Discount: 20%
Conversion Provisions: In connection with equity financing of at least $1 million, the Company has the option to convert the Crowd Note into non-voting preferred membership interests (Conversion Interests) at a price based on the lower of (A) a 20% discount to the price per interest for preferred membership interests by investors in the Qualified Equity Financing or (B) the price per interest paid on a $6 million or $8.4 million valuation cap. Please refer to the Crowd Note for a complete description of the terms of the Crowd Note, including the conversion provisions.