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Term sheet is a contract between VCs and founder. Which of the following is the term that the founder demands to VCs. Funding based on milestones and vesting of founders shares: Right of first refusal Redemption rights and Ant-dilution protection. Conversion conditions, either by CAP or QPO. Question 4 1 pts VCs have invested $5M in a Series A financing round for 5M shares, and the total number of shares is 15M after series A investments. Term sheet specifies the security structure as PCPC with following conditions. - PCPC: IAlternative 3 (cap on Preferred Stock participation rights): First pay one times the Original Purchase Price on each share of Series A Preferred. Thereafter. Series A Preferred participates with Common Stock pro rata on an as-converted basis until the holders of Series A Preferred receive an aggregate of four times the Original Purchase Price, - If exit value W=$72, what is the value of the security? $36M $24M $12M $6M