[{"id":"73342c25-5114-4c6c-ae91-7a327115d6c6","order":1,"text":"CONVERTIBLE PROMISSORY NOTE","fontSize":"20","textAlign":"center","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"e8959216-bb4e-401f-9727-bc77be42274c","order":2,"text":"(SEED FINANCING)","fontSize":"12","textAlign":"center","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"b2222564-2cfe-4bbe-b0ea-ff69a540bc9d","order":3,"text":"THIS CONVERTIBLE PROMISSORY NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER THE SECURITIES LAWS OF ANY STATE. THEY MAY NOT BE OFFERED, SOLD, PLEDGED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.","fontSize":"11","textAlign":"left","bold":false,"underline":false,"marginBottom":"18","cflou":false,"active":true},{"id":"48202334-4152-48c1-a9df-0ce00a1eeefb","order":4,"text":"Principal Amount: USD $[Principal] | Date of Issuance: [Issuance date]","fontSize":"14","textAlign":"left","bold":true,"underline":false,"marginBottom":"18","cflou":false,"active":true},{"id":"59ccbdda-e67b-43e7-acff-49732eb6239a","order":5,"text":"THIS CONVERTIBLE PROMISSORY NOTE (this "Note") is made and entered into as of [Issuance date] by and between [Company name], a [State] corporation (the "Company"), having its principal place of business at [Company address], and [Investor name], an individual having an address at [Investor address] (the "Investor"). The Company and the Investor are each a "Party" and together the "Parties."","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"14","cflou":false,"active":true},{"id":"abc78111-61f5-479d-8714-ceb34750452f","order":6,"text":"RECITALS","fontSize":"14","textAlign":"center","bold":true,"underline":false,"marginBottom":"8","cflou":false,"active":true,"marginTop":"6"},{"id":"17b47541-49c2-42fd-9e10-bcb0cb17fdec","order":7,"text":"WHEREAS, the Company desires to obtain financing for working capital and general corporate purposes; and WHEREAS, the Investor desires to provide such financing on the terms and subject to the conditions set forth herein. This Note may be issued by the Company as part of a series of convertible promissory notes issued on substantially the same terms (collectively, the "Notes," and the holders thereof, the "Noteholders").","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"c2de189e-0d3f-41c0-b0ef-c62edc890eac","order":8,"text":"NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"16","cflou":false,"active":true},{"id":"f05ba2dc-0663-486d-a717-7afe429ebdcd","order":9,"text":"1. PRINCIPAL AND INTEREST","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"8","sectionNum":"S01"},{"id":"9ff26104-5f4b-4b4a-af05-9fe04bb2c3a4","order":10,"text":"For value received, the Company hereby unconditionally promises to pay to the order of the Investor the principal sum of USD $[Principal] (the "Principal"), together with interest as provided below.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"d9df79c8-5638-4a9d-a142-76ae1e9e506d","order":11,"text":"Interest shall accrue on the outstanding Principal at a simple, non-compounding rate of [Rate]% per annum, computed on the basis of a 365-day year for the actual number of days elapsed, commencing on the date of issuance. Accrued and unpaid interest shall convert or become payable together with the Principal in accordance with this Note.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true,"displayConditions":[{"field":"73eb970d-7237-49fc-bb52-bed1de4abcbf","value":"bearing","type":"add","operator":"="}]},{"id":"b816a366-8380-4319-87ca-508455040ac6","order":12,"text":"This Note is non-interest bearing. No interest shall accrue on the outstanding Principal, and only the Principal shall convert or become payable in accordance with this Note.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true,"displayConditions":[{"field":"73eb970d-7237-49fc-bb52-bed1de4abcbf","value":"none","type":"add","operator":"="}]},{"id":"54c5fe46-2e31-4a0b-b4cf-a3f696d9f782","order":13,"text":"All payments shall be made in lawful money of the United States of America, without set-off, counterclaim, or deduction of any kind, and shall be applied first to accrued interest and then to Principal.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true},{"id":"366aea96-30e4-4f92-93f9-d9250289cc74","order":14,"text":"2. MATURITY DATE","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"6","sectionNum":"S02"},{"id":"00098891-2688-4243-b334-041cc589bce6","order":15,"text":"Unless earlier converted pursuant to this Note or repaid, all outstanding Principal and accrued and unpaid interest shall be due and payable on [Maturity date] (the "Maturity Date").","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"653f564d-bf03-493f-90a6-9d1caec2a0fb","order":16,"text":"If the Notes have not been converted on or before the Maturity Date, then at the written election of the Investor delivered to the Company, the Outstanding Balance shall either (i) be repaid in full or (ii) convert into shares of the Company's most senior class of capital stock then outstanding at a price per share equal to the Valuation Cap Price determined under the Article entitled "Conversion Price."","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true,"displayConditions":[{"field":"1cdbf1d7-6a0f-4abe-8c5c-193451ee867f","value":"elect repayment or conversion","type":"add","operator":"="}]},{"id":"3adaf814-c35f-4cff-8144-5cc561ab73eb","order":17,"text":"If the Notes have not been converted on or before the Maturity Date, the Outstanding Balance shall become due and payable in full upon written demand by the Requisite Noteholders.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true,"displayConditions":[{"field":"1cdbf1d7-6a0f-4abe-8c5c-193451ee867f","value":"require repayment only","type":"add","operator":"="}]},{"id":"6d7bbf8c-de0e-4afc-8e9c-5d9d4889bb22","order":18,"text":"3. DEFINITIONS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"6","sectionNum":"S03"},{"id":"55fe41e4-2397-45f0-b76c-e5fb89c80bc8","order":19,"text":"As used in this Note, whether appearing before or after this Article, the following capitalized terms have the meanings set forth below:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"f9669e39-82a9-4bd3-9b78-82c08fb3c69c","order":20,"text":""Qualified Financing" means the next sale (or series of related sales) by the Company of its preferred stock (the "Next Equity Securities") in a bona fide equity financing with total gross proceeds to the Company of at least USD $[Qualified Financing amount] (excluding the conversion of the Notes and other convertible securities).","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"41265853-2361-43c0-ab4a-ee1cebc9cd55","order":21,"text":""Fully Diluted Capitalization" means the total number of issued and outstanding shares of the Company's capital stock, on an as-converted to common stock and fully diluted basis, including (a) all shares reserved or available under any equity incentive plan and (b) all outstanding options, warrants, and other convertible securities, but excluding the shares issuable upon conversion of the Notes and other convertible promissory notes.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"434c5e57-e3a1-4ab7-ac67-9915500eddef","order":22,"text":""Discount Rate" means [Discount]%. "Valuation Cap" means USD $[Valuation cap]. "Change of Control" means (i) a merger or consolidation in which the Company is a party and in which the holders of the Company's outstanding voting securities immediately prior thereto cease to hold a majority of the surviving entity's voting power, (ii) a sale of all or substantially all of the Company's assets, or (iii) the acquisition by any person or group of a majority of the Company's outstanding voting securities.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"361af77c-6760-48d0-9459-a3d16dc20043","order":23,"text":""Outstanding Balance" means, at any time, the sum of the then-outstanding Principal and all accrued and unpaid interest thereon. "Requisite Noteholders" means the holders of a majority in interest of the aggregate outstanding Principal amount of all Notes then outstanding.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true},{"id":"4980c05a-5d4d-42eb-8933-52e51d09d86b","order":24,"text":"4. AUTOMATIC CONVERSION UPON QUALIFIED FINANCING","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"6","sectionNum":"S04"},{"id":"78bee3e5-1349-4bb6-8a8b-46c28ac105ed","order":25,"text":"Upon the closing of a Qualified Financing, the entire Outstanding Balance of this Note shall automatically convert, without any further action by the Investor, into shares of the equity securities issued in such Qualified Financing, of the type and with the rights described in the Article entitled "Mechanics of Conversion." The number of shares issued upon such conversion shall equal the Outstanding Balance divided by the Conversion Price.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true},{"id":"1d4eb3b2-c400-4a57-b510-f6598dea993c","order":26,"text":"5. CONVERSION PRICE","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"6","sectionNum":"S05"},{"id":"347ab52e-2e05-4cde-8683-5e80578c78b6","order":27,"text":"The "Conversion Price" shall be the lesser of (i) the "Discount Price," equal to the lowest price per share paid for the Next Equity Securities by the other investors in the Qualified Financing multiplied by (100% minus the Discount Rate of [Discount]%), and (ii) the "Valuation Cap Price," equal to the Valuation Cap of USD $[Valuation cap] divided by the Fully Diluted Capitalization of the Company immediately prior to the closing of the Qualified Financing. The pricing mechanic is applied so as to yield the result most favorable to the Investor.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true},{"id":"5c66ea8a-0492-4b50-ae29-620b5abba07c","order":28,"text":"6. OPTIONAL CONVERSION UPON NON-QUALIFIED FINANCING","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"6","sectionNum":"S06"},{"id":"fd13446c-83be-49af-bd37-dde9a5b988a6","order":29,"text":"In the event the Company consummates an equity financing that does not constitute a Qualified Financing prior to the conversion or repayment of this Note, the Investor may, at its sole election by written notice to the Company, convert the Outstanding Balance into the equity securities issued in such financing at the Conversion Price determined under the Article entitled "Conversion Price."","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true},{"id":"de801a2b-b2e5-40c2-b22f-eb6b7a3f11bd","order":30,"text":"7. CHANGE OF CONTROL","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"6","sectionNum":"S07"},{"id":"1f98b123-6857-4cd2-9638-a985d39ed2fb","order":31,"text":"If a Change of Control occurs prior to the conversion or repayment of this Note, then at the written election of the Investor, the Company shall either (i) pay the Investor an amount equal to [Multiple] times the Outstanding Balance, due and payable immediately prior to and conditioned upon the closing of the Change of Control, or (ii) convert the Outstanding Balance into shares of the Company's common stock at a price per share equal to the Valuation Cap of USD $[Valuation cap] divided by the Fully Diluted Capitalization immediately prior to such Change of Control. The Investor shall be deemed to elect clause (i) (payment of [Multiple] times the Outstanding Balance) if no written election is made.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true},{"id":"547a8ee4-9cd7-4bd5-90cc-6f6dcb30fafe","order":32,"text":"8. MECHANICS OF CONVERSION","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"6","sectionNum":"S08"},{"id":"28d238d9-2407-46cd-9289-22326d3c31d1","order":33,"text":"Upon a conversion in connection with the Qualified Financing, the Investor shall receive a sub-series of the Next Equity Securities (the "Shadow Series"), identical to the Next Equity Securities in all respects except that the per-share liquidation preference, the conversion price, and any dividend rate of the Shadow Series shall be calculated by reference to the Conversion Price actually paid by the Investor hereunder rather than the price paid by the new investors. The Shadow Series shall otherwise be entitled to the same rights, preferences, privileges, and restrictions as the Next Equity Securities.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true,"displayConditions":[{"field":"6847bf4a-caff-4f9a-ad81-ec3e9a8c3a25","value":"shadow","type":"add","operator":"="}]},{"id":"45a2a507-8b27-4369-8734-85b9fe72fd61","order":34,"text":"Upon a conversion in connection with the Qualified Financing, the Investor shall receive the same class and series of Next Equity Securities issued to the other investors in such financing, with the same rights, preferences, privileges, and restrictions, and at the Conversion Price determined under the Article entitled "Conversion Price."","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true,"displayConditions":[{"field":"6847bf4a-caff-4f9a-ad81-ec3e9a8c3a25","value":"full","type":"add","operator":"="}]},{"id":"7eb64133-fc27-474b-9d5e-08917fb33473","order":35,"text":"No fractional shares shall be issued upon conversion of this Note; in lieu thereof, the Company shall pay cash equal to the product of such fraction and the applicable per-share price. As a condition to conversion, the Investor shall surrender this Note to the Company (or deliver a lost-note affidavit) and shall execute and deliver the definitive financing documents entered into by the other investors in the applicable financing, including, as applicable, a stock purchase agreement, an investors' rights agreement, a right of first refusal and co-sale agreement, and a voting agreement. Upon conversion, this Note shall be deemed cancelled and of no further force or effect, and the Company shall be released from all of its obligations and liabilities hereunder, except the obligation to issue the conversion shares.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true},{"id":"d2ca1387-b645-47d2-abd3-9cfffa39495c","order":36,"text":"9. MOST FAVORED NATION","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"6","displayConditions":[{"field":"c8fc8887-6380-4e60-a6d0-86652f3d165d","value":"1","type":"add","operator":"="}],"sectionNum":"S09"},{"id":"21de672f-291e-4e8a-a0ac-76077ec6ad60","order":37,"text":"If the Company issues any other convertible promissory note or other convertible security to any other investor on terms that the Investor reasonably determines to be more favorable, in the aggregate, than the terms of this Note, then the Company shall promptly notify the Investor of such terms, and the Investor may elect, by written notice to the Company, to amend this Note to incorporate such more favorable terms.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true,"displayConditions":[{"field":"c8fc8887-6380-4e60-a6d0-86652f3d165d","value":"1","type":"add","operator":"="}]},{"id":"12637462-94a3-4c51-acb2-430b34ee82e5","order":38,"text":"10. PRO RATA PARTICIPATION RIGHTS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"6","displayConditions":[{"field":"af595895-ce5e-4d33-b5a5-7cd5d865b744","value":"1","type":"add","operator":"="}],"sectionNum":"S10"},{"id":"476c648c-1652-4c3a-a5c9-6029e6ad55ee","order":39,"text":"The Investor shall have the right, but not the obligation, to participate in the Qualified Financing by purchasing up to its pro rata share of the Next Equity Securities, on the same terms and conditions as the other investors. For this purpose, the Investor's pro rata share shall be based on the ratio of the number of shares issuable to the Investor upon conversion of this Note to the Company's Fully Diluted Capitalization immediately following the closing of the Qualified Financing.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true,"displayConditions":[{"field":"af595895-ce5e-4d33-b5a5-7cd5d865b744","value":"1","type":"add","operator":"="}]},{"id":"af0a5a62-4eca-4bc6-9820-bd308073bfd2","order":40,"text":"11. DISSOLUTION; LIQUIDATION","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"6","sectionNum":"S11"},{"id":"a15caf7d-e847-4b49-8005-17e3351d6c7f","order":41,"text":"If, prior to the conversion or repayment of this Note, the Company (i) is dissolved or wound up, (ii) makes a general assignment for the benefit of its creditors, or (iii) is the subject of a voluntary or involuntary liquidation or winding-up of its affairs that does not constitute a Change of Control, then, immediately prior to such event and in preference to any distribution to the holders of the Company's capital stock, the Company shall pay the Investor the entire Outstanding Balance. If the assets of the Company legally available for distribution are insufficient to pay the Outstanding Balance of all Notes in full, such assets shall be distributed among the Noteholders ratably in proportion to their respective Outstanding Balances.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true},{"id":"b73ba01d-ff23-4dd7-bf18-b5bee81b5930","order":42,"text":"12. USE OF PROCEEDS; COVENANTS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"6","sectionNum":"S12"},{"id":"e04703c5-07eb-47bd-b515-b0a2fc41ddce","order":43,"text":"The Company shall use the proceeds of this Note solely for bona fide working capital and general corporate purposes, and not to repay any indebtedness owed to, or to redeem any equity held by, any officer, director, or affiliate of the Company. So long as this Note remains outstanding, the Company shall (i) maintain its corporate existence in good standing, (ii) comply in all material respects with applicable laws, and (iii) not incur indebtedness for borrowed money senior to the Notes other than ordinary-course bank or institutional debt without the consent of the Requisite Noteholders.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true},{"id":"3cec7917-7b5a-4a2b-be4e-0bb23e9f0c54","order":44,"text":"13. INFORMATION RIGHTS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"6","displayConditions":[{"field":"b0d84261-6a81-4dbc-bb5a-3014d43f6d5d","value":"1","type":"add","operator":"="}],"sectionNum":"S13"},{"id":"5a459bc4-b04a-49ef-8da1-97af4e991b44","order":45,"text":"So long as this Note remains outstanding, the Company shall deliver to the Investor, upon written request, (i) its annual unaudited financial statements within one hundred twenty (120) days after the end of each fiscal year, and (ii) such other information regarding the Company as the Investor may reasonably request. The Investor shall hold all such information in confidence and shall not use it other than in connection with monitoring its investment.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true,"displayConditions":[{"field":"b0d84261-6a81-4dbc-bb5a-3014d43f6d5d","value":"1","type":"add","operator":"="}]},{"id":"fcca452b-096c-436c-9362-3bf9132dc232","order":46,"text":"14. PREPAYMENT","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"6","sectionNum":"S14"},{"id":"71a11715-e7e2-424c-9286-53b125d6b368","order":47,"text":"This Note may not be prepaid, in whole or in part, without the prior written consent of the Requisite Noteholders.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true},{"id":"e5e6e3cf-349b-42a1-b460-1c098a1dc4d6","order":48,"text":"15. RANK AND SECURITY","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"6","sectionNum":"S15"},{"id":"42bb2245-0655-4f75-8b1a-3815e218a854","order":49,"text":"This Note is a general unsecured obligation of the Company. The Notes shall rank pari passu among themselves without preference or priority and shall be subordinated to the Company's existing and future indebtedness for borrowed money owed to banks or other institutional lenders.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true},{"id":"1e5cd9f1-aadc-41ad-9bdc-98602c0c5c50","order":50,"text":"16. REPRESENTATIONS AND WARRANTIES OF THE COMPANY","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"6","sectionNum":"S16"},{"id":"60dcd1ef-9029-4fd7-a503-6d4dff6663f4","order":51,"text":"The Company represents and warrants to the Investor that: (i) it is duly organized, validly existing, and in good standing under the laws of [State], and has the full corporate power and authority to own its assets, carry on its business, and execute, deliver, and perform this Note; (ii) this Note has been duly authorized by all necessary corporate action and constitutes the valid and binding obligation of the Company, enforceable in accordance with its terms, subject to applicable bankruptcy and equitable principles; (iii) the execution and performance of this Note do not and will not conflict with, or result in a breach of, its certificate of incorporation, bylaws, or any material agreement, judgment, or law to which it is a party or subject; (iv) the shares issuable upon conversion of this Note have been duly reserved or will be duly authorized and, when issued, will be validly issued, fully paid, and non-assessable; (v) its capitalization as most recently disclosed to the Investor is true and correct in all material respects; (vi) there is no action, suit, proceeding, or investigation pending or, to its knowledge, threatened against the Company that questions the validity of this Note or that, if determined adversely, would reasonably be expected to have a material adverse effect; and (vii) the Company is in compliance in all material respects with all applicable laws.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true},{"id":"a041d6c2-9e9c-4291-9e30-51dbcde14a90","order":52,"text":"17. REPRESENTATIONS AND WARRANTIES OF THE INVESTOR","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"6","sectionNum":"S17"},{"id":"9fa1ea04-88ad-4f86-a59c-7bc918f5e7fc","order":53,"text":"The Investor represents and warrants to the Company that: (i) it is an "accredited investor" within the meaning of Rule 501 of Regulation D under the Securities Act; (ii) it is acquiring this Note for its own account, for investment purposes only, and not with a view to, or for resale in connection with, any distribution thereof in violation of the Securities Act; (iii) it understands that this Note and the securities issuable upon conversion are "restricted securities" that have not been registered under the Securities Act in reliance upon exemptions including Section 4(a)(2) thereof and Regulation D (including Rule 506(b) and/or Rule 506(c) thereunder), and may not be resold absent registration or an available exemption; (iv) it was not solicited by any form of general solicitation or general advertising; (v) it has had the opportunity to ask questions of, and receive answers from, the Company concerning the terms of this investment and to obtain such additional information as it deemed necessary; (vi) it has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of this investment and is able to bear the complete loss thereof; (vii) if the Investor is an entity, it is duly organized, validly existing, and has full power and authority to execute and deliver this Note, and the person executing on its behalf is duly authorized to do so; and (viii) neither the Investor nor any of its covered persons is subject to any of the "bad actor" disqualifications described in Rule 506(d) under the Securities Act.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true},{"id":"9201c6be-4f83-4386-b79b-b323b36f1262","order":54,"text":"18. EVENTS OF DEFAULT AND REMEDIES","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"6","sectionNum":"S18"},{"id":"ee49095f-18e4-49a4-b190-d0fc7aa18d2b","order":55,"text":"Each of the following constitutes an "Event of Default": (i) the Company fails to pay any amount due under this Note when due and such failure continues for ten (10) business days; (ii) the Company breaches any material covenant or obligation hereunder and fails to cure within thirty (30) days of written notice; or (iii) the Company commences, or has commenced against it and not dismissed within sixty (60) days, any bankruptcy, insolvency, receivership, or similar proceeding. Upon an Event of Default, the Requisite Noteholders may, by written notice, declare the entire Outstanding Balance immediately due and payable, and may pursue any other remedy available at law or in equity.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true},{"id":"d2bd31b0-f845-4dd8-9a99-7e317b4eae58","order":56,"text":"19. AMENDMENT; REQUISITE NOTEHOLDERS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"6","sectionNum":"S19"},{"id":"44d208bc-4ba5-487c-8efa-0af397fca5f3","order":57,"text":"Any term of this Note and of the Notes issued in the same series may be amended, and the observance of any term may be waived, only with the written consent of the Company and the Requisite Noteholders. Any amendment or waiver so effected shall be binding upon all Noteholders, including the Investor, whether or not such Noteholder consented thereto.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true},{"id":"0753a192-2669-498f-95e9-6e81200e7539","order":58,"text":"20. TRANSFER RESTRICTIONS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"6","sectionNum":"S20"},{"id":"cafe699b-df02-4e98-b993-8e10dab66bbd","order":59,"text":"This Note and the securities issuable upon conversion may not be sold, assigned, pledged, or otherwise transferred except in compliance with the legend set forth above and applicable federal and state securities laws, and, in each case, pursuant to an effective registration statement or an available exemption from registration. The Company may require an opinion of counsel reasonably satisfactory to it as a condition to any transfer. The Investor agrees not to sell, make any short sale of, grant any option for the purchase of, or otherwise dispose of any securities of the Company during a customary market standoff period (not to exceed one hundred eighty (180) days) following the effective date of the Company's initial public offering, to the extent requested by the Company and its managing underwriters.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"12","cflou":false,"active":true},{"id":"cc153104-f6b2-4282-8141-831dff835b26","order":60,"text":"21. MISCELLANEOUS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true,"marginTop":"6","sectionNum":"S21"},{"id":"98fdd252-bd20-4dc0-a0bd-ee0c863a2a3c","order":61,"text":"(a) Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of [State], without regard to its conflict-of-laws principles.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"df028a0a-6943-42c5-a275-7020b85583cb","order":62,"text":"(b) Dispute Resolution; Venue. The Parties irrevocably submit to the exclusive jurisdiction of the state and federal courts located in [County/City], [State], for the resolution of any dispute arising out of or relating to this Note, and waive any objection to venue therein.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"7c2f4174-7865-4948-aa0d-2ba9b0749074","order":63,"text":"(c) Waiver of Jury Trial. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"ded4594f-df5f-4ab2-b9c9-0b754b5803ed","order":64,"text":"(d) Notices. All notices shall be in writing and delivered personally, by nationally recognized overnight courier, or by certified mail (return receipt requested) or email with confirmation, to the addresses set forth above, and shall be deemed given upon receipt.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"4f8d516c-6c61-41b6-aa8a-a35e043c7a6c","order":65,"text":"(e) Tax Treatment. The Parties intend that this Note be treated as indebtedness of the Company for U.S. federal, state, and local income tax purposes, and neither Party shall take any position inconsistent with such treatment except as required by a final determination of a taxing authority.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"ec99bd04-cd0a-423f-b216-b97a8e718f6c","order":66,"text":"(f) Entire Agreement. This Note, together with the other Notes issued in the same series, constitutes the entire agreement between the Parties with respect to its subject matter and supersedes all prior negotiations and understandings, whether written or oral.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"c440a3f7-2ef3-4c49-b485-07ad0aa411dc","order":67,"text":"(g) Severability. If any provision of this Note is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect, and the invalid provision shall be modified to the minimum extent necessary to make it enforceable.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"7135b287-e0a7-49f1-88fe-198f734256a4","order":68,"text":"(h) No Waiver. No failure or delay by either Party in exercising any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise preclude any further exercise of any right.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"d976757a-bbca-439c-88e7-acade5fec8a5","order":69,"text":"(i) Assignment. The Investor may not assign this Note without the prior written consent of the Company, except to an affiliate; the Company may not assign its obligations except in connection with a Change of Control to which this Note applies. This Note binds and inures to the benefit of the Parties and their permitted successors and assigns.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"1741b805-f909-407a-ac42-f36a48ee42d7","order":70,"text":"(j) Further Assurances. Each Party shall execute and deliver such further instruments and take such further actions as may be reasonably necessary to carry out the purposes and intent of this Note, including the documents required upon conversion.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"30593fc6-fe00-4759-8cee-518e6790ffa5","order":71,"text":"(k) Usury Savings. Notwithstanding anything herein to the contrary, no provision of this Note shall require the payment of interest in excess of the maximum rate permitted by applicable law; any such excess shall be applied to Principal or refunded.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"5e8e23c0-51c7-4387-a3d3-cd615533c6ce","order":72,"text":"(l) Expenses. Each Party shall bear its own costs and expenses in connection with the negotiation and execution of this Note.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"daa8809d-894b-42cd-9e59-750796e08311","order":73,"text":"(m) Counterparts; Electronic Signature. This Note may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. Signatures delivered by electronic transmission shall be deemed original signatures.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"16","cflou":false,"active":true},{"id":"b996199f-26fc-40a0-bb72-9c1e65cff447","order":74,"text":"IN WITNESS WHEREOF, the Parties have executed this Convertible Promissory Note as of the date first written above.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"marginTop":"8"},{"id":"a98bddc9-9176-4813-8191-56a5a090e531","order":75,"text":"THE COMPANY","fontSize":"14","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"a3500e8e-ab25-4192-81f8-b1bee1f87960","order":76,"text":"[Company name]","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"14","cflou":false,"active":true},{"id":"4ce6f57c-b8e9-473d-a809-505626773e5c","order":77,"text":"By: __________________________________","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"fc9fb465-7e48-4a54-bc15-0f1343923dff","order":78,"text":"Name: [Signatory name]","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"b05731a0-df84-4462-b6af-8a94a4ba9c1c","order":79,"text":"Title: [Title]","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"87ec39ab-f56a-421c-8637-6a3460da824e","order":80,"text":"THE INVESTOR","fontSize":"14","textAlign":"left","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"a3a07b5e-051a-445a-8d82-30aad40d1e9d","order":81,"text":"By: __________________________________","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true},{"id":"4af1f627-6f6a-4314-a890-2037a477bd4a","order":82,"text":"Name: [Investor name]","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"4","cflou":false,"active":true}]