Posted below is what the note states exactly, so there's no loss through translation:
The note will automatically mature and be due and payable five (5) Years (60 months) from the date of this note, with accrued interest at 6%.
Some or all of the entire principal amount of and accrued interest on this Note shall be, at the option of holder, converted into shares of the Company's equity securities (the "Units") issued and sold at the close of the Company's next equity financing yielding gross proceeds to the Company of at least $1 (the "Qualified Financing") equal to the value paid in the offering at said round of financing. The number of shares of Equity Securities to be issued upon such conversion shall be equal to the quotient obtained by dividing (i) the entire principal amount of this Note plus (if applicable) accrued interest by (ii) 100% of the price per share of the Equity
Securities, rounded to the nearest whole share, and the issuance of such shares upon such conversion shall be upon the terms and subject to the conditions applicable to the Qualified Financing.
If Holder has not converted prior to Maturity Date, the Notes shall be convertible, at the option of the holder and only upon maturity, into common units at a conversion price of $4 per share.
Holder may also convert, at any time, some or the entire principal amount of and accrued interest on this Note into shares of the Company's equity securities (the "Units") at a price agreed upon by Holder and Company. In no event shall the parties agree to a price that is less than the most recent closed equity financing price paid. If the parties fail to agree to a conversion price, Holder shall only convert at the next Qualified Financing or upon maturity as stated above.