How Does the Legal Concept of a “Simple Agreement for Future Tokens” (SAFT) Relate to Vesting Schedules?

A SAFT is a legal contract used in fundraising where an investor's capital is exchanged for the right to receive future tokens if and when the project launches a functional network. The vesting schedule is the mechanism by which those future tokens are actually released to the SAFT investor over time, after the network is live.

The SAFT dictates the conversion terms, and the vesting schedule dictates the release timing.