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In this tutorial, Scott from Cruise Consulting discusses a sample convertible note agreement, emphasizing that while a template is provided, it's best to work with a law firm's version for documentation. He highlights key components of the agreement, such as the amount, repayment terms, valuation cap, and conversion type (common vs. preferred stock). The valuation cap is particularly important. Scott notes that institutional venture capitalists typically favor preferred stock for conversions. Overall, he encourages viewers to review the convertible note template for better understanding, while noting its simplicity.
