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Scott from Cruise Consulting discusses a sample convertible note agreement in this tutorial. He emphasizes the importance of using templates provided by law firms for legal documentation but acknowledges that reviewing a sample can be informative. Key elements highlighted include the amount of the note, repayment terms, and valuation cap, which are crucial to understand. He also notes that conversion terms, whether to common or preferred shares, are significant, particularly for deals involving institutional VCs, where conversion is typically to preferred shares. Scott encourages viewers to familiarize themselves with the template for better comprehension.
