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The contracts in question aren't shady in the majority of cases.

Again, liquidation preferences are perfectly fair.



Honest question here:

as an employee (non-founder) do you have a say in liquidation preferences of future rounds of investment?


It depends on whether your role in the company means that you are part of negotiating the deal. If you are the CEO: then probably yes. If you're an IC engineer: then probably not.

Relatedly, most of these deal terms are pretty standardized. In the vast majority of cases there aren't a lot of negotiations around liquidation preferences, only negotiations around valuations. The exceptions to the rule tend to happen for very large or late stage fundraises.




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