Well written and you're absolutely right. These two-tier deal structures are getting out of hand! I've seen several more this week pitched into our existing portfolio and on new deals. The optics were initially to trick journalists and media into only covering the higher number (two tier optics). Now they're extending to try to obfuscate things for employees and other co-investors (two tier economics). This is PE style games. Venture is all about being simple and aligned. The more straightforward and clean the deal in the early days, the better for everyone. If you have to build a model to understand different return scenarios in a positive outcome for different shareholders (employees or investors), that's generally a bad sign. This is going to end badly.