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In this tutorial, Scott from Cruise Consulting discusses a sample convertible note agreement. He emphasizes using a law firm's template for documentation, as they are responsible for formalizing the deal. Key elements of the agreement include the amount, repayment terms, and the valuation cap, which Scott highlights as crucial components. He notes that the agreement specifies whether the conversion to equity will be common or preferred stock, with preferred typically favored by institutional venture capitalists. Scott suggests reviewing the convertible note template for a better understanding of the structure and important terms involved.
