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Welcome to No Fear Equity, where startup equity and fundraising are simplified. Sophia Sang brings in startup lawyer Mike Laplate to break down a Series A term sheet. Mike, from Perkins Coie, has vast experience working with startups, and today he helps us understand the crucial elements of a term sheet. When raising a price round, understanding legal terms in the sheet is essential. A key point to note is the stated free money valuation in the terms. In this case, the company is raising $5 million. Let's dive into the details.