I replied with more information (still no citation, sorry) in another comment. And yes, minimum return for investors is a completely different story, the story

I replied with more information (still no citation, sorry) in another comment. And yes, minimum return for investors is a completely different story, the story I'm telling doesn't have anything to do with liquidation preferences, participating equity, and things like that. As you said, this is pure and simple breach of the board's fiduciary duty towards the shareholders who happen to be employees.