I get that incentives are misaligned between involved parties (VC's, founders, employees), but it seems very disingenuous to knowingly withhold this information.
Liquidation preferences are mostly there for the low exits -- the VC is trying to stop the founders from making ONE MILLION DOLLARS!!! by just selling it out right away for a low (but still very high for a pair of people) amount of money. I haven't found that this is a secret.
As an employee, you should assume that you aren't going to see much if the exit is low (no matter what the founders/VCs tell you).
I would also say that this is basically true for Angels if the company goes through a few more rounds and then fails to reach real exit velocity.
Does it needs to be asked? Isn't it transparency in operations and responsibility to people who believed and invested before in terms of effort or money? It is unbelievable, if they are hidden/undisclosed to remaining stakeholders.
