Can you emphasize "Structure it as an X for Y thing for a % of equity vs how much they bring in." Not sure if I follow.

Assuming he does the entire round, then I'll end up with $4.75 mil on $19 mil "after fees."

If I counter him with 5% cash + up to 1.5% equity, that would put it at $4.75 on $22 mil val "after fees", would that make sense?

Green cash.

That's the deal, he proposed as a % of money raised, with kickers for the amount and valuation maxing out as 5% of cash and 5% equity if he reaches at least $4 mil on a $20 mil post-money valuation.