Granted and unallocated options, treated as exercised when the share price is above the exercise price.
Seniority: 1 is paid first; series with the same number are paid pari passu. Cap: the most a participating series can receive, as a multiple of the money invested (0 = no cap).
Amount including accrued interest. Without a valuation cap a SAFE or note only gets its amount back.
Simplified model: it ignores taxes, transaction fees, escrow, management carve-outs and dividends. Each preferred series converts to common only when that pays it more. Not legal or tax advice.