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Scott, the owner of Cruise Consulting, discusses a sample convertible note agreement in this tutorial. He emphasizes the importance of using a law firm's template for such documents, as they will handle the proper documentation of the deal. Key components of the convertible note include the amount, the repayment term or extension period, and the valuation cap, which he has explained in previous videos. He also mentions the significance of whether the note converts to common or preferred stock, noting that institutional VCs typically prefer the latter. Scott advises viewers to review the convertible note template to gain a better understanding of its structure and terms.
