Eleven holders. Four-year vesting, one-year cliff. Last reconciled after Easter.
A birth is treated as a priced round. Every existing holder is diluted pro rata. The eldest carries an anti-dilution floor of 6.0%; anyone who drops below their own floor is flagged for a call before the announcement goes out.
No holder is currently below their floor. The ledger holds.
The new holder is added to the ledger immediately. Everyone else is diluted on save.
Preferred requires a stated reason on file.