Startup funding explained: If you're raising a priced round of funding (like a Series A), you'll have to evaluate an investor term sheet. But how does a term sheet work? And what does all this complex legal language really mean? We asked a real startup attorney - Mike LaPlante from Perkins Coie - to explain the basics of a Series A term sheet. In Part 3, Mike breaks down the first two investor agreements you'll typically see in a term sheet, the Stock Purchase Agreement and Investor Rights Agreement. In the next lesson he'll break down the final parts of the Series A term sheet -- the Right of First Refusal, Co-Sale Agreement, and Voter Rights Agreement.