As used in this part:

1. (1) “Commission” means the Arkansas Economic Development Commission;

2. (2) “Convertible financing structure” means an investment mechanism that converts into equity at a subsequent event, including without limitation:

   1. (A) Convertible debt;
   2. (B) Convertible equity; and
   3. (C) A convertible note;
3. (3) “Director” means the Director of the Arkansas Economic Development Commission;
4. (4) “Eligible business” means a business that has been approved and has a signed equity investment incentive agreement with the Arkansas Economic Development Commission to participate and solicit equity investments in the business; and
5. (5) “Investor” means a person or entity purchasing an equity investment in an eligible business or otherwise advancing funds to the business under the terms of a qualifying convertible financing structure if the convertible financing structure is required to be converted to equity by the business receiving the investment no later than five (5) years from the date the convertible financing structure was consummated.