Angel Capital Association's New Model Convertible Promissory Note: Key Features and Alternative Provisions
Streamlining the Use of Convertible Notes in Early-Stage Financing; Balancing the Interests of Issuers and Investors
A live 90-minute premium CLE video webinar with interactive Q&A
This CLE webinar will discuss the key features and additions of the Angel Capital Association's (ACA) new Model Convertible Promissory Note (Model Note). The panel will engage in a mock negotiation highlighting the Model Note's usefulness in practice and provide guidance on when alternative provisions may come into play in a particular transaction.
Outline
- Background: why ACA created the new Model Note
- ACA's new Model Note vs. SAFEs and the National Venture Capital Association's forms
- Structure of the new Model Note and the issues it addresses
- Key features and additions of the new Model Note
- Alternative provisions to consider
- Practitioner pointers and key takeaways
Benefits
The panel will address these and other key considerations:
- What were the goals of ACA's task force when creating the new Model Note?
- What are the key features and additions of the new Model Note?
- How is the Model Note structured and what issues does it address?
- What are the alternative provisions to consider in the Model Note and under what circumstances should they be used?
- How does the new Model Note balance the interests of both founders and investors?
- How recent case law has influenced the provisions of the Model Note
Faculty
Dror Futter
Senior Counsel
Touro University
Mr. Futter is the Senior Counsel to the President of Touro University. Previously he was a venture... | Read More
Mr. Futter is the Senior Counsel to the President of Touro University. Previously he was a venture capital and technology attorney in private practice. He has been the general counsel of both a venture capital firm and a venture backed startup. Mr. Futter serves on the legal advisory board of the Angel Capital Association and previously served on the Model Forms Drafting Group of the National Venture Capital Association. Mr. Futter participated in the drafting of the Angel Capital Association's Model Convertible Promissory Note.
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Elizabeth D. Sigety
Partner & Chair, National Emerging Companies & Venture Capital Practice
Fox Rothschild
As an attorney practicing finance and franchise law in Pennsylvania and New York including a strong presence in the New... | Read More
As an attorney practicing finance and franchise law in Pennsylvania and New York including a strong presence in the New York City, Philadelphia and Bucks County regions, Ms. Sigety focuses on a wide variety of corporate, finance, mergers and acquisitions, franchising, licensing and distribution matters. For 30 years, she has been a trusted adviser to clients, including emerging companies and entrepreneurs, handling business and financial transactions such as venture capital and angel financing, mergers and acquisitions, structured finance, securities, private placements, franchise regulatory matters and franchise agreements. She offers her clients a comprehensive practice equipped to provide risk management through innovative guidance in a company’s expansion
CloseEarly Discount (through 04/11/25)