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If your goal is to know the risk-adjusted value of an equity grant, you need more than just the cap table. You need the bylaws and articles of the corporation, all the shareholder agreements, and all the loan agreements the company might be a party to.

Without knowing what special rights are attached to different equity and debt holders, you have no idea how the rights ascribed to your equity will rank against them in the event of a liquidation or exit.




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