> ## Documentation Index
> Fetch the complete documentation index at: https://exitlabs.mintlify.site/llms.txt
> Use this file to discover all available pages before exploring further.

# Cash out

> Taking your revenue out, and the down-round tax that decides how much you keep.

# Cash out

Cashing out pays your settled revenue in `$EXIT`, minus a tax. The tax is called the down round. It starts high and falls over time.

## Two clocks, and the higher tax applies

| Clock             | Starts                        | Restarts                                                                                                                      |
| ----------------- | ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------- |
| **The Office's**  | when the Founder is activated | after a cash-out that pays it in full. It ends when the Founder changes hands, and the new holder's starts when they activate |
| **Your wallet's** | at your first full cash-out   | after every cash-out that pays in full                                                                                        |

You pay the higher of the two taxes. Activating an Office starts its clock at the peak, so the first cash-out after activating is expensive. A cash-out that pays you in full restarts your wallet's clock. If the IPO Pool can only pay part of a cash-out, neither clock restarts. The rest is paid later, and the clocks restart when it is paid in full.

<Warning>
  If you cash out one day after activating at the starting rank, the tax is about 87% and you keep about 13%. If you wait the full 21 days, the same cash-out is taxed at your rank's floor, which is 30% at the start.
</Warning>

## How the tax falls

The tax starts at 90% and falls to a floor over 21 days. The floor depends on your founder rank, see [Reputation & rank](/mechanics/founder-reputation). The peak and the length are fixed when a clock starts, so a later change to these settings can only make your terms better, never worse.

## Tax by day

The tax falls in a straight line from 90% to your floor over 21 days:

| Days since the clock started | Seed Founder (floor 30%) | Exited (floor 10%) |
| ---------------------------- | ------------------------ | ------------------ |
| 0                            | 90%                      | 90%                |
| 7                            | 70%                      | 63.33%             |
| 14                           | 50%                      | 36.66%             |
| 21 or more                   | 30%                      | 10%                |

The tax is worked out in hundredths of a percent and rounded down, so the value you pay can be a hair lower than the formula.

For example, 1,000 `$EXIT` of pending revenue cashed out after 14 days pays you 500 `$EXIT` at the starting rank.

## What you receive

```
you receive = pending revenue × (1 − tax)
```

Nothing else is taken. Your pending balance goes to zero, so the same revenue can never be paid twice.

## Cashing out several Offices

You can cash out many Offices in one transaction. **Cash out all** prices every Office before your wallet's clock restarts, so it is cheaper than cashing them out one at a time. **Cash out all** skips any Office whose Founder has changed hands and pays the rest.

## If the IPO Pool is short

If it holds less than you are owed, you are paid what it holds and the rest stays pending. A partial payment does not restart your cliff or your tax clock.

If it is empty, the cash-out is refused. Nothing is paid and your pending revenue stays where it is. See [Revenue](/mechanics/revenue).