I liked this. 3 is really 2 things, where the last applies to all and is so important -- 3a. The American Rule - good imo for seed/preseed. The VC is funding,

I liked this. 3 is really 2 things, where the last applies to all and is so important -- 3a. The American Rule - good imo for seed/preseed. The VC is funding, so going unamerican when standard terms are available is lazy, mean-spirited, and net destructive valuation hijinx. It comes out of the negotiated deal value either way, so a VC is being loose with how much of the company they are freely giving away. 3b. Do what you agreed. A founder is essentially negotiating the rules for a new boss for the next 1-10 years, and this is one of the last and easier hurdles. So it's also a quick canary in the coal mine. Breaking faith on something so early + mundane that hits on trust, alignment, experience, and empathy right before then is such a warning sign!