% Terms for Private Placement of Series Next Preferred Stock of {corporation name}
{date}
The following is a summary of the principal terms with respect to the proposed Series Next Preferred Stock financing of {corporation name}, a Delaware corporation (the "Company"). Except for the section entitled "Binding Terms," this summary of terms does not constitute a legally binding obligation. The parties intend to enter into a legally binding obligation only pursuant to definitive agreements to be negotiated and executed by the parties.
Shares of Series Next Preferred Stock of the Company (the "Series Next").