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Here are examples of typical conversion trigger language found in a convertible note: On Threshold Financing
The Note will be required to be converted into stock of the Company upon the occurrence of a "Threshold Financing."
A "Threshold Financing" will be a sale of stock by the Company (other than to employees, officers, directors, or advisors) aggregating $1,000,000 or more.
The conversion will be into stock of the same class and series as issued in the Threshold Financing.
price which shall be equal to the per share price of the stock issued in the Threshold Financing.
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