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Term Sheets
Equity Round
Equity (priced) rounds
Core economics and governance terms you will see at Series A and beyond.
Last updated: 2025-10-08
Key takeaways
Clarify pre/post valuation and option pool before signatures
Standard LP is 1x non-participating; anti-dilution WA common
Align on board composition and protective provisions early
Economics
Pre-money
and
post-money
valuation
Option pool top-up mechanics and timing
Pro-rata rights and participation
Protections
Liquidation preference (1x non-participating typical)
Anti-dilution (broad-based weighted average common)
Information and protective provisions
Governance
Board composition and observer rights
Voting and veto rights
Related
SAFEs
Convertible note
Key terms
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