This was an odd page to read. On one hand, it assumes some level of sophistication (what’s a 409A?). On the other, it leaves out some really big things that you

This was an odd page to read. On one hand, it assumes some level of sophistication (what’s a 409A?). On the other, it leaves out some really big things that you care about with early exercise (e.g., QSBS). Regarding the thread on liquidation preference, I don’t think any amount of liquidation preference is on standard VC terms in this market.