[Company's Letterhead]
KEEP IT SIMPLE SECURITY (KISS) NOTE
THIS NOTE IS NOT A LEGALLY BINDING INSTRUMENT UNTIL EXECUTED BY ALL PARTIES
ISSUER:
[Full Legal Name of the Company], a company incorporated in [Jurisdiction] with license number [Number] ("Company")
PURCHASER:
[Full Legal Name of the Investor], a [e.g., individual / company] [Address] ("Purchaser").
1. AGREEMENT TO SELL AND PURCHASE
The Company agrees to issue and sell to the Purchaser a KISS Note in the principal amount of [Investment Amount] ([Amount in Words]), and the Purchaser agrees to purchase the same on the date of this agreement.
2. INTEREST
The outstanding principal amount of this Note shall accrue simple interest at a rate of [%] per annum.
3. MATURITY
This Note shall mature and become due and payable on [Date] ("Maturity Date").
4. CONVERSION
4.1. Conversion upon Next Equity Financing
If the Company completes an equity financing of at least [Minimum Threshold] ("Qualified Financing"), this Note shall automatically convert into a new class of shares ("New Shares") issued in the Qualified Financing. The conversion price per share will be the lesse...