/Docs/G/SeriesSeed-Cooley-CmA/notes/Term_Sheet/0.md
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In the event that the Note remains outstanding on the Maturity Date, then the outstanding principal balance of the Investor's Note and any unpaid accrued interest shall [automatically without any further action by such Investor][upon the election of the Majority Holders][upon the election of such Investor] convert into shares of [the {_Company}'s common stock][a newly created series of the {_Company}'s preferred stock on the terms and conditions set forth on Exhibit A] at a conversion price equal to the quotient resulting from dividing $________ by the number of outstanding shares of common stock of the {_Company} [as of the Maturity Date][as of the date of the Note] (assuming conversion of all securities convertible into common stock and exercise of all outstanding options and warrants,[ including all shares of common stock reserved and available for future grant under any equity incentive or similar plan of the {_Company},] but excluding the shares of equity securities of the {_Company} issuable upon the conversion of the Notes or other indebtedness).]