Definitely heard about this before, but it was good to see examples. Also one thing that was glazed over at startup school (and at the other ones I listened to) is that it is an exclusive or sort of thing because these terms are specifically for a "subpar exit". Preference and participation OR conversion to common stock. Now it seems obvious, but before I was kind of thinking, "participate percentage-wise? don't they get to do that already because they have stock?"
