagw15856/pm-claude-skills/exit-waterfall"><img src="https://agentmods.dev/badge/rules/mohitagw15856/pm-claude-skills/exit-waterfall.svg" alt="Reviewed on agentmods" width="80" height="20"></a>
Per session 93 Only the description is in the session, so the agent can decide to use it. The body loads when it is invoked.
When invoked 903 The whole file, excluding the scripts and references it only reads on demand.
Security scan A 0 findings. A grade says what 26 rules found in the file — not that it is safe.
Origin original No closer match found in the catalogue.
Token cost

What it costs to keep this loaded

Counted locally with the o200k_base tokenizer, which is exact for GPT models; Claude uses its own tokenizer and its counts differ. Treat this as one consistent yardstick across the catalogue rather than a bill. Prices are per million input tokens.

ModelPer sessionOnce invoked
Fable 5.1 $0.00093 $0.00903
Opus 5 $0.00046 $0.00451
Sonnet 5 $0.00019 $0.00181
Haiku 4.5 $0.00009 $0.00090

Measured 7d ago against content hash 9bacff812d51, method: parsed. Prices are Anthropic first-party input rates as of 2026-09-10, from the pricing page.

Security

Grade A, and why

exit-waterfall scanned grade A with 0 findings against 26 rules in 11 categories — prompt injection, anti-refusal, data exfiltration, privilege escalation, supply chain, agent snooping, system-prompt leakage, SSRF and excessive agency — measured 7d ago.

A static scan of the body, not an audit. Every finding is printed with the line that produced it so you can judge whether it matters here. A mod is markdown that instructs an agent; that is exactly why what it instructs is worth reading.

Nothing flagged

None of the 26 patterns this scan looks for appear in this file: no shell pipes, no recursive deletes, no credential paths, no hidden text, no instruction-override or anti-refusal phrasing, no agent-config snooping. That is not a guarantee, it is the absence of the things that are checkable.

exports/cursor/pm-calculators/exit-waterfall/exit-waterfall.mdc · 76 lines

How it starts

The opening of the file, as written. The whole thing — 76 lines — stays where its author put it; the contents beside it link to each section on GitHub.

Exit Waterfall Skill

A cap table is a promise about percentages; an exit waterfall is what actually happens to the money. The difference — liquidation preferences, participation, option strikes — routinely stuns founders at the worst possible moment. This skill computes the waterfall across exit prices and, more importantly, translates it: the price below which your shares are worth nothing, and the price where everyone finally converts.

What This Skill Produces

  • The payout table — every stakeholder's dollars at each exit price, with conversion decisions shown
  • The cliff points — where preferences stop dominating, where options come into the money
  • The plain-English reading — "you need a $X exit for your common to mean anything" stated as a sentence

Required Inputs

Ask for these if not provided:

  • Share classes — for each: name, share count, type (common / preferred / options); for preferred: amount invested, preference multiple, participating or not; for options: strike
  • Exit prices to test — or default to a spread around the last round's valuation (label it as a default)

Programmatic Helper

The math ships as a deterministic script — run it rather than arithmetic-by-hand:

python3 scripts/exit_waterfall.py cap.json
python3 scripts/exit_waterfall.py cap.json --exit 50000000 --json

Input shape and worked example are in the script docstring. It brute-forces the conversion equilibrium (each non-participating preferred converts only when as-converted beats its preference) and applies the treasury method to options. Stated simplifications: preferences are pari passu (no seniority stacking) and participation is uncapped — flag both when the real cap table differs, and say the numbers shift accordingly.

Formula (readable form)

  • Non-participating preferred takes max(preference, as-converted value) — preference = invested × multiple
  • Participating preferred takes preference + pro-rata of the remainder (why "participating" is the term sheet word worth fighting)
  • Options exercise only when per-share common value > strike; strike proceeds join the pool
  • Remainder splits pro-rata among common + converted + participating shares

Read the full file on GitHub · 76 lines

Changes

What this file has done since we first saw it

Hashed on every crawl. A supply-chain change to an agent config is a question of when, not whether, so the history is kept rather than the latest state alone.

  1. 7d ago First seen · 76 lines · 93 tokens per session scan A 9bacff812d51

Subscribe to this mod's changes

exit-waterfall is a cursor rule published in the GitHub repository mohitagw15856/pm-claude-skills (1,352 stars, last pushed 3d ago), licensed MIT. It adds 93 tokens to every session and 903 once invoked, about $0.0005 per session on Opus 5. A static security scan graded it A with 0 findings. No closer match exists in the catalogue, so it is treated as the original; first seen 2026-09-03.