What's in the graph has only a nebulous connection to the example exit calculation. Those terms can change, and this still doesn't give any information on wheth

What's in the graph has only a nebulous connection to the example exit calculation. Those terms can change, and this still doesn't give any information on whether there is a preference multiplier or capped/uncapped participation. There are also significant issues with retention / acquihire bonuses paid out of the acquisition price, severance agreements for employees who negotiate that they don't have to stick around, carveouts, and other forms of discretionary compensation -- none of which is addressed by either the chart or the page on the phantom 77MM exit number. The point is that the current statement "only preferred shareholders are paid for exits below 25.7 MM" is not enough to actually capture the effect of preference and participation upon larger exits. If anything, it makes it even more confusing.