That's only scratching the surface. There are any number of terms that other investors and financiers can have that fundamentally change your own. Participati

That's only scratching the surface. There are any number of terms that other investors and financiers can have that fundamentally change your own. Participating preferences, option deals (i.e. if xyz happens, they get abc options in which case, they are not allocated yet, but are in a way 'pending'), option pools for other employees are often not counted in the % ownership, convertible debt, special cases, ratchet/anti-dilution clauses. Effectively - you have to see every single contract the company has with other investors, financiers and executives to actually calculate the real value and risk.