[superk]

Honestly, I would hand it back and ask them to reduce it to less than 10 pages. There's nothing to be intimidated about legal documents in general (reading through them you can make any changes before signing) but 100 pages just isn't fair in a business relationship.

[funding]

Their logic behind it is the efforts of raising subsequent rounds will be highly reduced with not much changes in the documentation.

[anigbrowl]

That's probably true. Read it yourselves over the weekend, and sit down with an attorney next week - call a few different ones to see who you feel comfortable with. This phase could go on for a while: don't take any contract provisions personally, as right now they're no more than an opening negotiation position.

Cautious congratulations, by the way - this must be an exciting time, even if it's a bit challenging.