If the employees have stock, they'll be entitled to see the amended and restated certificate of incorporation, which would show liquidation preferences, etc. I

If the employees have stock, they'll be entitled to see the amended and restated certificate of incorporation, which would show liquidation preferences, etc. If they only have options, they're not entitled to anything, though they could pay to download a copy of the certificate of incorporation from Delaware (it's a public document). That said - your point is well taken. Most employees likely have no idea what terms the Company is raising money on at any given time.