[_lex]

This is the principal agent problem in private, illiquid companies.

There are issues with founders, employees and VCs, where each invest in "the company" with an expectation of different payoff schedules, and each is not at all looking out for the best interests of the others.

So this is really a fight for the high ground - who gets to set payoff schedules: the founder, or the VC? Who gets to set strategic direction? And who's just along for the ride? [Note that the employee is not really in the running here, and that since they aren't allowed to set any rules, they should be as ruthless in extracting value (pay, career development & benefits) from companies as VCs and founders would be in extracting & securing their payoffs.]

In the end, these people aren't your friends, and any friendliness is simply another form of currency, which they can chose to invalidate at any time. Like Benchmark Bucks.