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In this video, Scott from Cruise Consulting discusses a sample convertible note agreement. He emphasizes the importance of using a law firm's template to document the deal. Key elements included in the agreement are the amount to be funded, the term for repayment or extension, and the valuation cap. He notes that these components are crucial for understanding the agreement. Additionally, he highlights the distinction between converting to common or preferred stock, mentioning that institutional VCs typically opt for preferred shares. Scott encourages viewers to review the convertible note template for a better understanding, while acknowledging its straightforward nature.
