If cash-out is around latest valuation, weird terms will only change the $ amount by <10% or so. If cash-out is less than the latest valuation, then it starts

If cash-out is around latest valuation, weird terms will only change the $ amount by <10% or so. If cash-out is less than the latest valuation, then it starts mattering. At ~40-50% of latest valuation, common shares can end up effectively worthless, for example Good Technologies.