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Welcome to "No Fear Equity," a series simplifying startup equity and fundraising. Sophia Sang introduces Mike Laplante, an experienced startup lawyer, to discuss term sheets for price rounds. Understanding legal terminology is challenging, but with the help of experts like Mike, it becomes more accessible. Mike, from Perkins Coie, breaks down the key components of a series A term sheet, emphasizing the importance of the stated free money valuation. This company is raising $5 million, and the term sheet outlines the terms of the investment.