>> Then it gets even worse with multipliers and preferences. Yeah, and most companies wont share the cap table with you, so you do not know the multipliers and

>> Then it gets even worse with multipliers and preferences. Yeah, and most companies wont share the cap table with you, so you do not know the multipliers and preferences. Its like you get $(409a/X) in value, but you dont know what X is and they wont tell you -- but you still have to buy in or lose everything (you typically have to exercise all options upon departure, or lose it!) Then, once you exercise, you wait for 5yrs to 10yrs for a liquidity event, if the company even survives that long. My annual discount rate would be like 10% or higher.