Clause-by-clause review of a priced-round term sheet against NVCA Model Documents (Oct 2025 update — U.S. industry benchmark). Standard 2026 economics: 1x non-participating preferred (98% of Q2 2025 U.S. rounds per Pillar Legal), broad-based weighted-average anti-dilution, single-trigger acceleration on involuntary termination + change-of-control. Control: 5-7 person board, standard protective provisions limited to enumerated list. New in Oct 2025: tranched financings formally addressed in SPA Annex.
